Saxo capital markets

[oxygen]

Anyone tried out Saxo capital markets to buy ETFs listed in US/London? Think they just launched this service. The rates look quite competitive, and you can even use internet bank transfer to transfer $ to them.

Minimum fee of USD15, forex spread of +-0.5%.
http://saxocapitalmarkets.sg/private/stocks/rates.aspx

[dawn996]

didnt buy etf from saxo... only traded option and fx thru them

[oxygen]

How did you transfer funds into your account? The fees seems quite reasonable, comparable to optionsexpress without much of the hassle. Can trade US, London (EUN?), SGD, all on the same platform too.. spot gold too!

[choozm]

How did you transfer funds into your account? The fees seems quite reasonable, comparable to optionsexpress without much of the hassle. Can trade US, London (EUN?), SGD, all on the same platform too.. spot gold too!

Payment Instructions
http://saxocapitalmarkets.sg/Singapore/ ... tions.aspx

"Saxo Capital Markets Pte. Ltd. does not accept Bankers Drafts, Checks or Cash deposits."

I think you can use TT (and internet banking transfer???).

---

From the website:

You can trade limited stocks. for example, VEU is missing in AMEX, Hiap Moh is missing in SGX, EUN is missing in London.
http://saxocapitalmarkets.sg/private/st ... lable.aspx


You can open "SaxoTrader Private" account but need minimum account size of 10,000 SGD, you can trade Full suite of trading products.
You can open "Saxo MiniTrader Private" with minimum account size of 3,000 SGD, but trade "Selection of our most popular FX and index-tracking CFDs"
http://saxocapitalmarkets.sg/openaccount/default.aspx

The trading platform is a software you need to download and install on your PC. The web trading platform is for forex trading only.
http://saxocapitalmarkets.sg/private/do ... fault.aspx



I don't think the product is geared towards small fly like me.

[oxygen]

Weird. I just received a email reply from a Saxo "Senior Associate" saying that I can either do a local SWIFT Transfer or pay by cheque, although internet transfer is not available. What's TT?

VEU and Hiap Moh is not there..but EUN in london is available. I'm small fly too. but 10k isn't that much right?

[choozm]

hmm... I dont' see EUN in London stk exchange, in fact the list is empty. Something wrong with my network?

TT = telegraphic transfer, I think it is same as "local SWIFT Transfer"

[oxygen]

hmm... I dont' see EUN in London stk exchange, in fact the list is empty. Something wrong with my network?

TT = telegraphic transfer, I think it is same as "local SWIFT Transfer"

To do a TT have to go down to the bank is it? Or can do online?

The list for LON is empty too.. think there's something wrong with their website. However, I downloaded the trial saxotrader application and it does have EUN in London exchange.

[genie47]

No US listed ETFs for me even with Saxo. The taxes are daunting.

[choozm]

I received this email from Saxo today:

The minimum commissions charged on stocks traded on the following exchanges will be lower from 1 May 2010:

• Euronext Amsterdam (AMS) from EUR 20 to EUR 12
• Euronext Brussels (BRU) from EUR 20 to EUR 12
• Euronext Lisbon (LISB) from EUR 20 to EUR 12
• Euronext Paris (PAR) from EUR 20 to EUR 12
• Frankfurt/Xetra Stock Exchange (FSE) from EUR 20 to EUR 12
• London International Exchange (LSE_INT) from USD 40 to USD 20
• London Stock Exchange (LSE_SETS) from GBP 15 to GBP 8
• Milano Stock Exchange (MIL) from EUR 20 to EUR 12
• OMX Helsinki (HSE) from EUR 20 to EUR 12
• Sistema De Interconexion Bursatil Espanol (SIBE) from EUR 20 to EUR 12
• Swiss Virt-X (VX) from CHF 30 to CHF 18
• Swiss Exchange (SWX) from CHF 30 to CHF 18
• Wiener Börse – Vienna Stock Exchange (VIE) from EUR 20 to EUR 12

Saxo Capital Markets will raise the minimum commissions charged on stocks traded on the OMX Copenhagen Stock Exchange (CSE) from DKK 19 to DKK 29.

These commission changes will automatically be available on your account from 1 May 2010.

[TBFF]

I think that's great!

[momo]

Wow.. but their website is still not updated http://sg.saxobank.com/en/trading-produ ... s-etf.aspx

Time to get iShares MSCI Emerging Markets at LSE ? Expense ratio at 0.75% though.. Traditional ETF at 0.75% vs Swap ETF at 0.65%... how?

Now gotta see how to open account, how payment is made, how dividends are handled, zzz

but Saxo doesn't have iShares MSCI World at LSE ...

[Private Investor]

London Stock Exchange (LSE_SETS) from GBP 15 to GBP 8

Definitively better than DBSV which charge GBP 50 as minimum commission

iShares ETF is domiciled in Ireland so I guess the dividend tax is 0%

Estate Tax in Britian might cost up to 40%

Maybe now can serious consider iShares MSCI Euro ETF in LSE

btw, is this Saxo Capital company reliable & stable for the next many many years?

[momo]

iShares ETF is domiciled in Ireland so I guess the dividend tax is 0%

Estate Tax in Britian might cost up to 40%

Hi,

I think I understand dividend tax of 0%.

May I ask what Estate Tax means and how it affects things?

Thanks.

[choozm]

Wow.. but their website is still not updated http://sg.saxobank.com/en/trading-produ ... s-etf.aspx

The new rate will be effective on 1 May 2010.

but Saxo doesn't have iShares MSCI World at LSE ...

You can email your broker to add it. I did that with iShares MSCI Europe (IMEU) at LSE.

