Trading 212 Chat

pramsay13

My free share is worth USD 6.58 so well below £10

gollum007

The current terms don't seem to specifiy a minimum share value.


Unfortunately, I didn't save the original terms, but looks like the goalposts have moved again.


Whilst it looks like plenty of people (including myself) have recieved something with relatively little hastle, keep an eye on the terms from when you signup.

Silver_Queen

I've managed to cash out my shares every time, although it took almost two weeks for one lot to be cashed out. My order to sell a share was also rejected once but I just did it again and went through fine the second time.

I'm now trying to close my account - no luck so far but I'll report back once I manage it.

masonic

Original terms, posted here for posterity (If you've reviewed the current terms you'll understand why):

Refer a friend terms:
"Introduction

Being our Client you already know that we are offering fee-free trade in shares and ETFs. Become a referee, sponsor and beneficiary - both you and your referral will earn a free share.

By entering into the promotion You are agreeing to the below terms and conditions

1. This Referral Program is provided to you by Trading 212 UK Ltd.1 (Trading 212).

2. To qualify for this program, you must comply with all of the following conditions:
a. Be a resident of one of the following countries:
i. United Kingdom;
ii. Switzerland;
iii. Germany; or
iv. The Netherlands.
b. Have a funded Trading 212 Account on the Trading 212 platform and have opened a Trading 212 Invest Account, pursuant to Trading 212 Share Dealing Service Terms of Business and all other Legal Documents;
c. Accept and agree with the current Trading 212 Referral Program Terms and Conditions;
d. Your referral has met Trading 212 client criteria and has opened, successfully activated and has deposited the Мinimum Deposit amount in any Trading 212 Account;
e. You have not breached the Prohibited use requirements, as listed below.

3. Each qualified referee is given a unique invite link, which could be shared by any medium (SMS, Email, etc.). All Invest Clients coming from that link are attributed to the link’s owner. Once given, the invite link never changes.

4. Both You and your referral will receive a free stock share after the conditions in Section 2 above have been met.

5. Within 24 hours from meeting the conditions in Section 2 above, you will be entitled to acquire the Referral Share (as defined in Section 7 herein). The time for the allocation may be extended only due to technical issues, or when the time period falls within the weekend - e.g. if the account is opened on Friday you will receive the Referral Share on Monday when and if the markets are open.

6. Referral Shares will be randomly selected shares traded on established markets. The Referral Share shall have a price limitation of up to 100 GBP, 100 CHF and 100 EUR depending on your account currency and location. The Referral Share is randomly selected and may not be negotiated or exchanged for another. No personal circumstances will be taken under consideration, and no shares will be acquired with an individual user in mind. We make no recommendation, nor we will facilitate in any way further acquisition of the same share as the Referral Share. If you receive more than one Referral Share, there is no guarantee that they will be of the same type.

7. You will be free to refuse or cancel the allocation of any Referral Share within 24 hours from the allocation by contacting us at info@trading212.com. You will not be entitled to a new Referral Share for any refused or cancelled share. You will not have any further financial commitments to Trading 212 in relation to this Referral Program.

8. None of your investments or assets will be used within the whole process of the Referral Program. The Referral Share shall be distributed only with Trading 212’s own funds.

9. Trading 212 is the sole arbiter of the program and reserves the right to alter, amend, extend or foreclose the program any time without prior notice. We will notify you about any changes to the program and/or its conditions via platform message, email and/or regularly check our official page.

10. If Trading 212 detects any form of fraud, abuse or misuse of this program of any kind, you will be excluded from the campaign immediately.

11. Trading 212 reserves the right to withhold any prizes for which a participating user is selected if Trading 212 is of the opinion that the spirit of the program is being abused. Trading 212 will resolve any disputes, whether or not covered by these conditions, in a fair and appropriate manner and the decision of Trading 212 regarding any dispute will be final.

12. Nothing in this Terms, or in any other promotional material, will be viewed as a provision of investment advice, portfolio management or any other form of discretionary service. Trading 212 does not guarantee the performance of the Promotional Share.

13. Participation in the referral program shall not constitute or be deemed to constitute any form of partnership, association or joint venture between You and Trading 212.

14. By participating in the program, you acknowledge and consent to Trading 212 sending the individual named in your referral an email invitation on your behalf. You warrant that you have obtained prior consent from the individual named in the form to receive the email from Trading 212 on your behalf and you consent to Trading 212 using your name in the email sent to that individual.

