Exactly, meaning my account will be wiped out completely
I have 8k blocked funds and 2k free
Wym by âwiped outâ? Yes some/all your positions may be closed but you wonât be left with less money than you had before the change.
Just to add to Ryan and adm, the only difference you can make is that if you have spread your stocks over different companies, or perhaps the same companies but at different price levels, is that you can chose which shares you want to close.
In my case for example, I have 10 Tesla shares spread over 5 purchases, between 315USD and 460USD. For me it would be most logical to close the ones at 460USD because there is less to gain compared to the 315USD ones.
In other words, you can either have T212 decide which trades will be closed or you can go ahead and start closing the ones that are least beneficial for you.
I think the point they are making is that none of us have made any recent trades on the basis that the leverage ratio would be changed so dramatically. Many of us have probably made recent trades where we are still making a loss - to now have the leverage ratio altered so drastically effectively forces us to suffer our current P/L position.
Any loss made because of this change is not the fault of the user - its the fault of the platform arbitrarily changing the terms upon which most users have committed to and modelled their trades, with such a small timeframe given to respond.
And what margin % are you currently at? You need to put 12,000 into your account to stay at the current margin % youâre at now.
Not true. This user could be sitting on a bunch of losing trades waiting for them to go green. If theyâre forced closed, they will suffer a loss.
Fair enough, didnât think about it that way.
I was just concerned by the language âaccount wiped outâ that people were under the impression positions closing meant they lost all their money - which of course isnât the case.
information on how to report them to the financial ombudsman https://www.financial-ombudsman.org.uk/ and the FCA https://www.fca.org.uk/ - These are the financial governing bodies that have the power to force the company to compensate you to whatever you file for.
They can fine the company millions of pounds if an investigation proves they are operating the way they are, a sham.
In order to protect the firm and all of our clients, Trading 212 UK Ltd. may modify Margin Requirements for any or all clients for any open or new positions at any time, in Trading 212 UK Ltd.'s sole discretion.
Timeframe is subjective. The have given 24hours notice, I donât know if thatâs enough time but for some legal person they may deem that acceptable ? no idea.
FDA are a higher power that T212 policy and procedure
You can add less and still survive, but it will bring you closer to margin call.
Trading 212 are allowed to change the margin requirements. The concern people could have is that the 24 hours they have provided is not enough time for people to manage their current risk.
its not 24 hours notice if trading US stocks, itâs actually 1 Hour.
In regards to UK/EU stocks, its actually around 7 hours notice.
Are we saying that the pre-market is actually open for the US, but T212 have decided to make the market unavailable? And they chose the 15:30 deadline?
So T212 have made a conscious decision to only give us an hour? Wow!
Just extend till Monday so most of us wonât complain and you wonât lose customer.
@Ivan, care to comment?
Or how about this as an idea. Leave current stocks as they are and then any new to 1:2
@Team212, will the spreads be fair today?