Trading 212 ; Trading!

Altior

https://forums.moneysavingexpert.com/discussion/comment/81908915#Comment_81908915

What defies logic completely (aside from the price), is that I couldn't get a market order traded on 212 either. I'm not talking seconds, I'd leave it for example 20 minutes. Yet a market order on FT is traded almost instantaneously (6 or 7 times I've done this since yesterday). And at a good price. So the liquidity is there.

I've decided to take this out of 212 via transfer anyway, as FT is also giving 1% cashback on amounts transferred before the end of the tax year. A partial transfer, keeping the 212 account open with a bit of uninvested cash, so the option remains. I will test IG as well, in case I want to open a new S&S ISA there in the new tax year.

roose0

Thanks for your interesting findings.

What you are comparing is the execution quality of the brokerages, which is an important factor to consider if you trade frequently.

However, it is difficult to compare subjectively as a retail customer because trade execution depends on lots of variables (e.g., trading time, instruments, lot sizes). Just because one platform failed to execute a trade at a particular time doesn't necessarily mean the other platform is superior because it can also fail in a different condition. Just something to bear in mind.

Altior

No worries. Yes, definitely there may be times where 212 is superior. So I've kept my account running. What I find difficult to understand it is why 212 seemingly can't execute a market order, when another platform can, almost immediately. There's no way there weren't any sellers, so it would be good to know the mechanics of 212's operation.

My priority is knowing what price my purchase will be matched at. Which the limit order should account for, but not if my limit order is ignored when trades are going to other buyers in the market at a lower price! Even if they are also me!

However, what I did identify is, funnily enough, Google was almost real time. If I refreshed after my trade was executed on FT it would show my exact purchase price as the last price traded. That was good enough for me, as each time it was virtually the same as they were reporting as the last price traded (often a tiny bit lower).

I can sacrifice not knowing the exact purchase price if it's the best true market price on the buying side.

masonic

They can, but it is more cost effective for them to match internally and/or at different venues, though I don't know why they don't give the option of an immediate market order for a fiver to those who want it.

I've had orders fragmented into lots of small trades, and there is an overall limit of about £50k per order.

I've never noticed any issue with price drift when these unconventional filling methods are used.

Altior

I'm definitely being trolled 😅

MeteredOut

Unlikely with such a low volume, but isn't there a chance that the there is only, for example, 1000 shares waiting to be sold at 50.80 price, and no-one offering to sell higher, in which case your buy bid of 2000 shares in not being executed. Or does T212 allow partial settlements?

But, I think the suggestion that T212 tries to match within its own platform first is most likely. Perhaps they only to go the wider market after a period of time, or a set number of times per hour/day. But if so, that really should be in the T&CS/small print somewhere.

Altior

Yes I have had bids partially executed on 212.

MeteredOut

https://forums.moneysavingexpert.com/discussion/comment/81910945#Comment_81910945

Is that an option you have control over? ie. specify whether you want an all-or-none purchase or not.

Altior

Almost certainly this will now soon trade higher on open tomorrow, and I'll have none of that offer matched again.

Altior

Those cyclical dips are based on the xd, so if there isn't material negative information unknown to the public, this is quite an appealing price at the moment. Obviously these kind of ITs tend to get a collateral impact from wider market volatility. Which is why I am so keen to play (more than what is showing).