15. If for any reason (e.g. conflict of interest) you are not allowed to own a specific share you are required to inform us prior to participating in the campaign.

16. By accepting these Terms and Conditions, you hereby confirm to have read, understood, agreed and accepted the following Trading 212 Referral Program Terms and that the relevant Legal Documents shall be applied mutatis mutandis.

PROHIBITED USE

Your use of our services shall be subject to the following mandatory requirements - You shall not: (a) circumvent (or try to circumvent) in any way the rules of these Terms and Conditions; (b) make any attempts to create multiple accounts, to invite individual users, who have created multiple accounts, in order for you to exploit the referral program; (c) do anything that may negatively affect Trading 212’s brand, goodwill or reputation; (d) use the Referral Program in: (i) any way that breaches any applicable local, national or international law or regulation; or (ii) any way that is unlawful or fraudulent, or has any unlawful or fraudulent purpose or effect; (i) use the Referral Program excessively or in any way that we consider to be unreasonable (at Trading 212’s sole and absolute discretion)."

masonic

The current terms of the offer can be found here: https://www.trading212.com/en/Invite-a-Friend-Terms

WARNING: The new terms state that if you don't log in every three months, you will be deemed 'in default' and Trading212 will attempt to claw back the value of any incentive you received.

I certainly wouldn't accept a free share under those terms and have pulled my link from the referrer's board.

telemarks

My final update.
I jumped through the hoops, waited the week until I could sell my shares.
Then waited about 10 days, no money yet.
Used the contact details to message them, and got £22 paid into my account about 3 days latter.
Messaged them again, and asked to close the account, which they have now done so.


Overall were the hoops jumped through, and the information given worth £21? (or put another way, would I do this again??) I'd say No.

masonic

I tried sending them a message using their website contact form a week ago asking them to close my account and have had no joy.

telemarks: did you email them or use the contact form?

gollum007

masonic wrote: »

The current terms of the offer can be found here: https://www.trading212.com/en/Invite-a-Friend-Terms

WARNING: The new terms state that if you don't log in every three months, you will be deemed 'in default' and Trading212 will attempt to claw back the value of any incentive you received.

I certainly wouldn't accept a free share under those terms and have pulled my link from the referrer's board.

If that interpretation is correct, I'd agree that now stinks to high heaven.
A requirement to log-in every three months in perpetuity would also likely fall under unfair contract terms.



The clause mentioned is this currently:

3.3. You have to log into Your Trading 212 account at least once every three months after you have received/sold the Referral Share (whichever occurs the latest).

However I'll note, the English used throughout the terms of this promotion is poor at best.




I suspect the actual intention is that your account must remain active for a period of three months following either the allocation or sale of the share, whichever is later.
Clause 4.3 is again badly written, but seems to agree with this in that it talks about selling the share to pay the penalty.

masonic

gollum007 wrote: »

If that interpretation is correct, I'd agree that now stinks to high heaven.
A requirement to log-in every three months in perpetuity would also likely fall under unfair contract terms.

The clause mentioned is this currently:

However I'll note, the English used throughout the terms of this promotion is poor at best.

I suspect the actual intention is that your account must remain active for a period of three months following either the allocation or sale of the share, whichever is later.

If your interpretation is correct, then they will need to update the terms, because there is currently nothing stopping someone from logging in once after selling the share and then closing their account immediately afterwards. They will have fulfilled the necessary requirement to log in at least once every 3 months following receipt and sale of their share. Everyone taking up the offer would need to log in once after selling in order to withdraw. Perhaps all they mean is that they reserve the right to collect any remaining proceeds of the offer once the account is inactive for 3 months, but who knows? They could have said that in one sentence without having to invoke the 'Event of default' and introduce a whole new section to the T&Cs.

Clause 4.3 is again badly written, but seems to agree with this in that it talks about selling the share to pay the penalty.

This Clause states that the penalty is a monetary amount, and further reserves the right of set-off to satisfy the penalty. It states they won't sell other investments to satisfy the penalty, but that doesn't mean they won't apply a debit balance to your account and pursue you for it.

As written, there are several terms that are unfair, such as the term declaring that Trading212 is the only party entitled to interpret the provisions of the programme.

TBH, if they tried any funny business they wouldn't have a leg to stand on if it got as far as the FOS. But it would be a lot of hassle to go through to see these unfair terms successfully challenged.

telemarks

masonic wrote: »

I tried sending them a message using their website contact form a week ago asking them to close my account and have had no joy.

telemarks: did you email them or use the contact form?

I used their contact form, and they emailed back