Chalenges with leaving trading212

I have to tell that at the beginning Traiding looked really promising to me. But somewher on the way it turns out they have their own agenda which include only theirs well fare and not their cusomers aswell. First of all they are selling orders to liquidity makers in a way they are paid for executed orders. So this is one source of collecting money. And this directly influences the rates for stocks. Usually not in a good way. This was not enough so they introduced currency exchange fees. Be careful! This might be expensive. But this was not enough. They changed their terms in a way that you have to let them land your stocks for shorting. And they are also receiving fee from this from IBKR. So as we can see… there is no free meals. This last change in terms was introduce in a way: my way or high way. So if you don’t agree, they actually threat that they will close account or paralized in a way you can hold and sell stocks. Ok, fair enough. They are entiteled to do so… so why not. So I decided to leave Traiding by myself. But here is another problem. They don’t want to use credit card I have verified with them to pay my money back to me. They are claiming that they would like to use another card I don’t have anymore. To be straight: both cards are verified from their side. Now they want to have some PDF credit card statements form last year… which is not really possible to recive as this vas Curve card and I canceled it earlier this year… They are not polite and they don’t even hide that they want to make your life hard as you are leaving. In short: I would never ever open an account if I would predict the struggle or attitude of this company! I would just go direct to the serous business and safe myself some struggle. Best, Peter

So.

  • They don’t sell order flow, it’s illegal in the UK.

  • The FX fee is one of the lowest in the industry.

  • Share lending has been going on for over a year.

  • And the card switch seems like standard AML procedure in the UK.

Do you have any actual problems or are these just things you think you understand but don’t?

14 Likes

Donaldo, :slight_smile: Whatever you say its ok. Thanks.

Peter

Well we’d be happy to talk to you about actual problems if you had any? The issue here reads as if someone has been feeding you conspiracy theories and you believed them. Selling PFOF in the UK is a license losing condition and is a serious accusation. If unfounded, and I were 212, I’d be interested in pursuing this with you and your legal team for defamation.

Share lending is something you agreed to on sign up and account creation, the latest updates merely qualifies protections offered by 212 and associates - so in that regard hasn’t changed. 212’s business model is to offset commission costs with lending, if you don’t like that model - you don’t sign up. It’s easy.

If you want to leave and don’t have any genuine concerns - just the made up stuff you listed - then you can just leave, this isn’t a train station, you don’t need to announce your departure.

13 Likes

As mentioned by @Donaldo_Duckarelli Trading212 don’t sell order flow. This is illegal.

@Team212