What are the fees to buy stocks in Morocco?

Stock trading fees on the Casablanca Bourse include a broker commission (usually 0.6%), a settlement fee, a market tax, and a 10% VAT on the total fees.

What is the minimum fee rule?

Most Moroccan brokers charge a minimum fee per transaction, usually between 20 MAD and 50 MAD. If your calculated percentage fee is lower than the minimum, you will be charged the minimum fee instead.

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Understanding Moroccan Stock Fees

1. Broker Commission (Commission de courtage)

This is the fee charged by your bank or broker. For retail investors, it's typically around 0.6% of the gross transaction value. However, watch out for the Minimum Fee (often 25-50 MAD), which can heavily impact small trades.

2. Market Tax & Settlement (BVC + Maroclear)

These are fixed regulatory fees paid to the Casablanca Stock Exchange and the central depository. They are usually very small (e.g., 0.1% or less) but add up.

3. Value Added Tax (TVA)

A 10% VAT is applied, but not on your stock value! It is only applied to the total of the fees mentioned above.

💡 Pro Tip: The Break-Even Point

Because you pay fees when you buy AND when you sell, a stock must typically rise by about 1.5% to 2% just for you to break even. Use our calculator to find your exact break-even point.

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