Edwin, I sure know how you feel! If you trade foreign issues often, it gets worse . . those 25%'s, slow, if not painfully impossible executions, etc. etc. will eat away both at you and your profits!
However my friend, you have a choice. Continue to use Schwab for your foreign trades or change to a broker who will execute trades directly on your behalf in the foreign markets.
I use Euro Pacific Capital in Newport Beach. From what I understand, they are one of a handful of US brokerages enabled to purchase directly on the foreign exchanges. Thereby and the best part . . completely eliminating the US market makers! Imvho, the only way to go when trading in and out of foreign stocks.
It is so easy Edwin . . just as in the days of old . . . you call, check prices & set your price . . then, if you choose, you stay on the phone until it executes. If you need to adjust your price - no problem. Immediate gratification - and it's yours!
Fees are on a commission scale. Again, like in the ol'days. Commissions based upon quantity and prices . . usually ranging 3$ - 6%. (Even times two . . sure beats the 25%!)
I might submit you give Euro, or another like organization a call just to chat & see if they meet your needs. If you're interested in chatting with Euro, call 800-727-7922. I've dealt with both Peter and Brian.
Downside to Euro? They still don't have online account viewing. Most of us, certainly myself included, have become so very spoiled peeking in at the port's daily. I do understand they're in the testing mode for this - just not happening fast enough for me!
ps. For those looking for some "odd lots" Euro will also purchase them for you - you've got three days to settle up with them after they purchase. |
