I also see that they have a 0.05% spread from market rate on currency conversion based on the rate provided by Saxo. From my own experience on Saxo, Saxo charges 0.75% on currency conversion. Does that mean that there's a total difference of 0.80% on currency conversion (0.75% to Saxo and 0.05% to Kristal)?
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Asheesh Chanda
09 Jun 2020
Founder at Kristal.AI
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Thanks for raising this question Lincoln. I would like to clarify that the 1.5% cash buffer we ask you to maintain in your account is to ensure the market orders are fulfilled. The price at which you buy the ETF shall be the market price and buffer comes to use only in case of price fluctuations so that the buy orders dont fail. On forex conversion, we get the interbank conversion rate + 0.05% from Saxo which mean you actually are better off by 0.70% from your typical rate that you are charged on account of our preferential pricing. In fact we have had a lot of pushback from our custodians on giving such aggresive pricing to clients and we may look to revise this to 0.18% very soon. Even at 0.18% it would be more than 0.55% better than what you emntion you get otherwise. Hope this helps. Thanks Asheesh