facebookIf i would like to buy and hold investments in stock market for 5-10 years, should i go with SaxotraderGO? Does the platform allows me to have long term holding or only for day trading? - Seedly

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Zaid Zed

Zaid Zed

Investor/risk management at financial firm

25 Jun 2020

βˆ™

General Investing

If i would like to buy and hold investments in stock market for 5-10 years, should i go with SaxotraderGO? Does the platform allows me to have long term holding or only for day trading?

Discussion (7)

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TD Ameritrade and FSMOne or POEMS are all what You need.

Trading fees are so low today, for buy & hold investor almost unimportant.

Nicholas Beh

Nicholas Beh

16 Jun 2020

Student Ambassador 2020/21 at Seedly

SaxoTraderGO is their trading platform - you will still need a Saxo account to trade on it, which comes with its associated fees. Their platform allows for long-term holding.

Generally, I do not recommend Saxo for their currency conversion fee (0.75%), custody fee (0.12% p.a.), and high commissions of minimum 8 GBP on the LSE if you plan to hold Irish-domiciled ETFs for lower withholding taxes.

To determine what broker is best for you, you need to consider a few things first:

  • Commissions (cost per trade)

  • Fees (custody, currency conversion, dividend handling, corporate action)

  • Market availability

  • Trustworthiness

  • Ease of use

You can read my other answers here and here where I did a comparison between 4 brokers - Saxo, SCB, Tiger and IBKR.​​​

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Ngooi Zhi Cheng

Ngooi Zhi Cheng

16 Jun 2020

Student Ambassador 2020/21 at Seedly

Yes, SaxotraderGO allows you to have long term holdings. However if you are just starting out and on...

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