@chantal All brokers charge a swap rate, but the actual rate varies (greatly) by broker it would appear.
@David Good to hear that you’re committed to reducing rates over time. In the meantime though, you’ve lost a customer to your major competitor. I’m now getting rates 1/7th of what it was on your platform.
Not convinced on your approach to risk management either. You’re arbitrarily modifying something (an interest rate) that in reality is pretty stable, and using that to control/offset your risk. This doesn’t work for me (probably others as well) for several reasons:
I can’t enter a position on your platform because literally at any time you can say the rate is infinity and my account is wiped out overnight. Where are the checks and balances and guarantees on this?
Whether I enter a position often depends on how long I can keep it open for, and with variable rates (with as much variability as yours) I have no insight into this and you make no guarantees.
Already I’ve incurred a fair bit of capital gains tax, just by opening and closing positions unnecessarily to navigate your arbitrary swap changes. I incurred capital gains tax one last time to switch platform, but I made up for this in literally a couple weeks just from swap savings.
You’re the best app out there and I’ll keep checking back to see if anything changes, but until then you’ve made the arrangement untenable for me.