Trading212 pretends it have limit order with GTC expiration time, but it’s not true.
Here is the proof:
Account have 500$ of free funds. TESLA stock cost 420$ - SUPER overvalued, so i think it’s gonna crash so i try to create BUY LIMIT order to buy 4 stocks for 100$ each. Order expiration time set to GTC. And system WONT allow you to do so, because it is intentionally created to not allow creating orders that may sit waiting for a long time. System will throw you 95% error, because system calculates that you have 500$ free and current price of 1 stock is 420$ so it’s 4x420 = 1680 - so this is WAY higher then 500$. While my order is only for 400$ not 1680$. FAKE GTC Limit order feature. It’s impossible to truly use it.
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It is just that the current price is too far away from your limit price. Works the same at other brokers.
I have a bunch of shares of a stock at another broker. Wanted to set a limit sell order for 1.50 USD higher (Price is now 2.40ish) and it isn’t possible.
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Just to also reemphasise T212 aren’t involved in the order so they haven’t built a “fake GTC”. As @chantal mentioned this is expected
In fact it not even their system it’s IBs that does the placing which is one of biggest brokers in the world. T212 essentially build their own interface to the IB API. Their added section are things like fractional support.
So you both used crappy brokers and you telling me that everybody have to be crappy broken? DO you ever used Crypto exchange? NONE of them have such nonsense. If bitcoin is 1000000000$ i can place order for 1cent. Is it stupid? yeah. But in my case 50$ for Tesla is VERY reasonable price, this price was not so long. Systems have this limitation to prevent people making many orders. I dont want to be 24/7 to my computer or phone to be able to buy or sell at good price. That’s why limit orders was invented.
I would pay small fee to have this, logical and good feature.
I think you missed my post where I said T212 don’t actually do any of the orders it’s IB talking with the exchange and T212 gets back a response if it’s placed or not.
They literally say this customer wants a limit order and it’s good till cancelled.
The orders don’t sit with T212 waiting to be executed.
DOnt care anymore. ALl i hear from trading212 is EXCUSES. TOday when this garbage wasnt workinga AGAIN…i withdraw all my money… Whats the point of it if it NEVER works when needed.
Have you tried Freetrade? Or HL? AJ Bell?
I want T212 to improve like anyone else, but plenty of other brokers to try. Vote with your wallet if you aren’t happy.