I hope that T212 will enable a DRIP reinvestment for dividends that can make foreign dividends exempt from the FX fee as at that point its an unnecessary charge as the Dividend wouldnāt need to change currency at all to be reinvested.
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Donāt forget you have FX impact on top of that as well. Currently Iāve got a trade with 1.8% fx impact on it
Itās as simple as this. T212 is known for being āfreeā. If a sustainable business model cannot be achieved 'behind the scenes, if you will, such as with things such as share lending, then raising money by charging your customers directly will hurt your brand.
I mean look at the fees you introduced on card deposits recently. You havenāt even given people an alternative option to make automatic monthly deposits via a direct debit as opposed to card deposits, meaning they have no choice but to pay the fee.
Itās really not good enough. Big mistake here T212. Thereās an appetite (almost an expectation) in the UK for free investing. If you stop providing it, others will move in and eat your lunch. Competition like Robinhood isnāt gone forever
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I still think people are missing the big picture here. 0.15% being higher or lower etc.
The bigger problem is this will not be the last fee introduced
On multiple occasions T212 staff made announcements here unequivocally stating that āthere will not be new fees for existing features. Some new features may cost money in the futureā
And there has been two major fees since then. Deposit fees are kind of understandable because they cost money to T212. But this FX fee is introduced for pure extra profit as @David so enthusiastically announced it.
So a few hundred posts above @AlexK saying there will not be any future fees means nothing. Actually it means āthere will not be any fees until we introduce new feesā
Because essentially this is a āforum postā he is making, and previous ones as well. One may claim itās false advertisement in sequence like
- Hey forum! there will not be new fees!
- we got 1.4 million (+1 million added) customers!
- Here are some new fees, youāll have to pay!
- Hey forum! there will not be new fees! pinky promise this time!
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Funny thing is you canāt open a new account because all registrations are pending!
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JP Morgan launching a UK platform end of year alongside their UK current account is the rumour.
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This completely - building a brand on certain free features, reassuring people that fees wonāt be added for existing features and then introducing fees etc just destroys trust.
I thought it was poor the way FT introduced a paywall with Plus on stocks that were previously free to trade and this is the same.
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but all of these come at a time where quality is going down, limitations are imposed and features delayed.
^^ This point above is spot on.
I can understand the need to improve the bottomline by offsetting expenses onto your customers, but you donāt do that when the quality of the service you are providing now is questionable. If T212 were delivering spectacular service and more fees were introduced, I think your customers would have a better reaction to the news.
That being said, I think it would help if T212 were more open as to what the next level of features and quality improvements will comprise of.
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I fail to see how T212 is any better than FreeTrade now. If I pay Ā£3 per month for a FreeTrade ISA with no fees or hidden extras, Iām still far better off than paying, for example, Ā£37.50 on a Ā£25,000 trade. Or even Ā£7.50 for a Ā£5,000 trade!
Iām not going to stick with a platform because they have pies. That kind of stuff is like rearranging the deckchairs on the Titanic
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FT also charges around 0.45% on Foreign Exchange (FX)ā¦
See for yourself:
GIA:
ISA:
Having said that, if you find anywhere that is truely completely free, please let us know. I imagine that a lot of people on here would be interested.
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Strong words from some competitors. Ouch!
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No ISA either.
Why are the latest posts being flagged?
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I wondered to. As I literally just edited it to say āNo ISA eitherā¦ā and I couldnāt
Thanks whoever flagged that. Sorry it offended someone so much!
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Now Iāve had a post flagged for saying how I was looking for an alternative to T212. What kind of a company is this?
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Not just T212 employees, any user could have flagged it. So I wouldnĀ“t be holding the flagging of the posts as something against T212, it could have been anyone on the community forum.
I donĀ“t know if Discord allows for āflaggingā to be removed, as I am seeing flagged posts everywhere. Many of which donĀ“t deserve to be flagged, in my opinion.
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Because T212 knew this was going to go down badly and theyāre trying to hide those criticising them
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I guess itās because 212 is becoming like the āpinkā competitor. Mention a competitor = flagged.
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There are some real T212 ādā riders in this forum if this isnāt being done by an employee
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Feels like a reminder of Community āRulesā are in comingā¦
T212 have actually been very good and tolerant. Some threads cross the line, sure. But allowing it (to a point) is a great differentiator for T212 versus others.
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