Ah cool so still miles cheaper than HL then
I don’t really understand how you updated the website and review pages to Comission = Free. You can call the FX fee whatever you want it is still a fee imposed solely by T212 and therefore to call it commission free is misleading. No changes to my response to help day traders by introducing fixed fees/ monthly fees and will be trading elsewhere now. 2 $10k trades daily for a month adds up to £1800 in fees; funnily enough I think I can find a better deal elsewhere.
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To be fair it is probably a technicality but yes 212 should and have updated their front page.
The trade is commission free, the funding is not when not in your base currency.
I would always take any articles with one competitor talking about another with a pinch of salt. Stake charge 0.5% fx transfer fee on deposits/withdrawals, a $2 withdrawal fee, and have a premium service for an extra $9 a month.
The services we get here, for what we pay are still highly competitive.
This is not true. Interactive Brokers have a $2 USD minimum fee for currency conversions. If the average transaction is $100 then it’s basically 2% fee. If $1000 then 0.2%
So who provides a free s&s isa these days now?
Several providers allow access to a S&S ISA wrapper for free. Trading212 for one. Fidelity or Hargreaves for some others, but then you do have to consider they add on a platform fee for any assets you hold.
A T212 ISA and holding VWRP or currency equivalent is probably the cheapest way to invest in global equities tracker tax free.
Well no t212 isn’t free any more they’re charging me 0.15% on both buy and sell for anything not in gbp
Probably not a question for this forum.
Your basically asking if there are any other providers out there that will allow you to buy any foreign stocks, within an ISA, and not charge any service / transaction fees of their own. MoneySavingExpert forum could be a shout to check as I can’t think of any.
There is none. It is a requirement of ISAs that cash is held only in GBP. So every buy or sell of a USD stock will involve a fx conversion. I think
the broker with least expensive fx fee in an ISA is
Click to reveal
Others charge 0.45% (Freetrade), 0.5% (IG), 1% (AJ Bell and Hargreaves Lansdown) and 1.5% (Interactive Investor).
For frequent trading in a general investment account outside of an ISA the best choice will be a broker that provides multicurrency accounts, so you can exchange once and then trade as much as you like with no fx fee. But this is not possible in an ISA.
Remember, the 0.15% fx fee is less than the annual charge of many ETFs. You can build your own Information Technology Sector pie for less than the OCF cost of something like iShares IITU (0.15% every year)
But if you hold even 1 daily rebalanced stock its going to add up very fast.
I understand the “free” model is obviously always going to be a loss leader for a year or 2 before any business starts slipping in fees.
Just wondering if the next one had started yet
Well put. The Pies are like a custom ETF.
ISA with FX fees on standalone foreign stocks or ISA with GBP ETFs with foreign stocks. In the end, investors always pay fees.
The investors can choose the better solution. Choose between the cheapest option and/or the freedom to do stock picking.
The question is, do you want to do stock picking on foreign stocks? If so, the cost is 0.15%/transaction, if don’t want to do stock picking buy an ETF and have an annual fee that could be more or less than the 0.15%/transaction.
The BTCE ETF have 2.00% annual fee, no one said nothing against this and some invest in it.
Investors also pay more due to Bid/Ask spread than the 0.15%/0.30% FX fee, and we don’t see too much fuss about it.
But its in addition to all those costs not instead of.
Instead of discussing legal technicalities, I think a consumer friendly platform should focus on being transparent ! As I think that’s what T212 has tried to achieve before, I agree that they should not try to trick new customers into thinking there’s no fee.
It doesn’t look good in the end, it’s a shady corporate practice !
Now imagine calling your company Freetrade and doing the same thing
Has this thread not run its course and going off topic?