I feel this community chat is useless. The @Team212 team does not usually respond when it comes to these kind of topics and we know the reason. We can’t blame them as well. They don’t have any timeline for bringing this and they just keep saying that this is in pipeline. There is no better teacher than your experience. By now, we already know that we got into a quicksand and there is no way to get out. The sad part is, if we check this chat before joining T212, we would not even have signed up for this.
Opinion rather than fact from source. Agree it would be great to have stock transfers in and out as an added feature(and why I won’t consider opening an ISA with 212 yet), but it was never a feature on the pipeline when any of us signed up.
Asking for changes like this, is a bit like buying a Mazda, and hoping it changes into a Ferrari(I have nothing against Mazda).
People need to set their expectations. I dont ask for HL or Fidelity to reduce their trading fees, because I can trade stocks cheaper on Freetrade/GoTrade/212. I just trade stocks on the provider that has the best value to me at the time. Similarly I won’t open up my ISA with 212, as I cant transfer my open market holdings without selling the positions down to cash and I do not like being out of market when it is not my choice. This is what I decided as part of my own Due Diligence before signing up to 212, what I would or would not hold/trade. If/when their service offering changes, I may change this view, but I do not expect them to change their service offering on a whim just because I have a bit of a moan on a forum. There is a right way of going about it.
on what grounds are you determining it is useless? you haven’t participated enough to pass such a judgement.
T212 have a support ticket system for issues, that’s not role of the community forum. You can also reach them with private DMs. T212 are present and active in the forum, but they have real jobs to do and that involves running and improving the platform as well as resolving the bugs or glitches that occur, to name a few.
believe it or not, this is meant to be a place for the community to discuss, not make demands or ultimatums.
There was no fixed ETA or ‘promise’ for this feature, when they were in development with intentions to have it out for beta, we faced the ridiculous 2020 pandemic market and the volatility server fallout + pennystock nonsense. T212 decided it was more important to improve the stability and quality of service inside the platform, rather than distract with extra external features.
you can always leave if you want to, it’s illegal for any broker or platform to prevent you withdrawing your money and moving it to a different service provider. However there is no such regulation that demands you be able to move your assets untouched as standard. so if you want out so badly, close your positions, pay your taxes and start again somewhere else.
Dividendenfreunde has been declaring their intention to leave for a while now. First pushing in December 2020 and saying goodbye in March 2021. the reason for leaving? T212 won’t do their taxes for them… but remains in the community to date just to complain that this feature still hasn’t been introduced or that a dividend is late again
In case people weren’t aware, paying taxes is always an option. don’t pretend otherwise out of inconvenience. decide which will have a bigger impact, paying your taxes once now, or “suffering the ongoing inadequacies of your ‘dislikeable’ service provider” and still having to pay a large portion of taxes later? If you remain even after such a consideration, clearly the broker/platform isn’t nearly as bad as you are making it seem.
I read this quote today. Very nice quote
“Some people think that the truth can be hidden with a little cover-up and decoration. But as time goes by, what is true is revealed and what is fake fades away”.
I would leave t212 when I would be given the opportunity to move my shares.
Selling and moving cash is a punishment I dont think I deserve.
I get what you are trying to say, you don’t like being out of the market and I’m the same hence no ISA statement above. Why don’t we try and change the tone, and work to drum up positive interest in this feature instead to possibly get more focus on it from 212 and see where we get to.
If there is enough community interest, surely that may get a good response?
Proposal/Request: please develop the ability for customers to transfer in or out full shares InSpecie for a nominal fee.
A number of existing or potential users of 212 can hold assets on a number of legacy(competitor) platforms. Give the low cost nature of trading and shares available on the 212 platform, it may be beneficial to allow customers to transfer whole shares into the 212 ecosystem. Similarly due to ever changing local market regulations, some users may feel the need to move their assets out, to better facilitate their own tax reporting and other regulatory requirements for example which are best placed elsewhere.
In both instances at the moment, users can only sell down assets in a GIA/ISA to transfer cash in/out of the 212 ecosystem.
This would potentially result in both time out if market, spread, any trading fees on either side, and crystallising capital gains.
Some countries have a capital gains free allowance, such as the U.K. of £12,300 a year, and others apply no capital gains to long term held shares such as : Belgium, the Czech Republic, Luxembourg, Slovakia, Slovenia, Switzerland, and Turkey, the Czech Republic, Luxembourg, Slovakia, Slovenia, Switzerland, and Turkey.
The image below highlights other EU CGT rates, which range up to a whopping 42%
Can 212 please consider developing the ability for users to transfer in and transfer out whole shares from another party into the 212 ecosystem.
This would provide benefits to users with incoming / outgoing holdings, such as:
- Avoiding time out of market, market spread, market delays, market trading fees.
- Avoiding the need to crystallise capital gains as above.
We understand this would be an additional service offering for 212, which may incur additional costs. In order not to impact existing and long term users of the platform, could these please be levied as a cost of transfer fee if required.
Thank you for your consideration, and we look forward to your response.
If we start a new thread - please feel free to amend/modify text above, and try to get as many votes/likes as possible, do we not think this would much more likely get consideration for an additional service to be added for all users?
I agree, but I also get that this is mainly a feature for IBKR to implement. T212 is just another client for them so I assume it’s not a top priority for them.
Maybe we should bug IBKR about it
We are still exploring the options to implement such a feature, but still, we can’t confirm ETA. As always, we’ll share updates as soon as there are such.
Thanks for the update. Appreciate we don’t understand all the intricacies or work that would be involved to setup and run.
Please keep us posted on this thread as there is a lot of interest - cheers!
Thanks for the update, that was the last update we go in Jan 2020, we are 1.5 years later.
Can your update be more accurate cus at the moment it’s without real content.
Implementing the feature involves our intermediary, IBKR, as they are the end custodian of the assets hence it is hard to give an approximate time frame.