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Hi everyone,
New here and planning to invest in an S&P500 ETF listed on LSE, domiciled in Ireland, with adding monthly contributions over the long term.
Iβm currently with Saxo but read that many have recommended Interactive Brokers. Would it make better sense to go with IB in terms of buying monthly, as well as the accumulated fees?
Would it make a difference if amount was under $100k between IB and Saxo? And the difference if investment is over $100k?
Many thanks!
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If you have 100k invested then the platforms are equal. More than 100k and IB is better.
This is because Saxo charges 0.12% custody fee, but IB charges $120 a year less any trade fees.
So with no trades, 0.12% * 100k = 120.
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Hi Cheryl, if you're adding monthly contributions and plan to buy and hold over the long term Interactive Brokers (IB) would be a better choice. The commissions for IB is typically around 0.05% of the traded value (for LSE) plus fx costs at almost spot rate.
IB has a monthly activity fee of $10 USD a month if your account has less than $100k USD of equities, but this fee can be used to 'offset' commission and fx charges. Once you have more than $100k USD of equities, this activity fee is waived.