Any update on this @David ?
Wow, that’s not what I want to hear. I really need this multicurrency working. I’ve no way of directly investing in other currencies right now. My account was opened in USD and really want to use trading212 in Sterling and Euro
I’m currently down almost 2% just in the exchange rate where as if I could sell in dollars and buy more us stock I wouldn’t lose anything
I don’t follow this. Since fx has no fee with Trading 212, the sale of US stock with the proceeds converted to GBP, followed by GBP converted to USD to purchase US stock is very nearly the same as if you did it in a USD account without going via GBP.
Since CG tax is assessed on GBP value it is actually helpful for accounting to have this intermediary step that tells you proceeds and costs in GBP.
I illustrate with GBP, and but similar for EUR.
Surely once you’ve made the money being able to keep it in local currency would be beneficial to buy further shares in the same currency? I don’t want to exchange it until I either need the funds back in the bank or I want to buy in a different market
For multicurrency accounts, and the headaches associated with taxes doing forex one can open an account with Interactive Brokers.
T212 is perfect in that sense as it is now.
It is much less advantageous than many think. However, they don’t think it through rationally and just assume it must be better. But how more beneficial so long as there is no fee on exchange?
Or people somehow imagine they can profit by guessing the “right time” to exchange. I say, if you can do that reliably, why not clean up by becoming a currency trader?
I am of little experience in comparison so its probably just the dent it puts in my profit every time I look
Please have a look at the GBP/USD and EUR/USD charts for this year alone to check how volatile they have been (in a matter of days), and more importantly how volatile they could become in the future.
I just like the idea of holding currency in the country I’m holding stocks in until I’ve finished and want to convert it back, the rate of growth for the dollar would have been advantageous over the past century if the rate back wasn’t already calculated in.
Right now I’m 2% down from the exchange rate and its making me reluctant to sell
How did you manage to do that? I was told by T212 helpdesk it is not possible to have 2 accounts
go down 2 posts and he practically says how it was done: setting the second account up under a spouses name with a different currency.
for some of us, that is not an option sadly!
+1 Would Love to see this feature in the platform
+1 Need this or I’m going to only trade UK stocks on 212. My foreign investments are making a loss due to currency exchange rate even though the shares are performing.
any update about the feature?
Any update on this? We are really looking forward to this feature!
All we wish for 2021. Is a multi currency account, c’mon T212. We know you can deliver!
Suppose multicurrency accounts were implemented. How ought Trading 212 then charge for exchange between currencies? Could we really expect that to be unlimited and at 0 fee? If so, it might be ripe for abuse.
Let’s remember that Revolut only gives unlimited fx exchanges to Premium customers, at a rate less good than presently used on the Trading 212 platform, and does not intend the facility to be used for currency trading for profit. Interactive Investor charges 1.5% for exchange to and from base currency.
I would hate to see us lose the great 0 fee fx that is presently offered by Trading 212, but it may be unrealistic for that to be extended to money movements between multicurrency balances. It may be considerations like this that delay a rollout of this feature. There may also be regulatory obstacles.
Personally, if we just get option to top up multiple currency and/or have separate pockets for EUR/USD/GBP with current mechanism to buy USD stocks with EUR/GBP, just to add features, keep stock currency on dividend/sell/display.
Of course it would be great to do conversion on those great rates, I understand it might require e-money license or other compliance. Which would require more effort to deliver.