One order executed twice cost me over £700 loss (Investment account)

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Hi,

I was wondering if someone could assist or advise if they are having similar issues.

I placed one order for £4000, however trading 212 platform executed 2 order at the same time and sold 1 of them because I don’t have sufficient fund to settle the second order.

When I contacted trading 212 they said The a purchased quantity of my shares worth more than the value of my free funds. They also said I am only allowed to use 95% of my funds in the account as the other 5% are required to cover any FINRA fees or Stamp Duties. I didn’t use a limit order when I placed the order. I have used the “Value” option instead of “Shares” when I placed an order. Therefore, £4,000 order includes Stamp duties and other charges. I don’t know how the platform execute an order without sufficient fund on my account

Additionally, their apps were frozen when I place the order.

Any thoughts would be much appreciated.

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I would see that as a mistake of the system if it took two orders of £4000 with one market buy.

Did the system sell it off immediately, that £709.71 seems extreme, the spread couldn’t have been that wide that’s like $64

I would have thought an immediate buy and sell by the system would at most cost about £11, say a dollar lost between the bid and ask.

@David should be able to help resolve it.

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Hello @zakir.trading,

Will send you details in a DM shortly.

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Hi did you get any where with this, I’ve had the same problem,(with Tesla too )
If there’s no funds it should have just Failed/cancelled the transaction?! Not sold something with out asking and buy again

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Unfortunately not.I got following reply from them

“This can happen when you sent out a market order while another one is still being processed - deceiving the system that you have funds for both, which later leads to selling on of them due to insufficient funds”

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I wouldn’t be happy with that response.

If you only made one order then that’s a serious bug if it trigger two orders.

If you did make two for whatever reason the interface shouldn’t allow two market orders on the same instrument with the same quantity

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I am not happy either. I made a complaint to their compliance team. What response did you get from them?

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Hi thanks for letting me know, I haven’t complained yet.
Can you post if you get your money back I would be interested to know.
At least tesla have rocketed back up I guess.
It’s not the point but it helps I guess