Is SAXO or Interactive Brokers more cost-efficient for LSE?
Hi all, new here and to investing. I plan to invest lump sum quarterly/yearly and hold long term in ishares core s&p 500 ucits etf (CSPX) and I'm looking for recommended brokers.
So far my research has left me with SAXO or IBKR as my options but I'm unsure as to which to pick, mainly because of the yearly fees I will incur. I'm under 25 which means I should be able to get an inactivity fee USD3 instead of 10 if I use IBKR.
Will SAXO be more cost-efficient for me than IBKR for my situation?
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Yu Qi Tan
07 Dec 2020
Student Ambassador 21/22 at Seedly
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I think interactive brokers is pretty good. I personally use IBKR as well, and yes because the inactivity fees is $3USD per month for users below 25 years old. The forex conversion is real time as well, which will save some fees as well. The $3 USD is only charged if you didn’t do any trades for that month. For instance if you spent $1 on commission fees through trades, then the inactivity fees charged would be $3 - $1 = $2. So the inactivity fees will not be charged on top of your commission fees if your commission fees exceeds the inactivity fees of $3.
For SAXO i’m not too sure, but commission fees wise it’s pretty cheap too, but i think the forex fees might not be real time hmmm.
One thing to take note might be the variety of markets that the broker allow you to access as well. IBKR allows you to access quite a variety of markets, so maybe that could be one thing to take note of too!