Investing is never free. Between your broker's commission, exchange fees, your funds' management charges and government tax, several dozen basis points leave your pocket every year. The difference between an informed investor and a naïve one often comes down to knowing exactly where these fees apply and how to minimise them.
Here's a complete tour of every fee you'll meet on the Casablanca Stock Exchange, with concrete numbers.
Brokerage fees
What your brokerage charges to execute your orders.
- When are they charged? On every executed order (an order cancelled before execution costs nothing).
- How much? In Morocco in 2025, typically 0.3% to 0.8% of the order amount, often with a minimum (50 or 100 MAD) that hits small orders disproportionately.
- Can you optimise? Yes — by consolidating orders. At equal volume, one big order is cheaper than ten small ones, especially when a minimum applies.
*Example: a 1,000 MAD order at 0.5% + 50 MAD min costs 50 MAD (5% of the amount!). The same 1,000 MAD spread across 10 orders costs 500 MAD total.*
Custody fees
Annual fees for holding your securities in the Maroclear system.
- How much? Often a few dozen MAD per year, sometimes zero for retail depending on the brokerage.
- How to check? Ask your custodian for the full fee schedule.
Mutual-fund (OPCVM) fees
If you invest via a fund (SICAV or FCP), three fees may apply:
Subscription fee
Charged on entry when you buy units. Often negotiable or zero.
Redemption fee
Charged on exit when you sell. Often also zero.
Management fee
Charged continuously on the fund's net assets — that's how the management company gets paid. In Morocco, regulation caps it at 2% (excl. VAT) per year.
*Important: over 10 years, a 0.5% gap in management fee compounds to roughly 5% of cumulative performance. When comparing two similar funds, ALWAYS look at the management fee first.*
Tax (2025 rates)
The state takes a cut on three things:
Capital gains — 15%
On realised capital gains on listed shares. The 15% applies to (sale price − weighted-average buy price) × quantity.
Note: as long as you don't sell, paper P&L is NOT taxable.
Dividends — 12.5% withholding
Automatically withheld before the dividend hits your account.
Bond coupons — 20% withholding
Same mechanism, on interest received.
These rates can change with each annual finance law. Always verify the latest official text before basing a decision on tax.
VAT — 10%
A 10% Moroccan VAT applies to brokerage and custody fees. When you see a fee schedule "ex-VAT", mentally add +10% for the real cost.
How to minimise your bill
1. Consolidate orders
At equal total volume, one order costs less than several. If you want to invest 10,000 MAD, don't slice it into 10 × 1,000 MAD.
2. Compare brokers
The spread between brokers can be 30-50% on fees. On modest volumes, that adds up.
3. Pick low-fee mutual funds
Before subscribing to a fund, request its key facts sheet and check the management-fee line. 1.2% vs 1.8% per year compounds to 6 percentage points of performance lost over 10 years.
4. Hold long-term
Every sale triggers the 15% capital-gains tax. Holding the security for a few more years defers the bite and lets compounding do its work.
5. Cancel before execution
An order cancelled before execution costs nothing. If you placed a limit order you no longer want, cancel it free of charge.
Total cost: what does investing really cost?
On a typical 10,000 MAD investment, bought in one shot and held 5 years with some dividends:
| Fee | Approximate amount |
|---|---|
| Brokerage on buy (0.5% + VAT) | 55 MAD |
| Custody (5 years) | 0–100 MAD |
| Dividend withholding (12.5% × 5 years × 4% yield) | 250 MAD |
| Brokerage on sell | 55 MAD |
| Capital-gains tax 15% (on 4,000 MAD gain) | 600 MAD |
Total ≈ 960–1,060 MAD over 5 years on a 10,000 MAD order with 40% capital gain. That's roughly 9-10% of total friction, of which the bulk (60%) is tax — the part you can't negotiate.
Going further
How to invest on the Casablanca Stock Exchange — beginner guide. The order book explained. Limit vs market orders? Moroccan mutual funds. Financial glossary