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Swissquote and PostFinance will launch a new banking app in early 2021. I look forward to seeing what they offer for trading and especially at what rates. To be continued…
https://www.allnews.ch/content/corporate/postfinance-et-swissquote-constituent-une-co-entreprise
I understand this as a joint venture, in other words a new common entity, which will offer 100% digital services. The proposed rates should therefore be neither those of Swissquote nor those of PostFinance, hence in my opinion the possibility of a good surprise.
Hello Dividinde,
I wanted to try to contribute to the building of computer security and the risk of hacking.
The major element that allows theft is us, whether through phishing, password complexity or even recurring use of the same account.
If you use two-factor authentication for the entire chain, i.e. your email and account access, combined with different and strong passwords, and the two-factor authentication key saved in a safe place, the risk is low.
Here are two examples of strong passwords.
The impossible to remember
3L!T32$T0K3$The simple thing to remember
I Eat 3 Apples & 2 Pears!Good day,
XavierGood morning,
My conclusions from a recent review: For a Swiss "bank" solution, Corner (if over 75k) seems the cheapest for Swiss and European stocks/ETFs, and custody. For funds it seems to me that Swissquote is the most economical solution with very low custody.
Tax statement 100chf at Swissquote and min. 10ochf at Corner with addition of 10chf per line beyond 10 positions.
the newcomer Flow Bank (Swiss bank) is a bit cheaper for European and especially Japanese stocks (15k = 0.3% / 30k = 0.15%) but not clear for the tax statement and especially applies 0.1% for custody. We will see what CS will offer with CSX but I doubt that it will offer us a revolution.
For US stocks or elsewhere, frankly, long live the solutions made in the USA, IB and others; who must be biting their fingers for offering free trading now that interest rates are zero. They can no longer make money with customers' cash positions (or with ultra-thin margins on the USD). Swissquote is clearly more expensive for stocks! In the long term, this has a real cost (especially for the rich Dividend! Lol)
I have some doubts about bonds. In Switzerland Swissquote seems cheaper (Corner applies custody fees on positions and Flow Bank is not clear but in any case better than Corner)
What is not clear: the spread applied during exchange operations, whether at Corner, Swissquote or IB (I am not an IB client, being very happy with another American one)
All this obviously depends on the stock market "behavior" of each individual.
For cyber risk. At the user level, if you use a password manager, change your password from time to time, and your username is not easy or obvious, you really minimize your risk. Facial recognition is not a replacement for the actual password (long above all and with special characters)! Ideally, we should use a two-step solution where the financial institution sends you a confirmation code to use for login after passing the Username/Password step.
Also... how many email addresses do you have? Bank email should never be used for other recipients. The one you use on the internet should not be the same as friends/family. Etc..
You are right to think about it. First and foremost because this risk is too minimized. Then because it is a bit of a tit for tat... even if you have taken all the precautions, good luck making yourself heard. Long live lawyers' fees and others. In addition, the cyber risk applies to the institution itself (hacking of the institution) and there are limits to state protections for your cash (because in this case it is the risk as Jerome actually mentions).
2 institutions is a minimum. If there are problems with one, for whatever reason, you must be able to count on the other. It's like investments, risk management is through diversification.
Thank you Ploutos and Bientot for your comments.
The quality of passwords is indeed a good start to avoid unpleasant surprises. But nothing beats diversification, also at the level of financial intermediaries. This is why I am thinking about which third institute to use.
PostFinance and Corner are indeed excellent brokers. Flowbank is a very new one and their conditions are not really clear at the moment and I don't know yet if we can trust them.
I am also looking forward to seeing what the Swissquote – PostFinance partnership has to offer at the beginning of 2021.
Read about online brokers:
I must say that I am also in the same thoughts, looking for a third broker and nothing suits me. In any case compared to IB it is difficult to keep up. Even for degiro. And corner offers almost nothing on the Japanese market.
Well I bought myself a Christmas present and after much thought I still fell back on Degiro as an additional gateway, in order to diversify the risks. On paper it doesn't reach the level of IB but I will keep you informed.
I made the same choice, Degiro + IB (I went to IB after seeing that it was complicated to find choice in international micro caps).
Satisfied with both for now, although I'm still having a bit of trouble getting to grips with the IB interface.
Also, the minimum purchase volumes are sometimes too high for my small wallet.Today I also bought myself a Christmas present: a new TV, because the old one that was 10 years old just gave up the ghost. I hesitated between a 950 fr model and another one at 1050 fr. So in the end I opted for a 449 fr model! It's hard to change your nature when you're a real frugal person! 😉
So in the end I opted for a model at 449 fr! It's hard to change your nature when you're a real frugal person!
Dying of laughter. The other day I bought a second-hand almost state-of-the-art laptop on Ricardo for 270 bucks.
In fact, why look in Switzerland if brokers abroad are cheaper?
Swiss establishments are subject to the federal stamp duty and charge high prices.
I have shares in Degiro, but also a bank in Germany whose idea is to forget that I have shares (out of sight….) and thus stick to my buy and hold strategy 🙂
Swiss institutions allow you to have your name in the share register. Given the status of small shareholder, what role do we really have? Apart from the aperitif after the meeting, I don't see (if the meeting is in person).
With the automatic exchange of information, the tax certificate is made automatically between the broker who transmits it to the tax authorities of the country who transmit it to the AFC in Bern. I have always received the tax certificate from my 2 brokers for free. So it is easier for us.
The more I think about it, the more I realize that brokers abroad have almost only advantages.
However, I am careful that the supervisory authority is in the EU for a question of trust.
As said above, we can also see what Swissquote / Postfinance and CSX will come up with. I don't expect a revolution but rather a breath of fresh air.
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