Now that Trading212 are charging Commissions AND limiting certain stocksā¦ surely this is now false advertising?
Added Edit: PLUS Fees now charged on credit cards and other funding methods.
Surely they should add a little asterisk saying, We DO charge a 0.7% fee on some funding methods. We DO charge FX Commissions and we WILL limit successful stocks (GameStop/AMC/penny stocks) when we feel it might not benefit us.
For the record, FX fee is NOT a commission.
Actually when IB are not charging T212 for FX fees but they are charging US, thatās a commission.
The website is still current. Nothing is in place until 30 days.
I really dislike this one-upmanship or trying to catch people out. It boils down to this.
Stay if you like, leave if you donāt. The constant gotcha is tiring. The death in popularity of nitpicking retail traders canāt come soon enough
WRONG!
Only the FX part is wrong for now. The rest of my post stands right now.
thatās not what a commission isā¦
There are still free deposit methods.
Oh really.
Commission Definition:
a sum, typically a set percentage of the value involved, paid to an agent in a commercial transaction.
āforeign banks may charge a commissionā
certainly vague enough to get you confused.
for your financial education: Brokerage Fee, Commissions and Costs Explained
Are you being serious? I know most countries are in lockdown and there might not be better things to do in life than find dictionary definitions to nitpick.
Have you ever tried jigsaws?
Hereās one on brands, when youāre done you can put them through the spectrometer and write to the publisher letting them know which ones are ever so slightly the wrong colour.
In fairness to the OP it does say free investing as the heading.
It is no longer free due to the FX fee
albeit itās not something Iām hugely bothered by, but the statement is incorrect
Although i donāt agree with this (as a commission is a charge on the service itself)- I think heās completely correct otherwise. There are now fees and have been limits.
FX fees are obviously a fee, and this needs changed. I donāt think itās illegal right now as it hasnāt happened, but donāt think itās morally right to sign people up saying itās fee free when you have made it public information that this is soon to change.
Bang on with that Cav
If I had to guess I would say you are a paid backdoor acrobat artist for trading212. Never seen someone in this forum trying so hard to undermine truth like you.
It is so obvious with the recent changes that the picture trading212 has drawn of itself is not accurate anymore to say the least
You would guess incorrectly. Iām just more dismissive of stuff that doesnāt matter then others. We differ in opinions, thatās it. Would be boring if we all agreed.
But Iāve done well to go from a Freetrade acrobat or whatever you called me to T212. Go me.
it boils down to definitions as required by any regulators that may call a broker out. an FX fee, while being a conversion fee, is not the same as an account fee that charges you just for being with the broker. we wouldnāt assume āno feeāsā to mean we are exempt from the exchangeās feeās either right?
clarification may occur in the fine print at the bottom of the page, but they are not suddenly lying about anything if they are telling people that itās free to have an account and use it. If I trade in my local currency then the transactions remain free.
we would also have to start nit-picking over the usage of āno limitsā, because as we know there are ālimitsā that are imposed on T212 because of IB and regulator scrutiny. we canāt made trades below a certain size or value and some stocks cannot be purchase above a certain quantity per order either.
Actually thereās just one free deposit method right? At least for us Europeans and UK it is just bank transfer, Open Banking is also just a fancy bank transfer that is faster. Still only limited to UK.
Also, bank transfers are not free for most other users, even from EU with different currencies.
Do we know 100% that IB do not charge T212 at all for FX?
As in T212 have thought we can creme off some profits from our customers by inventing a new charge and call it FX fee and 0.15% is enough that most will suck it up without leaving the platform. No one will question that.
0.15% commission fee on buying and selling foreign currency
0.15% FX fee on buying and selling foreign currency
To me as a customer itās the same result.
If they are making this up and listing as āFX feeā and itās not actually costing them a penny for FX then thatās incredibly cheeky.
Itās even more cheeky if they continue to advertise as ācommission freeā after the 0.15% FX fee comes into play because the commission is under a different label.
If they are being charged ~0.15% by IB and are simply passing this cost on then I have some empathy with the decision.
But itās an FX fee. Itās not the same as a commission. Commission takes a percentage of your account value at regular intervals, fx is completely different from this. Itās not a trading fee, as itās only on foreign currencies from your own. Itās literally just a conversion fee for every foreign transaction. So itās not the same as a commission.
I have no idea if it costs anything in the background but I find it hard to believe itās completely free for them
But it definitely acceptable to say theyāre commission free. They arenāt taking money out of your account every month. Itās easy to forget how good this is. Big brokers charge commission and dealing charges alongside fx fees.
