Question about withdrawal delays

Been using the platform for over a month now and have been recommending it to others. I keep gettign the response of “they freeze your accounts” or “You cant withdraw your money.”

Where did all these rumours start? I have quite a large ammount of money invested in 212 and it makes me anxious hearing all of this! Was there an issue with the platform in the past that started all these rumours?

scare mongering from an incident a couple years back. and likely spread by people who tried to withdraw to different accounts than they deposited with.

the incident was in regards to market behaviour and not a fault of T212 or any other broker, but people acted like it was when they didn’t get the profits they were expecting due to overloading the system and not being able to close their positions.

Thanks for the reply. What was the incident?!

I can can only speak as I find and I’ve found Trading 212 1st class in every way. Deposits and withdrawals, buys / sells and not 1 problem while I’ve been putting it through its paces.
Look at all the features T212 are offering and adding. They are not aiming to cheese people off and fail. They are blazing the way forward offering the best features to thier clients to succeed.

2 Likes

I read somewhere in the internet (so it’s true) that the T212 team makes House of Cards with our cash, they have hundreds of very high “houses” in the office, so when people try to withdraw money, they have to carefully remove some of the cards, our cash actually, to make the withdraw happens.

It’s all true :innocent:

3 Likes

When I started researching T212 prior to opening an account, I actually found a few comments of people having issues withdrawing their money from their account and receiving no support from the team, and no reply to the telephone line (no one picked up the phone).

I have had no issues about this (I only withdrew once, as a trial to see if it worked, which it did :smiley:) but it is probably worth considering that withdrawing has caused issues in the past (judging by posts on comparison sites), hence if you know you need the money in the near future better to withdraw with plenty of time. Just in case.

Also, it seems like the forum works quite well, so if you have problems it may be best to ask on here (quoting someone from the team).

We’ve improved the onboarding process, making it as seamless as possible - we understand the importance of having instant access to your Trading 212 account. In the meantime, all regulated brokers, like us, are required to follow specific AML & KYC guidelines. As such, we proactively monitor all transactions under an account, and as a part of our risk management procedures, we may require an additional document (proof of address document), which aims to ensure that the account meets the standard for market compliance requirements.

You’ll be informed in advance if such documents are required, and our 24/7 available team will guide throughout the whole process.

@wh0zwh0 There is nothing to worry about. Instead, all mentioned above should make you feel even more comfortable that your funds are safely stored with a company which complies with the highest industry standards.

6 Likes

I would like to add that there is no real way for us to verify that such posts are even submitted by actual users of the platform. Could be trolls from a rival broker that does crowdfunding. They have an incentive for people to not use T212.

1 Like

I would also like to add that there is also a lot of outdated information on the web. Dutch users frequently stumble upon a page from 3 years ago, stating you have to pay fees.

:mag_right::thinking::man_shrugging::mag:

I actually don’t think it I “FreeCrowdfundTrade” tbh. Monzo, Revolut and Starling also get this issue all the time, so it stands to reason that as T212 rapidly grows they’ll encounter the money launderer.

1 Like

There was a major incident a few years ago with trading 212 and bitcoin. Lots of people lost lots of cash. What I’ve learned from that is just to stay out of crypto.

1 Like

The most valuable lesson in crypto is:
"If you don’t hold the private keys, it’s not your Bitcoin :wink: "

1 Like

I think the problem was not in crypto itself, but in some synthetic trading instruments.

1 Like

Just as an FYI, there are subreddits out there like r/UKInvesting that whenever someone asks about T212, and you have something good to say about the platform, you are labeled as a shill downvoted into oblivion and accused of being a paid promoter.
There’s a huge anti T212 campaign going on out there with people spreading misinformation

2 Likes

I can agree with this. When I was searching for a preferably commission free investment platform couple months ago, there were so few references to T212 and comments were not very positive on different subreddits. It took me longer than I expected to find T212 and I could have easily missed it (I was searching for some positive comments/reviews other than the broker’s own website). Also, somehow T212 is not included to comparison websites about brokers, at least for the couple of them I remember checking.

I would expect more references to T212 and fairer comments actually.

1 Like

I believe we’re speaking about 2 different things here, so I’ll elaborate further to avoid confusion.

What @wh0zwh0 is referring to is the extra details which can be required on a later stage once an account is already activated. To put in different terms: each company can define its so-called Risk-based approach while complying with the JMLSG guidelines, i.e. the documents required during account setup. As a market standard, we may request an ID + Proof of address document to verify an account.

Collecting POA on an early stage of the account creation can provoke a delay with the activation - since we need to verify the authenticity of the document, the visibility of the information on it and compare the details provided by the client. What we decided instead is to accept a Selfie* (regional exceptions apply): we take a new approach to identity, combining a person’s ID with their physical biometrics. That new technology allows us to verify that the document truly belongs to the person making the account. So biometrics adds another layer of protection against stolen IDs and impersonation attacks.

Nonetheless, as mentioned - we monitor every single account, and as such, on a later stage, we may require a POA to comply with the JMLSG standards. Up until the POA is provided, we can disallow withdrawals. This doesn’t mean that the funds are “frozen”, nor that your assets are somehow at risk. Instead, all this means that you’re dealing with a company which ensures compliance with the highest regulatory requirements and that a proper & transparent reporting is present.

6 Likes

you can contact staff directly through the forum. no need for this. contact lines were not live because of the lack of staff needed to man them during the fastest growth in user base to date and during a time of global uncertainty brought on by covid19.

you aren’t the only person trying to do something and there are only so many staff to get everything done.

it’s well and good submitting “ID” but you need to make sure it conforms to the regulations T212 has to meet for where you live.

If its the wrong type of ID, submitting it multiple times won’t eventually get accepted. what is the ID you are trying to submit? Passport? drivers license? national identity card? or is it for proof of residence?

Is the copy you are submitting of a clear enough quality and high standard to be verified? covered and blurry photo’s are no good.

Hi @Tony.V, can we proactively verify ourselves via submitting ID? I’d rather not be in a situation where I have to retroactively submit ID to unfreeze my funds. Pretty sure as a tax paying U.K. citizen with my National Insurance I’m assuming you’ve verified me already, but can you reassure me whether it’s an option to verify ourselves or if I even need to.

1 Like

There’s no need to attack other members of the community, people are trying to help, be respectful.

Yeah you did. You’re getting shirty now. It’s quite clear who are staff and who aren’t.

It’s frustrating we get it, but it’s not the communities fault. A little more patience and I’m sure it will get resolved for you.

2 Likes