It is already a pattern! We were told no fees, then fees were introduced for account funding (unavoidable for some countries). Now fx fees have been added, whatās next?
The problem with these sorts of changes is that it just destroys trust in the platform if the rules are changed mid-game.
I completely understand that t212 needs to make profit and transferring costs from itself to customers is an easy way to do that, but on the other hand weāre being told that Invest and ISA were already sustainable. If that was the case then why is this move necessary?
Improvements to service are all well and good but it helps if you actually say what improvements are going to be made and when.
I rather share your sentiments here. It somewhat rankles with me that this āby the way we have to charge you for stuffā announcement comes hot on the heels of a ālook at how amazing our growth has beenā announcement. I still advocate for 212 to people who ask me about the best platform to use (and I do so with a clear conscience). I think that 212 have put something together thatās really great and currently best-in-class. But I really dislike the way communications are handled.
My view is that so far the fees (card payments, FX) that have been announced have been in the āweāve been covering the costs so far but our growth is so high we now need to pass those costs onā bucket. Of course this is fine, but I worry that this label will be slapped on future fees. Obviously nobody is going to be pleased at this fee, it is not like the card payment fee which was avoidable if you could use bank transfers - but I do worry that down the line further fees will be introduced with the same label slapped on.
It is a little odd to add this Fee on now that you are making money. Usually it is the opposite way around where you get rid of Fees once you have a large enough Userbase to cover these costs on your own end.
I guess I will have to buy US Stocks before April and mostly stick to UK Stocks beyond that.
I donāt mind the Fee being low, but it will compound to not being worth it when people want to get in and out of Trades quickly.
totally disagree with this, thatās just the wrong way to do it. didnāt care for the deposit fees as long as there is a free option. But now there is no option to buy the most common stocks āUSA stocksā for free. If you needed capital why not get more investments, from us or from other sources even a SPAC donāt care, fees are not the way to go, europe is going backwards regarding fees not forwards thanks to this move.
SPACs, IPOs, crowdfunding, etc. are not really a sustainable source of income - one can use those funds for growth, but not to make sustainable service.
At the end of the day if you are investing 10k pounds and 30 pounds of a fee is ruining your profits, then you probably shouldnāt be investing at all.
Yes I agree. A KID (Key Information Document) PDF would be good on each instrument. IG trading and CMC markets do this. They are more transparent with their fees. They provide an example of the costs for holding over night on each instrument.
Going forward , Iād like to see all fees in T212 on one document including fx fees, overnight interest fees etc. You either have to hunt for them or you get caught out by themš¬
This and same. People say its only 0.3% round-trip. But my stops are usually 3% or less so it digs in substantially to my position size.
Iāll be honest the 0 fx fee is the only reason I have account here and was really the only thing making 212 stand out from the competition . The execution on my orders is v poor with alot of slippage, with very few order types. I have a mid 6 figure account here and was already considering moving for the poor execution reasons, Iām afraid this is just another nail in the coffin now.
I just hope this fee helps you implement very demanded features such as proper dividends tax reports. And to improve your dividend payment processing, which currently has a very long delay.
Would have been nice if it was 0.12% or 0.1%, just because who doesnāt love even smaller numbers but ultimately, the impact isnāt significant unless you do A LOT of opening and closing of positions in foreign currencies in short periods of time on stocks that donāt see much price movement.
the psychological effect of knowing there is now a small FX fee, will likely reduce the number of excessively small orders that the servers will experience and need to handle, which should lead to registrations being easier to support and returning that bit sooner.
So just out of curiosuty, letās say your account is in euro, and you buy US stocks, thatās 0.15% fee, you then sell that stock, thatās another 0.15% fee
And (If) you deposit via mastercard/visa thereās a 0.7% fee
Sooo if you did all that it be a total of
0.15% + 0.15% + 0.7% = 1% fee in total
but ultimately, the impact isnāt significant unless you do A LOT of opening and closing of positions in foreign currencies in short periods of time on stocks that donāt see much price movement.