Are there new fees?
I didn’t recognised the transaction fee and the FINRA fee before…
This is also mentioned in help pages.
Thank you for your explanation @Vedran @Richard.W !
Just been adding up the costs of trading 212’s “free” trading and it’s MORE expensive than my broker!
If you add up all the costs for trading like FX fees on BOTH selling AND buying, which means if you buy £1,000 of a share the fees for buying and selling add up to around £4+ per trade! Plus the FINRA fees. The platform is also super slow both selling and buying. Slippage costs money, in both directions.
what do traders think of all the costs and losing voting rights for shares you own etc? Great free platform or rip off?
You can’t count FINRA fees as they’re regulatory so you would be charged this with any broker.
There may be a cut off point where another broker is cheaper than 0.15% per trade for foreign stocks when trading at a higher volume.
Would you be willing to share your broker fee comparison - it would be useful to others.
Personally for myself, it’s cheaper than most other brokers that say charge platform fees or have complex fee structures and paywalls. I invest long term, and don’t trade short term so small slippage from one broker to the next is not so much of a concern. That said IB is not so great for non US stocks, but as always there is a price to pay for ‘free’.
The down side is we don’t have access to all stocks here, but I’ve similar elsewhere too so use a mix.
As always, shop around for your needs. I don’t see a single all in one platform that meets mine. I generally shop around once a year just to make sure my money is working best for me.
Great free platform.
I think the FX fees makes it expensive if you trade very often. For those holding on after buying and compounding capital - T212 continues to be the cheapest.
Just hoping for more capability developments towards supporting complex transactions.
it’s a scaling issue. T212 wasn’t designed with high-frequency trading in mind as this isn’t what the vast majority of their investors do, the result is for those who want to constantly trade in and out, increasing the system strain as a result, the costs will rapidly add up. Also how many people actually meet your hypothetical of £1000 round trip fx transactions? the reality is most make much smaller transactions spread over time where a fixed transaction fee would be much more expensive.
The appropriate action is to trade where it is cheap to do so, and invest where it is cheap to do so. nothing wrong with having multiple platforms for your money.
For me still the cheapest and most flexible broker.
Funding trough CC/DC isn’t available in most brokers I can apply to, and to make monthly wire transfers isn’t so cheap for the amount I can invest right now and I don’t want to save for 1 year and then invest. I prefer to invest monthly.
I would like to be able to quickly calculate the following:
!. If I sell 100 US shares at $40 each, how much is it costing me TOTAL ins GBP?
2. At what price would I have to buy back the same 100 shares in order to make the round trip transaction profitable?
i.e How much less would I have to pay for them?
Just do the math and will learn something useful.
Use the foreign exchange rate GBP/USD.
What I’m looking for is a simple formula such as:
(US$ price x FX fee/conversion rate) + other charges (if any).
btw Will it ever be possible to hold US$ in an ISA?
It is a HMRC regulation that all ISA cash be in GBP. It is unlikely they would change this.
If it was in El Salvador, their “ISA” could be also denominated in BTC.