Ing direct brokerage account
My understanding is that for stock purchases protection is only up to 20, Euro. In terms of confidence, credibility etc, ING Direct wins hands down.
DeGiro has the lowest commissions on the market today, but it also requires you to agree that they will loan out your shares, which is where they make a profit. You can also opt for a custody account, but the commissions on that type of account would negate any advantage of trading with them in the first place. One of the bigger problems with both these brokers is that they automatically convert your money to other currencies when required.
When you purchase, the broker will automatically convert the amount needed from your EUR balance to USD in order to buy the shares. Secondly, when you receive a dividend from a US stock, or you sell that stock, the proceeds will be in USD, however on arrival at your brokerage account, the money will be converted back to EUR.
Most people forget to take this currency exchange issue into consideration when calculating the costs of operating with a broker. To dig deeper into this, with ING Direct you will be charged 0. Degiro FX fee is 0. Probably not worth the bother on modest amounts. This means you do not first have to conduct your own currency conversion. Takes a whole minute to review and submit.
Both brokers are ideal for buying stocks from Spain, and they both have their own advantages and disadvantages. I will probably be choosing ING Direct for long term holding of stocks as they are the more reputable institution between the two.
Moreover, they have the most straightforward procedures with regards to taxation in Spain. No cost for inbound or outbound transfers. Do you reside in Spain and invest in the stock market? Jean Galea is a digital nomad, padel player, host of the Mastermind. I use Caixa have a special deal with them and ING. Think ING is the best choice. This is a great post.
I am so glad I found it. I lived in Spain for sometime and I plan to go back and start looking into this. I will definitely refer to this post when I do. Do you have any idea if ING, or any other Spanish investment company, works with non residents.
I would like to invest these savings with a Spanish company and ING sounded pretty good to me, but the problem I keep running into is one related to me being a non resident whom they cannot work with for some reason. I tried contacting them, cant find an email address on their site, phoning is out of the option as I cant speak Spanish.
BTW, I am just looking for a simple index fund, nothing to complicated, I just need to find a company that will let me invest with them. Thanks for the writeup. Did you end up going with ING? Truth be told, in my opinion, their interface both web and app is shockingly bad. Every time I try to use it I find some sort of bug, or the system is just down. Hi Chris, I have focused almost all my attention this year on the crypto currency space and did very little with stocks.
I am only using DeGiro at the moment and find it good enough for my basic needs. Your email address will not be published. Regardless of advertiser status, none of the listings, reviews, or other information on Wallet Hub constitutes, in any way, a referral or endorsement by us of the respective financial company or professional, or vice versa.
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Editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. Date Rating Wallet Points Usefulness. Yes Useful No 0. I have been with ING for a little over a year now and I have been pleased so far. I use ING as my secondary bank for savings for me and my daughter.
Initially when I became a member of this bank I was pleased with the interest rate of their savings accounts. Over time, the interest rate decreased and I was not happy with this. I do feel like they are knowledgeable and there is a lot of information available online for investors such as myself. The online banking is fantastic with ING as well. It is super easy for me to transfer money and it is very easy to use.
ING Direct has been a great investing company for me. As a beginner investor, they offer a lot of tips to help me find the right stocks to invest in.