Is it possible to take out money of the KEYPLAN at any moment?

A KEYPLAN is an investement plan on the long-term. This is why we do not recommend using the KEYPLAN for a short term period investment. However, it is completely possible to have your savings at any time by transferring these funds on to your trading account. From your trading account you can easily sell your funds. If you transfer your funds from your KEYPLAN to your Keytrade Bank Luxembourg trading account before the end of the fifth year, you will have to pay the applicable fee for the purchase of a fund (this fee is € 9.95).

What?s the minimum amount to invest?

You can invest as from ? 25 on per period (per month, per quarter, per six-month or per annum). There is no maximum amount.

What are the costs?

There are no fees or costs, neither entrance fees or fees/expenses related to the periodic payments, nor custodian fees (no custodian fees for private clients, custodian fees for legal entities: consult our fees) , nor expenses at the closing of your KEYPLAN after 5 years.
If you transfer your funds from your KEYPLAN to your Keytrade Bank Luxembourg trading account before the end of the fifth year, you will have to pay the applicable fee for the purchase of a fund (this fee is € 9.95)per transferred line. So if you have a plan of 10 different funds you have to pay 10 times € 9.95.

Who can open a KEYPLAN?

Any customer can subscribe a KEYPLAN for free at Keytrade Bank Luxembourg.

How to create a KEYPLAN?

If you are not yet a customer at Keytrade Bank Luxembourg, you can open your account now and determine yourself the parameters of your KEYPLAN. Select your funds, choose the amount and the periods of payments, and profit from this new periodic and diversified investment.

If you are already a customer at Keytrade Bank Luxembourg, please go to our secure site and click on Home > Trading > KEYPLAN.

What is a KEYPLAN?

A KEYPLAN is a capital spending program which enables you to invest, without expenses, in a periodic way and with a fixed amount among a portfolio of 40 investments funds carefully selected. In this manner, you will profit from an optimal diversification of your investments starting from 25? per payment!

How can you stop your KEYPLAN?

You can stop it at any moment and close your KEYPLAN just by sending a fax or letter to our Back Office which will transfer your funds on your trading account.

If you transfer your funds from your KEYPLAN to your Keytrade Bank Luxembourg trading account before the end of the fifth year, you will have to pay the applicable fee for the purchase of a fund (this fee is 9.95€) per transferred line.

Is it possible to suspend the KEYPLAN?

Yes, there is a possibility to suspend your KEYPLAN just by stopping the payments during a certain time. With this intention, it is enough to put your KEYPLAN on “hold”.

Is there a possibility to choose yourself the date of placement?

No, the periodic purchase of the funds is automatically done at the fifth day of each month.

Can I change the composition, the amount of the payments and the periodicity of my KEYPLAN?

Yes, you can constantly change all the parameters of your KEYPLAN. These modifications will come into effect at the next update. These modifications are only applicable on new investments.

Is it possible to have a KEYPLAN in another currency?

No, at this moment, Keytrade Bank Luxembourg only proposes a KEYPLAN in euro

How have the 40 suggested funds been selected?

At the time of the constitution of your KEYPLAN, you have the choice among 40 investment funds carefully chosen by Keytrade Bank according to the following criteria: the performance, the risk, the diversification and the quality of the Fund Manager.

What is the advantage of a KEYPLAN compared to a traditional saving?

Many studies showed that in the long run, to invest in funds in a regular and periodic way, will generate a higher return than traditional savings.

The KEYPLAN is also based on a selection of funds of a good quality coming from several different providers.

A KEYPLAN is a unique instrument to save in funds, providing an optimal diversification with very small capital requirements.

Each decision concerning the KEYPLAN will be taken by you and will never be considered as a result of an investment advice or recommendation.

Is it possible to open several KEYPLAN?

Yes, you can subscribe as many KEYPLAN as you wish.

What will happen with the money on my KEYPLAN account?

If there is money on your KEYPLAN account (after a payment of a dividend) automatically it will be invested during the next update in your KEYPLAN.

At which NAV will I invest in my KEYPLAN?

A KEYPLAN is composed of several individual funds. Each fund has its own rules of subscription.
The purchase via a KEYPLAN will be done according to the rules of each fund. This means that several days can pass between the purchase of the first and last fund.
If you want to know more about the rules relating to our funds, please consult FAQs on funds.

Which are the rules of taxation applied to my KEYPLAN?

The observed rules of taxation are those related to the various subjacent investment funds. There is no additional taxation applicable to the KEYPLAN.
A KEYPLAN is not a deductable fiscal savings plan.
Please consult the FAQ of our funds to know more about the fiscality of funds.

How can I deposit money on my KEYPLAN account?

Depositing money on your KEYPLAN is done automatically by the debit of the Keytrade Bank Luxembourg trading account, which you have indicated when you created your plan. According to the chosen periodicity, the money deposits are treated automatically during the first five days of the month, quarter, half-year or year.
You can do additional transfers by clicking on the menu Banking > Money transfer > Internal transfer.
Or you can do this directly from your KEYPLAN account by clicking on “Transfer money”.

What does occur when the balance of my bank account is not sufficient to ensure the periodic deposit on my KEYPLAN?

At that time, the buying order for your funds could not be done and your KEYPLAN will be suspended until there?s again enough money on your account.

Is there a minimum or maximum number of funds in which I need to invest to compose my KEYPLAN?

No, there is not a minimum or maximum number of funds in which you necessary need to invest.

When will my KEYPLAN be activated?

Your KEYPLAN is really activated during the first five days of the month that follows on the month of the creation of your plan.

If you introduced an initial amount, this amount will be transferred the beginning of next month to your KEYPLAN account. However, this amount will only be invested in the month following on the creation of your Plan. You will then see this amount appearing in the “current value” of your KEYPLAN.

At what rate can I buy or sell?

The NAV (Net Asset Value) for most of the funds is calculated on a daily basis (when the market closes). This value is published the following day on the site.
Sales and purchases never take place at this NAV. The actual trade date depends on the policy of the fundcompany.
The table below indicates at which NAV the fund company will normally execute the transaction.

Attention: this table gives only an indication.

• Occasionally, the actual execution dates can differ from the table above.
• It is possible that your order remains ‘pending’, even if it is already executed on the correct date and at the right price. This is due to the fact that the market of investment funds doesn’t work in real time and Keytrade Bank Luxembourg therefore has to wait on the definitive confirmation of the execution by the fund’s managers. And this can take some days.

How much does a transaction cost?

Independently of the size of the order, the transaction costs are:

• Purchase fee: € 9.95
• Sales fee: € 0.00

Do I have to pay custody fees?

No, you don't pay custody fees.

How is an order executed?

To place a purchase order, you must have enough liquidities on your trading account or own a margin account.
Once you have introduced your purchase order, we block the liquidities on your trading account for the estimated value of your order.
This is handled at 11.30 a.m. and sent for execution.
Depending on the fundcompany, the transaction is carried out at the NAV (Net Asset Value) calculated when the market closes (day t), the day after (day t+1) or even on ?day t+2?.

Please read also FAQ ?At what rate can I buy or sell??

Until what time can I cancel an order?

An order can be cancelled up until 11.30 a.m. After this time, it is no longer possible.

What is the minimum value of an order?

For purchases, this can vary between € 300 and € 1.000, depending on the type of fund. This minimum amount is indicated in the fund description.
For sales, there is no minimum amount.

Can I work within limits?

No, the orders cannot be limited. All the transactions (buy and sell) are carried out at that evening’s NAV.

What do the terms level of risk and volatility mean?

The level of risk or volatility is a measure of by how much the current earnings of the fund differs from its average over a long period of time.
The greater the difference, the more the fund can fluctuate and therefore the greater the risk involved. Keytrade Bank Luxembourg uses this “average disparity” to calculate the level of risk.
To simplify things, we could say that in the case of a volatility of 7 and an average return of 8%, the expected return will vary between 1% and 15% (i.e., 8% - 7% = 1% as a minimum and 8% + 7% = 15% as a maximum).

Ultimately, the following empirical rule is applied:

What is the annual management commission?

This is the commission paid to fund managers.
It is deducted directly by the manager on the fund’s NAV.
So you do not pay it.
All the figures governing returns are calculated with the management commission.

What is the return of a fund, and how is it calculated?

A fund’s return is the increase (or diminution) of a fund’s value as a percentage, perhaps corrected by paid dividends.
The return can be calculated over various periods (from 1 day to 7 years).
For periods over one year, the return is annualised.

You can find the returns of each fund in it's factsheet.

What is the rating of a fund (notation in a number of stars)?

A fund’s rating is defined by a number of stars (on a scale of 1 to 5) that indicate the quality of results obtained by the fund.

This rating is based on the results obtained over the previous 3 years compared to a relevant comparative index and the fund’s volatility (and therefore the level of risk).

Good investment returns obtained on the basis of high risks are mercilessly sanctioned by the notation system. On the other hand, an investment fund that gets satisfactory but unexceptional results can obtain a good notation if the level of risk is low.

How do you interpret the number of stars given by the notation system?

My order is pending for a couple of days. How is this possible?

It is possible that your order remains "pending", even if it is already executed on the correct date and at the right price.
This is due to the fact that the market of investment funds doesn’t work in real time and Keytrade Bank Luxembourg therefore has to wait on the definitive confirmation of the execution by the funds managers.
And this can take some days.

What difference is there between a unit and a value order?

You give a unit order when you want to buy a certain number of units. As you do not know the exact NAV when you place the order, you do not know the exact value of the transaction.

A value order is one in which you want to buy or sell for a given amount of money. So you know exactly how much will be debited or credited to your account, but you don’t know the exact number of units that you’re buying or selling. The number of negotiated units is calculated when the NIV is fixed. In general, the number of units exchanged will not be a round number, but a six-decimal figure.

• Actually, Keytrade Bank Luxembourg can only accept buy orders for a given amount of money (value orders).
• Sell orders can only be given as a unit order.

What is the “rating” of a fund (notation in a number of crowns)?

The crowns indicate how a fund performed over the past 5 years. The performance is calculated by comparison of the funds with funds from the same category. Only funds that belong to a clearly defined category are taken into account for this type of rating.
Moreover the fund must exist minimum 5 years. This means that not all funds can obtain 1 crown or more.

The rating is a weighted average of four percentages:

• 40%: Consistency of the returns
• 20%: Return on 5 year
• 20%: Sharpe-ratio on 5 year
• 20%: Performance in a bear market

There are a number of investment funds that I can’t find on your site!

Keytrade Bank Luxembourg has selected roughly 500 funds from reputable asset managers.
Keytrade Bank Luxembourg regularly revises this selection according to their results and possible new opportunities.
This wide palette should in principle be enough to meet the needs of the most demanding investors.
If despite that you still want to invest in a particular fund, simply contact us by phone.

Do you ever give advice about the choice of funds?

No, we do not advise you on the choice of funds. But use the search engine to help you pinpoint the fund that is perhaps best adapted to your situation.

Les obligations peuvent-elles être physiquement livrées ?

Non. Toutes les obligations qui sont négociées via le système de trading en ligne de Keytrade Bank Luxembourg ne peuvent être livrées physiquement, même si vous êtes prêt à en payer les frais.
Si vous souhaitez investir dans des instruments livrables physiquement, nous vous conseillons de nous contacter.

Les euro-obligations sont-elles des investissements sûrs ?

Il est communément convenu que les (euro)obligations sont des investissements sûrs. La qualité d'une euro-obligation dépend de la solvabilité de l'émetteur. Cette solvabilité est suivie de très près par des bureaux de rating spécialisés tels que Standard & Poors et Moody's. Ces bureaux transmettent un avis (« un rating ») au sujet de la solvabilité de l'émetteur, et par la même sur la sûreté de l'obligation.

Comment est déterminé le prix d'une obligation ? Comment se fait-il que le prix d'une obligation fluctue ?

