Today I have experienced my first major issue with trading212 and unfortunately it is extremely brutal- I’m really hoping the team can sort this out for me.
Around 2pm 30 min before market opening I decided to go with my largest investment since using trading212 in 2018- I wanted to invest £975 into QMCI.
I went ahead with the purchase of 7300 shares at $0.018- 30 min before market opening. After doing this I got a notification saying the purchase was completed- 7300 shares at $0.046… I was extremely stressed by this as the purchase was done before market opening which is not right and the price is over double than what I wanted. It said I now have a negative balance of -£1600+ and the 7300 shares was placed to sell to protect me from negative balance.
I tried to cancel and it didn’t let me. When the market opened it automatically sold the shares at over half the price $0.020. I didn’t do anything to execute this. Now my balance is £0. £975 gone…
I haven’t came across and issue like this before and I have had assurance from some t212 members this has happened before and the team has sorted it out.
Furthermore, it looks like I am not the only one… many people have been complaining.
The cited ticker refers to the shares of QuoteMedia Inc. that are traded OTC. OTC markets are not traded on regulated trading venues and there could be executions of orders outside the market hours for the OTC instruments portrayed on our platform if our intermediary (IB) finds liquidity. I would like to add that the price feed on our platform for instruments of this nature is strictly indicative and there is no guarantee what price you will get using a market order since OTC markets are quite volatile an unpredictable.
Aren’t you still required to get a reasonable quote or reject the order? Quote Media has never been 46p and it seems like your system bought the stock at a price well over double the current market value without warning to the user and without choice to wait for the market to open. You then forced them to sell at market open when they would never get anywhere near the ridiculous price you bought at.
Any way you look at it this seems extremely bad for the customer and extremely broken on 212s side.
This can happen with any market order placed outside trading hours not only OTC stock. Gapping at the opening makes the execution price unpredictable. LIMIT orders provide protection.
@Rumen can you confirm if it’s always been the case or a recent change to T212/IB and OTC markets? Is it just more common now we have more OTC stocks added?
From what I can see these are TOTV on the exchange. Can the same thing happen premarket or after hours on non-OTC instruments?
From a customers perspective it isn’t great being told the market is closed, and expecting anything premarket to be placed on open.
@Alien this isn’t about gapping up or down, this is about the trades going through premarket despite no indication that they will or seeing any premarket data plotted to make a decision.
@Eden it did do the crazy 0.046 during premarket, some other unlucky sod on the other thread got caught by it too.
Actually if you check pre market for 28.12, you can find trades at 47 cents per share. So the OP got the best available price at the time.
However, T212 needs to fix “Closed Market” or add warning for OTC that orders can trigger in Pre/post market. So that people are actually aware what they are signing in for.
Thus why it is prudent to use Limit orders to avoid paying more then desired.
Great idea. Ever since OTC Markets got added there has been influx of posts from people struggling to buy/sell/understand these stocks. Would be good if there was a warning informing them of potential illiquidity etc. before they “invest” $$$$ into some trash being pumped by twitter.
There is no indication of this, and the market was delayed from trading212 side. It said when I made the purchase the market was closed. I trust Trading212 information given to me- so it was closed I would make an assumption that my order would process at 2:30pm.
I lost my entire deposit £975 within a space of few minutes. I know for a fact if anyone was in my shoes right now they would be extremely stressed.
I’m really disappointed and quite frankly I don’t know where to stand in regards to whether I should use trading212 in the future. The customer service response has been generic and quite frankly it sounds like they don’t care. For someone who has been using trading212 for over 2 years I’m a little surprised to say the least.
If you have a look at the trading212 Reddit page, you will see mass complaints about the same stock and same issue. It seems like I have took the biggest loss here.
Had a similar issue…stated it here and barely hd a response from the team. been there done that @Team212 you guys need to get it together otherewise alot of people will leave this plataform
this error was stated like a month ago and still waiting them to fix it
We will most likely be extending the market hours of US OTC securities, we just want to make sure beforehand that the liquidity & trading conditions are up to par.
We’ll issue a platform notification this evening or tomorrow morning that confirms the extension of the trading hours for OTC securities.
