Hi, did somebody checkout Saxobank’s latest promotion at Trade with Saxo’s low prices | Lower fees matter | Saxo Bank ? In the section ‘See how we compare/ Other prices’ they advertise annual custody fees of 0.05% and compare themselves against Swissquote and IG. When you call them, they insist that this fee level is only for VIP traders with more than USD 1,250,000 invested. Very misleading advertising. Or, was somebody actually able to get this rate?
Hey there,
thank you for your comment. Yes, you’re right that the information presented here is not fully clear (I just copy paste the advertisement from their page):
First of all, if you check Saxo’s stock pricing, you’ll find the following information about custody fees which is really different from the one mentioned in the advertisement (even VIP customers have a 0.09% custody fee):
Source is here: https://www.home.saxo/en-mena/rates-and-conditions/stocks/commissions
Regarding Swissquote and IG fees, here are additional information:
- Swissquote custody fees are correct, you can find the source here: Trading Account Fees, Custody Fees and Others | Swissquote
- However, IG fees are not up-to-date. The custody fee is charged as the following (it’s more like an inactivity fee rather than a custody fee):
You can find the source here: https://www.ig.com/ae/stock-trading/charges-and-fees#other
If you have any other questions, please let us know.
Thank you,
Adam