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Trading 212 ; Trading!
Does anyone experience similar to me? It is baffling and infuriating in equal measure.
It seems impossible sometimes to get trades matched.
Sometimes I use a limit order. Which sets a maximum price. For example, buy 1000 at 1, when the security is trading at 1.01.
It will trade at 0.99, yet my limit order is still pending. Then later the price is trading higher again. But my limit order remains pending. It is utterly bizarre. However if I flick over to Freetrade and buy 'the market' ie an unknown buy price, I will get my trade matched at 1! Yet my limit order which was there first in 212 is still sitting there.
All morning I've been trying to get trades matched on a security that is trading lower than open. The chart shows multiple points where it went below the limit order, but nothing is matched in 212. There are shares on the market though available to buy as I will get traded straight away on Freetrade.
Added to this, when it is being traded around a price I'm happy with, and do a market order on 212, that doesn't get matched either 😫
This has not just happened on one equity either for me, on multiple examples. So Freetrade is much better to get matched it seems to me (why?), but obviously it's a significant drawback only being able to do a market order as the price you'll get is theoretically unknown (the securities are not traded in huge volumes).
Comments
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Exactly the same today 😒
I suspect the MO (manual or more likely automated), is their platform is structured to wait until there is a margin for them between the limit order price and the actual market price. Though I don't believe that model is disclosed if so.
It doesn't explain why I can't get trades matched on a market order. Five times I got trades matched on market orders in FT, and nothing again in 212. At the same time!
212 has a really nice UI, good offer, decent interest on uninvested cash et al, but falls down for me on the primary objective, trading! I will most likely be moving the trading element of my portfolio to FT pretty soon.
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What are you trying to buy? With T212 I've found that the less well traded the security the longer it takes to fill. This morning it filled some FTSE100 and 250 market orders in London almost instantly whilst another (HICL) was pretty slow. Market orders this morning in Amsterdam and Zurich were filled next to instantly.
Have you tried IG Invest? For London listed securities it's my favourite at the moment because it's the first commission free broker I've used that will give you 15 second quotes and realtime prices.
IG recently bought Freetrade.0 -
How does this work 🤐
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As per my captures, NCYF and it's filling immediately on FT at a lower price than my limit order on 212!
Not just a one off, multiple times.
I'm not day trading as such, this IT has a narrow trading range so I try to purchase it on a small dip. The opportunities tend to be narrow too.
Thanks, I do have an account with IG but not an ISA. Commission free and being able to limit the price (or fill or kill) would be the perfect world. It's nice to see in my investigation though that FT seem to be matching the actual market price on a market order, ie my offer is going on to the genuine market without being scalped.
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As I type it looks like NCYF's LSE quoted bid/offer is 50.4p/51p so your limit buy orders at 50.7p and 50.5p haven't tripped. If you set them to 51p they should trip and you should hopefully get a price inside the spread. With IG Invest you could get a 15 second market quote and decide.
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But I got the trade matched on a market order on FT at 50.66. When my limit order on 212 was still open at 50.7 !
It was trading under 50.7 for many minutes actually, on google's feed anyway. Which is why I tried a small market order on FT to test it.
Very very strange.
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But the LSE's indicted offer is 51p and this is what brokers' systems work to. If you set it to 51p T212 it should trip and T212 would buy in the market and hopefully get you 50.66p.
I don't know where you found that quote in your screenshot but it looks like a mid market price i.e. not what T212's systems are looking at.
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It isn’t strange, you need a better data feed. You need to use one that shows you the bid and the offer prices. You can see something close to the live, LSE bid/offer prices with IG and 15 minute delayed with TradingView and from the LSE website.
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The middle image isn't a quote, it's the actual price traded on FT. Traded a few seconds of submitting a market buy order. Is seems FT are able to trade at a lower price than the offer price. FT is a winner here then lol.
It doesn't explain why a market order doesn't get traded on 212 either.
It's all marginal stuff but the margins matter with this investment. It takes over a month to make 1% so if I can achieve that on the traded price, it's quite material.
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Ok, it was the last traded price. Trading within the spread is common and it’s common with T212 as well. Buy limit orders work with the exchange indicated offer price and your limit orders were below it.
My experience with with T212 market orders is that they’re fine with well traded securities but less traded securities can take a long time to fill.0
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