Le prix d'une obligation et donc son rendement actuariel est déterminé par différents éléments. Les plus importants sont :

• Le taux du marché et le coupon
  Si une obligation déterminée offre un coupon qui se situe considérablement au-dessus des taux du marché, cette obligation va être cotée à un prix élevé. En effet, qui ne serait pas intéressé à investir dans une obligation qui rapporte du 10%, alors que le taux du marché n'est que du 3% ?
  L'obligation deviendra donc plus chère (le prix va être à la hausse, et le rendement actuariel à la baisse) selon que le taux du marché baisse.
  De même, le cours de l'obligation va baisser (le rendement actuariel va partir à la hausse) si le taux du marché augmente.
• La durée de vie restante de l'obligation
  A l'inverse du cours des actions, le cours d'une obligation ne va pas grimper sans limite. Ceci s'explique par le fait que chaque obligation a une date d'échéance, à laquelle l'obligation sera remboursée à sa valeur nominale (souvent 100%).
  Plus on se rapproche de la date d'échéance (où l'obligation est remboursée à 100%) et plus le potentiel de baisse et de hausse est limité.
  Une obligation à court terme va donc toujours moins fluctuer qu'une obligation à long terme.
• La qualité de l'émetteur
  Si vous avez le choix d'investir dans deux obligations identiques, une qui est émise par une entreprise multinationale très solvable et une autre par une entreprise qui connaît des difficultés financières, vous allez choisir l'émetteur le plus solvable. Cette obligation sera donc plus chère que la même obligation émise par une entreprise affaiblie.
  Autrement dit, le rendement actuariel de l'émetteur affaibli sera plus élevé que celui de l'émetteur le plus fort. Le surplus de rendement que vous pouvez recevoir en investissant dans une obligation moins solvable, vous pouvez la considérer comme une "prime de risque".
  Si vous avez une obligation dans votre portefeuille dont le rating (qui est une bonne mesure de la solvabilité de l'émetteur) s'améliore soudainement (ex : Standard & Poors élève le rating de A à AA), ceci entraîne une hausse du prix de l'obligation et donc en même temps une baisse du rendement actuariel.

Quelle est la différence entre le rendement (actuariel) et le coupon ?

The coupon of an obligation is determined by the issuer and remains in theory valid throughout all the obligation lifespan. Even for obligations with a floating coupon, the terms of the coupon are laid down. On the other hand, the actuarial return does not remain constant. According to whether the price of the obligation goes up or drops, the actuarial return will drop or go up. The price of an obligation always follows the opposite evolution of the actuarial return of an obligation.

Example: An obligation has the following characteristics:

• Lifespan: 7 years
• Coupon: 4,50%

Quelle est la différence entre le taux du marché et le rendement actuariel ?

Le "taux du marché" est le rendement actuel applicable sur des produits d'intérêts de référence. Le taux d'intérêt est toujours indiqué pour une durée bien déterminée (ex : 1 mois, 1 ans, 3 ans, 5 ans, etc).
Le plus souvent, les obligations d'Etat ou les produits interbancaires (tels que les swaps) sont pris comme références. On admet généralement que ces produits ne comportent aucun (= obligations d'Etat) ou pratiquement pas (= swaps interbancaires) de risque de crédit. Le taux du marché correspond donc au taux d'intérêt des obligations d'Etat ou des swaps.

Ce taux du marché est en mouvement permanent.
Le taux du marché à court terme (de 1 jour à 1 année) est principalement déterminé par la politique monétaire de la banque centrale.
Ce taux du marché à long terme est quant à lui plus le reflet du climat macro-économique.
Ainsi, en période de récession les taux long terme seront souvent à la baisse, alors qu'en période de bonne conjoncture, ils peuvent fortement monter.

Le rendement actuariel est le rendement qu'un investisseur obtient s'il achète une obligation à un prix déterminé et qu'il la détient jusqu'au jour de l'échéance. Un investisseur qui achète la même obligation une heure plus tard à un prix plus élevé, obtiendra sur cette même obligation un rendement actuariel plus faible.

C'est pourquoi le taux du marché et le rendement (actuariel) sur des obligations sont fortement liés l'un à l'autre. Cela signifie que quand le taux du marché augmente, le rendement (actuariel) de l'obligation augmente de la même façon, dans des proportions plus ou moins similaires. Le même phénomène se déroule lorsque les taux du marché sont à la baisse : les rendements des obligations sont alors eux aussi à la baisse.

Exemple :
Le taux du marché sur 5 ans (pour des obligations d'Etat) est de 4,25%. Le rendement actuariel sur 5 ans pour une obligation de Ford Motor Company est de 6,75%.
Maintenant, supposons que le taux du marché à 5 ans commence à chuter de 4,25 % à 4,00%, le rendement des obligations de Ford va alors lui-aussi baisser d'environ 0,25% : de 6,75% à 6,50%. Puisque la chute des rendements est toujours couplée avec la hausse des prix de l'obligation, l'obligation Ford va donc augmenter en valeur.

Il est donc essentiel pour un investisseur en obligations de suivre attentivement l'évolution des taux du marché.

Quel est le rapport entre le rendement actuariel et le prix d'une obligation ?

Le rendement actuariel et le prix d'une obligation sont liés l'un à l'autre, mais d'une manière inversée.
Si le prix d'une obligation augmente, son rendement actuariel baisse, et vice versa. Le rapport exact est déterminé par des formules (compliquées) de mathématiques financières.
Les utilisateurs d'excel peuvent calculer le rendement d'une obligation via la fonction "yield" et le prix via la fonction "price".

Que sont les intérêts échus et qui doit les payer à qui ?

A l'exception de l'obligation à coupon zéro, toutes les obligations paient à l'investisseur un coupon périodique (souvent annuel).
Ce paiement d'intérêts, dans le cas d'un coupon annuel par exemple, n'intervient qu'une seule fois dans l'année, le jour de la date du coupon.
Si vous détenez une obligation que vous souhaitez vendre un jour avant qu'elle ne paie son coupon, vous allez alors être payé 364/365 (= au prorata) du coupon. C'est ce qu'on appelle les intérêts échus. C’est à l'acheteur de l'obligation de payer ce prorata, ces intérêts échus au vendeur. En effet, c’est à l’acheteur que va être versé l’entièreté du coupon à la date de ce dernier, c’est donc à lui de reverser ces intérêts échus.

Ici réside une différence essentielle avec le paiement de dividendes d'une action : l'investisseur qui un jour avant le paiement du dividende vend son action, ne touchera aucun dividende, aucun prorata de la valeur du dividende ne sera dû au vendeur de l’action.

Puis-je introduire des ordres limites ?

Il est possible d'introduire des ordres limites pour les obligations qui peuvent être négociées en ligne.

Pour les obligations qui ne peuvent pas être négociées en ligne, il n'est pas possible d'introduire des ordres limites. Seuls les ordres au prix du marché sont acceptés.

Qu'est-ce qu'est le rating d'une obligation ?

La qualité de l'émetteur s'exprime souvent par son "rating" qui donne une idée quant à sa solvabilité. Se pose alors la question : comment le détenteur d'obligations (= l'investisseur) peut-il être sûr que l'émetteur va remplir tous ses engagements ? En plus du paiement périodique des intérêts, l'émetteur doit être en mesure de rembourser le montant nominal de l'obligation à l'échéance.
Les bureaux de rating les plus connus sont Standard & Poors (S&P) et Moody's.

Après une analyse de fond des émetteurs, ces bureaux donnent un "crédit-rating", qui est une indication de la solvabilité de ces émetteurs.

Attention : Il faut toujours faire attention aux ratings des obligations lorsque l’on compare les rendements.

Combien d'obligations différentes peuvent être négociées en ligne sur la plateforme de trading de Keytrade Bank Luxembourg ?

Actuellement, il y a environ 450 obligations que nous cotons en temps réel et qui sont négociables en ligne. Cette offre va être systématiquement complétée.

What is KEYPRIVATE?

KEYPRIVATE is a service which allows you to outsource the management of your portfolio to Keytrade Bank. This effectively means that Keytrade Bank will take full control of the management of your investments for you: Keytrade Bank will buy, sell and optimise your portfolio.

Portfolio management is based on the Modern Portfolio Theory and maximises the expected return based on your risk profile, and diversifies into 9 different asset classes.

Management is in the hands of experts who make up the Investment Committee and who take into account analyses from BlackRock, Amundi, State Street and WisdomTree. A renowned Academic Committee also supports and advises Keytrade Bank.

How can I add money to my KEYPRIVATE account?

Your portfolio KEYPRIVATE is financed by your trading account Keytrade Bank.
The initial amount and the (potential) periodic payments have to be transferred on this account.

On your KEYPRIVATE dashboard, there is an option allowing you to transfer directly additional amounts on the account.

What is the minimum amount I can invest?

In order to make our portfolios accessible and possible, the minimum investing amount is fixed at EUR 15 000. We decided to not go below this initial amount in order to ensure that we have sufficient assets by tracker and so being able to organize efficiently the liquidities to invest.

How do I stop using the service and what are the exit fees?

How often is my portfolio reallocated?

Why is reallocation of my portfolio necessary?

What about taxes and taxation?

What's new at Keyprivate? How does this model differ from the previous one? (as from 1 December 2020)

The KEYPRIVATE model was streamlined and updated in various ways on 1 December 2020. It is actually more of a cosmetic update to the previous version. The previous version used more parameters, which meant it responded less quickly to more pronounced market movements.
The key adjustments are:
The number of KEYPRIVATE trackers has been reduced from 12 to 8. 
- Our asset managers are Amundi, BlackRock, WisdomTree and State Street Global Advisors.
- A 12-month history is used rather than a 6-month one to determine the expected risk and return.
- Our investment committee is no longer using the Black?Litterman model. However, the committee is still in place and may adjust the cash level within the portfolios based on its judgement ? within the boundaries of your risk profile, of course. 
- The maximum calibrated loss under normal market conditions has been revised upwards. Our updated model now allows more risk in all risk profiles, particularly the more dynamic variants. 
- We want to reduce arbitrage in order to decrease the tax payable on stock exchange transactions. This will have a positive impact on the return. 

Why has the KEYPRIVATE model been updated? (valid from 1/12/2020)

During KEYPRIVATE's five-year existence, our investment committee has been testing the model virtually without pause based on the stock market situation and has monitored it very closely. It performed an in-depth analysis into how the model responded under certain market conditions. The model performed extremely well in progressively rising and falling markets, but its responsiveness was hindered by some of its parameters when market movements became more pronounced.
After five years, our investment committee joined forces with several university professors and Gambit to examine and adjust KEYPRIVATE where prudent. As a result, it should now be in a better position to cope with the fairly recent phenomenon of faster stock market rebounds (as in April 2020) and therefore achieve higher returns.

Why didn't not switch to the new model sooner? (valid from 1/12/2020)

The basic model is still the same, so there hasn't been an actual fundamental switch. The model still relies on Markowitz's Modern Portfolio Theory. This theory remains up to date and is not being challenged anywhere. All we have done is to change a few parameters. 
To be able to rely on a strong foundation in future, it is also important that we give an asset management model sufficient time to draw the necessary conclusions. Asset management is an evolving concept, which is why we have performed this update after five years of observations. KEYPRIVATE achieved very good results between 2016 and 2018. However, an update was required after the stock market reality changed in 2019.

Why are you only using 8 trackers now instead of 12?

We modified the allocation of trackers and reduced their number to avoid unnecessary 'automatic? arbitrage. Arbitrage has a cost that weighs on potential return. We have managed to maintain the same level of market coverage.
The choice of trackers is based on objective criteria.The main criteria are: 
? tracker composition 
? liquidity
? internal costs 
? spread 
? counterparty risk 

Will arbitrage be automatically based on the new model soon? Is consent necessary for the switch?

Yes, all portfolios will automatically migrate to the new model in December 2020. No action is required on your part, because we already have your consent. When you subscribed to our online asset management service, you authorised us to manage your portfolio within the limits of your risk profile.   
You have just received a message with the new KEYPRIVATE special terms and conditions. Only the GVAR has been updated (see GVAR video). If you do not agree to the amended special terms and conditions, you are naturally entitled to cancel your KEYPRIVATE.

What are the advantages and disadvantages of the new model compared to the previous one?

We expect the updated KEYPRIVATE to perform better under all market conditions, with fewer movements in the portfolios. In other words, there will be more stability and fewer taxes eroding your potential return.

Who is in the investment committee?

The investment committee has the same composition:
- Geert Van Herck
- Gert De Mesure
- Loic L?Hermitte
- Léon Kirch

Will the price remain the same?

Yes. Our pricing structure has not changed.

How much does KEYPRIVATE cost?

Where do I find the new portfolio?

Once you have logged into our website, under the tab Trading > Portfolio you will see a bar near the top saying “Switch to the new version“. If you click on that you will automatically be shown the new portfolio display. You can use the same route to switch back to the details of the old portfolio.

Will the contents of my portfolio have changed at all?

No, the composition of your portfolio has not changed at all. We have changed the layout and added some new options to improve your ease of use.

