#netfonds

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I just have to have a little rant. This rant in particular is about my stock broker. Since 2007, i.e five years, I've been using E-trade. It was great! After a while, they even granted me what they called a "platinum account", giving me cheaper trading fees. It was brilliant!

Then in 2010, E-trade sold their entire customer base to the Danish broker SAXO-Bank. 

I was worried at first. What was going to happen to my prices!? I loved my platinum deal. Also, it's always a bit annoying to have to learn something new like a new web-broker page. All the small things such as where you'd find history, how dividends are registered etc. But the broker assured me that I should not worry. And nor needed I. I kept my prices, and their web-page layout was even better than E-trades. Sleeker looking and somewhat more logic in its layout.

Though a couple of months ago, SAXO bank sold their customer base to the old and first internet broker in their country of Norway, namely Netfonds. It started really odd. Their web page definitely had a couple of years on it and so did the logic of where to find things. The booking of cash accounts if you're like me and have assets in different countries was also very old-style and complicated. Nor did it register fast, and you where stuck with daily balances like an actual "accounts receivable" and "payable" after you'd made your deals. They then netted out the day after to show that you'd probably owe an amount in a foureign currency, becuase their system assumed that I wanted to short a currency I did not have enough of, instead of first placing a currency order from another currency I had enough of and then make the deal (like my SAXO account would do).

This was all very new and confusing, but I thought, that I should not fuss so much and just learn the new system.

However, there was still a question about the prices. I had to call Netfonds over in Norway whom put me in contact with their trading manager in Stockholm. Here's our conversation. . .

Me: What happens to my prices? You see, I used to be a platinum customer at SAXO, from whom you bought 4000 customers last month.

Trading boss: Yeah - um. We simply can't give you those prices.

Me: Seriously?! So I'm going to have to learn something new and then pay more to do so?! Well, now I feel like I've been duped. Do you take any fees for asset transfers to OTHER brokers, because I want to change.

Trading boss: Yeah. 300 SEK a paper/stock. 

Me: Well, that was fucking brilliant of you wasn't it !?

Trading boss: um?

Me: *click*

Luckily for me, Netfonds did have a deal that during the first month for the new customers, we could trade at a fee lower than usual (which was even lower than my regular platina deal).  Yesterday was the last day for that deal - so I sold everything. My entire portfolio is now 100 percent cash, and will be transferred to my new and shiny Swedish broker, where they treat customers with some freaking manners.

I bet this lady here (picture from their front page) is wondering where her fees went...