¿Cuánto pagas por invertir? + Simulador de comisiones

Core idea / recommendation

• The video proposes a free simulator to estimate what you actually pay to trade via brokers in Argentina, including all relevant costs (not just headline commissions).
• The presenter claims some users may pay up to ~5x more for the “same operation” depending on broker fees and how they apply.

Costs the simulator considers (explicit framework)

When operating in the market, the simulator adds/considers:

• Broker commission (varies by broker)
• Market fees (“market rights”; e.g., Bima charges a fee regardless, and brokers pass it through)
• VAT applied to commission and/or market fees depending on the instrument
• Ability to include buy + sell together, which matters for:
  • turnover strategies
  • switching bonds (sell one to buy another)

Instruments / asset types covered

The simulator compares broker fees across these operation/instrument types:

• Shares (acciones) / CEDARs (treated similarly for commissions in the examples)
• Government bonds (public bonds)
• Corporate/private bonds
• Treasury bills / LECAPs (commission mechanics differ by broker)
• Repurchase agreements (repo / “repurchase agreements”)
• Dividends-related charges (fees differ by broker)
• Primary subscriptions (participation in auctions for newly issued negotiable bonds)
• Transfer of securities (moving positions between brokers without selling/rebuying)
• Broker fixed monthly plans (commission-free or reduced commission tiers)

Broker brands mentioned in the comparison

Compared across the simulator:

• Beta Capital
• Ecovalores
• Cocos Capital
• Invertir Online
• Balance
• BullMarket
• PPI
• Rava Bursátil

Also mentioned plan accounts such as IEB+ and EB+ (fixed plan notes).

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Example commission rankings & key numbers (from subtitles)

1) Shares (acciones) / CEDARs — buy/sell commission rates

For buying/selling shares (acciones; CEDARs “same” in examples):

• Beta Capital: 0.15% (lowest)
• Ecovalores: 0.33%
• Cocos Capital: 0.45%
• Invertir Online / Balance / BullMarket: about 0.5%
• PPI: 0.6%
• Rava Bursátil: 0.8% (highest)

Buy example (1,000,000 ARS)

• Beta Capital total (commission + market fees + VAT on fees): 2,420 ARS
  • Commission 0.15% = 1,500
  • Market rights: 0.05% = 500
  • VAT stated as 420 (on commission + market rights)
• Ecovalores: 4,598 ARS
• Cocos Capital: 6,050 ARS
• Rava Bursátil: 10,285 ARS

Subtitles highlight an approximate gap of ~7,900 ARS between cheapest (Beta) and most expensive (Rava) for buy only.

Important caution (turnover / “buy then sell” / switching bonds) If you do sell + buy (e.g., switching negotiable bonds to pursue higher IRR), commissions and fees accumulate and can reduce realized IRR versus what you expect from coupon/IRR alone.

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2) Government bonds — VAT exemption changes totals

• Government bonds are stated as exempt from VAT, so totals can be lower versus instruments where VAT applies.

Ranking for public bonds (commission rates mentioned):

• Beta Capital: 0.15% (best)
• Cocos: 0.45%
• Ecovalores: 0.49%
• BullMarket: 0.5%
• PPI: 0.6%
• Rava: 0.8%

Buy example (1,000,000 ARS)

• The subtitles note Beta’s advantage since VAT is not applied to government bond fees.
• Differences mentioned:
  • Beta vs Rava: roughly 1,600 ARS difference for buy only
  • For buy + sell, the difference can roughly double (example stated ~3,200 to ~16,000 ARS)

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3) Corporate/private bonds vs public bonds

• Corporate/private bonds: same commission rates, but VAT applies
• Public/government bonds: no VAT (per subtitle)

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4) LECAPs (treasury bills) — comparing different commission methods

A key point: brokers report LECAP commission differently.

Two commission styles described:

• Fixed % of invested capital (annualized or prorated)
  • Example broker rates cited:
    • Balance: 0.10%
    • Beta: 0.15%
    • Rava: 0.8%
• APR taken out of interest earned
  • Example:
    • Cocos shows 1.5%, but subtitles clarify it’s 1.5% APR charged on top of LECAP interest (i.e., effectively a cut of the yield)

Video guidance: compare carefully by horizon:

• For short-term LECAPs (2–3 weeks), a %-of-interest approach may be competitive.
• For longer maturities, a fixed-style cost may be more predictable.

