This needs to be implemented, I get a £3 fee on every trade I make!!!
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There needs to be monthly cap of let’s say £15 in fee’s - if you make trades with large amounts of money and move positions frequently you get charged £3 every time!
This isn’t commission trading anymore so remove it from your website and app - the commission is the conversion fee.
I understand the cap doesn’t exceed £3 but there 100% needs to be a overall maximum cap of let’s say £75 a year/£6.25 a month.
Before you make big decisions like this the Trading212 team need to think carefully on their actions and the impact it will have to both active day traders and long-term investors - I don’t feel like anyone has been heard or acknowledged about this cap issue, so please fix it!
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Can you get it cheaper elsewhere?
It seems to me the fee is quite fair in comparison to pretty much everyone else.
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If you day/active trading on the US exchanges the costs rack up quickly overtime.
They should make a package like £15 a month then you get unlimited FX fee free trades.
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Maybe subscription plans:
-
“Trading Light” with a free fixed number of FX trades per month (e.g. 30 trades/month): 5 USD/GBP/EUR/CHF
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“Trading Pro” with unlimited free FX trades and also with Level 2 Data feed: 15 USD/GBP/EUR/CHF
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That’s what I’m thinking, for active day traders £3 for each trade if someone makes ten trades a day that’s £30
There needs to be a monthly/yearly cap or Trading212 need to implement subscription plans.
Please look into this option - as costs rack up so much.
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Have a fee on trading also helps to not overtrading.
It disciplines the trader/investor, making he/she thinking twice if he/she wants to trade/invest or not.
If we see the fees piling up, we start to put the foot on brake.
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I agree, but when your trading with high-leveraged products, swing trading, active day-trading which many people do the fee’s rack up quickly.
Instead of having discipline through charing a high fee, they can instead put a message.
I’m not sure why people think that T212 are likely to be willing to introduce ways to reduce the FX cost given that this is clearly a revenue stream for them!
Yes, fx costs rack up (and I disagree with the way that they were introduced) but that is exactly the point ie it increases the profitability of t212.
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If I compare it to DEGIRO:
I buy 100 shares of a company on Nasdaq: € 0,56 for the transaction + €2,50 once per year for Nasdaq connection.
I see examples where the FX fee is already way more.
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Where is that calculated? Never seen it on their platform.
Degiro has two options. Either 0.10% applied automatically to change your base currency to USD as needed at each buy and sell, or you can exchange money into a USD currency account for 10 euros + 0.02%. Once the USD are in the account there is nothing to pay for fx while you buy and sell US securities. The first option works the same as Trading 212.
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FX fees aren’t the only thing you should worry about with Degiro, their fee structure is quite complex: https://www.degiro.co.uk/data/pdf/uk/UK_Feeschedule.pdf
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Oh come on.
Of course they want to turn a profit.
Its a business.
*Was completely free
No one likes a Nanny state anymore than the Spanish Inquisition.
Its nobody elses business what each trader wishes to do.
Do you also suggest T212 puts up a banner: “please don’t drink & trade” ?
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A bit harsh response, don’t you think?
Where you saw in my post any thing mentioning or suggesting T212?
Just to simplifying, I was talking about auto-discipline, not about imposed discipline.
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Donald_Duck
Can you get it cheaper elsewhere?
Yes, you could. Read the post in this thread above??
Some people here have “not in my backyard” attitude as long as it does not have or have a very small impact on them.
They thought the majority of people here are long term investors like themselves, buying Index Funds, ETFs or just buy UK stock. Buy once and forget. If all of the T212 clients are these types, would they be able to sustain a near zero fee??
They forgot that T212 is mainly for traders rather than for long term investors as the platform name suggest. “TRADING212” (not investing 212)
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Interestingly, according to my recent contract note, a fractional share purchase of value £1.82 attracted 0 fx fee. Presumably this is since 0.15% of 1.82 is £0.00273 which is less than 1p.
I have not tested the following, but perhaps this means that a pie purchase of £60 that goes £3 into each of 20 stocks will end up with 0 fx fee rather than £0.09, since each pie slice will have fx fee of 0 when rounded (down) from £0.0045.
On the otherhand, a £70 purchase would mean £3.50 in each stock, which would mean fx of 0.15% 3.50 = 0.00525, rounded (up) to 1p. So 20p charged rather than 0.15% of £70 = 10.5p.
This post is only meant to be amusing.
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