What’s changed?

We hope the new design for the portfolio will be easier to use. We’ve also added some new features:

• “Views“ let you look at your positions from different perspectives, such as performance, or fundamentals. You can consult the views we’ve provided, or create your own, so that you can immediately see the information that interests you most.
• Easily group your portfolio by market or instrument.
• With the help of the new buy and sell buttons you can rapidly trade financial products.
• Define your own break-even price.
• View the performance of your portfolio either as a chart or in figures.
• Completed orders are processed immediately, and you can see a breakdown between orders that are in process and those that are executed, rejected and cancelled.
• View your available and reserved cash, as well as of your costs and taxes.
• Easily display your shares in a different currency.
• Consult the history of an instrument or position.

How can I view my trading account?

If you click in your portfolio overview on a trading account, then you will immediately see an overview of this account. In this view you can easily look up the total value of your trading account, as well as seeing individual positions, cash values and your orders (on different tabs).

Which accounts can I see in my portfolio overview?

In the portfolio view you can see all the trading accounts (including KEYPLAN) where you are the account holder or you have the right of signature. If you are not the account holder, this is shown by means of a label “Not holder“.

Note: If you are the operator of an account, then you can carry out all types of transaction for this account. If you do not have the right of signature then you can only query the account. In that case you cannot carry out any transactions, and the buy and sell buttons will not be active.

What is the total amount at the top of the screen showing me?

At the top of the Portfolio screen, you will find the total value of all the trading accounts in your portfolio where you are the holder. If you want to include other accounts (e.g. accounts where you have a right of signature) in this portfolio total, right-click on “Edit“ next to the amount. You can then select the accounts you want. If you only have one trading account, you will not see the ‘Edit’ button as your total portfolio amount then equals the balance on your trading account.

Why is the total amount of my trading account higher in the new portfolio?

In the new portfolio, two corrections were made to the calculation of the total amount of your trading account. On the one hand, the accrued interests of your bonds are incorporated in the total amount of your trading account as of now. On the other hand, the costs and taxes are only subtracted from the total amount when the orders are effectively executed.

How can I change the appearance, photo and/or name of my trading accounts?

On your portfolio overview (that is the screen that appears when you click on “Trading“ on our transactional website), you click on “Edit“. You can then change the name, photo and/or position of each account. Then click on “Save“ to save your changes. These changes will also be visible in the mobile apps you use for Keytrade Bank Luxembourg (on iOS or Android).

Note: If you had already defined names and photos on your mobile app, then you will automatically see these in the new presentation of your portfolio.

What return is shown in the performance chart?

If you click top right on “Charts“, you will see a performance chart showing your account’s returns over the past 12 months. This is the return on your portfolio calculated from the same day of the previous year until now, so it gives you an indication of your portfolio's performance over the year.

How is the return over the past 12 months calculated?

Your account’s return over the past 12 months (indicated as “12M“) shows the percentage return for all positions that are still present on your trading account (taking into account your cash transfers in and out, and any transfers in or out of shares). This return is calculated using the MWR (Money-Weighted Return) method.

Attention! Your account’s return is not the same as the individual return rates of your positions which you find in the tab “Positions“. These individual rates are based on the difference between the current price and the break-even price of a certain instrument.

Example: Imagine that you bought, in September 2009, stocks of company X at 30 EUR (excl. costs and taxes) and that you haven’t sold or bought anything up to now. This means that the break-even price equals 30 EUR. If the current price is 45 EUR, then the return (excl. costs and taxes) is 15 EUR (45 EUR – 30 EUR). This corresponds with a return rate of 50% over a period of 5 years (return/investments, so 15 EUR/30EUR).

Also the total return rate which you find below every group (market, instrument type or A-Z), shows you the return in percentage over all positions within this group. This means that this rate is based on the individual returns of these positions.

I don't see the return on some accounts. Why is that?

For certain types of product in Keytrade Bank Luxembourg, such as the KEYPLAN, it is not possible to view the YTD return.

For some, including Treetop, Merit Capital and Wealtheon, the return is calculated by the manager. This return is shown in the detailed annual reports that they send you.

How can I see market news?

You can see the latest market news by clicking top right on the “News” button.

How can I export all my positions to an external file?

Click top right on the “Tools“ button and click on “Export as“. Then you can select the file format you want (Excel, XML or CSV). Finally, you can opt to either open this file or store it on your computer.

How can I exchange currencies?

Click top right on the “Tools“ button and click on “Currency Exchange“. Then you can simply enter an exchange order.

How do I view my trading account and positions in a different currency?

Click top right on the “Tools“ button and select the currency you want from the Display currency' menu.

Note: This is simply a different way of displaying the values. Your financial instruments' actual values and currencies remain unchanged.

How can I transfer money from my trading account to my current or savings account?

If you want to transfer money from your trading account, you can do this very simply, by clicking top right on ?Tools? and then on ?Transfer money?. Then you enter the amount, select the right account number and confirm the transfer.

Note: You can only transfer money in euros. And you must remember to allow for the value date (click here for more information).

What is shown in each of the different views (Basic, Performance, Fundamentals and Detailed)?

In order to show you the information about your portfolio that interests you the most straight away, we have created a number of views. These views each include different data, offering you a number of different perspectives. You can even create a new view for yourself. The view you selected most recently is remembered for each account, so when you return to your portfolio you immediately see your favourite view.

The Basic view shows the number of units, the purchase or break-even price (BEP), the current price and today's market value.
For each position, the Performance view shows the performance of the instrument as well as the return in percentages and in points, as well as the change since the closing price on the previous trading day.

The Fundamentals overview shows relevant information for each type of instrument. So for a share you can immediately see its price, earnings per share (EPS), price/earnings ratio (P/E), and its market capitalisation (M) and the dividend per share. For a fund it will be its price, its Diamond Rating, its risk, its volatility and the fund value that you will see. For an option you will see its price, expiration date and the exercise price of the option.

The Detailed view shows more detailed information for each instrument in your portfolio, together with a historical chart where this is available.

One important point is that you cannot change the Fundamentals and Detailed views. But you can edit the Basic and Performance views. Just click the Edit link to the right of “Views”.

How can I modify a view?

Click on the pencil to the right of “Views”. In the screen that is then displayed, you can select at the top on the right what it is you want to change.

In the left-hand frame you have a list of all the columns that you can display in the view. Drag the column you want from the left-hand frame (headed “Available columns”) to the right-hand frame (headed “Columns in your view”). If you want to change the sequence of the columns in your view, you can do this by dragging them to a different position within the right-hand frame. You can also remove selected columns from your view by clicking on the waste-bin icon next to the column in the right-hand frame. Finally, close the screen to save your changes.

Note: You cannot amend the Fundamentals and Detailed views. You can change the others.

How do I create my own view?

Click on the pencil to the right of “Views”. In the screen that is displayed, click on the plus sign at the top on the right. Enter the name you want to give your new view at the top, and then click on the disk icon. Then you can select the columns you want. When you close the screen, these columns are automatically saved.

The new view you have created is automatically available for your other accounts.

Alongside each position there is a green button with a plus and a red button with a minus. What do these buttons do?

The buttons to the left of each position with a plus and a minus sign are the rapid purchase and sales buttons. If you click on the green button with the plus sign, you can very quickly buy additional shares. If you click on the red button with the minus sign, you can very quickly sell some or all of the shares in this position.

How can I group my positions?

Top right in the “Positions” tab you will see “Group by”. There you can choose grouping by market, by instrument or no grouping.

How can I see the history of a position?

You can easily look up the history of a position by clicking on the blue button with the three dots to the left of the position. Then you can select “Transaction history for this instrument” to see the history for this position.

Another way is to go to the “History” tab and then search for your instrument by name. Then you will also see the history per instrument.

How can I see more details for a position?

If you click on the “Name/Symbol” of your position in the “Positions” tab, you will immediately see more details for that specific instrument.

What exactly is the break-even price (BEP)?

The break-even price (BEP) for a position is the selling price you need to achieve to recover your costs for the position, allowing for the purchase and sales costs which you have already incurred for this position. You can find more information about the way it is calculated here.

How can I modify my break-even price (BEP)?

Now you are able to modify the break-even price (BEP) yourself. The BEP can be changed in the positions screen by clicking on the BEP field for a given position. A frame will then appear where you can enter and save the BEP you want.

Want to go back to the original BEP? You can enter “0” in the BEP field. When the page has been refreshed (press the F5 key to do so), you will again see the original BEP.

Note: If you buy or sell these products again, then the BEP will be calculated on the basis of this amended BEP.

How can I switch the “Auto Sell” function (for options) on or off?

To the left of your option positions, you will see a blue button with three dots. If you click on this button, you can switch the "Auto Sell" function on or off. By default, the "Auto Sell" function is always switched on.

Note: It is only possible to switch the "Auto Sell" function on or off for options.

What is the difference between available and reserved cash?

In the “Cash” tab, you will see all the cash on your trading account that is not invested in financial instruments.

Your available cash is the difference between your total cash and your reserved cash.

Your reserved cash shows cash that is blocked for orders in process that have not yet been executed. The reserved cash also shows the costs and taxes arising from orders in process and/or issued put options.

Where do I see my orders in process?

In the “Orders” tab, you will see pending orders (that have not yet been executed). You can use either the “Basic” or the “Detailed” view to see the information which interests you most.

Where can I see my executed, rejected or cancelled orders?

In the “Orders” tab, you will see all of your executed, cancelled or rejected orders. You can use either the “Basic” or the “Detailed” view to see the information which interests you most. In addition you can select the time period you want to see (day, week, month).

How do I cancel an order?

In the “Orders” tab, you can check the orders you want to cancel. Then you enter the confirmation code (if one is needed) and click on the button “Confirm removal”.

If you have defined in Your preferences > Site preferences > Order preference that no confirmation code is required before placing stock market orders, then you do not need to enter one here, but can immediately confirm your deletions by clicking on the “Confirm removal” button.

How can I look up the history of a position?

In the “History” tab, you can view the transaction history of your trading account. Then you can view the history of a single instrument by searching for it by name or symbol. You can also select the period you want to see.

If you would like to see more information for each transaction, you can download a PDF by clicking on the PDF icon in the first column on the left.

You will also find two PDFs at the top of the history with an overview of the entire portfolio: one for the last day of the previous year and one for the most recent trading day.

On which markets may I invest?

You have direct access to the most important stock exchanges in Europe such as Euronext Brussels, Euronext Paris, Euronext Amsterdam, Xetra Frankfurt, the Milan stock exchange, Madrid, Switzerland (SWX & VirtX), London and Toronto.

In addition, you also have access to the American market: NYSE, AMEX, Nasdaq, OTC-BB.

For the American stock exchanges, you also have access to “Extended Hours Trading”, which gives you the possibility to trade not only before, but also after opening hours of the stock exchange.

Besides the traditional stock exchanges, you also have access to trading in options, which is possible on the European markets (LIFFE), the American option stock exchange (CBOE) and London.

You may find more explanation about the different stock exchanges by clicking on market regulations.

What are “real time quotes” and how may I consult them?

The advantage of “Real time” or actual stock market quotes is that they give an immediate picture of the market situation. You see the best demand and supply quotes as they appear on the market.

The opposite of these quotes are the “delayed” quotes that are delayed by 15 to 20 minutes and do not necessarily reflect the price at which your transaction will be conducted.

You may activate or de-activate the Real time rates yourself via the secure web site in the main menu under “Preferences” and "Quotes".

These are requested per market group and are free as from 3 executed transactions per month on the concerned market group.

If yes, you will not be invoiced.
If no, the charges will be debited automatically from your account.

The real time quotes are not available on Madrid and Canada.

Under which conditions is there a money exchange?

When orders are liquidated (after statements printing,) if your account shows a negative amount in one of the currencies, our system will automatically adjust it with the positive currency.

If you would like to know the exchange rate for buying Dollars or Euros, please call us:
+352/45 04 39.

If you would like to convert Dollars against Euros, or the contrary, send us your demand by e-mail at the following address: info@keytrade.lu. Please mention in the e-mail your name, your Keytrade account number (6 digits) and the amount you wish to exchange.

Example real time quotes: Mr Jones has a trading account and activated the real time quotes. What can happen on his trading account?

Mr Jones can activate the real time quotes per market group.

Example 1:
On 3 January, Mr Jones activates the real time quotes on the US markets. He does no transactions in the month January.
In January, there were no transactions executed on the US markets.
This means that by the end of January the cost for the real time quotes on the US markets will be charged on the trading account.

