Rates
Commission, charges & schedule
We’re committed to fees that are fair and transparent. If you have any questions, please phone +27 (0)10 201 6300 or email privatesupport@moneybetter.co
* Fees are VAT exclusive on commission charges.
* Fees are VAT exclusive on commission charges.
Equity
| Exchange | Commission rate | Commission Minimum | Commission Currency |
| JSE | 0.25% | 50 | ZAR |
CFDs
CFD financing details
Offshore:
Long – Market Ask Rate +3%
Short – Market Bid Rate – 2.5%
Local (domestic ZA):
Long – Market Ask Rate + 3.5% Short – Market Bid Rate – 3.5%
Stop out due to margin
Please note that if your margin utilisation exceeds 100%, DMA has the right to close out all open margined orders and positions, in accordance with our general business terms. Please ensure that you maintain your margin utilisation below 100% to avoid any compulsory close-out by depositing additional funds or reducing the margin exposure on your account.
DMA has a strict stop out procedure should clients be in breach of margin. If margin exceeds 100% for a period of 47 hours without dropping below 100% to reset the clock, your margined products will be closed out. To prevent this, you should fund the account or reduce your positions to bring down the margin (alternatively contact the trading desk to discuss appropriate resolutions). Clients will be automatically closed out should margin utilisation breach 150%.
| Exchange | Commission rate | Commission Minimum | Commission Currency |
| JSE | 0.25% | 50 | ZAR |
Safe Custody Fees
| Fee Type | Fee |
| Stock and ETF Custody | ZAR100 Flat fee per month |
| Unit Trust Custody | 0.2% |
Invest Marketplace
Where Marketplace solutions make use of other DMA asset classes, the applicable commissions and minimums apply unless otherwise stated.
| Fee Type | Fee |
| Platform Fee (unless otherwise stated) | 0.25% of Asset Value |
| CIS Execution Fee | 0.10% |
Interest
Interest earned or charged is based on your Net Free Equity (NFE) balance.
How is NFE calculated:
-
Value-dated cash balance from your main account, adjusted for sub-account balances in the same currency.
-
Unrealised profits or losses from open CFDs, FX Forwards, and Futures across your main and sub-accounts in the same currency.
-
Market value of FX Options held in your main account and sub-accounts.
-
Margin deduction for financing open positions, regardless of sub-account currency
Onshore interest on NFE:
-
ZAR Fixed 6.25% p.a. (Accrued daily and booked monthly)
Offshore interest on NFE:
-
USD Fixed 1% p.a. (Accrued daily and booked monthly)
-
GBP Floating (Please review account interest details in-platform)
-
EUR Floating (Please review account interest details in-platform)
Negative NFE balances
-
DMA always encourages clients to maintain a positive NFE balance in order to avoid negative interest. Cash can be moved between sub-accounts in-platform. If you require any assistance, please reach out to us.
Equity
| Exchange | Commission rate | Commission Minimum | Commission currency |
| NASDAQ & NYSE | 0.25% | 15 | USD |
| Amsterdam | 0.25% | 10 | EUR |
| Australian | 0.25% | 15 | AUD |
| Brussels | 0.25% | 15 | EUR |
| Copenhagen | 0.25% | 40 | DKK |
| Frankfurt | 0.25% | 50 | EUR |
| Deutsche Borse (XETRA) | 0.25% | 15 | EUR |
| Hong Kong | 0.25% | 125 | HKD |
| Helsinki | 0.25% | 15 | EUR |
| Irish | 0.25% | 15 | EUR |
| Johannesburg | 0.30% | 100 | ZAR |
| Lisbon | 0.25% | 15 | EUR |
| London | 0.25% | 8 | GBP |
| Milan | 0.25% | 15 | EUR |
| Oslo | 0.25% | 80 | NOK |
| Paris | 0.25% | 15 | EUR |
| Singapore | 0.25% | 25 | SGD |
| Spanish | 0.25% | 15 | EUR |
| Stockholm | 0.25% | 50 | SEK |
| Swiss | 0.25% | 15 | CHF |
| Toronto | 0.25% | 15 | CAD |
| Tokyo | 0.25% | 1500 | JPY |
| Vienna | 0.25% | 15 | EUR |
CFDs
CFD Financing details:
Offshore:
Long – Market Ask Rate +3% Short – Market Bid Rate – 2.5%
Local (domestic ZA):
Long – Market Ask Rate + 3.5% Short – Market Bid Rate – 3.5%
Stop out due to margin
Please note that if your margin utilisation exceeds 100%, DMA, in accordance with its general business terms, has the right to close out all open margined orders and positions. Please ensure that you maintain your margin utilisation below 100% to avoid any compulsory close-out by depositing additional funds or reducing the margin exposure on your account.
