Introduction of FX Conversion Fee

TBF before card fees, and before these FX fees trading 212 services were announced I was amazed at the service 212 were offering.

Even introducing pies

You can defend 212 for whatever reason but not everything they do is glittered in gold. Since the announcement of fees and I guess this roadmap of investment, things just look worse

app slow downs, no new referrals, change in trading terms etcā€¦

Yes, all this needs investment

But if you expect people not to complain about new fees then there needs to be a reality check. Money strike emotion in people, that is never going to change.

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Yea i find myself with the same issue. T212 is now with Freetrade and Etoro in my opinion. As soon as one of the better established US fintech comes into the UK market im off. My trust in this platform is gone, they dont care about us. They going to make millions form this FX fee.

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Yeah I sense thatā€™s the reason itā€™s been introduced. If it speeds up development and service - as Dave tells us up top, thatā€™s a great thing.

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They must make money from Fx didnt they say in the announcement that this fee will contribute to them bringing new features and tools??

Is FX really a cost though to these platforms?

How do Neobanks like Monzo never charge Fx fees with using the card for payment abroad???

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what makes them popular is what they offer, what makes them unpopular is what they donā€™t offer. but everyday there will be at least 1 complaint about some aspect of T212 someone isnā€™t satisfied with that they have been provided at no cost to themselves. that hasnā€™t changed from the beginning until today.

T212 makes a move in order to address those complaints and they are rewarded with? more complaints :man_shrugging: Itā€™s not about being golden at all.

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Who ever is flagging @tyler in this thread please stop it? He is only giving constructive feedback, there is no foul language or anything of that sort for his comments to be flagged.

If it is a T212 person doing that that just shows how much class you have.

We should be able to have discussions here so long as it is not offensive.

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According to latest available numbers ~3 billions Ā£ in AUM. Thatā€™s means a lot in interests and security lending, think 1-3% at least being on the conservative side.

Less operating costs because deposit/top up costs now off-loaded on to customers.

1.5 million average trades per day!!! That means, with an average trade of just 100 quids, thatā€™s 150 million in volume!!

150.000.000 x 0.0015 is 225.000 per day just from the new FX fees. Thatā€™s ~100 million a year with increased growth and volume.

And this is considering 100Ā£ as an average value of a single trade.

Note, I think they mentioned that shares in ISAs canā€™t be lent out, and they will be a significant percentage of total assets under management.

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Sorry but this did make me laugh

T212 introduces a fee
Donā€™t do this! Just introduce some sort of fee!

???

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Iā€™m not so sure about that, they somewhere specifically said ISA and Invest both were now profitable and sustainable. But I could be mistaken.

As for the AUMā€™s significant chunk being ISA, Iā€™m not so sure also, we donā€™t have the numbers. UK is a big market for them, not sure how much of UK AUM is ISA. My uneducated guess would be ~20%?!

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Yeah this is really annoying. Can one of the admins check if itā€™s automated? Or who is doing it? Loads of stuff that shouldnā€™t be flagged is getting flagged recently, almost seems like someone has just gone up a trust level and gained the flagging power.

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I agree. I also seem to remember them saying that ISA and Invest combined were now profitable.

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You are correct they did say that after that Paul.B youtube guy looking into it they had a thread in here confirming that.

Also they are starting to flag me as well not sure what i have done???

Maybe cause im not one of their ā€˜Leadersā€™ ??

T212 staff do not flag posts on the forum, any ā€œMemberā€ can flag a post which is then brought to the attention of admin staff, it remains hidden until reviewed then either restored or removed.

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Iā€™m glad I made you laugh, but the point i was trying to make is that there are many ways to skin a cat.

You can introduce a fee, and make everything in that cost etc. Or you can find new ways of introducing transactions costs, one after another, in another way

But to continually bits here, bits there = lack of consistency

Effecting more people in this way, effecting more people in that wayā€¦

Well when you do things in this methodology you are going to get peopleā€™s backs up.

Yes i get if there is a fixed fee, and this rises there will be complaints. I agree a %fee is a better option, and cheaper if not big spending. But itā€™s about being consistent.

If there was a fixed fee and it went up, i would complain about that. But card fee, transaction fee, price limits, referrals etc etc well that makes multiple complaints about different thingsā€¦ Then people on this forum wonder why people complain?

ā€˜Oh its still the best and cheapest so can everyone stop complainingā€™ or ā€˜they need to charge to invest, stop complainingā€™
What the hell is this type of argument? People complain when they are not happy with a situation! How about people stop complaining about how others are complaining!

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Shame!

This is one more step in the wrong direction. If you had opened up for multi-currency accounts first, I would think that you were professionals who think before you act.

By the way. You promised that you would be sustainable, if you could lend our shares. We didnā€™t have a choice then.

Now DEGIRO seems a better and safer broker for the long term.

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T212 can do whatever they want at the moment, they literally have a huge waiting list of people all just trying to get on the platform.

They need to remember though that this works both ways and that the community should not forget and hold them accountable for the promise of all these amazing new features.

Also Trading 212 might be the best ā€œcommission freeā€ uk app at the moment but iā€™m pretty sure more will emerge over the next few years given how popular trading has become with retail investors, T212 should bear that in mind when thinking of introducing any more stealth charges.

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Iā€™ve noticed how its the ā€˜leadersā€™ or the people with youtube channels who are all for this and seem to be flagging anyone who makes any negative comment towards feeā€™s. I wonder whyā€¦

The problem many people (me included) have is stop branding yourself are FREE every 5 seconds when you clearly arenā€™t anymore. Your whole product cant be based around being feeā€™s free when you start charging fees. There is no problem with charging feeā€™s but if you donā€™t have basic features and now your starting your feeā€™s ( which wonā€™t be the last) at least have the decency to send out an email or announce it properly your handling peoples hard earned money. Many people before T212 paid feeā€™s on other platforms so its the fact that you cant even be honest about it that has many people not happy.

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ā€œLoosing its commission-free statusā€ is obviously wrong statement, but thatā€™s what ā€œjournalistsā€ like to do these days - make a point and present ā€œfactsā€ as suits you.
Trading 212 is still commission-free, still no management fees, subscription fees, premium fees etc.
0.15% fx conversion fee when currency conversion is needed. I guess they will not market themselves as fee free, only commission free after they start collecting this 0.15%.
(Or maybe they wonā€™t, Freetrade has been collecting triple that (0.45%) for forever, and they still market themselves as ā€œInvest for free, foreverā€)

@tradz if thatā€™s your biggest problem with them, as you say, you are a happy man. :smiley:

that is exactly why freetrade didnā€™t get anywhere close to t212 growth

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