What broker is everybody using?

A

alwaysonit

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What is the cheapest and safest broker that I can invest with as a European, other than Interactive Brokers?

I'm not a tax resident of a country that has a tax treaty with USA and so cannot fill out the W-8BEN and cannot open an IB account.

I've opened an account with Saxo, and they're well established, but they charge a 0.1% load when buying and selling from a European stock exchange. I will be investing €500,000 so a fixed charge rather than a percentage charge will likely benefit me.

I would also like a broker that will allow me to invest in EUR, but pay my dividends (paid in USD) into a sub account denominated in USD so as to avoid losing out when the currency is converted.

http://the-international-investor.com/2 ... ck-brokers is where I've been getting information from so far.

I've been trying to stick with large well-established brokers in the fear of the broker failing and the investors being penalised. Am I being too conservative here, or will assets be segregated and safe with all brokers? I've seen a few people complaining about Morrough's brokers where they lost out, have steps been taken to ensure this can't happen again?
 
The only way that an investor can be sure of not losing but requiring the level of service you require would be to go through one of the large brokers. Saying all this you get what you pay for in this life. Somebody must pay for the offices they work from plus the wages the brokers earn.

I use Cantors. They do provide a good service but they are not free. One day you will realise that there is no such thing as a free lunch.
 
I use Goodbodys and they are exorbitantly expensive (I feel dirty after using them) but it is difficult to get a cheaper brokerage account that caters to the very infrequent user. Usually cheaper brokerage fees are cancelled out by inactivity fees and account mantainance charges. Wish we had the choices our American friends have.
 
alwaysonit said:
I've opened an account with Saxo, and they're well established, but they charge a 0.1% load when buying and selling from a European stock exchange. I will be investing €500,000 so a fixed charge rather than a percentage charge will likely benefit me.
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I'm using Saxo too and I'm investing 6-figure sums, same as you. Compared to other brokers they seemed pretty low charges to me. Try buying shares on the ISE and get hit for the 1% government stamp duty. Now those are real charges. :mad:
 
What are peoples thoughts on IG stockbroking I have a spreadbetting account with them which I havent used in a while and now considering buying shares through them with a long term view,would they be the same as any online broker? it would save me setting up another account with a broker if they were as competitive as the rest.
 
alwaysonit said:
I'm not a tax resident of a country that has a tax treaty with USA and so cannot fill out the W-8BEN and cannot open an IB account.
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Who told you this? I'm a resident of the UAE; there's no tax treaty with the US, but I was still able to open an account with Interactive Brokers.
 
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