Trading 212 alternatives?

Nova1307

Any suggestions?

I opened an account with Trading 212 over five years ago but despite updating my KYC information I invariably get asked for source of funds docs every time I try to make a modest deposit. I assume their app includes some kind of AI functionality because the request for additional info/docs comes in seconds after I try to make a deposit from my already verified linked account. I have nothing to hide but am just getting fed up of having to waste time downloading and submitting bank statements etc and having an online chat with an agent before funds are released. Three times in the past year this has happened and I have missed the boat when trying to buy the dip not to mention the hours wasted dealing with queries. I'd rather use a paid service if it saves me hours every year. 

I have the free basic plan with Freetrade and have no such problems with them so far although I haven't placed a trade with them in a while. Their standard plan includes a S&S ISA for £4.99 per month platform fee and I'm wondering if I should just transfer to them if it saves me hours of hassle every year. 

I am also transferring some shares from Jarvis to iWEB but haven't used their platform yet. I'm not a frequent trader and so perhaps they could be an option. £5 fee per trade would allow up to 12 trades per year to match the above Freetrade £60 p.a. standard plan. 

Thanks!

Aidanmc

https://www.cmcinvest.com/en-gb/

https://forums.moneysavingexpert.com/discussion/6558641/best-free-platform-for-holding-and-selling-shares

ETF only- Investengine

bobfredbob

That sounds very frustrating.  Is that transferring money with their app?

I transfer money in to Trading 212 from my bank website since my bank doesn't support Trading 212 connecting to it from their website.  As long as the correct reference number is on the deposit then it goes through ok.  

Perhaps try sending money from your bank instead of from within the Trading 212 website or app?

I disliked InvestEngine for multiple reasons, but for an ISA it would probably be fine.

Nova1307

bobfredbob said:

That sounds very frustrating.  Is that transferring money with their app?

I transfer money in to Trading 212 from my bank website since my bank doesn't support Trading 212 connecting to it from their website.  As long as the correct reference number is on the deposit then it goes through ok.  

Perhaps try sending money from your bank instead of from within the Trading 212 website or app?

I disliked InvestEngine for multiple reasons, but for an ISA it would probably be fine.

Yes - direct payments within the app from my linked account. They use an intermediary that takes me to my own bank's app and I approve the payment that way and am then returned to the 212 app. I haven't tried sending a manual payment and am a bit reluctant to as I get asked for source of funds supporting documents pretty much every time. I don't know if it's a glitch but it's a really frustrating.

I just want a platform that allows swift and hassle free trading. I might give iWEB a try - they just charge a flat £5 fee per trade and have a S&S ISA. I also like that they are backed by two large banks. 

wmb194

Due to a now expired 8.5% interest offer I've recently begun using IG and it's the first zero commission broker I've used that offers 15 second quotes for LSE listed securities so that's quite good. It has an account fee but if you have three open positions and make one trade a month it isn't charged. 

To verify the account you use for deposits and withdrawals you have to upload a statement showing a deposit to your IG account but for me that went smoothly.

https://www.ig.com/uk

iWeb's been annoying me with incredibly slow withdrawals - it uses Bacs - and the slow crediting of dividends but it does have automatic pay away and no account fees so it is good for set and forget. Also ultimately being owned by Lloyds Bank helps.

Nova1307

wmb194 said:

Due to a now expired 8.5% interest offer I've recently begun using IG and it's the first zero commission broker I've used that offers 15 second quotes for LSE listed securities so that's quite good. It has an account fee but if you have three open positions and make one trade a month it isn't charged. 

To verify the account you use for deposits and withdrawals you have to upload a statement showing a deposit to your IG account but for me that went smoothly.

Was this just a one time requirement to verify the linked/nominated account at the start or was it required for every deposit? Thanks

If the former it sounds like a reasonable request. I'll have a look at their website. 

InvesterJones

wmb194 said:

Due to a now expired 8.5% interest offer I've recently begun using IG and it's the first zero commission broker I've used that offers 15 second quotes for LSE listed securities so that's quite good. It has an account fee but if you have three open positions and make one trade a month it isn't charged. 

To verify the account you use for deposits and withdrawals you have to upload a statement showing a deposit to your IG account but for me that went smoothly.

https://www.ig.com/uk

iWeb's been annoying me with incredibly slow withdrawals - it uses Bacs - and the slow crediting of dividends but it does have automatic pay away and no account fees so it is good for set and forget. Also ultimately being owned by Lloyds Bank helps.

Interesting. I previously thought IG were primarily CFD/spread bet brokers, and they charged a fee for Investing.. but they contradict themselves by elsewhere saying fee-free. 

wmb194

Nova1307 said:

wmb194 said:

Due to a now expired 8.5% interest offer I've recently begun using IG and it's the first zero commission broker I've used that offers 15 second quotes for LSE listed securities so that's quite good. It has an account fee but if you have three open positions and make one trade a month it isn't charged. 

To verify the account you use for deposits and withdrawals you have to upload a statement showing a deposit to your IG account but for me that went smoothly.

Was this just a one time requirement to verify the linked/nominated account at the start or was it required for every deposit? Thanks

If the former it sounds like a reasonable request. I'll have a look at their website. 

It's early days but so far it's just been one time to verify the account for withdrawals that I uploaded when my first official monthly bank statement was available. No questions on deposits.

wmb194

InvesterJones said:

wmb194 said:

Due to a now expired 8.5% interest offer I've recently begun using IG and it's the first zero commission broker I've used that offers 15 second quotes for LSE listed securities so that's quite good. It has an account fee but if you have three open positions and make one trade a month it isn't charged. 

To verify the account you use for deposits and withdrawals you have to upload a statement showing a deposit to your IG account but for me that went smoothly.

https://www.ig.com/uk

iWeb's been annoying me with incredibly slow withdrawals - it uses Bacs - and the slow crediting of dividends but it does have automatic pay away and no account fees so it is good for set and forget. Also ultimately being owned by Lloyds Bank helps.

Interesting. I previously thought IG were primarily CFD/spread bet brokers, and they charged a fee for Investing.. but they contradict themselves by elsewhere saying fee-free. 

So far I've only bought shares in investment trusts and they've been commission free but it says on the site ETFs are commission free as well, "*Commission free on all stocks and ETFs traded within a UK GBP GIA, ISA and SIPP account.  Other fees may apply." 

On the fees page it says you pay £3 if you change your account from "instant" to "manual' currency conversion. I haven't changed anything so I guess I'm on instant. So far I've only deposited sterling and traded in sterling on the LSE anyway.

"Note for multi-currency accounts: The [zero] trading fees above apply to clients who opt for the default setting of 'instant currency conversion'. Clients who choose to convert currencies manually will pay commission of £3 on UK stocks, and 3 cents per share with a minimum charge of $15 on US stocks. Changing your currency conversion settings influences the amount of commission you pay. Our team reviews these changes on a monthly basis, so it may take some time to update your account. Please be aware that changing from converting on 'instant' to 'manual' means that you'll no longer qualify for commission-free trading."

https://www.ig.com/uk/investments/share-dealing

https://www.ig.com/uk/investments/share-dealing/costs-fees