Internaxx migration to Swissquote

For residents of the United Arab Emirates.
Post Reply
Topic Author
robthehobo
Posts: 1
Joined: Wed Jun 10, 2020 6:23 am

Internaxx migration to Swissquote

Post by robthehobo »

So Internaxx were finally migrated into Swissquote on 1st June 2020 and it appears to have been a disaster - here are the some of the issues I have had and I'm now looking to change brokers. Has anyone else faced the same problems?
1 - because of the Eid holiday my funds arrived late into LUX (and subsequently the 1st June Whit holiday there). But so far, no allocation of my remittance from Internal to Swissquote, and so a significant sum now hanging in a suspense account somewhere. It is now 10th June.
2 - several message and phone calls to Swissquote have yielded nothing - they appear to have been swamped with this as I am sure I am not the only one - the genius involved in the move also changed everyones account numbers at the same time to compound the disaster
3 - the website looks dormant - you have to click o refresh button all the time to get a slooooooow price change
4 - I'm using IG to find the market prices for buy/sell orders; the trading mask only works on limit, the market price isn't dynamic enough to keep up and so for day trading its game over
5 - spreads on small caps are crazy - Internal might only be charging EUR 20 or so for a trade but you will buy way outside normal market
6 - UK dividends (apparently) are no longer collected and credited same day - they go via Switzerland so expect up to 7 days delay before you see your dividends.

Can anyone recommend another broker please? Sao have a massive annual fee, Interactive are US based so impossible to open an account - is there anyone else?

Does anyone else feel the same way or is it only me that believes HNW individuals deserve better?
DXBinvest
Posts: 24
Joined: Sun Jul 07, 2019 2:42 pm

Re: Internaxx migration to Swissquote

Post by DXBinvest »

Similar issues here. In fact the customer support has become useless. They answer internal messages after 2 weeks. I had better hopes for SwissQuote Luxembourg to be honest. The problem is for 7 figures portfolios they are in fact quite cheap. Apparently BGL Luxembourg is very good to deal with but 0.75% trading fees (0.1% SQ LU) and 0.20% custody (max €180 SQ LU) are not great incentives...

Did you find any alternative?
900
Posts: 35
Joined: Sat Aug 08, 2020 1:54 pm

Re: Internaxx migration to Swissquote

Post by 900 »

DXBinvest wrote: Sun Aug 23, 2020 2:45 pm Similar issues here. In fact the customer support has become useless. They answer internal messages after 2 weeks. I had better hopes for SwissQuote Luxembourg to be honest. The problem is for 7 figures portfolios they are in fact quite cheap. Apparently BGL Luxembourg is very good to deal with but 0.75% trading fees (0.1% SQ LU) and 0.20% custody (max €180 SQ LU) are not great incentives...

Did you find any alternative?
Do you have a BGL BNP Paribas account(UAE resident)? I tried to open but not possible, they require a phone call to the customer service.
DXBinvest
Posts: 24
Joined: Sun Jul 07, 2019 2:42 pm

Re: Internaxx migration to Swissquote

Post by DXBinvest »

911 wrote: Tue Aug 25, 2020 7:21 am Do you have a BGL BNP Paribas account(UAE resident)? I tried to open but not possible, they require a phone call to the customer service.
No, I don't. Before it was possible to apply online but now they require a phone call indeed.
900
Posts: 35
Joined: Sat Aug 08, 2020 1:54 pm

Re: Internaxx migration to Swissquote

Post by 900 »

I called BGL BNP Paribas but their customer service is very inexperienced. Their website requested a phone call to open an account so I called them but they have no idea how to continue the application. They opened a support ticket a week and no one returned yet.
DXBinvest
Posts: 24
Joined: Sun Jul 07, 2019 2:42 pm

Re: Internaxx migration to Swissquote

Post by DXBinvest »

911 wrote: Mon Aug 31, 2020 8:40 am I called BGL BNP Paribas but their customer service is very inexperienced. Their website requested a phone call to open an account so I called them but they have no idea how to continue the application. They opened a support ticket a week and no one returned yet.
Apparently they no longer open accounts to UAE residents.
Post Reply