Example 2:
On 3 January, Mr Jones activates the real time quotes on the US markets. He does 3 transactions on the US markets, which are executed in January.
In January 3 transactions were executed for this trading account on the US markets.
This means that by the end of January no costs will be charged for the real time quotes on the US markets on this trading account.

Example 3:
On 3 January, Mr Jones activates the real time quotes on the US markets. He does 2 transactions on the US markets and 1 transaction on Euronext, which are all executed in January.
In January 3 transactions were executed for this trading account, but only two of them were executed in the US markets.
This means that by the end of January the cost for the real time quotes on the US markets will be charged on the trading account.

Example real time quotes: Mr&Miss Jones have each a logon with which they have access to the same trading account. The real time quotes are activated on it. What can happen on the trading account?

Mr. & Miss Jones have each a logon with which they have access to the same trading account. They have both the possibility to opt for real time quotes.

Example 1:
Mr. & Miss Jones have each a logon with which they have access to the same trading account. On 3 January, Mr. Jones activates the real time quotes for the US markets.
Mr. Jones does 4 transactions on NYSE, which are both executed in January. Miss Jones does no transaction during this month.
In January 4 transactions were executed for this trading account on the US markets.
This means that by the end of January no costs will be charged for the real time quotes on the US markets.

Example 2:
Mr. & Miss Jones have each a logon with which they have access to the same trading account. On 3 January, Mr. Jones activates the real time quotes for the US markets.
Mr. Jones does 2 transactions on NYSE, which are both executed in January. Miss Jones does no transaction during this month.
In January 2 transactions were executed for this trading account on the US markets.
This means that by the end of January the cost for the real time quotes on the US markets will be charged on the trading account.

Example 3:
Mr. & Miss Jones have each a logon with which they have access to the same trading account. On 3 January, they each activate the real time quotes separately for the US markets.
Mr. Jones does 4 transactions on NYSE, which are both executed in January. Miss Jones also has 1 executed transactions on AMEX.
In January 5 transactions were executed for this trading account on the US markets.
This means that by the end of January no costs will be charged for the real time quotes on the US markets.

What is a Legal Entity Identifier ?

A Legal Entity Identifier (LEI) is a 20-character alphanumeric code, linked to key reference information: it enables legal entities participating in financial transactions to be clearly and uniquely identified throughout the world.

The LEI is a requirement coming from the revised European Union (EU) Directive regarding Markets in Financial Instruments (MiFID II) and its associated Regulation (MIFIR), as well as the European Market Infrastructure Regulation (EMIR) which obliges banks to declare to their control authority financial instruments transactions of its clients by identifying its client companies or non-profit organisations, notably by their LEI. This requirement for identification applies to purchase and selling transactions (including outside the stock exchange), transfer of securities, etc. 

Do I need an LEI?

If you are the representative of a company or of a non-profit organisation that has a trading account with Keytrade Bank Luxembourg and are willing to continue executing transactions on financial instruments (stocks, trackers, etc) after 1st  January 2018 on behalf of your company or non-profit organisation, then yes, your company / non-profit organisation needs an LEI.

How can I get an LEI?

Apply for one via the following issuing organisations: https://www.gleif.org/en/about-lei/how-to-get-an-lei-find-lei-issuing-organizations

Once the application is approved with the issuing organisation, you will receive your LEI by email and it will then be listed in the global LEI data base (Global LEI Foundation or GLEIF).

How do I know whether my transaction has been executed?

If an order has been executed, you may receive confirmation in different ways:

• The 1st confirmation will be seen in your portfolio. “Unsettled orders” bear the letter “E”, which indicates the execution of an order. Click on this letter to get more information about this order.
• The other way is you receive confirmation the first subsequent workday after the execution of your stock market order via a slip found in the main menu under “Account information” on our secure web site.
• Moreover, you have the option of receiving the slip electronically (free-of-charge) or by mail (at a fee).

Do I pay the charges several times if a stock market is executed gradually?

If you opt for a daily order, then the transactions costs are charged only once, even if the order is executed in bits and pieces throughout the same stock market day. When a stock market order has not been entirely executed at the close of the stock market day, you will still have to pay the transactions costs once. If you place a new order for the remaining order on the following day, you will have to pay transactions charges again for the execution of this order.
These unnecessary charges may, however, be avoided. If you opt for a “GTC”-order (Good Until Cancelled) then you will only pay the transaction costs once, even if the order is executed over several days.

N.B.: This is the case for every stock exchange to which Keytrade Bank Luxembourg gives access except for Xetra in Frankfurt.

How is the BEP calculated?

The break even price (BEP) is a general concept in the financial world, but can be calculated in various ways.

The BEP of a position of your trading account is the selling price which should be obtained to reconstitute your start-up capital, taking into account the operations (buy/sell) that you will have carried out on this position. That means that in case of partial sale of your position with profit, your BEP will decrease consequently. Contrary, in case of a sale of your position with capital loss, your BEP will increase.

For a positive BEP:
Imagine this situation:
You buy 1000 shares X at € 50. At that moment you will have a BEP of € 50.
However, if you sell 500 shares X at € 65, the BEP will change to € 35.

Calculation:
• Buy 1000 * € 50 = € 50.000
• Sell 500 * € 65 = € 32.500
• The total value of the purchase is now reduced with the value of sale and that result will be divided by the number of available shares X in your portfolio.
• € 50.000 - € 32.500 = € 17.500
• € 17.500/500 = € 35

For a negative BEP:
Imagine this situation:
You buy 1000 shares Z at € 20. At that moment you will have a BEP of € 20.
However, if you sell 700 shares Z at € 35, the BEP will change to - € 15

Calculation:
• Buy 1000 * € 20 = € 20.000
• Sell 700 * € 35 = € 24.500
• The total value of the purchase is now reduced with the value of sale and that result will be divided by the number of available shares Z in your portfolio.
• € 20.000 - € 24.500 = - € 4.500
• - € 4.500/500 = - € 15

Attention: In case that you would liquidate a position one day, and that you would take again a new position on the same share the same day. In this case, the two transactions carried out on the same day will be understood as an activity of "day-trading", and they will be excluded from the calculation of the BEP. Consequently, the calculation of the BEP will continue to consider the values of the preexistent position.

When are transactions fees deducted?

At the time when you place your order, brokerage fees are automatically blocked and entered in the accounts at the time of the liquidation of the order.

Is "day trading" possible?

You may conduct « day trading » without any problems at Keytrade Bank Luxembourg, in other words, this means that if you want to transfer the money of a sell, it will only be possible 3 days after the execution of your order, even though the amount appears directly in your available cash and you can use it for immediate online trading.

Do I have to pay brokerage fee if I cancel a waiting to be executed order?

You pay brokerage fees only if your order is executed.

How long is my order valid?

You can choose the validity of your order (“one day” or “until cancelled”)

What kind of orders can I place?

On all the markets: limit orders (order having a limit), market (no price limit), stop, stop limit, Open (orders only available on Euronext) and Iceberg orders (are compatible only with a limit order type).

For more explanation have a look on our Market Rules.

What is the difference between a stop order and a stop limit order?

Stop order:

A stop order is an instruction to buy or to sell a quantity of Securities at the prevailing market price once the security has reached a “stop price“ specified by the client. You decide at which quote your order becomes a market order.
Please note: this is therefore not an order limited to the specified stop price!.
As soon as the share price has reached or passed the specified stop price, your order will be transformed into a market order. There is a high probability of execution, but you have no guarantee on price. These orders are valid both when selling and buying.

Example: you bought a share that quotes at the moment 100. You wish to cover yourself against further loss. You place a stop sell order with as stop 95. This means that if the share quote drops till 95, your order will be activated and becomes a market order that will be executed against market price.

Stop Limit orders:

Stop Limit orders are similar to regular Stop orders in the way they are triggered. The difference is in the way they are executed: while a Stop order is launched "at market price" (and therefore does not allow any control over the execution price), a Stop Limit order is launched as a Limit order, the limit being determined when the order is placed.

Example: you bought a share at 100, which quotes at the moment 98. You wish to cover yourself against further loss. You place a stop limit sell order. With as stop 95 and as limit 93. This means that if the share quote drops till 95, your order will be activated and becomes a sell limit order with 93 as limit.

When placing a sell stop limit order, please keep in mind that your stop price and limit have to be below the last price at the moment you place your order.
When placing a buy stop limit order, your stop price and limit have to be above the last price at the moment you place your order.

Reminder: during the introduction of a stop limit order:

• If it is a buy order: the limit has to be above your stop price and itself has to be above the last price (last price < stop price < limit price).
  
• If it is a sell order: the limit has to be below your stop price and itself has to be below the last price (last price > stop price > limit price).

Which are the value dates applicables?

If you wish to use the revenue of a sell, you must take into account the following value dates:

General risk warning concerning financial instruments

Each financial instrument has its own characteristics ans risks. Please read the General risk warning concerning financial instruments in detail.

What is the Global Analyzer?

The Global Analyzer is a powerful tool of analysis which characterizes a certain share according to five key aspects: the perspectives, the evaluation, the risk, the timing and the quality.

For each of these five aspects an in-depth analysis is realized which always leads to a clear conclusion going of inferior until excellent.

To finish, the conclusions of each of the aspects are combined in a single global analysis. It can be: sell, sell gradually, keep, opbouwen or buy.

How much costs the use of the Global Analyzer?

There are two versions of Global Analyzer:

• A free version (BASIC): only the synthesis of the results of the analysis is available. These results are identical to those of the version PREMIUM.
• A paying version (PREMIUM): it is about a complete analysis of the share including a descriptive text, graphs and a conclusion.

What is the difference between the free version (BASIC) of the Global Analyzer and the paying version?

The PREMIUM Global Analyzer is a complete report of analysis which is comparable to a research note established by a broker or by a financial analyst. It contains a detailed and clear analysis, illustrated with graphs, with boards and with a conclusion. A PREMIUM report contains on average 3 on 4 pages.

The BASIC Global Analyzer is in a way a mini-report where you only have the conclusion of the PREMIUM report.

How does the invoicing of the PREMIUM version work?

For the unlimited use of the PREMIUM Global Analyzer, the monthly cost is €20. This cost is to be paid at the end of every month of the calendar.

It means that if for example you activate the PREMIUM Global Analyzer on April 20th, you will be able to use the Premium service only 10 days and will also have to pay EUR 20 for these ten days.

Every begun month counts for a whole month. When you stop your subscription, the cancellation will be made the first day of the next month.

The monthly €20 cost will be debited on your title account.

The monthly €20 cost will not be charged to you if in one month, you make at least three stock-exchange transactions.

How can I have access to the PREMIUM Global Analyzer?

Each Keytrade Bank Luxembourg client has an automatic and free access to the Global Analyzer BASIC. In addition, each customer can have free access to Analyze Global Premium on shares he holds in his Keytrade portfolio. This access is also automatic.

For an unlimited access to the PREMIUM Global Analyzer, you just have to indicate it in Your Preferences in the Quotes section.
If you wish to unsubscribe of the Premium version, it is at the same place on the website.

How may I stop my subscription to the PREMIUM Global Analyzer?

In case you would like to stop your PREMIUM subscription, go to Preferences > Quotes on the secure website of Keytrade Bank Luxembourg.
There, click to Cancel. The cancellation of your subscription will be made in the month following your cancellation.

May I use the Global Analyzer for other types of assets ( as bonds, funds, structured products, options, turbos,...)?

No, the Global Analyzer limits itself only to the shares analyzis.

What is the difference between the Global Analyzer and the Idea Centre?

The Idea Centre is a tool for the traders who are capable of making quickly a list by collecting all the potentially interesting shares.
This same list is obtained by making a fast selection according to certain criteria.

It is absolutely indispensable that the interested investor in one of the shares appearing on the list makes then a deeper analysis before making his decision concerning the possible investment. This analysis can, among others, be made by the Global Analyzer.

On what does the Global Analyzer base itself to form an analysis?

Global Analyzer is the fruit of years of researches.

Global Analyzer is fed by thousands of updates on tens of thousand actions shares.

Those data are collected from the biggest suppliers of data as Factset, Interactive Dated and Reuters.

The data are then daily transformed in diverse modules of analysis which base themselves on the economic literature relative to the investment in each of 5 key aspects (the perspectives, the evaluation, the risk, the timing and the quality).

Is the Global Analyzer completely an automatic tool?