DMA has a strict stop out procedure should clients be in breach of margin.
If margin exceeds 100% for a period of 47 hours without dropping below 100% to reset the clock, your margined products will be closed out. To prevent this, you should fund the account or reduce your positions to bring down the margin (alternatively contact the trading desk to discuss appropriate resolutions).
Clients will be automatically closed out should margin utilisation breach 150%.
| Exchange | Commission rate | Commission Minimum | Commission currency |
| NASDAQ & NYSE | 0.25% | 15 | USD |
| Amsterdam | 0.25% | 10 | EUR |
| Australian | 0.25% | 15 | AUD |
| Brussels | 0.25% | 15 | EUR |
| Copenhagen | 0.25% | 40 | DKK |
| Frankfurt | 0.25% | 50 | EUR |
| Deutsche Borse (XETRA) | 0.25% | 15 | EUR |
| Hong Kong | 0.25% | 125 | HKD |
| Helsinki | 0.25% | 15 | EUR |
| Irish | 0.25% | 15 | EUR |
| Johannesburg | 0.30% | 100 | ZAR |
| Lisbon | 0.25% | 15 | EUR |
| London | 0.25% | 8 | GBP |
| Milan | 0.25% | 15 | EUR |
| Oslo | 0.25% | 80 | NOK |
| Paris | 0.25% | 15 | EUR |
| Singapore | 0.25% | 25 | SGD |
| Spanish | 0.25% | 15 | EUR |
Mutual Funds
| Fee type | Rate | Minimum |
| Commission | 0.1% | 0 |
Futures
| Currency | Commission |
| AUD | AUD 10.00 |
| EUR | EUR 6.00 |
| GBP | GBP 5.00 |
| SGD | SGD 15.00 |
| USD | USD 6.00 |
| CHF | CHF 8.00 |
| JPY | JPY 1,000.00 |
| SEK | SEK 75.00 |
| CAD | CAD 6.00 |
| HKD (Full-sized contracts) | HKD 45.00 |
| HKD (Mini contracts) | HKD 30.00 |
| NZD | NZD 15.00 |
Bonds
| Market | Standard |
| European government bonds | 0.1%(min. 80 EUR)* |
| US government bonds** | 0.1%(min. 80 EUR)* |
| European and US corporate bonds | 0.1%(min. 80 EUR)* |
| Emerging Markets bonds | 0.1%(min. 80 EUR)* |
Offline Trading
| Market | Standard |
| US government bonds** | 0.1%(min. 80 EUR)* |
| European and US corporate bonds | 0.1%(min. 80 EUR)* |
| European government bonds | 0.1%(min. 80 EUR)* |
| US government bonds** | 0.1%(min. 80 EUR)* |
| European and US corporate bonds | 0.1%(min. 80 EUR)* |
| Emerging Markets bonds | 0.1%(min. 80 EUR)* |
Contract Options
| Trade volume (Contracts / Month) | |||
| Contract Currency | 1 - 250 | 251 - 1,000 | 1,000 - 5,000 |
| AUD | 10 | 5 | 2.5 |
| EUR | 6 | 3 | 1.5 |
| GBP | 5 | 2.5 | 1.25 |
| SGD | 15 | 7.5 | 3.75 |
| USD | 6 | 3 | 1.5 |
| CHF | 8 | 4 | 2 |
| JPY | 1,000.00 | 800 | 750 |
| NOK | 65 | 35 | 20 |
| SEK | 75 | 40 | 20 |
| CAD | 6 | 3 | 1.5 |
| HKD | 45 | 30 | 20 |
Equity Options
No Minimum Ticket Fees
When trading Stock options at DMA, there are no minimum ticket fees. Each trade is subject to a flat-rate fee based on the applicable volume bracket.
