Author Topic: SaxoBank  (Read 138 times)

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Offline Trish

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SaxoBank
« on: 15/05/2019, 03:02:34 PM »
I have been looking at changing from NabTrade to SaxoBank but a bit overwhelmed by all the details on their website.  Would love someone to comment on their current experiences using Saxo for both US market and the ASX.  Looks like there are additional costs for data on top of the commissions.  What is the feeling re using the custody vs Chess for the ASX?  Do they do dividend crediting for ASX stocks.  I'm interested in using Saxo for ETFs and equities, not CFDs or FX etc.  I am also not really clear what they charge for ETFs - they quote 0.01c per share with a min amount.  For example if I bought 1000 IJH would that cost $10?   Seems very cheap vs NabTrade.

Would appreciate any thoughts or a better alternative even.  It is for a SMSF with a corporate trustee.

Offline PeterM

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Re: SaxoBank
« Reply #1 on: 15/05/2019, 03:20:30 PM »
Hi Trish
I can only comment in ASX - been using SAXO since the beginning as recommended by Sharewealth and members.  I find it an easy platform to use - and now they have a Mobile app. But having the Mobile app now makes me a little concerned about the authentication - as it is just simple userid/password - 2 factor authentication would be better (in saying that my Bank does not have that either) 
For the amounts I trade - on ASX it is $7.69 incl GST.
also see https://www.home.saxo/en-au/rates-and-conditions/equities-and-etfs/commissions
You could always ring them as I'm sure they could explain it to.

Offline Trish

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Re: SaxoBank
« Reply #2 on: 16/05/2019, 09:50:52 AM »
Thanks Peter.  I phoned Saxobank and got a lot of information as you suggested. Certainly looks like they are a lot cheaper than Nabtrade even if I didnt get the data fees refunded.  I didnt think to ask how they deal with franking credits if you chose to use the custody method for ASX stocks.  Does anyone know how this works?  (Just in case Labour doesnt get to keep them!)

Look forward to a few more people adding their thoughts.