Yes. In this way, any subjective element is excluded from the analysis and the Global Analyzer can concentrate himself only on objective and reliable factors.

Does Keytrade Bank Luxembourg have its own positions in the shares recommended by the Global Analyzer?

No, Keytrade Bank Luxembourg does not have its own "trading book" and thus, does not hold any position.

In this way, we can guarantee an optimal objectivity of the Global Analyzer.

Are the analysis of the Global Analyzer reliable?

The Global Analyzer uses information which are always updated resulting from reliable information suppliers, such as Factset, Reuters and Interactive Dated. The models of analysis on which leans Global Analyzer use the most relevant literature published in the last 50 years.
Therefore, we can say that Global Analyzer is investment tool.

On the other hand, it would be false to say that all the recommendations of the Global Analyzer lead inevitably to success for an investment.
The Global Analyzer is certainly not a crystal ball capable of predicting the evolution of the price of a share!

Does the Global Analyzer take my investor’s profile in account?

No. The recommendations of the Global Analyzer are totally independent from your investor's profile.

Does the Global Analyzer take my equity portfolio into account?

No. The recommendations of the Global Analyzer are totally independent from your equity portfolio.

What is the update frequency of the Global Analyzer?

The update of each of the shares is made on a daily basis.
On this way, you can consult every day the updates of the shares which interest you.

Yesterday, I saw a share noted in one of the investment theme lists and today it has disappeared.

Every day we get thousands of data’s on all shares (company results, new perspectives, analyst’s recommendations…) and we carry out new analysis (technical analysis and fundamental analysis).

These new figures can lead to new ideas or can lead to the withdrawal of certain shares of a list of an investment theme. For this reason, each list can change every day. If you do not want to lose any information an investment theme can offer, we advice you to consult it on a daily basis.

The Stock Screener does not give any result.

Some of the criteria’s you chose for your selection are probably too restricted. Check the selection criteria you gave in and correct the errors.

Some investment themes do not give any result.

The selection criteria’s used for the investment themes are very restrictive. Under certain market conditions, it is possible that no shares satisfy these severe criteria’s and that some investment themes do not give any result.

The investment themes results are daily updated. So, if you do not want to miss any of the information one of you favourite investment themes could give you, we advice you to check it on a daily basis.

What can you find in the Idea Centre?

The Idea Centre is a compilation of three financial tools, which will help you to compare shares easily.

They are gathered via the following search tools: “Global Watchlist“, “Stock Screener“ and “Investment themes“.

In the selection list, certain ratios are not filled in or are equal to “0”. Does this indicate failures in your system?

Keytrade Bank Luxembourg gets her data from world-famous external financial information furnishers (e.g. Reuters). For this, we can assure you the independence and accuracy of the data we offer you.

It is however possible that some smaller companies will not be followed as closely by analysts with the same concern. This can lead to the fact that all the data related to the company results; dividends, etc might not be available.

I bought a share that was recommended in one of your investment themes, but this share has dropped since then! Apparently it was not an interesting share?

The lists proposed via our Investment themes do not guarantee a positive evolution of the share’s quotes. These lists are not investment advices, but are meant to give you investment ideas which are the result of very strict selection based on severe and objective criteria’s.

The world of investments is not an exact science. What today can be seen as an opportunity can radically change the day after!

What is a turbo?

A Turbo is a financial instrument that offers you the opportunity to benefit sooner than usual from any price increases or decreases through leverage.

What underlying assets can I invest in with a turbo?

At present you can use Turbos to invest in indexes, equities, commodities, currency and bonds.

How can I find a turbo?

You can always find a Turbo using the ISIN code, which remains the same throughout the life of the Turbo.

In contrast, the name of a Turbo may change during its life. If the stop-loss limit changes, the name also changes accordingly.

For instance: You purchase a Turbo with the name AAB BEL 20 TL 3200. This name breaks down as follows:

1. AAB stands for ABN AMRO, the issuer of the Turbo
2. BEL 20 stands for the underlying index for the Turbo
3. TL stands for Turbo Long (TS stands for Turbo Short)
4. 3200 is the stop-loss limit

When can I trade turbos?

You can trade Turbos on Euronext Amsterdam between 9.05 a.m. and 5.25 p.m.

How can I place an order for a turbo?

Go to Keytrade Bank Luxembourg secured site and enter the Turbo’s ISIN code in the search box. You will automatically obtain the detailed quote of the Turbo, along with the trading form.

If you do not know the ISIN code or require further details of the Turbo, you can use the dedicated Turbo search engine (via: Investing > Warrants on our secured site).

You fill in the trading form in exactly the same way as for any other financial instruments that can be traded via Keytrade Bank Luxembourg.

Because investing in a Turbo is riskier than investing directly in the underlying asset, we suggest that you always work with limit orders.

What charges are levied for trading turbos?

The charges for Turbos are made up of transaction fees, the custody fee and funding costs.

• Keytrade Bank Luxembourg fee for trading Turbos is € 14,95 per transaction (for orders up to € 5.000).
• The fee is € 24,95 per transaction for orders between € 5.000 and € 50.000.
• There is no custody fee.
• The funding costs are incorporated in the price of a Turbo on a daily basis.

What is the value of a turbo?

The value of a Turbo can be easily calculated on the basis of the following data:

• Price of the underlying asset
• Level of funding
• Exchange rate
• Ratio

What is the level of funding?

With a Turbo you only invest part of the value of the underlying asset. The remainder is financed on your behalf by ABN AMRO.
The portion financed by ABN AMRO is called the level of funding.

What is the purpose of the stop-limit?

The stop-loss limit ensures that you never lose more than you invest. The stop-loss limit is the price of the underlying asset at which the Turbo automatically expires.

The stop loss is adjusted once a month on the basis of the current level of funding.

What is a turbo long?

A Turbo Long is the type of Turbo in which you invest if you believe that the price of the underlying asset is set to increase.

What is a turbo short?

A Turbo Short the type of Turbo in which you invest if you believe that the price of the underlying asset is set to fall.

Why is the price sometimes not reported on the market?

ABN AMRO is liquidity provider for its Turbos on Euronext Amsterdam. You are therefore not only dependent on other investors that wish to buy or sell.

ABN AMRO's bid and offer prices depend on the following factors:

• Theoretical value of the Turbo
• Underlying instrument
• Supply and demand for the Turbo and the underlying instrument
• Market uncertainty and volatility

Why invest in turbos?

Some of the advantages are:

• The possibility of benefiting sooner than usual from price increases or decreases
• Readily tradable on Euronext Amsterdam
• Transparent price-setting
• Extensive choice of underlying assets (indexes, equities, commodities, currency and bonds)
• High profit potential due to leverage
• Built-in stop-loss limit
• No fixed duration

What are the risks linked to investing in turbos?

Because of the leverage, investing in Turbos is riskier than direct investment in the underlying asset. If the price of the underlying asset reaches or exceeds the stop-loss limit, the Turbo is automatically unwound and the residual value paid to the investor. In such cases, you may lose your entire investment.

If you invest in a Turbo for which the underlying asset is listed in foreign currency, exchange-rate fluctuations may have a negative impact on the price of the Turbo.

What is a dividend?

A dividend is the payout of a portion of the corporate profit of a company to its shareholders. The Board of Directors of a company makes a dividend proposal, that has to be approved by its shareholders on the Annual Meeting of shareholders. Usually, the dividend is paid out a couple of days or weeks after the Meeting, if approved during that meeting.

Since a majority of the companies planify their Annual Meeting in April, May or June, it is quite logic that most dividends are distributed in these months.

We can distinguish different types of dividends: allthough a dividend is mostly paid in cash, it also occurs that dividends are paid in shares.

The frequency of a dividend payment can differ as well. Most dividends are paid once a year, but in other countries (e.g. United Kingdom, United States, ...), a quarterly or semestrial dividend payment is more frequent.

In which case are you entitled to a dividend?

In order to be able to claim a dividend, you need to possess the stock on the ex-dividend day. On this day, the value of the dividend will be deducted from the share’s value.

You need to buy a stock during the day prior to the ex-dividend day at the latest in order to be entiteled to claim the dividend. The dividend is deducted from the stock’s value before market opening on the ex-dividend day. So, the stock is trading “ex dividend” as of the ex-dividend day. Whoever buys the stock on the ex-dividend day or later won’t be entitled to claim the dividend.

Example: A certain share has a value of 10 EUR and the company decides to pay a dividend of 1 EUR. As of the ex-dividend day, the share will have a value of 9 EUR. Investors who have the stock on their trading account, will automatically receive the dividend on that account.

How to proceed in case of a dividend payment?

If you are entitled to a dividend, you won’t have to do anything. When you have the stock on your trading account, the dividend will be automatically booked on your trading account.

You have to take into account that there’s often a difference between the ex-dividend date and the date on which the dividend will be paid out (the pay date). The pay date is typically a couple of days or a couple of weeks after the ex-dividend date.

The tax that you are due (withholding tax) will automatically be withheld by Keytrade Bank Luxembourg.

How do I know if and when a company will be paying a dividend?

This kind of information is published on the company’s website. For most listed companies, you will find a section "investor relations" on their website. In this section, you will be able to find more information on dividends.

Usually, this information is published in the (financial) press as well.

What is a VVPR strip?

VVPR is the abbreviation of "Verminderde voorheffing/Précompte Réduit".

A strip is a financial instrument, listed on the stock exchange, which entitles the shareholder to a discount on the Belgian withholding tax. Strips are typically a Belgian phenomenon. They are listed on Euronext Brussels.

With regard to dividends of most Belgian stocks, the Belgian withholding tax is 25%. When you possess both shares and strips of the same company on the ex-dividend day (before market opening), as a Belgian resident, you will benefit from a fiscal advantage of 4%. This means that you will have to pay only 21% Belgian withholding tax instead of 25%.

Please note that VVPR strips are not available for all shares on the Euronext Brussels Exchange. The emission of strips is subjected to specific conditions.

How will I be taxed when receiving a foreign dividend?

When you receive a dividend from a company, you will have to pay the foreign withholding tax. The foreign withholding tax is a tax that is charged in the company’s country of origin. This leads to a net dividend which is booked automatically on your trading account.

Example: Let’s assume that a foreign company pays out a gross dividend of 100 EUR. The foreign withholding tax (in the company’s country of origin) is e.g. 25%. At the end of the line, a net dividend of 75 EUR will be booked on your trading account.

How to recover a part of the withholding tax of a foreign dividend?

Luxemburg has a double tax treaty with a number of countries. These double tax treaties imply that a Luxemburgish resident won’t be subjected to the entire foreign withholding tax.

• In some cases, the double tax treaty is applied automatically. At Keytrade Bank Luxembourg, this is the case for dividends of most US stocks (which are traded on the US exchange). The withholding tax in the United States is 30%. Thanks to the double tax treaty between the United Stated and Luxemburg, the US withholding tax is reduced automatically to 15% for Luxemburgish residents.
• In other cases, the double tax treaty is not applied automatically. In a number of those cases, the shareholder will have the possibility to recover a part of the foreign withholding tax when the dividend has been paid out. Please be advised that this is not possible for all countries.

What are the different types of dividends?

The most common types of dividends are:

• Cash dividend
• Choice dividend
• Stock dividend
• DRIP (Dividend Reinvestment Plan)

What is a cash dividend?

A cash dividend is a dividend which is paid out entirely in cash.

What is a choice dividend?

A choice dividend gives the shareholder the opportunity to chose between a payment in cash or in stocks.

On the ex dividend date of a choice dividend, you’ll receive dividend rights on your trading account. These dividend rights will appear in the section “other markets” of your trading account.

If you do not indicate a preference, dividends will by default be paid out in cash by Keytrade Bank Luxembourg.

If you prefer to receive a choice dividend in cash, you do not have to do anything. It will be paid in cash by default.

If you prefer to receive choice dividends in stocks, you can communicate your choice through our website. There is a tool available on our platform which allows you to tell us that you allways want to receive a choice dividend in stocks (whenever such a choice dividend is offered). Despite your choice of receiving choice dividend in stock, it may occur that choice dividend are paid in cash nonetheless. This is due to the “conversion multiple”: a certain amount of dividend rights is required to be entitled to one whole new stock. If you are not holding enough dividend rights to be entitled to a whole new stock, the choice dividend can be paid out in cash, despite your preference to receive choice dividend in stocks.

A choice dividend is rarely offered by Belgian companies. It is more common in the Netherlands.

What is a stock dividend?

