In short
- An order can carry brokerage, an exchange commission, settlement and VAT.
- Custody fees can be added each year.
- The minimum per order weighs most on small amounts.
- Only your institution’s official price list counts.
The fees, one by one
| Fee | Goes to | When |
|---|---|---|
| Brokerage | Brokerage firm or bank | On buying and selling |
| Exchange commission | Casablanca Stock Exchange | On each trade |
| Settlement | Depends on the institution | On each trade |
| VAT | The state | On commissions |
| Custody fees | Account holder | Periodically |
A full example
This calculation uses made-up rates, chosen to keep it simple: brokerage of 0.5%, exchange commission of 0.1%, settlement of 0.1% and VAT of 10% on these commissions. You buy 10,000 dirhams of shares.
| Line | Calculation | Amount |
|---|---|---|
| Brokerage | 10,000 × 0.5% | 50 MAD |
| Exchange | 10,000 × 0.1% | 10 MAD |
| Settlement | 10,000 × 0.1% | 10 MAD |
| VAT | 70 × 10% | 7 MAD |
| Total | 77 MAD |
If you then sell at the same price, the fees repeat, for a total of 154 MAD. The price must therefore rise by about 1.54% just to cover these fees, before tax.
The effect of a minimum per order
Suppose a made-up minimum of 50 MAD of brokerage per order. On an order of 10,000 MAD, that is 0.5%. On an order of 1,000 MAD, the same minimum is 5%. This is why many small orders can be expensive in proportion.
Custody fees
These pay for holding your securities. A made-up example: at 0.2% a year, a portfolio of 50,000 MAD costs 100 MAD a year, before tax. Some institutions use a sliding scale, a minimum or a bundled offer.
Where to find real prices
Rates vary by institution, channel and amount, and they change. According to La Vie éco, the exchange commission quoted was 0.1%, but the article is old: current price lists remain the reference. Compare offers with our guide to online brokers in Morocco.
Frequently asked questions
Do I pay fees if my order is not filled?
Trading commissions apply in principle to filled orders. Your institution’s price list gives any special cases.
Do fees count when calculating a capital gain?
As a rule, taxable profit is calculated after buying and selling costs. Your sale statement shows the details.
This article is for information and educational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investing in shares involves a risk of capital loss. Check figures against official sources (Casablanca Stock Exchange, AMMC) and consult a licensed professional. Read the full disclaimer.
