With the revenue T212 can make from the FX fee, implementing multi-currency accounts would affect this revenue stream. If there was little motivation to introduce this feature before, there certainly wonāt be any motivation now.
However, thatās just speculation and they may decide to introduce that feature anyway.
Binance is not regulated in UK by FCA yet. Although they wonāt stop allowing investing.
Which one did you choose finally out of yearn.finance, BlockFi or nexo?
I have a ISA/Invest account in GBP.
Would it be possible to open another invest account in USD?
Thank you for your response.
Can i convert the Invest account to USD and leave the ISA in GBP?
The currency of an active account cannot be changed. If you wish to have an Invest in USD, the option is to close your current account, and open a new one, once the account registrations have been reenabled. The closure of your current Invest account will lead to the closure of the ISA as well.
Thank you for clarifying this!!!
Can you please explain why itās not possible to open a second INVEST/CFD account using a different email address? Is it a legal issue; a technical limitation with the Trading 212 platform; or simply a Trading 212 policy?
I heard about BlockFi first and I was impatient and immediately opened and funded an account with them, without researching alternatives. Iāve been quite impressed with them so far; it was a breeze to start earning interest on my crypto.
Iāve also been speaking to them about taking out a crypto-backed loan. Unfortunately, there is a minimum loan size of $100K (requiring $200K of crypto collateral) and more paperwork for UK customers as a result of legislation; I think itās a much cheaper and simpler process in other countries!
A few days after opening my BlockFi account, I took a quick look at the nexo website and I think their interest rates were higher so I plan to look into them in more detail. I also remember hearing about yearn.finance, but I havenāt studied them yet.
I was starting to worry that I was posting too much about crypto in a topic about FX fees.
However, Trading 212 has previously stated that it hopes to get back into offering crypto investments using the underlying asset, rather than a CFD.
If we must pay this commission disguised as an FX fee, then hopefully some of this additional revenue will go towards an innovative crypto platform.
I like the idea of putting Ā£1000 into a crypto pie and having Ā£500 go to BTC; Ā£250 go to ETH; and Ā£125 go into ADA and DOT!
Hey 
,
We need to comply with certain regulatory obligations, including but not limited to AML and KYC rules.
Hence the reason why a user cannot have more than one account registered in the system.
What regulatory reason prevents more than one account?
Sorry but that sounds like a very poor excuse for a technical (rather than regulatory) reason.
It seems unlikely that you couldnāt Know Your Customer, or perform exactly the same Anti-Money Laundering checks, in both accounts.
It would be broadly equivalent to me having a Trading 212 account and an eToro account, except that both accounts would be with the same institution.
Iām not buying it either.
However, I actually wouldnāt mind if it was a regulatory or technical issue. My concern is that itās simply an internal decision to preclude a very simple way to avoid the commission masquerading as an FX fee.
Thank you for clarifying.
Had a quick look in FCA website for AML and couldnāt find about rule/law about having multiple accounts with the same firm.
FCA link
Will it help, if I get a clarification from FCA? They would normally respond in 3-5 days but for sure will provide a response.
W.r.t KYC, will it be a problem to have a main and alternate currency as main currency is always one? Can residents not allowed to have alternate currency accounts?
I donāt think thatās possible as FCA has banned ETNās from 06Jan.
Got clarification from HanEtf that they are looking into options for PRO investors as the ban is only for retail investors and not for āelective professional clientsā.
The FCA banned all crypto derivatives. Iām specifically talking about buying the underlying crypto assets, such as Bitcoin (BTC) and Ether (ETH). Iām fairly certain this wouldnāt be allowed in ISA, but Trading 212 could probably incorporate it into INVEST (my preference) or create a new CRYPTO section. eToro currently supports the holding of both crypto and non-crypto assets in the same account.
Thanks for providing this interesting news. Is there any chance you could share the details of your correspondence with HanEtf?
I bought some Bitcoin ETP (BTCE) before the FCA ban and I used it to represent Bitcoin in my āARKW Next Generation Internetā pie, so thatās not too far away from what I described in my post, except that I canāt add any more BTCE since the ban!
Someone has mentioned it before thorough experiment, please read the post above. Invest Account and ISA Account will go hand in hand.
My understanding is that if you have an ISA in GBP (the only option you could have if you want to have an ISA ac). your invest account will automatically follow your ISA home currency e.g GBP.
You could however have CFD in US$, while (ISA in GBP + general Invest in GBP)
BUT NOT
(CFD + general Invest) in US$ while ISA in GBP
So even you close your T212 account and then open a new one, my understanding you cannot have an Invest AC in US$ if you want and ISA account, as ISA account AC will need to be in GBP. But this is based on someone who have tried it.
I also want to learn if you could have (CFD + general Invest) in US$, while ISA in GBP. If someone could find this method please share. Even it will mean to cloase and open a new T212 account.