A stock dividend is a dividend that is automatically paid out in stocks. Shareholders don’t have the possibility to opt for a payment in cash.

In case of a stock dividend, on or after the ex-dividend date, dividend rights will be booked on your trading account. You fill find these dividend rights in the section “other markets” of your trading account.

Belgian companies will never or very rarely opt for a stock dividend. This procedure is mostly used by Dutch companies. One of the characteristics of a stock dividend is the creation of new shares.

Attention:
Some US companies offer a stock dividend as well. In this case, the shareholder is often subdued to the foreign withholding tax.

What is a DRIP?

DRIP is the abbreviation of Dividend Reinvestment Plan. A DRIP-dividend is paid out in cash by default. As a shareholder, one has the opportunity to reinvest the DRIP dividend in stocks.

Basically, you will have the choice to opt for a dividend payment in cash or a dividend reinvestment in (existing) shares. A DRIP-dividend is not dilutive as no new shares are created.

For the companies that are listed on Euronext, you will receive dividend rights on your trading account on or after the ex-dividend date. You will find these rights in the section “Other Markets” of your trading account.

By default, Keytrade Bank Luxembourg will opt for the cash distribution of the DRIP dividend.

If you prefer to receive a DRIP dividend in cash, you do not have to do anything. This will be done by default.

If you prefer to receive a DRIP dividend in stocks, than you have a tool available on our platform which allows you to tell us that you allways want to receive a DRIP dividend in stock (whenever such a DRIP dividend is offered).

A DRIP dividend is never or very rarely offered by Belgian companies. This procedure is mostly used by Dutch and French companies.

What is the procedure for a DRIP?

When a DRIP is proposed by a foreign company, the client has to pay the foreign withholding tax. The foreign withholding tax is automatically deducted from the gross dividend. The remainder (gross dividend minus foreign withholding tax) will be used to be reinvested in stocks. The reinvestment price is determined by the company. It is most often the average price of the stock on the exchange during a certain period.

The exchange multiple (how many dividend rights are required to obtain one new stock) of a DRIP-dividend is not always know in advance. This means that you do not always know in advance how many stocks you’ll receive.

What is the procedure for a DRIP of a French company?

When a French company distributes a DRIP, you may choose to convert the gross dividend or the remainder of the gross dividend after deduction of the foreign withholding tax into new shares.

The standing operating procedure at Keytrade Bank Luxembourg is: the remainder of the gross dividend, after deduction of the foreign withholding tax, is used to be converted into new shares when you let us know you prefer to receive the DRIP dividend in stocks instead of cash.

As stated, in the case of a DRIP dividend of a French company, one can choose to convert the gross dividend into shares. The impact of this choice is that the foreign withholding tax is deducted of the cash balance of your trading account. Consequently, you will need to provide sufficient cash on your trading account. If you fail to provide a sufficient funds, your trading account will show a negative balance, which will involve debit interest on your trading account.

If you would like the gross dividend of a French DRIP to be converted into shares, please let us know in time on the following e-mail address: info@keytradebank.lu.

Please don’t forget to mention the following information:

• Your name
• Your trading account number
• Your preference to receive the gross dividend of the DRIP in shares.

How do I know which type of dividend a company will be paying?

This kind of information is often available in the section “Investor Relations” or the “Investor’s corner” of the company’s website.

What is the procedure for fractions?

When a choice dividend or DRIP dividend is distributed, there might be fractions of unused dividend rights left on your trading account.

This is the case when not all of the dividend rights can be converted into whole new shares, because of the “conversion multiple”.

If the fractions equal the value of at least half a stock, Keytrade Bank Luxembourg will normally convert these fractions into one new stock. If the fractions don’t equal at least half a stock, they won’t be used to be converted into a new stock.

You willl have to pay the value of the fractions needed in order to receive an entire new stock (if your fractions equal the value of at least half a new stock). On the other hand, you will receive the value of the fractions that have been sold on your account if the fractions don’t equal at least half a stock.

In both of the above mentioned cases, Keytrade Bank Luxembourg charges a transaction fee of 2,50 EUR.

Exceptionally, it may occur that a dividend paying company insists that fractions of unused dividend rights are automatically not converted into a new share, even if those fractions of unused dividend rights equal the value of at least half a stock.

How do I communicate my preferences with regard to dividends?

In most cases, shareholder cannot make a choice with regard to dividends. A cash dividend is always paid out in cash. In case of a stock dividend, you receive stocks as a dividend. In both cases (cash dividend, stock dividend), no alternatives exist. In case of a choice dividend or a DRIP dividend, there is a possibility to make a choice as shareholder.

With regard to stocks listed on Euronext (Brussels, Amsterdam and Paris), it is possible to use a tool on the secured website which allows you to tell us whether you prefer choice dividend (or DRIP dividends) to be paid in cash or stocks (whenever such a choice dividend is offered). By default, Keytrade Bank Luxembourg will opt for choice dividend or DRIP dividend in cash.

Where do I find the tool?

You can find this dividend tool in the section 'Your preferences' of your Keytrade Bank Luxembourg account. Once in the section 'Your preferences', please select 'Dividend'.

An exception for your choice?

If you wish to receive a choice or DRIP dividend exceptionally in 'cash', although your default choice is 'stocks', please send us an e-mail to this e-mail address: ost@keytradebank.lu.

Please don?t forget to mention the following information:

• Your name
• Your trading account number
• The name of the stock
• Your choice for the cash dividend for this stock, despite the fact you have chosen 'stocks' as a default choice in the preferences of your Keytrade Bank Luxembourg account.
  
  It works the other way around as well: did you choose 'cash' by default, but do you prefer the dividend in stocks for a specific choice dividend or DRIP dividend, than you can alert us by e-mail.
  
  
  • Please be aware that the election period is often limited in time. Such an election period takes usually a couple of days up to some weeks. Please alert us in time if you want an exception of your default choice for a certain stock.
  • For stocks not listed in Euronext, but another exchange, the default choice is always cash, or the default choice of the customer if this would be different of the dividend cash distribution. On the website, it is not possible to pick your default choice with regard to stocks that are not listed on Euronext.

What is a lombard credit / margin account?

A lombard credit / margin account makes it possible to obtain a credit line equivalent to the maximum actual value of your portfolio.
This credit line is provided to you by Keytrade Bank Luxembourg and particularly enables you to proceed with your purchases in the stock exchange.

For whom is this product intended?

By its very nature, this product is reserved for well-informed investors. If a lombard credit / margin account can maximise your investments in the stock exchanges by allowing you to invest more money than you actually have in your account with Keytrade Bank Luxembourg, it must be kept in mind that in case of a drop in the rates of a security, by investing more, you increase your chances of losses.
Thus, it is recommended to exercise utmost caution.

What is the maximum amount that I can get?

The minimum amount that you may request is 10,000. This credit is granted for 1 year. However, the amount that may be granted to you particularly depends on the valuation of your portfolio.
The maximum amount that you may obtain is equal to the value of your mark-to-market stock portfolio at the time your request is analysed by our departments.
The credit will be granted for 1 year and is renewed automatically.

Do I have to provide guarantees to be able to borrow?

Your stock portfolio serves as a guarantee for the loan that we grant.
However, the Bank reserves the right to request these customers to add additional real or personal guarantees, which must be provided to the bank. Some financial instruments are not considered as a sufficiently reliable guarantee because of their high volatility or illiquidity: options, warrants, securities listed on non-regulated markets (OTC-BB, Pink Sheets) will not be taken into account while granting credit and for the calculation of guarantee.

Is there a minimum guarantee to be maintained for alombard credit / margin account?

Yes, we require the guarantee amount to be at least 150% of the borrowed amount, at all times. This margin is studied on a case by case basis.
E.g.: you are borrowing 100,000, the total value of your portfolio must always be at least 150,000 (combined value of cash and securities).
If the value of your portfolio falls below the required minimum, we will then proceed with a margin call.

What is a margin call?

A margin call is a request made by the Bank, requesting you to provide additional funds or securities to respect the minimum imposed in terms of guarantee (at least 150% of the loan amount).

When can a margin call be issued?

The margin call may be requested, if the valuation of your portfolio falls below the threshold of the margin granted for the borrowed amount.

What will happen if I do not respond to the margin call?

Keytrade Bank Luxembourg sets a time frame for the provision of the additional guarantees, if you fail to provide these, we will consider that you have not complied with the credit contract. Thus, we will proceed with the consolidation of your accounts by drawing from your other accounts with Keytrade Bank Luxembourg (demand account, savings account) the amounts required so that the valuation of your portfolio corresponds to the margin fixed in your contract.
If we cannot do so (no other accounts, total balance in the other accounts is insufficient), or if we cannot contact the customer either by telephone or email; we will proceed with the sale of all or part of your portfolio in order to attain the percentage of margin fixed in the contract.

What are the charges applicable and when are they payable?

There are no charges at the time the contracting parties accept the margin account.
Debit interest rate (Euro): euribor 6 months + 1,80%. The interest rate for the use of the credit in another currency than that in which the credit is granted will be 8%. The interests are payable every quarter on the amount of credit used.
Caution, your margin account is in EUR. All debit positions in a currency other than the Euro incur unauthorised interest expenses.
Furthermore, management expenses of 0.20% per quarter will also be calculated. These management expenses are calculated on the total amount of credit line granted.

Can I get margin cash transferred to another bank account?

Yes, insofar as you comply with the guarantees required.

Can you cite an example of a margin call?

Let us take the previous example, if the margin is 150% of the borrowed amount: your portfolio is valued at 100,000 (50,000 of equity funds and 50,000 in the form of credit). You must ensure that the valuation of your portfolio does not fall below 75,000.
If the valuation of your portfolio falls to 70,000 for example, we will proceed with a margin call and request you to provide additional guarantees (cash or securities) for the additional 5000.
If you do not respond positively to this request, we will look for the amounts required in other accounts held with the bank to update the guarantee.

Now, let's take the case where the valuation of your portfolio is evaluated, for example, at 60,000 (distributed as follows: 20,000 in cash and 40,000 in securities), and if you have not responded to the margin call, this is what will happen: Keytrade Bank Luxembourg will proceed with the sale of securities from your portfolio for 30,000 (sale charges payable by you) and will block 50,000.
Finally, your portfolio will have: 50,000 blocked for Keytrade Bank Luxembourg?s guarantee and 10,000 from securities belonging to you in the portfolio.

The 50,000 will remain blocked either until expiry of the contract, or until you have provided the additional guarantees.

How can we obtain a lombard credit / margin account?

Fill the Application form , sign it and return it by post at the following address:

Keytrade Bank Luxembourg
62 rue Charles Martel
L-2134 Luxembourg

We will send you a credit offer by post or by email. If you agree with the offer, send it back to us. As soon as we have received it, the credit line will be opened and you may start using the credit line provided to you.

The Law still requires a live signature. So the application and the acceptance of the offer cannot be submitted online.

Under general conditions, I see that I grant you a mandate on my securities account. Why is this necessary?

If the valuation of your portfolio falls below the margin fixed in the contract and if the customer cannot be contacted by telephone or by email or if the customer does not respond to the margin calls, Keytrade Bank Luxembourg reserves the right to sell all or part of the financial instruments immediately without any other prior formal notice in order to attain the margin required in the contract.

If the bank has to sell my securities, which ones will be sold?

In this case, the Bank has been given considerable discretion, but in principle, it will proceed with the sale of the most volatile and speculative assets.

Are there other conditions to obtain a lombard credit / margin account?

This product is intended for individuals (adults) and legal entities.

What is Equiduct and how does it work?

Equiduct, a regulated European market, is an alternative trading platform with Börse Berlin AG as a supervising authority. It analyses and compares the prices on different platforms (Chi-X, Turquoise,BATS) and Euronext. Equiduct then executes at the best price.

What are the advantages for me as a customer?

You are sure to get the "Best Execution" on the market. According to the "Best Execution" principle, Keytrade Bank Luxembourg is taking into account a variety of factors of which price and total cost are the most important ones.

Which orders are sent to Equiduct?

Currently only specific stocks and trackers on Brussels, Amsterdam and Paris will be negotiated on Equiduct. The other financial instruments (warrants, turbo’s, speeders) are not tradable on Equiduct. In the future other shares might be added. As soon as a stock is negotiable on Equiduct, the buying or selling will be automatically sent to Equiduct, except if you decided to sent your stock orders to Euronext.

What do I have to do to be eligible for this new service?

