Author Topic: Live chat  (Read 2926907 times)

Orca

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Re: Live chat
« Reply #4110 on: June 21, 2016, 05:12:33 pm »
Friday may be a black Friday for UK. Trading suspension for the FTSE and a halt on the exchange rate mechanism to stop the pound getting pounded is expected.---Sorros.
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FSD

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« Reply #4111 on: June 21, 2016, 05:17:12 pm »
Wonder what spread & margin requirements will be like Thursday & Friday for GBP with brokerages protecting themselves against a possible repeat of CHF massacre last year

Orca

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« Reply #4112 on: June 21, 2016, 05:32:08 pm »
Trading of the GBP may be suspended.
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jaDEB

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« Reply #4113 on: June 22, 2016, 08:00:07 am »
Morning
jaDEB

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Patrick

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« Reply #4114 on: June 22, 2016, 11:10:00 am »
@orca, thanks, I looked at them, but I found that for me it is far cheaper that I use Interactive Brokers. Their fees are very low, for the london exchange, where I buy VWRD, they charge just 0.08% or 1 pound minimum. Also there are no custodian fees which ABSA has. There is a minimum in fees of $10 a month, so if you don't do a trade in that month they will charge $10. This falls away once you reach $100 000 in holdings, so it's also a good account to buy and hold for the long term.

indexer

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« Reply #4115 on: June 22, 2016, 11:36:56 am »
@Patrick - I decided to use TD Direct due to some of the concerns regarding Interactive Brokers and estate duty. See the comment at October 19, 2014 at 4:08 pm on https://andrewhallam.com/2010/11/how-british-expatriates-can-invest-using-index-funds-in-singapore/

Patrick

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« Reply #4116 on: June 22, 2016, 12:44:43 pm »
@indexer, yes I looked into the estate duty which is why I'm buying an Irish domiciled fund. Cash is still and issue, but the risk of me selling more than $60k is very low. I need less than half that to live for a year. The risk of me selling $60k and then dying before I have a chance to re-invest is probably ludicrously low. I'll accept that risk, and avoid the guaranteed custodian fees with TD. Those fees would add up. At 0.3% per year someone with $500k would have to pay $1500 a year. If you anticipate that you'd withdraw 4% or $20k a year, at TD you'd only be able to draw $18.5k. That's basically a month's drawdown you give back to the broker.
« Last Edit: June 22, 2016, 12:53:25 pm by Patrick »

indexer

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« Reply #4117 on: June 22, 2016, 01:31:09 pm »
@Patrick, I agree that the risk on US situs cash is very low. My main concern was that the person dealing with my estate might accidentally do something to trigger US estate duty when selling out of out the Irish Domiciled funds. I decided to play it safe and have the trading account outside the US as well. I might consider some holdings at Interactive Brokers and just keep it under the $60k limit.  How did you calculate 0.3% per year at TD Direct for a $500k account? I understood the fees to be 25EUR for 1

indexer

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« Reply #4118 on: June 22, 2016, 01:36:17 pm »
@Orca, Both Standard Bank WebTrander and ABSA WorldTrader as just “resellers” of the Saxo white labelled platform. The user interface is the same except for the logo and colours. What value does Standard Bank or WorldTrader add that you cannot get with Saxo directly for lower fees? Saxo has a local Johannesburg office and their also offer proper two factor login. Standard Bank also changes extra for registration with GlobeTax to get the 15% dividend treaty rate.  

Patrick

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« Reply #4119 on: June 22, 2016, 03:00:41 pm »
@indexer, I was looking at the UK site: http://www.tddirectinvesting.co.uk/rates-and-charges/ but fortunately it seems on the .com site all they list is 45 Euro per quarter. That isn't bad at all. I pity the poor Brits though. And of course any South African's using ABSA etc. I see Saxo also charges 0.12% custody fees. I'm still drawing up a will, and the instruction will be to transfer the holdings into a different account, and not to sell anything!

Orca

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Re: Live chat
« Reply #4120 on: June 22, 2016, 04:06:39 pm »
These brokers are not conventional brokers so I would not trust all my money with them. Most go bang eventually.
Here is a review on Saxo. http://www.forexpeacearmy.com/public/review/www.saxobank.com
Here is a review on Interactive Brokers. http://www.forexpeacearmy.com/public/review/www.interactivebrokers.com
Here is a video.
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indexer

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« Reply #4121 on: June 22, 2016, 06:35:29 pm »
@Orca - do you prefer Standard Bank or ABSA to Saxo/IB/TD? The forex situation in the Youtube video would probably have occurred with WebTrader/WorldTrader as well. They generally apply the same rules as Saxo.  Who will you recommend as a conventional broker for offshore holdings?

Orca

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Re: Live chat
« Reply #4122 on: June 22, 2016, 08:28:47 pm »
I just don't know but I would not like to invest my life savings in an obscure broker that states they are headquartered and regulated in Geneva but your money goes to an office in Panama or Singapore where the regulators have no powers.
Most are in house gambling dens where your money does not actually go to the stock exchange but is traded within the company between members as in a casino.
Stick with banks in SA as you will have FSB behind you as you would not want to travel to Panama to fight for your money. Been there and lost out.

 
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jaDEB

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« Reply #4123 on: June 23, 2016, 07:47:58 am »
Morning
jaDEB

If it scares you, it's a sign you need to do it

jaDEB

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« Reply #4124 on: June 23, 2016, 07:57:44 am »
jaDEB

If it scares you, it's a sign you need to do it