TLDR; I exited Denmark and JKSE
I started investing in the stock market in 2016. At that time, the Indonesia Stock Exchange had an educational program called Sekolah Pasar Modal. I believe they still have it. And I even made a vlog series about the event.
OwnWise from TransferWise
Saxo is a Danish investment bank specializing in trading and investment. When I just moved to Sweden from Indonesia, I had to transfer from Sweden to Indonesia for my mom. I subsequently realized that’s what people call remittance. To do that regularly was challenging, to my surprise. It’s mainly about the money I lost if I had to do it through a regular bank, a.k.a. the cost. Then I heard about this startup from Estonia called TransferWise. The Estonian entrepreneurs Kristo Käärmann and Taavet Hinrikus co-founded the company in 2011.
Long story short, I’m eligible for their stock ownership program called OwnWise when they’re about to do an IPO. It’s a direct listing IPO on the London Stock Exchange, so they generously distribute the shares to their loyal customer. I don’t know the measurement for that program. I used the service almost every month but in an amount that I consider not exceptional. But hey, I’m eligible.
Saxo Bank
But there’s a catch. Wise will deliver the stocks to, for me, an unheard-of bank in Denmark called Saxo. So, I opened an account there, did the KYC, and deposited some money to claim those shares. At some point, I increased my ownership through my cash, holding it until I closed my account.
As a software developer, what I like about Saxo is its trading apps, especially its grid system. It looks like a webview-based app, but the UX is smooth and effective. They have a development team in India, and their tech stack is on the .NET framework. I. believe the front end is ReactJS.
Back to the story.
That’s the reason why I opened an account at Saxo. Then, at some point in time when Duolingo IPO-d, I also hold some of the shares. I made some profit from it, and I only held WISE when I closed the account.
Reasons
Focus. Knowing our risk profile is essential in investing. I am not a trader. So, I don’t open the app regularly to make a profit or take a loss. I buy and forget.
Speed. A stock exchange is slow. It takes days from when we settled the transaction until you can withdraw your money. In a flatter and flatter world, slow is the thing that I would avoid. Of course, slow living in Jogjakarta is an exception.
Cost. There’s a cost in keeping one’s stock. And Saxo charges for that. It’s called the custody fee. And there’s also a fee for the shareholder voting, a feature I didn’t need but forgot to turn off.
Conclusion
Saxo Bank positions itself as a pro-trader investment bank. I am not. If you are, give it a try. They offer services all over the world.
Next is the story of my IHSG Exit.
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