This doesnāt make sense unless there is some technical issue in the background?
I wish we had someone to actually give us a reason as to why it was done this way.
Exactly what happened with me. I was under the impression everything would get multiplied by 5.
I had 0.18 in TSLA, expecting to wake up to 0.9, but instead it was all cash in my account. By the time I done a search, read on here and realised what had happened, the value had risen by 10%, meaning to put all the money I had back into TSLA, I only got 0.81, 10% less
George has said there are technical reasons it has to happen this way, and that they are also not happy about the current process.
That says to me there is some kind of plan to address this in the future, so we should all appreciate the team acknowledge there are issues and are willing to make changes which will be beneficial to everyone.
I also want to point out that from what Iāve seen, Trading 212 are actually quite receptive to feedback and humble about their mistakes, and I have seen numerous suggestions from the community which have been implemented.
I saw this on google & twitter etc. but I donāt understand why it would make the stock drop? Tesla sells 5 billion shares: great. Sound good to me. But I am not a stonk expert.
Iād also like to add my voice to those that are expressing a desire for T212 to not handle splits like this in future. Let us keep our fractionals! No forced liquidation!
By the time T212 executes your order the day after the split when the market opens, you can miss out on massive gains. I speak from experience, itās been painful to watch sometimes!
You donāt have to, you can use services like IGIndex, Interactive Brokers and such, but they all suck a LOT. Trading 212 job is much harder than the likes of Robinhood in the US, Iām sure their dev team would explain the complexity of making transactions in the EU that are compliant for stocks in the US. I imagine itās a complete nightmare (technically). Try the other trading services and you will see what I mean they all suck. If these stocks were on the UK stock exchange Iām sure it would be a lot easier.
Iām sure itās all very complex, I donāt doubt that, but at the end of the day, we are consumers. We donāt lower our demands, wishes, expectations etc just because it might be hard for a company to provide what we want. Thatās how companies get left behind. This thread is full of people unhappy at T212ās handling of this stock split situation and āitās difficult to doā and ājust buy back the next dayā just arenāt answers that are going to cut it
Do we even know if thatās the issue though? As far as Iām aware there hasnāt even been a vague description of what the problem was.
I originally assumed that it must be a compliance issue; but then I learned that other equivalent brokers were able to split all fractional shares, so how can they do it, but Trading 212 canāt?
Iām also getting increasingly concerned about the fact that questions such as this are being asked repeatedly in this topic and yet nobody from Trading 212 is answering them. Is there a reason for that?
I created an eToro account specifically to buy ADA. The user interface in their app is absolutely appalling. I felt it was borderline unusable. I donāt have (m)any complaints about that aspect of Trading 212! I do quite like the way that eToro handled margins though. I plan to post about that in the future, once I fully understand it.
Whereās that acknowledgement and willingness in this topic?
The only acknowledgement that Iāve seen is when @David said they would do a better job in the future of allowing us to figure out how much we received for our fractional shares that we didnāt want to sell.
@Supraman I donāt now the answer either, Tesla seems backward to meā¦ good earnings resulted in a $300 jump off. Annoyed i hadnāt held it longer when shorting this morning as its at $474.
I am starting to feel this way too. Trading 212 team havenāt explained the reasoning behind this properly to us, and Freetrade were able to do the splits. From what Iām seeing on my social media channels, a LOT of people are very annoyed and feel scammed by T212.
One of my friends who has been investing longer than I have has recently started looking into T212 and his first impression was that they are a big scam.
I mean, I know they are regulated by the FCA so that makes me feel better, but Iām starting to lean towards just paying Freetrade for their ISA and moving all my investments to them. Itās making me uncomfortable as I have started promoting T212 on my Youtube and a lot of people are signing up. But I suppose a video warning people of how badly T212 treats customers can do just as well.
Every time Iāve contacted customer services my questions havenāt been answered properly. I donāt know if itās just the people I speak to or whether itās on purpose. Getting very frustrated.
I remember a few months ago when Trading212 were having these kind of issues with transparency and communication and it looked like they listened however since the pandemic itās been a bit quiet and gives the impression they are working on a skeleton crew.
Other people have reported issues with ISA stocks which shouldnāt be there, the communication around that and stock splits, etc.
All of this doesnāt look good and peopleās confidence might diminish in these testing times. I hope they get to communicate a lot better and be more transparent. They are quick to show progress with number of ISA accounts and pin the post but not when it comes to stock split and ISA issue.
I do share your frustration but it hasnāt made me feel as though T212 is a scam, just that it has been rather amateur on this issue. Iām not excusing them and they really should be doing better with things like this, but what would go far would be if they were to announce their intention to emulate Freetradeās approach to stock splits in future, promise to not make contradicting posts on the forum and promise to give in-app notifications well in advance of stock splits which provide a clear explanation of the situation. I believe T212 to be safe but I think they know people are suspicious of trusting their business model and their handling of this situation hasnāt presented them in the most professional of lights. I say all that as a big supporter of T212.
