+1 Yess, we need answers on this
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
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.
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
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@Tony.V , for helping Trading 212 adding crypto ETNs/ETPs for EU residents and also not to make an off-topic in this thread, I did a separated and dedicated thread about the existing physically-backed crypto ETNs/ETPs in the below thread, including IBKR availability and tickers for them:
Much appreciated - thanks!
will you tell us here when the onboarding will re-start for the UK, or will you create a separate post?
The bank account/deposit details and bank will be changed for EU residents?
As the bank account used to deposit money in T212 is in an UK domiciled bank (Barclays Bank).
Please what does all this mean for me as an EU resident currently using Trading 212 broker?
What will be the consequences and impact?
Does this relate only to new EU clients or all already active EU clients?
Morning everyone ,
@MarcoL We’ll have a separate post as soon as we re-start.
@RLX Yes, bank details will differ, and info is listed in the account.
@Kalach The current post is related to the onboarding of new EU clients.
As of the first part of your inquiry - here you can see the answer
Can non EU residents open an acc?
Not yet, however, we’ll inform you accordingly in case of updates.
Thank you very much Tony.
Where did you notice the insurance limit for all T212 EU custs is 20m eur?
Just see the post above the post you quote, it also have the link to source used:
And I put a print screen image from T212 FAQ/Help page (with link) in a post below the post you quoted:
Hi, the 20k euros is the same for all EU countries and it is to protect investors in case the brokers/intermediary fails. My understanding is that this has nothing to with money not invested (in a bank account on behalf of the investor)
We had recently a situation in Portugal where the regulator had to use this protection to investors. Sorry couldn’t find a version in English
Yep. The T212 Cyprus broker will have the EU mandatory protection scheme, up to 20k EUR.
Plus T212 have made a insurance policy with 20m EUR protection (up 1m EUR/investor)