Continuation post of Bob’s topic from old Share Wealth Systems Forum:
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Bob: Has anyone recently used Saxo support from the SAXO website? I have seen some negative comments in the past and wondered the best way to gain their attention. It’s about tax reporting.
Gary M: I have found the best way to get their attention is to keep going thru support repeatedly and complain about their lack of response. It also helps to contact them via email. You can find the email address on the Saxo website.
Please continue the discussion below.
Call 02 82679000 for customer service
SAXO changed their customer service model approximately 2 years ago and since that time their level of customer support has dropped considerably. Their execution platform remains very good.
As an alternate solution, we have developed a relationship with Gleneagle Securities who have access to several brokerage platforms, one being the SAXO platform and the other, Interactive Brokers.
As an independent broker, customer support is high on their list of business priorities and as such SWS members may wish to open a SAXO account via Gleneagles. They will assist with all paperwork and getting your account up and running in an efficient and timely manner, as well as assisting with any follow up questions regarding your account.
The rates charged via Gleneagle are the same as going direct to SAXO for most customers.
Their details are below in case anyone would like to investigate further.
Having said that, SAXO do have a new customer service manager that is trying to improve their support levels, so fingers crossed that we start to see some improvements.
Gleneagle Securities (Aust) Pty Limited
Level 39, 55 Collins St, MELBOURNE VIC 3000
Ph: +61 3 9900 7722 | Fax: +613 9650 4880
By the way, if you are looking for detailed reports etc you need to go to their website https://www.home.saxo/en-au/login and not use the Account tab on their platform SaxoTrader
Having decided to go with a US EW portfolio, I am coming up on 2 weeks into the application process with Saxo and can confirm that they are as awful and painful as ever but a big shout out to Gleneagle who have been fantastic in liaising with Saxo on my behalf. They do a great job.
David What is the relationship with IB? I wasn’t aware of that one.
Interactive Brokers is just an alternative option that Gleneagle Securities can assist with. IB is a tricky platform to use, and setting up accounts with them can be quite time consuming.
I have found Billy Macris to be a star re helping me out with any questions relating to the platform
I have been using IB for several years. From memory the application process is a little complicated. The phone app IBKR make it easy to see your portfolio details (in real-time, which could be a bad thing!) and to buy and sell securities. I have a watch list of the ASX Investor shares which gives current prices and details of unrealised gains and losses for each security held.
Brokerage is 0.088% with a minimum of AUD6.60 (i.e. up to transaction of $7,500).
Good reporting system, if a little difficult to find through the menses.
I use Schwab for US trades. No brokerage buy or sell. Small govt fee when selling (0.25c average). Great and easy platform. Reasonable conversion getting money to them or repatriating when needed. I use Saxo only for US$ hedge. Local trades with Saxo are good till about $10k then better to use someone like Self Wealth. Fixed price any amount and positions held with CHESS.
I certainly have had fair share of issues this last 12 months also with Saxo, however (and don’t tell her I sent her details out ) but I find cc’ing this contact helps get things moving…
Lucy Payne | Country Head of Direct Sales
Saxo Capital Markets (Australia) Pty Ltd | Suite 1 Level 14, 9 Castlereagh Street, Sydney Australia 2000
Phone: +61 2 8267 9032 | Mobile: 0448 189 327
At least Lucy responds to her emails.
Dave, I don’t know what is tricky about the Interactive Brokers system. I only use it to execute SPA3 Investor trades and it only takes seconds to do that either on its website system on its phone app, which I almost always use. I’ve never looked at the other features of the IB systems because they are simply superfluous for me in mechanically executing my trading plan.
All, IB was relatively inexpensive when I first started using it about five years ago but the excellent reports regarding Schwab on the forum and its free brokerage make it one for US market traders (new and longer standing ones) to have a close look at.
I use TD Ameritrade for US stocks. They have zero buy and sell brokerage fees and their market orders for buying or selling are above board and fairly executed.
I’ve been using Schwab for two or three years now and I am happy with them - especially as brokerage is $0. I find the information on their platform on open trades is more informative than SelfWealth, who I use for AUD trades, in that you can display the $ value or percentage profit or loss on open trades for the day and in total, and you can sort this in ascending or descending order.
I’ve recently had quite a lot of interaction with them to change the way my account is recorded, because when it was originally setup by OptionsXpress when they ceased operating in Australia, it implied that I was the trustee for the SMSF, whereas the trustee was in reality a company. Schwab have now changed the account to make the company the trustee.
Schwab have a 24 hour 6 days a week Australian telephone number that they can be contacted on (1800 781 423) which they always answer in the US within a few seconds.
I can wire USD to and from Australia at no cost - although this might be because of the amount I have invested in the US. I use OFX to convert AUD/USD when needed and have an Australian Bank USD account (Comm Bank).
I have a similar structure with a St George USD account in addition to AUD accounts, I also use OFX when required for forex conversions but I try to minimise those. All my SPA3 Investor trading is in my SMSF so these are all SMSF accounts.
I’ll have look at Schwab and SImon’s TD Ameritrade. The savings are real but not huge, and the change of broker needs to be well timed and staged so as not to lose market exposure and hence profit.
Not sure about other US brokers (apart from IB) but with Schwab you give then AUD and they convert to USD at the spot rate + about half a cent. On repatriation of funds the USD is converted to AUD by schwab at the same formulae and deposited direct to your nominated australian bank account. No third parties. Whilst your funds are in the US and used for buys/sells, it is held by Schwab. Funds from sold positions are meant to be cleared before using, however if they are you get a warning - not sure what they do if you keep doing it. SWS have signals on a US hedge - AUD/USD which keeps your downside on currency movement to a minimum. (can even profit from it).
Also, tax on dividends in a smsf is 15% and on interest received 10% (when rates are higher and interest is paid on surplus funds). No franking credits (that I know of).
I used SAXO to buy and sell several NASDAQ shares last financial year. These transactions worked well for me.
The SAXO reports appear to me to be limited and I am not looking forward to working out my capital gains and income for this financial year’s tax return.
At the height of the pandemic I had great difficulty contacting and trying to speak to Support (in Singapore?) in order to arrange a credit refund to my Australian bank.
I am hoping that this discussion topic will help me to determine how to perform these transactions and produce the necessary reports in future.