Depends on how much you trade... you say you made about 1.2 mln in 2 months with Credit Suisse... you either got very very very lucky on one trade... or very very very very lucky trading large size very frequently, therefore racking up significant fees. You trade lots, you have high fees... anyone here knows that... that doesn't have anything to do with whether you have a loan or not. Hello, as promised I am posting here the extract from our demand letter to the Credit Suisse, sent by one attorney, in 2014 which may bring light to the questions about fees. Be well! Meantime, the standard banking customs and usage prevailing in The Bahamas consist in applying to accounts trading in securities a fees schedule called "FLAT FEE" or "ALL IN FEE". As an example, our clients in their trading activity with UBS (Bahamas) Ltd. from July 2013 to September 2013 with the opening balance of USD $669,405.98 paid the total sum of USD $3,375.74 of "ALL IN FEE" fees during the relevant period. Worth to note, that CS Nassau has published the "ALL IN FEE" fees too in its Fees and Commissions Schedule which is a part of the Agreement. Considering that our clients traded in securities with CS Nassau from February 2009 to June 2009 with the opening balance of USD $360,312.27 the sum of USD $3,000.00 of "ALL IN FEE" fees would be reasonable. And that was what they expected from the bank and that was promised by bank's personnel. Instead, the sum of USD $574,959.75 was collected by CS Nassau as brokerage and transaction fees during the relevant period. It makes evident that CS Nassau pursued a single aim in the relationship which is to generate brokerage and transaction fees. Notwithstanding that CS Nassau relies on "that all fees levied in respect of trading activity were all times consistent with the rates that had previously been agreed", the collection of USD $574,959.75 as brokerage and transaction fees was invalid because it was actuated by bad faith.
The big question - are you seriously saying that $570,000 in fees in two months on starting account of $360,000can be justified? May I ask if you ever paid this amount in fees or personally know anyone who ever paid this?
You are surprised that your broker wants to make money on brokerage and transaction fees? Have you been living under a rock? It doesn't matter what your starting or ending balance is... you get charged by the amount you trade, the transactions... in number and size... you know... transaction fees.... That's actually one of the main reasons 95% of 'traders' fail, they start out trading paper accounts and suddenly think they are brilliant... then start trading and after transaction fees make nothing... or lose...
While you are kitting, my dear ex-housekeepers, Bahamian, Peruvian and Phillips did make a cookout for us, after three years the last one left our home! This was amazing! Thanks to them - Lona, Clelia and Lorry!
You had housekeepers as well? And they stayed in the house? With all the cats and fish etc? Honestly, I just think you might have a hole in your hand... causing you to bleed money.
Are you a broker? The balances are very important because it giving you the correct estimate of how many commodities/securities one can process and charged accordingly the industry average. we were charged something like 100$ for each ETF on one side, if not more. You also should be aware that transaction fees cannot be dishonest and unreasonable, it is industry standard. To our knowledge, it becomes law some thirty years ago and violations are punished by law as well.
I hope you soon will have the same and much more, if you wish! good night1 Will return tomorrow after 4.15 pm .
I just changed the bold/italic print, since it's annoying.. I'm not a broker... you don't have to be a broker to understand how they make money... The balances are totally un-important, since you only need the transaction volume/size to understand how much you will pay in fees. So if you can produce us your transactions during that time, we could actually see whether what they charged is more or less fair... For instance... if you have 100k balance.... and you buy and sell 100k worth of ETF at $100 per trade/$200 roundtrip... and you do that 20 times a day in active swing trading... that's $4.000 in fees. If you do that each day, in a month (20 trading days) you will have paid $80k in fees.... whether you make money or not... Is that fair... yes, it is.... is it according to the industry standard... yes, it is... does it matter if you start with 100k or 1mln... no, it doesn't.... is it a lot... yes, it is, but that's because you trade actively. I've heard guys here in ET pay very big bucks in fees... it adds up if you do large size spreads. I don't know what you guys traded and size... but it adds up. If you don't pay those fees to your broker... they will be out of pocket a part of those fees, since they still have to pay the exchange fees, routing fees, etc. All of us beforehand know the transaction fees... like this: https://portal.ampclearing.com/account/commissionquote.aspx https://www.interactivebrokers.com/en/index.php?f=1590&p=stocks And when we start trading, we agree to this fee structure. There is now way that any brokerage firm will charge a flat fee for active trading accounts.... that's the silliest idea I've heard in at least a week.