ING breaks the market of Spanish Stock Exchange brokers with a new offer with much lower commissions than those of its direct competitors. As of November 1, the orange broker will charge only 3 euros for each purchase and sale of titles (whether national or foreign) plus a variable of 0.1%, with a maximum commission cost of 20 euros for each transaction. up to 50,000 euros. To this is added a 0.5% for currency exchange, if necessary. Until now, he charged 8 euros for Spanish shares and 20 euros for titles from other countries.
This rate is the basic one. But if the user carries out more than 15 operations per quarter, the rate is half: 1.5 fixed euros plus a variable 0.05%. And 0.25% for currency exchange. Here also the maximum commission of 20 euros is maintained from 50,000 euros. ING will not charge maintenance or custody commissions in its ORANGE Broker if at least one operation is carried out per quarter.
Savings are very high for those who carry out many operations and also for those who acquire many foreign titles. Before I paid 20 euros to buy 2,000 euros in Apple shares, while now they will pay 5 euros (between the fixed and the variable).
There is only one profile that will lose out. In purchases of Spanish titles, from 8,000 to 30,000 euros, the previous rate was more convenient.
Bankinter, for example, charges 4 euros in national shares (8 euros for operations of 2,000 to 8,000 euros) and 20 euros in international shares. CaixaBank charges 10 euros in national shares and 36 euros in international ones. Sabadell, between 7 and 15 euros in national actions (depending on the amount) and at least 15 euros in international ones.
ING’s new pricing brings it closer to those known as brokers low cost, 100% digital brokerage firms that have been offering very cheap prices for years. Although, in some cases, they hide certain hidden transactional costs.
The CNMV has warned in a report published this year that self-proclaimed free brokers are more expensive than classic ones. Specifically, the supervisor points out that 84% of the operations of a broker that operates under this formula in Spain offers worse execution than a classic one. That is, they buy shares for the client at more expensive prices than other brokers, or sell them at lower prices.
With this rate update, ING wants to position its broker “as a preferred option for clients and continue to climb positions in the market thanks to its competitive prices, advanced tools and complete range of services.”
The broker allows you to buy stocks, bonds and also exchange-traded funds (ETFs), a type of product halfway between conventional investment funds and stocks.
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