Feedback on Trading 212

sausage_time

I'm considering "Bed and ISA" for some US Shares I own.  I am comparing the total cost for £20k over 4 years as an example - monthly fees, trade cost, FX fees - and Trading 212 seems to be way cheaper than anyone else (£30 compared with £298 -£543, and more).  Feels like a red flag, but searching the forum the comments seem OK.  

The share in question does not pay a dividend.

Any other comments on Trading 212?

gravel_2

Most of the negative comments that have been popping up on this forum come after "Martin" recommended it as a Cash ISA. Many people, not used to investment platforms, expect it to work like a bank and are surprised when it doesn't.

I'm a relatively new customer. No issues with it. They've been around a reasonable amount of time. There's always a chance they suddenly change model and start charging for trades, custody, or both.

Voyager2002

gravel_2 said:

Most of the negative comments that have been popping up on this forum come after "Martin" recommended it as a Cash ISA. Many people, not used to investment platforms, expect it to work like a bank and are surprised when it doesn't.

I'm a relatively new customer. No issues with it. They've been around a reasonable amount of time. There's always a chance they suddenly chance model and start charring for trades, custody, or both.

I am in the same position. I have not had any issues with them, although I have noticed that they are pretty 'light' on service. I have not had any issues, but I think I know what I am doing and have reasonably low expectations.

sausage_time

Thanks for the (reassuring) feedback.  

If I understand the blurb, I can fund the account directly in US$.  If I can do that via ACH from my US broker and use that to buy back the shares in the ISA then may be able to avoid the 0.15% FX fee.  Feels too good to be true.

eskbanker

sausage_time said:

If I understand the blurb, I can fund the account directly in US$.  If I can do that via ACH from my US broker and use that to buy back the shares in the ISA then may be able to avoid the 0.15% FX fee.  Feels too good to be true.

My understanding is that ISA deposits must be made in sterling and that this remains the currency of the account, even if used to buy and hold investments priced in other currencies, have you seen something that contradicts this?

sausage_time

Ah, you are correct on that @eskbanker - I could not see this called out on the '212 web site, but I see it now.

Do CFD accounts and ISAs also support multi-currency?

At this stage, only the Invest account is supporting multi-currency.

wmb194

sausage_time said:

Thanks for the (reassuring) feedback.  

If I understand the blurb, I can fund the account directly in US$.  If I can do that via ACH from my US broker and use that to buy back the shares in the ISA then may be able to avoid the 0.15% FX fee.  Feels too good to be true.

Bank transfers to T212 have to be from an account in your name. I don’t know about yours but mine (E*Trade) doesn’t show my name on ACH transfers so instead I transfer the money to my Wise USD account and then transfer it from there to my T212 GIA.

sausage_time

I'm with Schwab which may be different.  But I use Wise too, so that's a useful tip workaround if needed thanks!  

masonic

sausage_time said:

Ah, you are correct on that @eskbanker - I could not see this called out on the '212 web site, but I see it now.

Do CFD accounts and ISAs also support multi-currency?

At this stage, only the Invest account is supporting multi-currency.

Don't misunderstand the "At this stage" preface. The ISA rules prohibit holding of foreign currency, so it would take a change in legislation for the situation to change.

sausage_time

masonic said:

sausage_time said:

Ah, you are correct on that @eskbanker - I could not see this called out on the '212 web site, but I see it now.

Do CFD accounts and ISAs also support multi-currency?

At this stage, only the Invest account is supporting multi-currency.

Don't misunderstand the "At this stage" preface. The ISA rules prohibit holding of foreign currency, so it would take a change in legislation for the situation to change.

Agreed - that appears to be sloppy wording.

sausage_time

wmb194 said:

sausage_time said:

Thanks for the (reassuring) feedback.  

If I understand the blurb, I can fund the account directly in US$.  If I can do that via ACH from my US broker and use that to buy back the shares in the ISA then may be able to avoid the 0.15% FX fee.  Feels too good to be true.

Bank transfers to T212 have to be from an account in your name. I don’t know about yours but mine (E*Trade) doesn’t show my name on ACH transfers so instead I transfer the money to my Wise USD account and then transfer it from there to my T212 GIA.

Hi @wmb194 - how did you transfer US$ into your GIA?  The only options I can see on the web and app are for GB£ transfers with sort code and account numbers (or IBAN).  Won't work for Wise or Schwab.