Carrying Cost
Overnight positions in short Stock Options are subject to a carrying cost. The carrying cost is calculated on the basis of the daily margin requirement and applied when a position is held overnight. The funding rate used for calculating the carrying cost is based on the relevant Interbank-rate + markup (150 bps).
Carrying Cost = Margin requirement * Holding time * (Relevant Interbank rate + markup) / (365 or 360 days).
Holding Fee on long dated bought options
A Holding Fee on bought long dated Stock Options applies.
The Holding Fee will only apply to bought Stock Options with maturity beyond 120 days and be calculated based the Nominal Value and charged end-of-month.
Bought Options daily holding fees per million (Nominal Value)
< 120 days maturity n.a.
>120 days maturity 1.10
Holding Fee per day = Nominal Value / 1,000,000 * Holding Fee
| Currency | Cost per contract |
| EUR | 3 |
| GBP | 2.5 |
| USD | 3 |
| CHF | 4 |
| HKD | 30 |
FX Options
FX Option Volume-based Pricing
| Level 1 | Level 2 | Level 3 | |
| Volume USDm (average monthly) | 0 - 50 | 50 - 100 | > 100 |
| Spread | Classic | Premium | Platinum |
For example:
If you trade over 50 million USD, you will be charged a Premium spread on volume traded up to 100 million USD
If you trade over 100 million USD, you will be charged a Platinum spread on volume traded in excess of 100 million USD
The spread is defined as the distance between the bid/ask price. Spreads may vary depending on the life of the option and the currency pairs.
FX
| Currency | Symbol | Commission | Minimums |
| ALL | ALL | 0.005% ($50/Million) | USD |
* Minimum spreads apply
Safe Custody of Assets
| Fee Type | Fee |
| Stock and ETF Custody | 0.10% |
| Mutual Fund Custody | 0.15% |
Invest Marketplace
Where Marketplace solutions make use of other DMA asset classes, the applicable commissions and minimums apply unless otherwise stated.
| Fee Type | Fee |
| Platform Fee (unless otherwise stated) | 0.25% of Asset Value |
| Euroclear Settlement Fee’s | 17USD |
Interest
Interest on cash balances with DMA
You might be entitled to receive interest on your funds deposited with DMA depending on the market bid rate. The following interest rates apply to funds deposited with DMA:
Net Free Equity
Offshore interest on NFE:
-
USD Fixed 1% p.a. (Accrued daily and booked monthly)
-
GBP Floating (Please review account interest details in-platform)
-
EUR Floating (Please review account interest details in-platform)
Interest paid on all other offshore currencies on the account is the higher of market bid rates minus the spread indicated in the trading conditions on the platforms.
Cash collateral for Net Free Equity margin financing and interest may differ from the trading margin requirement. Please reach out to the DMA trading team for details on the cash collateral for margin financing used for Net Free Equity calculations.
Negative Net Free Equity
Interest will be charged on negative cash balances including negative net free equity balances at market ask rates plus the spread indicated in the trading conditions on the platforms. Interest is calculated daily and settled monthly – within seven business days after the end of each calendar month.
DMA invests client monies, segregated and protected, in order to achieve the interest rates received for clients and, in lieu of such, charges an administrative fee. The interest rate received in your account is net of DMA’s administrative charge.
Administration
| Fee Type | Fee | Cap | Note |
| Transfer out (Local) | ZAR100 per line | ZAR1000 | A “Line” refers to a specific tranche of a position. |
| Transfer out (Offshore) | USD10 per line | USD100 | A “Line” refers to a specific tranche of a position. |
| Account closure (Local) | ZAR100 | NA | This is to cover any pending fees, deductions and related administrative costs. |
| Account closure (Offshore) | USD10 | NA | This is to cover any pending fees, deductions and related administrative costs. |
| Currency conversion within DMA | 0.5% | NA | Currency conversion within DMA: 50bps (0.50%) mark-up on the prevailing bank rate. This includes conversions between sub-accounts, cross currency trades. Funds paid to and converted at our Counterpart banks (Deutsche Bank, Crown Agents Bank) are subject to conversion costs much higher than the 0.50% executed through DMA. Please consult a DMA representative for further information. |