Does Trading 212 support portfolio transfers? I would like to transfer my portfolio from Lynx (under Interactive Brokers) to Trading 212. In Interactive Brokers account management I’m able to select Trading 212 as target of the transfer. How should I authorize it with Trading 212 and will there be any fee?
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This might be a question for customer support or hopefully @Team212 can help you
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I wrote to customer support first but didn’t get any reply in a week, that is why I’m posting here.
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If you want to do an in specie transfer, they are not supported yet. If you just want to transfer the account (cash value) that is possible.
There is a chance in specie transfers will be implemented Jan 2021 or in first quarter 2021
also there is a survey for requested features, if you want you can chime in
That’s too bad, I was hoping to get the transfer done this year because Lynx doesn’t have an EU entity and my portfolio might get locked out if hard Brexit happens.
if I have to clarify: you can still transfer the portfolio, as in cash value just not the stocks inside.
This brexit deadline could’ve been an opportunity for T212 to capitalize on new customers actually.
@Tony.V might have an update on the deadline but I doubt it’ll before Jan 21
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Even if they don’t do stock transfer, you can set up a pie to the same allocation you had with your previous broker, then as soon as cash comes through put it in the pie, and then the prices won’t change too much
Selling all my stocks would incur high fees and capital gains tax.
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You could utilise some of your CGT allowance this year?
If you are a UK taxpayer you will not incur high CG tax costs.
If you sell stock for 100 that you originally bought for 50 and rebuy within 30 days for 100.50 you will have a capital gains loss of 0.50. The original purchase price of 50 is inherited by the newly purchased stock. This rule is there to help people who want to reorganise the location of shareholdings. It is assumed 30 days is enough time to do this.
I would expect other countries to have similar rules.
However, there can be cost where there is significant spread or broker fees. For example, selling US stock held with AJ Bell would incur 1% fx fee. Or with Interactive Investor 1.5%. Fortunately, Interactive Investor has USD account. You can sell, transfer out USD to Revolut, for a $35 fee, and then exchange currency on Revolut. The savings will easily pay for a Revolut Premium account which provides the user with unlimited fx.
I’m not UK taxpayer, my country has 15% capital gains tax without exceptions like the re-buying you describe.
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Now I’m being asked by Interactive Brokers to either migrate to their Ireland entity or transfer my positions to a different broker. Still no possibility to transfer to Trading 212?
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Interested in this too. I have a couple of outlier holdings I would happily transfer to 212.
Much better than the extra rip off extra trade and fx fees HL and Fidelity apply. I mean they already make their profit from their platform fees and regular dealing costs.
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