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5) Repurchase agreements (repo) — annualization for comparability

Subtitles state that brokers express repo costs in different timeframes, so the simulator:

• Annualizes all repurchase agreement rates to compare apples-to-apples.

Annualized repo commission examples mentioned:

• BullMarket: 1% APR
• Beta Capital: 1.5% APR
• Invertir Online (OL): 1.8% APR
• Cocos / Balance / PPI: 2% APR
• Ecovalores: 3% APR
• Rava: 5.4% APR (called out as surprising/high)

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6) Dividends — broker charges differ (and may be undesirable)

• Beta Capital: described as not charging on dividends (also described as “good” in subtitles)

Other stated dividend commission rates:

• Coital / Invertir Online: 0.25%
• Balance / BullMarket / PPI / Rava: 1%
• Ecovalores: 1.5% of dividends received

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7) Primary subscriptions (auction participation)

For primary subscriptions (negotiable bond issuance / auction participation):

• Beta Capital: 0%
• BullMarket: 2.5%
• Invertir Online / Balance: 0.5%
• Cocos: 1%
• PPI: 1.5%

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8) Transfer of securities (between brokers)

Subtitles explain that securities are held/deposited in a depository, and transferring avoids selling/buying twice.

Mentioned transfer fees (examples):

• Rava and Beta: no charge
• PPI: 100 ARS per instrument + 100 per share (subtitles)
• BullMarket: 500 ARS
• Invertir Online: 750 ARS
• Cocos: 10,000 ARS (per instrument)
• Ecovalores: 20,000 ARS (most expensive)

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Fixed monthly plans — break-even logic

IEB+ plan example (fixed cost)

IEB+ includes:

• Free account (limits not described in detail)
• Investor plan: 5,000 ARS/month with no commissions, only market rights for:
  • stocks
  • bonds
  • CDRs
  • negotiable obligations
  • treasury bills

Subtitles emphasize that whether it’s worth paying depends on your monthly trading volume.

Break-even thresholds (approximate, from subtitles)

Using examples like trade 1,000,000 ARS/month:

• Ecovalores / Beta: fixed plan likely not worth it (video suggestion)
• Cocos: may be close to breakeven around ~1,000,000 ARS/month, but only “right on the edge,” after considering VAT on plan-related items
  • subtitles estimate VAT may add ~20% of the commission figure
• If you trade less than ~750,000 ARS/month:
  • “It won’t be worth it” for the fixed 5,000 ARS plan approach (with possible broker-specific exceptions)

Key rule emphasized:

• A fixed plan is only worth it if you trade consistently every month; skipping months can make it inefficient.

Additional broker plan details mentioned (not a full fee table)

• Invertir Online: plans with thresholds
  • normal plan for 0 to 7.5 million ARS/month
  • reduced commissions between 7.5 and 50 million
  • “Black plan” for >50 million
  • some items reportedly have no fees at high volumes
• Beta Capital: flat plan examples
  • Flat Start: 85,000 ARS
  • Flat Advance: 160,000 ARS
  • Flat Elite: 285,000 ARS/month (limits mentioned, plus 500 million operating cap; overdraft 320%)
• Ecovalores: example mentioned
  • for high weekly volumes (subtitles: ~30 million ARS/week), commissions can drop to ~0.13%
  • intraday discounts (sell/buy same day) mentioned but not detailed

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Risk / performance context mentioned

The video frames “risk” mostly as cost/IRR drag:

• Trading more frequently (including buy+sells and bond switching) increases fees and can reduce realized IRR.
• It stresses not focusing only on commissions, but also:
  • app usability
  • customer service
  • clarity of P&L/profit/loss reporting
• Mentions accounting/tax planning for larger investors (see below).

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Disclosures / disclaimers (tax + advice caveats)

• No explicit “not financial advice” wording appears in the subtitles provided.
• Tax/accounting notes (Argentina):
  • Described as exempt from many regulations/taxes for certain market investments
  • Claims that investors can be exempt from income tax and personal assets tax when holding stocks and other assets, subject to specific cases
  • Advises: for considerable amounts, consult an accountant to understand dividend and capital gains treatment
  • For small amounts, suggests it may not be worth the accounting expense

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Presenters / sources

• Presenter: Mati (referred to by first name; no last name provided)
• The simulator creator is the video creator (no additional external research sources cited beyond:
  • referencing Bima fee schedules via a link to broker fee descriptions, without naming a specific author/source).