You don’t have to take any action. The stock orders on certain stocks and trackers on Brussels, Amsterdam or Paris will be automatically sent to Equiduct. You are sure to get the “Best Execution”. There is no change to the transaction fees or any other tariffs.

How can I still continue to send my orders to Euronext?

When you don’t want the "Best Execution" service, you may choose via "Your Preferences" on the secured website to send ALL your orders to Euronext. In this case you also have to take note of the fact that your orders will be considered as a specific instruction as described in article 5 of the order execution policy of Keytrade Bank Luxembourg.

Afterwards you may choose to send your orders again on Equiduct via “Your Preferences” on the secured website with as a consequence that a stock bought on Euronext can be sold on Equiduct and vice versa.

Will I still be able to see my orders in the order book?

When your order is sent to Equiduct, the order will not be visible in the Euronext order book. Only the market depth of Euronext will be shown, in other words only the orders sent to Euronext will be shown.

Where can I find more info on Equiduct?

You can find more info on www.equiduct.com.

How can I open an account?

Download the subscription form while clicking on the button "to open an account". Send all the documents completed and signed to:
Keytrade Bank Luxembourg S.A. 62, rue Charles Martel L-2134 Luxembourg

If you send the document by post, you must join a certified copy (both sides, as the case may be) of the identity card or passport of each account holder! The certification can be done by every authority (for example Police office, Town-hall…. ).

If the copy of your identity card or passport is not certified by any authority, please complete and sign the attached bank transfer order form.

If you open the account in our office, the certification or the attached bank transfer is not necessary.

You can also ask us to send you the subscription form if you can’t download it at this address: info@keytrade.lu.

How do I get the authentication keys to have access to my account?

After approval of your account-opening request, you will receive a postal letter with your account number and your login (user id). You will receive then a second postal letter with your SoftKey (about 2 days after) or with your HardKey (about 15 days after) depending on your initial choice.
More information about the SoftKey or HardKey is available under the section "Authentication" of the Frequently Asked Questions.

Please bear in mind that your account number will be requested for each interaction with our services or for your outgoing and incoming transfers.

Can I open an account if I don’t reside in Luxembourg?

Keytrade Bank Luxembourg counts among its customers, residents and non-residents of the Grand-Duchy of Luxembourg.

Is it possible to open an account for a company or a corporation?

To open an account for a company or a corporation please contact us: +352 45 04 39.

How much does an opening of account cost?

To open an account is entirely free.

Why can I not connect to the secure website?

Which version is your browser?

You can detect this in the help menu or by clicking on the question mark (?) above in the menu of your web browser. Then click on "info" or "about Internet Explorer" or "Netscape Navigator".

If you use Internet Explorer, we advise you to download a recent version on the Microsoft site via the following link http://windowsupdate.microsoft.com/
If you use Netscape we advise you to use a recent version.

Problem of login?

Here are the main reasons:

• Am I logged to www.keytradebank.lu (and not .com)?
• Did I give the logon in capital letters?
  Your logon is "case sensitive", this means that you have to enter the KEYL or VMSK of your logon in capital letters in order to be recognized by the system.
• Did I enter my authentication key correctly?
  For issues encountered with your SoftKey or HardKey, please consult the section "Authentication " of the Frequently Asked Questions.

How well is Keytrade Bank Luxembourg system protected?

The computer network of Keytrade Bank Luxembourg is protected by a series of Firewalls that must prevent the entry of hackers and interruptions in our services.
A secure channel between your browser and our server gives you access to our network. All confidential information is encoded and, subsequently, cannot be read by third parties.

Keytrade Bank Luxembourg uses a 128-bit encryption key to send data between the browser of the client and its web servers. Data encrypted using a 128-bit key is 309,485,009,821,345,068,724,781,056 times more difficult to crack than, for example, a 40-bit key.

Your Keytrade Bank Luxembourg account is blocked as soon as the wrong password is entered at the third attempt.

Your personal information (surname, first name, ...) is not to be found on any single computer of Keytrade Bank Luxembourg, which is accessible via the Internet. Only your logon or account number identifies you at Keytrade Bank Luxembourg.

Your passwords are mailed to you after you have opened an account. These are never communicated via the telephone.

Can I work on a ”public shared” computer without any risks?

This does not pose a problem since no personal information is stored on the computer. Always use the ”Close” button if you would like to log off and optimally secure your accounts.

What is the minimum configuration required for my PC?

How do I enable JavaScript in my browser?

You will need to have JavaScript enabled in your browser. To do so, please follow the instructions below: Internet Explorer (6.0 or above)

1. Select "Tools" from the top menu
2. Choose "Internet Options"
3. Click on the "Security" tab
4. Click on "Custom Level"
5. Scroll down until you see section labled "Scripting"
6. Under "Active Scripting", select "Enable" and click OK

1. Select "Tools" from the top menu
2. Choose "Options"
3. Choose "Content" from the top navigation
4. Select the checkbox next to "Enable JavaScript" and click OK

1. Select "Safari" from the top menu
2. Choose "Préférences"
3. Choose "Security"
4. Select the checkbox next to "Enable JavaScript"

I cannot go through the questions?

If you cannot go through the questions, it is because you do not have Quick Time Player.
Click on the following link to download the program for free:

Why can't I open the documents on the site?

The documents you’ll find on our site are all in PDF-format.
If you wish to open them you need a program that can read PDF-format, for example Adobe Acrobat Reader.

If you cannot open the documents, you probably do not have Adobe Acrobat Reader or do not have the correct version of this program. Click here to download this program for free.

Can I work on several PC's?

One of the main advantages of Keytrade Bank Luxembourg is that you do not need to install any program on your computer. You can therefore manage your accounts and enter orders using your passwords no matter where you are in the world.

What does the amendment to Article 41 of the Law of 5 April 1993 mean?

It means financial stakeholders can outsource data processing to an intragroup or external service provider located outside of Luxembourg.

Which services do you want to outsource abroad?

Keytrade Bank Luxembourg wishes to outsource management of the IT system and customer databases to its sister company Keytrade Bank S.A. in Brussels.

As part of its professional duties relating to combating money laundering and the financing of terrorism and compliance with the lists of international financial sanctions, the Bank entrusts Crédit Mutuel Arkéa in France with the screening of its Customers, based on official lists of international sanctions. The data processed as part of these duties, such as last names and first names, will be stored by Crédit Mutuel Arkéa for a period of three months, without prejudice to longer periods of storage applicable to Keytrade Bank.

Why is Keytrade Bank Luxembourg outsourcing this service to Keytrade Bank S.A. in Brussels?

Keytrade Bank Luxembourg is seeking to optimise the group's resources and benefit from computer synergies that will also enable you to benefit from a wider range of products and services in the future.

Will my details be circulated?

All your personal details remain strictly confidential and may only be disclosed to authorised third parties or pursuant to law.

Is the protection of my personal data guaranteed?

No data will be accessible online and/or by unauthorised third parties.

Is my tax situation changing?

No. Your situation remains the same, governed by your place of residence.

Can I transfer my tax information?

As before, the transfer of data to the tax authorities is strictly dependent on your country of residence and existing international agreements.

If my data are located in Brussels, are they subject to Belgian law?

No, they are governed by Luxembourg law because Keytrade Bank Luxembourg is bank incorporated under Luxembourg laws.

What has changed from my point of view?

Nothing has changed either fiscally or legally. We simply wish to keep you informed for the sake of transparency.

What would the impact be on a Luxembourg resident?

None.

What would the impact be on someone living outside of Europe?

None. As was the case previously, you are subject to the tax regime of your country of residence.

What would be the impact on someone living in Europe?

None. You remain subject to the automatic exchange of information.

What are the costs and charges related to the "service"?

This is an estimate of the maximum costs related to the operation  in accordance with the applicable rates and taxes (such as the transaction charges - including clearing and settlement costs -, the stock exchange taxes, the exchange rate, and the custody rights).

What are the costs and charges linked to the "financial instrument"

This is an estimate of the maximum costs related to the instrument based on an assumed holding period of the instrument of one year. These costs are already included in the price of the instrument. More information is to be found in the key information document (KID) of the financial instrument, available on the transaction site, under « Documents » of the instrument page. Note that the charges linked to the instrument are not applicable to shares, bonds and options.  

What are the "inducements" costs and charges? (only for funds)

This is an estimated amount of the inducements received by Keytrade Bank based on an assumed holding period of the funds of one year. These costs are already included in the price of the fund.

What is the difference between one-off costs and ongoing costs?

One-off costs are charges paid at the time of the purchase or sale of the instrument, while ongoing costs are the charges to pay throughout the period of holding the financial instrument. The ongoing costs are estimated based on an assumed holding period of the instrument of one year.

What does the percentage of the service fee represent?

The percentage shows the ratio of the service costs to the price of the instrument.

Does each financial instrument have costs and charges related to the instrument itself?

No, shares, bonds and options do not have this type of costs and charges.

What is the SoftKey?

The SoftKey is our new authentication method software. It is an extra feature of the Keytrade Bank Luxembourg app that enables you to log in and carry out your transactions on the Keytrade Bank Luxembourg platform. You will also be able to view your accounts and make transactions from your computer, laptop or mobile device (smartphone or tablet). To use it, you need to activate the SoftKey by scanning a secured QR-code.

Why choosing the SoftKey?

The main feature of the SoftKey is that you only need your smartphone to make transactions, and you certainly have it with you all the time. Thanks to the SoftKey, banking online will become even easier. Another advantage is that you can activate the SoftKey on as many devices as you want, which means you will have one or more spare Softkey. So even if one of your devices is stolen, lost or broken you will never lose access to your accounts.

Is the SoftKey safe?

Using the SoftKey is as safe as using any other authentication device. We have implemented every security regulation to enable you to make your transactions safely.

Why do I have to activate the SoftKey on several devices?

In case you lose the only device on which you have activated the SoftKey, you will be happy to have a spare SoftKey installed on a different device, in order to maintain continuous access to your accounts. No extra SoftKey activated? Thus, to access your accounts again, you will have to activate the SoftKey on a new device. To do that, you need a secured QR-code that will be sent to you via mail, which might take a few days. So to make sure you always have access to your accounts, we strongly advise you to install the SoftKey on several devices. If you only have one smart device (smartphone/tablet), we advise you to use the HardKey.

Do I need to use a mobile data packet subscription to use the SoftKey?

No. You can use the SoftKey via wifi.

What if I buy a new smartphone or tablet?

No problem! You can activate the SoftKey on as many devices as you want. So if you have a new smart device, just log in to www.keytradebank.lu, using your old smartphone, and activate it on your new device.

What happens if my smartphone/tablet is lost/broken or gets stolen?

Don't worry. Nobody can use the SoftKey without your PIN. IMPORTANT: To make sure you can access your accounts continuously; we advise you to activate the SoftKey on several devices. You can always de-activate it from the menu 'Your Preferences' on our secured website. If you have activated the SoftKey on only one device smartphone or device and one is stolen, lost or does not work anymore, please immediately contact our Customer Service so we can de-activate your SoftKey and help you activate a new one. Please call our Customer Service on +352 45 04 39 from Monday to Friday between 09:00 and 17:30. You can also send us an e-mail at: info@keytradebank.lu. You will be asked some details including your username to identify yourself.

Why do I have to create a profile on the Keytrade Bank app?

Creating a profile enables you to personalise our app with a name and a picture. Since you can create more than one profile, one device can be used by multiple users, e.g. family tablet, to bank with the Keytrade Bank app.

I entered an incorrect PIN on my SoftKey more than once and my SoftKey is deleted.

If you enter an incorrect PIN too many times, your SoftKey profile will be deleted from the app. We advise you to call our Customer Service who will help you activate a new SoftKey. Our Customer Service is available at +352 45 04 39 from Monday to Friday between 09:00 and 17:30.You can also send us an email at: info@keytradebank.lu. You will be asked to provide some details, including your username to identify yourself.

What do I do if I forgot the PIN for my SoftKey?

Your PIN is personal so Keytrade cannot recover it. If you forgot your PIN we advise you to delete your SoftKey profile and call our Customer Service who will help you install the SoftKey. Our Customer Serivce is available at +352 45 04 39 from Monday to Friday between 09:00 and 17:30. You can also send us an email: info@keytradebank.lu. You will be asked to provide some details, including your username to identify yourself.

My tablet is also used by other people in my family. Is this a problem?

