Having invested for 30 years, I’ve seen all sorts of campaigns. Today’s most expensive broker might be tomorrow’s cheapest, so there’s no need to rush and switch brokers just because it’s a bit cheaper somewhere else.
If Nordnet’s market share started to decline, prices would surely come down significantly.
Brokerage fees are, after all, just one part of the overall package.
I’m not particularly interested in such campaigns, and I wouldn’t mind if Nordnet didn’t organize them. However, it’s downright absurd to send an email with the subject line “Black Friday offers shopping opportunities also on the stock market”. Yeah, within their investment wrapper, just like any other day. That constant shilling of the insurance wrapper is probably practiced because the owner of the wrapper is so committed to Nordnet that they can’t switch brokers. Then these ridiculous prices can be raised even further.
I know that Nordnet has been struggling for several years with customers who are not willing to pay for anything.
Well, why do they offer funds for free? I haven’t invested a single euro in those, so it doesn’t concern me. I pay 15e per single investment even if I invest one euro. At the same time, elsewhere in the world, pressing that enter key costs 1e.
I had planned to buy about 10 different stocks from the US. This would have cost me a good 150e + currency exchange fees. With Nordea’s offer, the same package is 10e. These are not small sums; over time, they multiply and eat into profits, even if it’s not exactly small-scale trading.
I don’t need a free service, but an affordable one. I wish those fees would sometimes be half price, but not even that. Or some small fee for small investments. Nordnet has become a “buy and hold” broker for people whose portfolio is at least 6-figures. For everyone else, it is becoming only and solely sensible to switch to a cheaper service.
Now, consider a median Finnish investor. A portfolio size of about 3000e. For such an investor, there is no sense in making any other trades than buying one stock with the entire sum at once and sitting on it for 30 years.
My other child has an OST (Osakesäästötili - Share Savings Account) with Nordnet, worth a few thousand. It’s impossible to sell or buy stocks because each “transaction” is worth almost 20e. Therefore, the only sensible strategy is to keep the same shares rotting there for decades. Surely this isn’t what NN (Nordnet) hopes for either?
I’ve thought that the BF (Black Friday) offer is quite good business for them, because when people buy those US stocks, they also have to sell them sometime. And then those exorbitant fees will come into effect anyway. The average holding period is probably not very long, though.
The company has, through its advertising, fished for customers who are cost-conscious. To benefit from cost-conscious customers, one must offer a service that is cost-effective. I know it is very typical for Nordnet customers to make their “small trades” elsewhere. Similarly, there are those who hold foreign stocks elsewhere.
When I started with Nordnet, the minimum trade was 3€ and it still seems to be with sufficient trading volume. The price list has increased since then, but a major sticking point is the high prices for international trades. Personally, I believe the issue is Nordnet’s pricing. If you’ve acquired cost-conscious customers, the prices must be cost-conscious. For example, by dropping the trading fee from 5€ (over 10 trades) to 4€, Nordnet would be the cheapest, and by adding the US and German stock exchanges to the pricing, to include the widely owned and purchased exchanges, the grumbling would stop right there.
Exactly. I didn’t blame any investor for anything in my message, but specifically Nordnet, which has been struggling with the consequences of its own choices for several years and is now slowly trying to fix them, knowing that it will cause a lot of resentment.
I myself had planned a shopping day through them for this Friday. Their foreign markets are priced far too high.
This is precisely where one should consider why they are making such trades through Nordnet in the first place. Because of the BF offer? You didn’t mention the amounts and stocks. But with small sums, Nordnet is one of the worst choices for direct US trades, especially if you’re not at the PB level. A low commission offered perhaps once a year doesn’t improve the situation much, especially since the market/stocks covered by the offer have changed annually. And NN has been expensive for a very long time.
If you intend to diversify into US stocks, here are some options:
So: the right tool for the right job. Nordnet is the worst possible tool for small trades, especially into US stocks.
I don’t know about others, but Danske at least took 7.5 euros for subscribing to Posti’s offering, both from the offering and the bonus offering. And Danske was one of the actual organizers of the offering!
Okay, I didn’t know that! I am a Nordnet customer, and I have also participated in some subscriptions in other banks as a non-customer, and it has always been free of charge. That’s odd.
It was also chargeable at Nordnet, at least a couple of years ago when I last participated in a Swedish offering.
For who knows how long, I have been overpaying (30%) withholding tax on US dividends because I failed to fill out the W8 form. Is it true that the overpaid amount must be claimed from the US and cannot be credited against domestic taxes?
You don’t specify the broker, but this is what happened to me with IB: From one of my own accounts, 30% withholding tax was levied on US dividends despite a completed W8 form. I asked for the reason and how I could get the overpaid withholding taxes back. The reply simply stated that the overpaid withholding taxes would be refunded, which also happened the next day. So IB corrected the matter.
My case is, however, different in that the dividends were only a few weeks old.
Oh wow. Now it’s unlikely to succeed, because it’s been years like this. I didn’t see any need to specify, but basically with IB, more precisely Lynx.
I saw Pekka talking about dually listed shares on Twitter. Through Nordnet, some of these are at least hidden in the search, but I’m wondering about Nordea. Can one somehow find shares of foreign dually listed companies through Nordea? I tried searching myself, but I couldn’t find the shares I wanted. It would be generally useful to read somewhere more detailed criteria on what basis shares are available from each broker.
Problems with Nordea’s online bank again?
Purchase orders disappear into cyberspace. Money transferred from one account to another also seems to disappear. Now it’s impossible to tell if the orders went through or not. Similarly, accounts show different figures in Investor and the online bank.
I don’t even bother calling to ask about the situation anymore, their systems seem to be down every week. Primitive user interfaces for customers, and they can’t even get those to work.
I opened an OST account with Nordea last week and today tried to find the button for an order in the mobile bank without success. After getting to my computer, I noticed the text “This security cannot be traded at the moment” in the order section. Judging by the previous message, this is not a one-time event. The chat bot was dumber than a monkey and there was an hour-long queue for customer service. No one can probably say for sure, but how long have these problems usually lasted?
The order placed last week has been executed, but new ones cannot be made.
Usually, the most significant problems have been resolved within the same day. Today, the assignments started appearing after about an hour of waiting.
They are indeed only hidden in the search. If you search for the dual listing page on NN with Google, buying is still possible.
A bit of change left after the Nordnet Framery offering (I don’t know what mental lapse made me subscribe in Nordnet) and I thought about buying some US stocks, but these trading fees don’t make any sense. The activity tier affects it, but if we start with outrageous costs, then activity will certainly remain low.
Mandatum
NN
Well hey, if you make 100 trades a month, Nordnet is only 2x as expensive as Mandatum! 
Yeah, and the costs would be 2170 USD at these prices, Mandatum 348 USD, and maybe 100 USD in some Etoro if one dares to put their money into these. I like the UI and the NN product range is okay too, but the pricing surpasses even the most worn-out banks and other brokers.
