The appetite of savers for the stock market since the first confinement of 2020 has not been denied. The Autorité des marchés financiers (AMF) estimates that 1.43 million active investors carried out at least one stock market transaction last year, i.e. 24% more than in 2019. In addition, these new come are younger. “Today, 1 out of 2 clients recruited by Bourse Direct is between 18 and 35 years old”, indicates Frédéric Garcia, head of the broker’s trading room.
Savers tempted by the stock market can open a PEA or a securities account in their banking network, but the prices there are high. However, the fees directly reduce the performance of the portfolio. It is therefore interesting to study the offers of online banks (Boursorama Banque, Fortuneo, Hello Bank, etc.) and specialized brokers (Bourse Direct, Easy Bourse, Saxo Banque, etc.). These offer more advantageous brokerage scales and do not provide for custody fees on the securities in the portfolio.
Comparing the offers is however complex, because the methods of invoicing vary from one intermediary to another. Some charge fixed fees, others commissions proportional to the amount of the transaction, sometimes with a minimum per transaction. For its part, Bourse Direct emphasizes simplicity with a single amount of 0.99 euro for orders on Euronext Paris, Amsterdam and Brussels up to 500 euros; 1.90 euros for those between 500 euros and 1000 euros; and so on up to 0.09% above 4,400 euros. Note that the regulations cap fees at a maximum of 0.50% on the PEA.
Different prices depending on the customer profile
Some brokers such as Boursorama, Fortuneo or Saxo Banque offer different prices depending on the client’s profile. Very active investors, carrying out a large number of transactions in the month, have access to it at a more advantageous rate. In addition, at EasyBourse, a subsidiary of La Banque Postale, 18-30 year olds benefit from one free order per month for the first year. Transactions are then invoiced at 2 euros up to 800 euros, 3.80 euros between 800 euros and 1,500 euros and then 0.45% beyond that.
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Boursorama Banque offers a discovery offer (1.99 euros up to 500 euros and 0.60% beyond), rather expensive compared to that of its competitors. But “with BoursoMarkets, our customers have access to more than 40,000 products without brokerage fees or entry fees, including stock market products (turbos, certificates, etc.), funds, etc.”, says Xavier Prin, the director online banking marketing and communications.
Investors seeking to open an account with a broker are certainly right to compare the scales offered, but this is not enough. It is also necessary to take an interest in complementary services. “Our clients have telephone access to our experts: this allows them to be supported during slightly more complex operations, for example on foreign stock exchanges”, indicates Frédéric Garcia at Bourse Direct, which also offers webinars, lectures and video training sessions. “We offer our clients investment ideas updated every month on the themes of the environment, health and technologies as well as portfolio models for France, Europe and the United States”, specifies Yves. Rakotomalala, president of EasyBourse. Finally, some players such as Bux, DeGiro, eToro or Trade Republic put forward very low or even zero prices, but do not offer a PEA.
In any case, keep in mind this AMF formula: “zero commission” is an illusion. Because if the intermediary does not get paid through fees, he does so by other means…