No. The SoftKey is protected by a personal 6-digit PIN. For iPads and smartphones, Android and iOS, our app, containing the SoftKey, is designed to be used by multiple users. On a shared device, each user can use their SoftKey to view their accounts, but can neither view the other's accounts, nor carry out transactions.

Do I have to pay for the new SoftKey?

No. This new authentication method is free. If you use the SoftKey, you can activate it as many times you want.

Can somebody else use my SoftKey to log in and confirm transactions?

No. The SoftKey is personal. So a partner, relatives or friends cannot use it to scan a secured QR code.

On which smartphone or tablet can I activate the SoftKey?

The SoftKey can be activated on any iOS device, iPhone and iPad, and Android devices. Minimum version requirements : iOS 7.0 Android 4.3

How do I activate the SoftKey?

The SoftKey is an element of the Keytrade Bank Luxembourg app. If you haven't installed it on the smart device you want to use, you must first download it. If you have an iOS device, go to the App Store and search for: Keytrade
- Download the Keytrade Bank Luxembourg app the SoftKey is built-in.
If you have an Android device, go to the Google Playstore and search for: Keytrade
- Download the Keytrade Bank Luxembourg app the SoftKey is built-in.
Then log in to our secured website www.keytradebank.lu and go to "Your preferences". There you will be able to manage your authentication methods.

Can I activate the SoftKey on my tablet?

Yes you can activate it on an iPad and on Android tablets.

What if I have difficulties activating the SoftKey?

If you have trouble activating your SoftKey, please call our Customer Service on +352 45 04 39 from Monday to Friday between 09:00 and 17:30. You will be asked to provide some details, including your username to identify yourself.

What if the lense on my mobile device is broken?

Then you will no longer be able to scan the secured QR-code. Therefore, we advise that you install the SoftKey on multiple devices. Don't have an extra SoftKey activated? Then you'll need to activate the SoftKey to access your account again. To do so, you need a secured QR-code that will be sent to you in a letter, which will take a few days. So, to be sure that you have continuous access to your accounts, we advise that you activate the Softkey on several devices. If you only have one smart device (smartphone or tablet), we advise that you choose the HardKey.

What is the difference between a colored QR and a black and white QR?

Keytrade has chosen to work exclusively with colored QR codes "crontosign". This is a technology developed especially for the financial sector which ensures very high levels of readability and speed, even if you are using an older smart device.

How many PINs do I have to remember?

Each SoftKey has a 6-digits PIN, which is personal. This means that if you activate the SoftKey on several devices, you may select a different PIN for each one. If more than one person uses the SoftKey on the same device, e.g. the family Ipad, each user will of course have their own PIN. Make sure you create a secured PIN, which is not easy to crack. Do not choose dates of birth, a set of identical digits or a sequence.

Where can I change my PIN?

You can always change your PIN in the stettings of your SoftKey on your smartphone or tablet. Make sure you create a secured PIN, which is not easy to crack. Do not choose date of birth, a set of identical digits or a sequence.

I have a smart device, but only want to bank via my laptop or PC. Is SoftKey for me?

Yes! We have also designed a SoftKey that may be used as a separated app just to identify yourself. This enables you to log in to our secured website and make transactions from your computer without having to install the full version of the Keytrade Bank Luxembourg app on your smartphone.

Can I confirm all transactions with my smartphone or tablet?

Most payments and market transactions can be confirmed with your smartphone or tablet. Only for confirming transactions with larger amounts and orders on OTC BB markets we ask you to log in on the desktop website.

Can I download the SoftKey from abroad?

You can download the SoftKey from the relevant iOS app stores and Google Play stores in the following countries: Belgium, Germany, France, Ireland, Italy, The Netherlands, Spain and the United Kingdom. If your iOS or Google account is located in another country, we advise that you use the HardKey.

What should I do if I have a SoftKey and I'm switching to a new device?

Once you have the SoftKey, you can install it on multiple devices. If you are switching to a new device we ask that you log in to our secure website with your initial device, and activate a new instance of the SoftKey on your new device via "Your preferences". Afterwards you can delete your profile with the SoftKey on your initial device.

What is the HardKey?

The HardKey is our new hardware method of authentication. This small Digipass-type device, enables you to log in safely, to view your account and make transactions on a laptop, tablet or smartphone.

Why choose the HardKey?

If you don't have any device or have just one smartphone or tablet available to activate the SoftKey on, or if you prefer not to use your smart devices for banking, the HardKey is the perfect choice for you.

What are the disadvantages of the HardKey?

You always need to have it with you to carry out transactions, even if it's on a mobile device.

Can somebody else use my HardKey to log in and confirm transactions?

No. The HadKey is personal, meaning that you can not lend it to partners, relatives or friends. If other housemates also have a HardKey, then each one can personalise his own HardKey, for exemple with a sticker to recognise it more easily.

What do I do if I ordered a HardKey and it hasn't arrived yet?

Delivery is always dependent on postal delivery times. We send the initial PIN code and the HardKey in two separate letters at an interval of two to three weekdays. If there has been a long delay, please contact our customer service on+352 45 04 39 from Monday to Friday between 09:00 and 17:30. You can also send us an email at info@keytradebank.lu. You will be asked to identify yourself by giving details including your username.

What do I do if my HardKey is not working anymore?

If you have another authentication method, such as the SoftKey, you can use it to log in to our website. In the menu 'Preferences' you can de-activate your old HardKey and order a new one. If the HardKey was your only authentication method, please contact our Client Service on +352 45 04 39 from Monday to Friday between 09:00 and 17:30. You can also send us an e-mail at: info@keytradebank.lu. You will be asked to identify yourself by giving details including your username.

What happens if I lose my HardKey or if it gets stolen?

Nobody can use a HardKey without the PIN. Please call our customer service on +352 45 04 39 from Monday to Friday between 09:00 and 17:30. We will help you to de-activate your HardKey and order and activate a new one. You can also send us an e-mail at: info@keytradebank.lu. You will be asked to identify yourself by giving details including your username.

How long does the battery of a HardKey last?

The average lifetime of a HardKey is 5 tot 7 years. When the battery is nearly empty, a messae appears on the screen of your HardKey.

Where should I store my HardKey?

Please make sure to keep your HardKey in a safe and dry environment. Do not exposeit to extremely high or low temperatures.

I used my HardKey to generate a code but I entered a wrong code several times.

Please contact the Customer Service on +352 45 04 39 from Monday to Friday between 09:00 and 17:30. We will then help you to unblock your HardKey. You will be asked to identify yourself by giving details, including your username.

What in case I lose the PIN of my HardKey?

Your PIN is personal and not known by Keytrade. If you lost your PIN code we ask you to contact us on +352 45 04 39 from Monday to Friday between 09:00 and 17:30.

What in case I lost my HardKey?

Your HardKey is personal and cannot be used without PIN code. If you lost the HardKey we ask you to contact us on +352 45 04 39 from Monday to Friday between 09:00 and 17:30.

How much time do I have to activate the HardKey?

We ask you to activate the HardKey within 30 days after ordering it. If you have not receive it two weeks after ordering, please take contact with us on +352 45 04 39 from Monday to Friday between 09:00 and 17:30.

How can I change the PIN of my HardKey?

To change your PIN code, press "OK". Go to "5.SETTINGS", press "OK", choose "1.CHANGE PIN" and encode your actual PIN then your new PIN.

Can I change the size of the text on the screen of my HardKey?

Yes. Once you see the code on the screen of your HardKey, press the "Ok" button. The code will be displayed bigger.

How can I change the language of my HardKey?

The standard language of the HardKey is English, even if you use the website or the app in another language. To change the language, press "OK" on your HardKey. Go to "5.Settings" and press "OK". Choose the language you want and press "OK".

I can't remember my HardKey code - I forgot the PIN that I created when I received the HardKey - I did not receive a PIN.

The PIN of your HardKey is personal and is not stored at Keytrade Bank.
If you have not received the PIN or do not remember it, you must reset your HardKey.
Here's how:

A. Lock your HardKey

To be able to reset your HardKey and create a new PIN, you must first lock it. How do I lock my HardKey?

1. Turn on your HardKey via the "OK" button and choose option 1 "Login".
2. Enter an incorrect PIN.
   Your HardKey tells you that there is a "PIN error". Press OK.
   It will then show how may incorrect attempts have been made with "Wrong PIN: 1". Press OK.
3. Re-enter an incorrect PIN and repeat step 2 until the message "Time lock" appears. "Time lock" is a 5-minute period during which you cannot use your HardKey.
4. After 5 minutes, turn on your HardKey via the "OK" button and enter an incorrect PIN again.
5. Your HardKey displays "Incorrect PIN: 4". Press "OK" and wait another 5 minutes for "Time lock"
6. After these 5 minutes, turn on your HardKey via the "OK" button and enter an incorrect PIN one last time.

What is the unlock code and why do I need to provide it?

If your HardKey asks you for this code, this means that your HardKey is locked. In order to reactivate it, contact our customer service on +352 45 04 39 from Monday to Friday between 09:00 and 17:30. First of all, we will need to identify you asking some security questions. We will then ask you for the lock code shown on your HardKey and send you the unlock code to enter into your HardKey to unlock it.

How do I activate my HardKey and link it to my account?

To activate your HardKey, follow the instructions on this link.

I can no longer log in as I have changed phone number

If you have another connection method, you can log in to the secure site and change your phone number.If you do not have another connection method, please contact our customer service on +352 45 04 39 from Monday to Friday between 09:00 and 17:30.

I did not receive my connection method

Connection methods such as the HardKey digipass or the QR activation code for the SoftKey are sent by post and take an average of 5 to 7 days to arrive.If you still have not received anything after this period has elapsed, please contact our customer service on +352 45 04 39 from Monday to Friday between 09:00 and 17:30.

I haven't received a login

Your login is sent by post and takes an average of 3 working days to arrive. If you still have not received anything after this period has elapsed, please contact customer services on +352 45 04 39 from Monday to Friday between 09:00 and 17:30.

Why is Keytrade Bank replacing the current authentication method?

Security and userfriendliness are important to us. We are constantly looking for new and optimal solutions to facilitate and secure your banking and trading operations.

What will change for me?

Until now, most of our customers have been using the Keytrade ID - a small device that continuously displays a single-use code. With this method you need to manage several passwords: the access password, confirmation code and e-commerce code. Life is about to become easier! Two options are now available for you to log in and confirm your transactions.

The SoftKey: You use an app on your smartphone or tablet to log in to the website and confirm payments by scanning secured QR codes displayed on your screen.

The HardKey: You receive a new device to log in and identify yourself. The HardKey is a brand new, Digipass-type device, which conforms to all current safety regulations.

In both cases, you will no longer need to manage passwords or codes, but just your own PIN.

Can I keep working with the current authentication methods?

The date when you will be asked to migrate to the new authentication methods depends on the expiry date of your current Keytrade ID. After this expiry date it is no longer possible to use the current procedures

What is the SoftKey?

The SoftKey is our new authentication method software. It is an extra feature of the Keytrade Bank Luxembourg app that enables you to log in and make your transactions on the Keytrade Bank Luxembourg platform. You will also be able to view your accounts and make transactions from your computer, laptop or mobile device (smartphone or tablet).To use it, you need to activate the SoftKey by scanning a secured QR-code.

What is the HardKey?

The HardKey is our new hardware method of authentication. This small Digipass-type device, enables you to log in safely, to view your accounts and make transactions on a laptop, tablet or smartphone.

HardKey or SoftKey, which one suits me best?

Eighty percent of our clients have at least one smart device (smartphone or tablet) and many of them don't like to carry around an extra authentication device. Moreover, more and more clients use the Keytrade Bank Luxembourg app to carry out their transactions. For these smart device fans , we have designed the SoftKey. Others will prefer a more traditional method of authentication, such as the well-known Digipass, for their banking operations. The HardKey is the right choice for them. So everyone can choose the method that suits them best.

What should I do with my old Keytrade ID?

Treat it as "electronic waste", in the group for small electrical appliances. Bring it to an authorized waste collection point.

Can I still change my mind?

You can still activate a second method of authentication after having activated one and use both at the same time.

Who should I contact if I have questions about this new way of authenticating?

Our customer service is here to help you. We are available on +352 45 04 39 from Monday to Friday between 09:00 and 17:30. Or you can send us an e-mail: info@keytradebank.lu.

Can I keep working with the current authentication methods?

The date when you will be asked to migrate to the new authentication methods depends on the expiry date of your current Keytrade Bank ID. After this expiry date it is no longer possible to use the current procedure.