Hi @Tyler, not sure if you have seen this post but if not have a look. Here is an extract of the post that explains why they are introducing the fee
They donāt make money from the FX fee. Iām lucky that I donāt trade non GBP but I get that others do and will be impacted by it. Thatās where people need to choose whether the platform is right for them or not.
They absolutely will and Iāll be jumping ship before 1st April
They must do. Otherwise they would have mentioned it in their post (David“s post), like they did with the card payment fee.
Extract:
We have big plans for the next chapter in our development and we want to continue to be sustainable while investing hugely in quality and innovation.
To achieve this, starting in early April, we are introducing an FX conversion fee of 0.15% - among the lowest in the industry. This fee will be applied when you are trading with stocks or ETFs that are quoted in currencies different from your accountās currency.
Post:
Harsh words. You might want to tone them down a little.
Insulting (liar) is not the best way forward.
I won“t flag it though. Just letting you know.
I disagree, this has clearly been their strategy all along. They deserve to get called out on it. Theyāre big boys
Thereās a very interesting comment in the LinkedIn post thatās worth reading: AltFi on LinkedIn: Trading 212 introduces FX conversion fees, losing its commission-free
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Not on the entire value of the pie, just on the value of the orders that are placed for the rebalancing.
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You are correct in mentioning that this is not a new section in our Terms and the topic has been discussed here. I can confirm that 100% of the client funds are currently held in Barclays & NatWest, UK.
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No, this doesnāt affect orders that have already been placed. This exclusively applies to our ability to change the minimum/maximum quantity you can buy/sell on a new order.
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The sole purpose of adding this clause has been the growing abuse and harassment our colleagues in the Customer Care team have been experiencing. We want our employees to have a safe working environment and we will not tolerate insults towards them.
āNot limited toā is being used purely as a precaution to cover any potential abusive behavior we might not have included. We remain open to constructive criticism and will definitely not look to close client accounts for voicing their opinion.
I donāt think itās a secret that these newer brokers have issues. Across the board. All of them, not just T212.
Lots of appeals to staff from worried members across this thread (and forum, to be fair) that receive silence; except if itās to do with T&Cs or you have a YouTube channel, it seems
I think your post (with that LinkedIn comment) just got deletedā¦not even just hiddenā¦deleted
Im cool with fees even the competitors have their fees and the pink one charges 0.45 for fx so bare that in mind people. However what i would want is faster execution on orders to sell and buy stock in ISA and invest. Also will someone please please tell me when the max limit to buy or sell per single order on HCMC will be lifted. Its crazy because i canāt put a sell limit order on my shares in one go, instead it has to be multiple orders just to even sell. Please sort this out guys. @David @admins Im sorry if i am posting in the wrong place about this but no one seems to be responding. Can the limit at least be lifted for the selling orders?
Look Trading 212, if your business model is not sustainable then just introduce some sort of fee.
Stop with all this free, and then changing goal posts.
Just review your business, make some decisions, and stick with it. Itās really not hard.
That is exactly the sense I am getting too. Exacerbated after the recent fiascos.
They are sustainable, but they want to be able to put a lot more money into improvements than they are currently able and that means a minor FX fee.
Unless people suddenly donāt want T212 to become better and just want something to complain about? canāt eat your cake and have it too.
Ooh. Business expert has chimed in
Is that not what theyāre doing? Constantly reviewing, adding fees to assist in development and sustainability?
Isnāt that exactly what the post says
People want something to complain about?
Are you serious?
I dont think many people complained about 212 when they first came on the scene, in fact they were game changing.
But now, what makes trading 212 popular is only 1 thing: the competition is worse.
Thats not a good long term look.
On point thank you. It is as if we had no other thing to do, but spend our precious time complainingā¦
Itās the weekend, the market is closed, better tell David and the crew off
Very
Nice spot