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Not sure if that question has already been answered - but I just signed up for SPA3 Income - but now need to open an account with Saxo for my SMSF.
Could you confirm if this is the correct URL to open an account with Saxo and whether there is a specifc account type that I need to apply for to trade SPA3 Income thru an SMSF?
Thank you.
Apologies if this has already been asked. I couldn’t find the answer.
Totality (formerly SAXO) is one broker that allows Market On Close orders on the US, which will make execution quite easy.
If you are thinking of opening a Totality account, then we’d strongly recommend opening an account via Gleneagle Securities and not directly with Totality.
This are several reasons for this.
We have been very disappointed in the level of customer service provided to SWS members over the past few years when dealing directly with SAXO (now Totality).
Gleneagle Securities provide access to the Totality platform, allowing all the benefits of trading the US market at the same cost as dealing directly with Totality.
James and Billy at Gleneagles provide far superior support in our experience, and will also assist with any paperwork required and forms that need to be completed.
They are also quite familiar with the SWS trading systems and the requirements for trading the US markets, in particular the use of a Sub-$USD trading account so that you’re not converting currencies back and forth unnecessarily and paying extra costs associated with this.
Please feel free to contact either James Naisoulas or Billy Macris at Gleneagle Securities if you have any questions regarding trading the US markets or opening up a US trading account.
The first thing you should be doing, since you want to transact in your SMSF, is to ask your accountant/auditor if it is ok to embark on this type of trading. You don’t want to breach any SIS rules.
Shouldn’t be a problem but always good to check with your accountant - However I’ve been trading things like SOXL, TQQQ & many others on this list for some around 15yrs now in our SMSF never been a problem - I’ve been retired now over 6yrs & still actively trade leverage Etfs about the only thing IB has restricted me from doing in our SMSF is naked call & Put Options but I can still do cash secured Options in the SMSF.
The 2md acct which is a family trust also trades geared ETfs SOXL, TQQQ etc but IB will allow me to use naked Option trading in the family trust acct.
The only real SIS Act issue is that trading leveraged ETFs and stocks is compatible with your SMSF’s formal Investment Strategy. If it’s not then it’s an easy task to change it if you wish.
You should also check that you have the appropriate permissions with your stock broker. Again, if not, it should be easy to change.
If your accountant raises some issue about it not being allowed, I think it’s time to find a new one.
I would put forward that the discussion with your accountant depends on your previous experience and discussions with them. Amending a SMSF trust deed and investment strategy to align with trading SPA3 Income is straight forward, however your accountant (given most accountants are conservative by nature) may have some concerns about it.
I have a bookkeeping practice that I have been operating for 15 years, so I have had a lot of experience speaking with accountants and I understand the Tax Practitioners Board Code of Conduct and the legislative framework that they have to comply with. If you have had little experience investing in, or trading the financial markets, and you approach your accountant asking their advice on trading leveraged ETFs in your SMSF with no context around SPA3 Income or the research and development SWS has put into the strategy, they are going to push back and rightly so. The majority of retail traders lose at this game and your accountant’s obligation is to advise you on what they believe is the best strategy for your long-term wealth. If you have had a lot of experience like Paul, then the conversation will be very different.
It may be a good exercise to meet with your accountant, go through your trading plan (aka business plan) and explain to them how SPA3 Income will grow your SMSF portfolio. They say that you don’t understand something until you can explain it to someone else so that they understand it. If your accountant is good, they will ask pertinent questions which may give you some clarity or get you to do a bit more due diligence on your trading plan. If they are not prepared to listen, then Don’s suggestion is a good option.