[choozm]

iShares ETF is domiciled in Ireland so I guess the dividend tax is 0%

Estate Tax in Britian might cost up to 40%

Hi,

I think I understand dividend tax of 0%.

May I ask what Estate Tax means and how it affects things?

Thanks.

Some old threads for your reference. Please verify for up to date information.


Seek Help in Investing in Foreign ETFs
viewtopic.php?p=156529#p156529

How will the taxes, fees and expenses affect the ETF return?
viewtopic.php?f=17&t=18&st=0&sk=t&sd=a

[momo]

Some old threads for your reference. Please verify for up to date information.


Seek Help in Investing in Foreign ETFs
viewtopic.php?p=156529#p156529

How will the taxes, fees and expenses affect the ETF return?
viewtopic.php?f=17&t=18&st=0&sk=t&sd=a

Thanks the first link is very helpful (to have a rough understanding).

I don't think my equities portion will grow to over the nil-rate band, so its quite safe to say that I won't suffer from any estate duty tax...

Now its whether I can open an account zzz... Seems like need some minimum $... Need to see how to make payment too...

choomz, Wilfred Ling posted in your blog that Saxo will auto-refund the dividend withholding tax after 1-2 months without requiring to notify them, is that true (from your experience so far)?

Thanks.

Wow I just noticed iShares MSCI Europe at LSE has expense ratio of only 0.35%! No wonder you're vested in it...

[choozm]

Now its whether I can open an account zzz... Seems like need some minimum $... Need to see how to make payment too...

choomz, Wilfred Ling posted in your blog that Saxo will auto-refund the dividend withholding tax after 1-2 months without requiring to notify them, is that true (from your experience so far)?

For minimum money, last time I transferred my existing ETF from other brokers to meet the minimum before I can start trading.

I issue SGD cheque from my personal SGD current account to transfer money to Saxo. I chose my cash account in Saxo to be SGD based.

Ya, dividend withholding tax will be refunded without asking, from my experience so far. How long does it take? I don't keep track, but should be 1-2 months.

[Private Investor]

For iShares MSCI Europe (IMEU) listed in LSE, is there a minimum purchase of 1 lot (1000 shares) just like in Spore?

I read that minimum is 1 share. Is that true? Which mean I can buy 50 shares (15 GBP x 50 = S$1650). I think this is the minimum shares that worth purchasing with commission charge of only 1% (based on the new rate)

[choozm]

For iShares MSCI Europe (IMEU) listed in LSE, is there a minimum purchase of 1 lot (1000 shares) just like in Spore?

I read that minimum is 1 share. Is that true? Which mean I can buy 50 shares (15 GBP x 50 = S$1650). I think this is the minimum shares that worth purchasing with commission charge of only 1% (based on the new rate)

Yes, minimum is 1 share. I bought it before from LSE.

[Private Investor]

Yes, minimum is 1 share. I bought it before from LSE.

Wow... you bought 1 share at a cost GBP 15 and pay commission charge of GBP 15

[choozm]

Yes, minimum is 1 share. I bought it before from LSE.

Wow... you bought 1 share at a cost GBP 15 and pay commission charge of GBP 15

haha, no la. I bought more than that.

[Rommie2k6]

Does anyone have accounts with Saxo Capital? I'm curious as to how "stable" the brokerage is. Do they have 3rd party insurance in the event of brokerage collapse. For e.g. optionsXpress SG has the mandatory SIPC insurance plus additional insurance from Lyolds to insure against the event of brokerage collapse. Anything similar for Saxo Capital>?

[choozm]

Does anyone have accounts with Saxo Capital? I'm curious as to how "stable" the brokerage is. Do they have 3rd party insurance in the event of brokerage collapse. For e.g. optionsXpress SG has the mandatory SIPC insurance plus additional insurance from Lyolds to insure against the event of brokerage collapse. Anything similar for Saxo Capital>?

You can read about "segregated accounts" account here:
http://sg.saxobank.com/en/about-us/lega ... terms.aspx

Anyway, I emailed your post to Saxo, lets wait for their reply.

[Hulumas]

Does anyone have accounts with Saxo Capital? I'm curious as to how "stable" the brokerage is. Do they have 3rd party insurance in the event of brokerage collapse. For e.g. optionsXpress SG has the mandatory SIPC insurance plus additional insurance from Lyolds to insure against the event of brokerage collapse. Anything similar for Saxo Capital>?

You can read about "segregated accounts" account here:
http://sg.saxobank.com/en/about-us/lega ... terms.aspx

Anyway, I emailed your post to Saxo, lets wait for their reply.

Thank you for reminding me that!

[Rommie2k6]

Does anyone have accounts with Saxo Capital? I'm curious as to how "stable" the brokerage is. Do they have 3rd party insurance in the event of brokerage collapse. For e.g. optionsXpress SG has the mandatory SIPC insurance plus additional insurance from Lyolds to insure against the event of brokerage collapse. Anything similar for Saxo Capital>?

You can read about "segregated accounts" account here:
http://sg.saxobank.com/en/about-us/lega ... terms.aspx

Anyway, I emailed your post to Saxo, lets wait for their reply.

Account segregation just means that Saxo separates "their" money from "our" money. In any case, the phrasing indicates that all MAS regulated financial entities have to do such segregation, so it's not something extra that Saxo is doing, as it implies that every broker doing business in Singapore has to operate like this.

Still, I wonder even if the accounts are kept separate, does Saxo has any legal right to tap into "our" money if the situation necessitates it? Personally, I'll still feel better if there was a 3rd party insuring against the collapse of the brokerage.