I’ve read that Saxo Bank charges a custody fee. Can anyone explain it? Feels like a hidden tax on my portfolio.
yes, Saxo charges custody fee for holding your stocks and ETFs.They argue it covers the cost of keeping your investments safe. On the other hand, you can avoid this fee if you enable stock lending program. I don’t like this approach as other brokers don’t lend your shares and don’t charge custody fee, not great trade-offs…
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“Safe”? Come on it’s all digital. What are they safeguarding it from, digital moths? It’s another way to milk more money from us. Just another fee in the long list…
To be fair, it’s not just Saxo. Plenty of brokers have similar fees, though that doesn’t make it any less annoying. It’s about weighing the pros and cons of their platform versus the fees.
Cons outweigh the pros here. The custody fee might seem small, but over time, it adds up, especially if you’re holding a significant portfolio. Saxo’s services are good, yes, but are they good enough to justify this continuous payout?
I’ve compared a lot, and while the fee is there, the returns and opportunities Saxo provides outweigh it for me. The global market access alone is a game changer. Not to mention, their excellent trading platform and education that genuinely improved my trading strategy.
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Honestly, it’s a deal-breaker for me. There are enough competitive options out there without these kinds of fees. It’s worth shopping around instead of settling for a fee that eats into your investment returns.