Transaction costs for Binck turbo set to zero euro
Amsterdam, 30 October 2017 - BinckBank reduces the transaction costs in the Netherlands for its popular Binck turbo to zero as per today. By eliminating the transaction costs BinckBank makes Binck turbo's more attractive for existing and new customers. The costs from trading and holding turbos for Dutch retail investors will now only consist of interest from finance level, which is an intrinsic product feature. With this move, BinckBank aims to achieve a higher and more stable turnover from its turbo activities. BinckBank also emphasizes transparency about broker earnings models and this step shows that explicit transaction costs are not the only source of revenue. A renewed cooperation with our business partner enables BinckBank to take this step.
Jeroen Sonsma, Country manager of Binck Netherlands: "Thanks to our unique model, in which we are both publisher and supplier, we can now take the ultimate step in removing transaction costs. This means a breakthrough for the retail investor in the markets for leveraged products. Our current customers already trade a lot in Binck turbos. In approximately 15% of our transactions, a turbo is used and we expect this step to lead to further growth. The good thing of turbos is that it enables retail investors to invest easily in both bullish or bearish markets in equities, indices, currencies and commodities. This allows a Binck turbo to be part of an offensive or defensive position in a portfolio. Additionally, we think it is important that customers understand about the cost structure of products and that transaction costs are just one element, next to components such as spread and securities lending."
More stable revenues
The new rate and revenue structure for Binck turbos fits within BinckBank's new strategy, aiming for a more stable revenue stream from assets. The bank wants to diversify its revenue streams more and become less dependent on the sentiment on the financial markets and the related transaction-related revenue.
Binck turbo
A Binck turbo is a speculative investment product. Investors can therefore benefit from a price increase or a decline in share prices, an index, currencies or commodities. Turbos are basically available in two types: the turbo long and the turbo short. The spreads between the bid and ask of the Binck turbos are among the tightest in the market. They are available for trading between 8:00 AM and 10:00 PM, so trading is facilitated during opening hours for both US and European exchanges. Binck turbo's are exclusively available to BinckBank customers. BinckBank offers its customers a wide range of training opportunities to increase the level of knowledge about turbos. For example, customers have free access to online education tools, such as tutorials and webinars.
Customers can find out more about Binck Turbo's at www.binck.com/turbos
For questions please contact: Harmen van der Schoor + 31 20 522 03 78
