EU registrations - OPEN

We are excited to announce that we’ve started gradually sending out invitation links to EU residents from our waitlist.

With Brexit now in effect, EU residents will be onboarded with Trading 212 Markets Limited (our new EU broker regulated by CySec, License no. 398/21).

UK residents - please be patient with us for a little longer. Onboarding will resume at a later point with our scaled-up Trading 212 UK broker.

————
Update:

————
Latest update:

15 Likes

It’s on like Donkey Kong :orangutan:

3 Likes
  • Does it means that all EU residents will be on the Trading 212 subsidiary in Cyprus, including the existing ones, pre-Brexit?

  • There is any option for the existing EU residents to stay on Trading 212 UK broker?

  • The EU residents moved to the Trading 212 Cyprus broker will continue to have access to all financial products on Trading 212 (e.g. UK-domiciled Investment Trusts)?

  • The EU residents moved to the Trading 212 Cyprus broker will have access to crypto ETNs/ETPs, (FCA prohibited those for UK retail investors), as the Cyprus financial regulator allows crypto ETNs/ETPs?

17 Likes

I am confused.

What will change for current EU resident clients?

1 Like

+1 all of this needs to be answered.

Also this means all EU residents now lose the £85k FSCS protection, correct? If so what is the new amount? I know for the Bulgarian entity (Trading 212 Ltd) it’s only €20k.

3 Likes

No information, no response? About changing conditions for the EU?

In Cyprus, the compensation amount is up to 20k EUR.

Guess the team will explain it better, but here is something that I just saw: 20k covered by ICF + 1 million Loyd’s insurance

Safety and security - Trading 212

1 Like

With a limit for all T212 EU customers (in Cyprus T212) of 20 million EUR.

Depending on the EU investors’ AUM, the 1 million EUR/customer will be never reached (> 20 EU customers).

(It’s an annual insurance policy, it could be modified or ended.)

Evidence of Cover

1 Like

Just 1000 EU customers will get an extra 20k EUR on top of 20k protected by Cyprus protection scheme (total = 40k EUR protection).

A wild guess, T212 most probably have a way more than 1k EU customers. So the total protection from the insurance policy + ICF will be lot inferior than 40k EUR/customer.

T212 EU customers:
1 000 = 20k EUR + 20k EUR (insurance policy) = 40k EUR (total protection)
2 000 = 20k EUR + 10k EUR (insurance policy) = 30k EUR (total protection)
10 000 = 20k EUR + 2k EUR (insurance policy) = 22k EUR (total protection)
100 000 = 20k EUR + 0.2k EUR (insurance policy) = 20.2k EUR (total protection)

Comparing to £85k FSCS protection (99.237k EUR), it’s very far between.

1 Like

@RLX You do know the UK FSCS only covers cash in your account

And if you read the terms of the insurance it 1M per claimant IE no person can will receive more than 1M from the insurer no matter how big the damage is. This normal business lability insurance cover. I’m quite sure lability insurance is a condition of their licence so if it’s cancelled they loose their licence and I doubt you can find a reputable insurance company that is not going cover 1m in liability.

The only valid complaint you could possibly have is that you get less cover in Euros compared the equivalent in the good old British pound . Which is about 167k due to currency conversions

1 Like

Can I buy some EUR from you? I will even accept 160k EUR for 85k GBP so we both get a better deal :blush:

3 Likes

+1 Yess, we need answers on this :v:

What Exchange Rate are you using?? Neither is GBP is so valued vs. EUR, nor EUR is so devalued vs. GBP.

Yesterday XE conversion:

I don’t know your information sources, but in the FSCS site states:

Also on Trading 212 Help/FAQ page states:

It will never be 1M per claimant, because there is a 20M limit for the insurance policy.

IF you read what I said, converting the insurance Policy cover Like for like in Pounds to Euros. not the statuary cover from regulators.

If you read the FCSC website " We may be able to protect you if a provider goes out of business and there’s a shortfall in the money or assets it’s holding for you."

It’s a maybe! and second of all you have to look at the way T121 is structured, Fist they don’t hold your assets for you. Your shares are held in a segregated CREST account that is run by an isolated company as per regulation. The CREST account is run by Interactive brokers, not Training 212. In the event of the failure of Trading 212, it’s expected for your shares to eventually be transferred to the CREST account of a nominee broker then you would send them further instructions, sell or open an account etc. So this is out of the scope of FCSC as 1 T212 do not hold the asset and 2 you would expect to make a full recovery.

The only thing T121 hold that is yours is your free cash in your account so that’s what the FCSC is going to cover.

Regarding the insurance, if you have a million euro claim the insurance is covering up to that amount per calment. The 20 million is what they call their max loss or exposure for a policy. lol dam 20 mill that’s low, I sign off on a policy with a billion on cover and that policy has far less risk than T121 (In my opinion). Well if something happens get your insurance claim in ASAP as Zuric or whoever is the underwriter will close doors after paying out 20mil and don’t assume they will be diplomatic and split it between people they will pay out to get out.

Just a FYI the insurance company does a lot of due diligence before writing up these policies. It’s not like going on GO Compare and putting how much cover you “think you need” 20 million, 50 million, etc is a lot of exposure to risk that has to be balanced so the insurer can make money. They don’t want to be caught off guard with claims / legal cases they can more expensive than it’s worth in the long run. Some of the oldest companies in the world are insurance companies they know what they are doing

1 Like

LOOL. Just one word: AIG. At one period of time, the largest insurance company in world.

During the financial crisis of 2008, the Federal Reserve bailed the company out for $180 billion and assumed control, with the Financial Crisis Inquiry Commission correlating AIG’s failure with the mass sales of unhedged insurance.[13]

Not going to reply more to your posts. Time is precious.

They got bailed out didn’t they.

When doing risk analysis you take into account the like hood of government intervention. That’s why I have need approved terrorist insurance it was more likely the government would pick up the bill and historic data supported that

Such a migration depends on the post-Brexit arrangements and is anticipated to take place by the end of this year. You’ll be notified if this is about to happen. Note that it may be altered in case of regulatory changes.

The current Brexit implications will not uphold such an option.

Yes, as long as compliant.

It is something we are considering :wink:

10 Likes

(post deleted by author)

1 Like