Purchasing shares worry

Mckennsa

Hi all 
hoping someone can put my mind to rest as have got myself really worried giving personal info such as NI number and signing a w8-Ben form when opening an online app account with trading 212. I haven’t deposited any money yet but used the recommendation on the MSE website to use Trading 212 and then had a mad panic. 

Are they legit and is it normal to compete and share what I have.
Looking to buy some shares and wanted an app format but as I said am worried now I may get scammed. 
Thanks in advance 

wmb194

Mckennsa said:

Hi all 
hoping someone can put my mind to rest as have got myself really worried giving personal info such as NI number and signing a w8-Ben form when opening an online app account with trading 212. I haven’t deposited any money yet but used the recommendation on the MSE website to use Trading 212 and then had a mad panic. 

Are they legit and is it normal to compete and share what I have.
Looking to buy some shares and wanted an app format but as I said am worried now I may get scammed. 
Thanks in advance 

Yes, it’s normal, don’t worry and T212 is legitimate. It’s just to register you as a non-resident alien with the US authorities so you’ll be charged the 15% double taxation treaty rate on dividends and to state you’re not a US citizen. I cannot remember the last broker that offers US listed shares not to ask me to complete one.

Mckennsa

Thank you for coming back and settling my nerves - I assume it also safe to link my bank account into the app too or is a debit card safer ? 

eskbanker

Mckennsa said:

I haven’t deposited any money yet but used the recommendation on the MSE website to use Trading 212

I doubt that MSE recommended Trading212 as such, but you may have seen their name listed under caveats such as:

Investing isn't MoneySavingExpert's area of expertise. So, we don't tell you here what the 'best' platform for you is, or give you any top picks. What we've done is pull out a mix of both cheaper platforms and well-known platforms for the two main types (DIY platforms and robo-investment platforms), so you have somewhere to start your own research in to which suits you best.

https://www.moneysavingexpert.com/savings/stocks-shares-isas/#doityourself

morgmonster

Mckennsa said:

Thank you for coming back and settling my nerves - I assume it also safe to link my bank account into the app too or is a debit card safer ? 

They use Truelayer/openbanking, several of my savings accounts use this method to move money, as well as Trading212. You still have to confirm the movement of the money with biometrics/passcodes etc. It's very safe and widely used in the UK. You can though use your debit card for the first £2000 that you deposit, if you prefer, but then you have to link an account.  I've been a T212 customer for a year, my investments are held in an ISA.

DUBVENDOR

If you are this worried just by signing up . Are your really ready to invest . What will you be like if the the value of your holdings drop by 50% or more ? 

Albermarle

Looking to buy some shares and wanted an app format but as I said am worried now I may get scammed.  lose a lot of money

Other posters have put your mind at rest about getting scammed, but you will still have plenty to worry about, as buying individual shares is at the high risk end of investing,