A post was merged into an existing topic: Should Trading212 now change their Front page?
I’m fine with the fee but please add multi-currency accounts.
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As a user of UK’s and probably EU’s best trading platform the last thing I need is anything that takes more money from my investment. However, I do understand the business need to want to implement the fx fee.
Although I do not agree with it, because I have once suggested that T212 provides a subscription or extra features mode such as low interest rate loan to investment stocks only, free access to Morningstar and other sources/materials to make us a better investor etc like Robinhood did for a monthly fee of say £5/$5.
It is obvious that, this changes won’t be the last. So rather than charging more on a 0% fee platform, why not provide the additional service suggested for a monthly subscription?
Hmmm… I love how positive you are. Can you also do the math if you day trade and you also have some bad days… what percentage they charge then?
Indeed, it is what XTB does, they have 0.5% conversion fee but thanks to multi-currency account you can avoid it. They also now offer 0 commission trading for accounts under 100K.
I am still hoping Trading 212 does something to fix this mess, as my account is in RON this new fee will eat into any trade I make regardless of currency. If by month’s end there is no change I will have to switch to XTB, which is now cheaper for me and also more reputable, publicly traded company since 2002.
I wish to remain a client of Trading 212, the platform is great but this fee is a deal-breaker for me.
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Although i’m not happy with thee fee, I understand the reasons to implement it. But can we at least know if multi currency accounts are on the priority list?
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No they are not. Neither is in specie transfer.
Hi, does t212 use the rate prevalent at the time of our account being credited? Say for eg. INTC dividend paid today, rate used seem to be 1.406 - 1.409 but it hasn’t even touched 1.4 for a couple of days now.
Any idea on this fellas?
Did you take into account the withholdig tax when making the calculations?
Reviewed my monthly statement from February today, on 80 buy and sell trades @ 0.3% I’d have a total of 24% on fx fees accounting to roughly £960 based on my average of about £4K per trade.
£11.5k a year.
The people on this thread that aren’t fussed are the long term investors that barely touch their portfolios each month.
We either need muilti currencies or a fixed fee per month. I’d be happy to pay a couple of hundred quid a month to keep what we have. I really have no option but to find an alternate platform which is frustrating cause I really love the interface.
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I agree that a multi currency account would solve some issues, but you would still have the deposit/withdrawal fee back to your bank etc, unless you also have that in your bank as an option.
Having said all that, there is one aspect that puzzles me. I read/scanned through all the posts as well as I could, but this really hasn’t been looked at.
- When Trading charges a fee you receive a record of the transaction
- fees paid reduces the gross profit
- less taxes paid
Or am I missing something here? genuinely asking?
How much would banks charge for fx?
This may differ from country to country. Unfortunately, for UK investors, fees charged for fx are not deductible against gains or dividends, so gross profit is reduced, but taxes are just as high as if the fx fee had been 0.
The same is true of platform fees. If you pay £9.99 pm to use a platform that is not tax deductible. The only this that is allowed against tax is the actual broker’s commission. So if you pay £4.99 per trade as commission, that can be included in your cost basis or as a deduction from taxable gains.
I might write a script to give an idea on how much I would have spent on FX using exported trade data.
I’m sure changing FX charges would change the way I trade/invest that may be good or bad.
Also asked Degiro if they have plan for ISA and it looks like they do 
@Richard.W Please correct me if I’m wrong:
As the fee is not charged separately, but rather reflected in less profit, tax reduction (or part of) is implicitly applied.
I’m sure you are better than me making calculations.
Darryl, are you sure that you calculation is correct? I don’t think that you have to multiply the number of operations for the % of the fee…
Or am I wrong?
Yep, you’re incorrect.
It’s 0.15% per buy and 0.15% per sell for each trade so continually adds up.
i’m a bit confused how you can come to this number, maybe i’m misunderstanding the fees but as it is a percentage I assume it works like this for example:
buy say £4,000 of a USA stock, fee is £6
if increases to £8,000 then sell the fee to sell is £12. (0.15% of 8k)
if decreases to £2,000 then sell the fee to sell is £3. (0.15% of 2k)
So the yearly fee would wildly differ depending on what you sell the stocks at right? or am I missing something?
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Don’t get me wrong, but…
You wrote that you lost 24% (80 trades X 0.3). So if you do 800 trades, this means that you will lose 240%?