08-05-2017 11:20 PM
Good day All.
Thought we could share ideas on how one can minimize the costs of Trading on the Webtrader platform, since personally I'm finding the 'cost factor' alone to be stretching the overall value proposition far too thin - if not obsolete. As such, I thought i'd ask around and see how others are dealing with this issue.
As I'm sure many have noticed, SBK seems to be playing the role of an 'intermediary broker' for Saxo Bank here, and naturaly this means a wide range of the same old 'third party' issues:
Fom this standpoint alone, I fail to see why a Trader with a >R10k trading account would go for Webtrader... (any pointers here would be highly appreciated!) - especially since Webtrader consultant also dont seem to understand the competitive advantage of their own platform.
My main question though has to do with finding the most cost-effective way of making Deposits and Withdrawals into & from my Webtrader Account.
Scenario: I'm a South African, living in SA - but my Webtrader Account is a USD account
So, in essence - I actually have to spend about R13 000.00 (+/- 9.0% of my initial capital) just to deposit and withdraw funds into & from my Webtrader account !!!
PS: All these costs do not include the 'Platform costs' (i.e. Annual 'admin' fee, 'currency conversion' fee per trade, ticket fee for opening a position, ticket fee for closing a position, tom/next rollover fees for overnight trades, interest on margin fee deductions, etc, etc, etc)
Guys, please help here. Maybe there's something im missing here.
Don't just wanna jump the gun and leave before exploring all alternatives.
BTW : Have already considered the 'Shyft App' & 'Opening a USD account' for withdrwals, but noth only offer partial assistance...nothing really substantial.