Jump to content
peterB

What brokers are you using in Europe?

Recommended Posts

I personally use LYNX (part of Interactive brokers), however, the branch looks to be located in UK, so it might be a subject to trouble after BREXIT.

Anybody has heard anything yet?

Share this post


Link to post
Share on other sites
Quote

Hi Peter -- I am new in the group - (just doing my 2 week trial right now).  I am an American, hubby is Danish and we live in Switzerland.  

We have signed up with Saxo Bank,  because they would let us hold our account in USD.  I am not loving Saxo -- their customer service is pretty sad.  Also I have to use one of their platforms -- SaxoTraderGo is the online platform, and SaxoTraderPro is the downloadable program. -- We have only been with Saxo for a week. -- it took 6 weeks to get the account set up! 

I am interested in switching to IB so that I can follow the lessons and use the DAS trader, although that is pretty expensive.  Also the Demo in Saxo on 15 minute delay, so my practice is not really a good one -- when I buy or sell with limit, it will use the real time price to fill the order, so that messes the whole thing up.  I have been in the chat room, and then it's like I am cheating because I hear the trades they are making 15 minutes before it shows up on my screen!

Fees on Saxo seem expensive -- min $15 per trade, plus a bunch of other fees.  if I make more than 100 trades per month it goes down to $6 so that is better.  Maybe this is normal but if I am already paying $600 per month, I am going to have to be a really good trader right out of the gate just to stay above water! 

Would love to hear your thoughts on how it is to be with BBT and not using DAS   . . . 

Jennifer (JenniferL)in chat

 

Share this post


Link to post
Share on other sites

Hi JenniferL,

the demo you describe seems to be useless. Also too expensive as everything in Switzerland. I am personally using IB trading platform which comes free with having an account there and the fees are ok, even the inactivity fee is small so there is no problem using IB without DAS

Anyway there is a new broker https://www.alliancetrader.com/ promoted by Andrew in his last email which is giving you DAS for free if you are active trader so you can use that one as weell. They do not apply the PDT rule as well which migt be good if you do not intend to start with more than 25k USD

Anyway if you use DAS with Bearbulltraders and IB you get the real time data subscription as a discount so also a good thing

Just read the latest email from Andrew -Update on new brokers and commission; exclusive to our community

 

 

  • Thanks 1

Share this post


Link to post
Share on other sites

Hi all,

I'm new to this forum/ community.

Just for the info, I contacted IB and I asked them about the pattern day trading rule and if it's applicable to Swiss residents, their answers was yes, there is PTD restrictions on all their European based customers without exceptions.

What are you using for a broker?

Many thanks

Share this post


Link to post
Share on other sites

Hi Fabien -- I am in Switzerland and with IB.  I had hoped that PDT would not apply to us since Switzerland is not EU, but no dice.  I upped my account so that I can trade freely, but still only trade with the amount I wanted to have in the account to begin with.  Also, I had originally signed up for a cash account, but you need to have a margin account to day trade, so I changed it. 

Good luck!

Share this post


Link to post
Share on other sites
7 hours ago, JenniferL said:

Hi Fabien -- I am in Switzerland and with IB.  I had hoped that PDT would not apply to us since Switzerland is not EU, but no dice.  I upped my account so that I can trade freely, but still only trade with the amount I wanted to have in the account to begin with.  Also, I had originally signed up for a cash account, but you need to have a margin account to day trade, so I changed it. 

Good luck!

Thanks for the feedback. I will have a CMEG account instead as I need to day trade. Good luck and stay safe!

Share this post


Link to post
Share on other sites
7 hours ago, peterB said:

Hi Fabien, i switched to CMEG

Thanks for the info, I will also open an account there. How many days took you to open one?

Thanks and stay safe!

Share this post


Link to post
Share on other sites

I opened a CMEG account, I think the whole process took about a month.. But that's because I live in NL and I'm British, and they wanted two forms of NL ID (I only had 1, my Driving licence). Eventually, they allowed me.

Share this post


Link to post
Share on other sites

Hello, 

I'm planning on starting day trading. I live in the UK and PDT would not be a problem as I have $25K in case.

I have an IG account which I use for investing in US stocks, but I don't think that would work for day trading.

If I want to use DAS, which broker would you recommend using?

Also, I'm wondering what the implications are in terms of converting £ into $ - with IG that's affecting P&L quite a lot.

Thanks for your help

Edited by Stefano Danelli

Share this post


Link to post
Share on other sites

amazing, thanks once again Peter. 

Do you know how simple it is to link DAS into it? I still need to spend some time in a simulator, but just planning ahead.

The reason why I don't use Interactive Brokers for investing is that I can't do that as part of an ISA (tax free...)

Edited by Stefano Danelli

Share this post


Link to post
Share on other sites

you sure? some of the EU countries give you a no tax for investments which you keep longer than 365 days. so check on that one in UK

the linking of the account in DAS shall be an easy job during the DAS account opening process

Edited by peterB

Share this post


Link to post
Share on other sites

Thanks very much, I will need to check on the tax situation (I'm still not clear on that) but I rang IB and they confirmed they don't offer ISAs.

Good to know about DAS linking!

Share this post


Link to post
Share on other sites
On 1/27/2019 at 8:54 PM, peterB said:

I personally use LYNX (part of Interactive brokers), however, the branch looks to be located in UK, so it might be a subject to trouble after BREXIT.

Anybody has heard anything yet?

I'm based in the UK and I'm using CMEG as I trade with a smaller account, but my medium term goal is to build my account up to 25k so that I can move to IB for more security and better commissions.

Share this post


Link to post
Share on other sites

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.