I think people need to realise that in the UK you get 12k of CGT allowance a year, so if this has not been utilised, then it could be used to move positions to 212.
That being said, some people are not allowed to buy/sell a security within x days due to their employment rules, so it would be a nice feature however apart from bring more securities and probably helping keep users on the platform, for a free service, how does 212 generate funds from this without increasing the potential ongoing long term cost base to all?
I currently split my investments between Degiro and T212. I love both apps and I think each of them has advantages to the other. Personally I like T212 more in the interface, commodity, pies, and the way the app works. But in this regard I think Degiro is more concerned about making customers feel completely safe in their accounts. Why do I think so?
Well to begin with, Degiro opens and account with your name in a bank in Germany and every penny you put in this account is 100% to your name. The actions are all in your name and you can move them to other brokers like IB or whatever you want. Every single time they make an adjustment or change something related to account management you are notified and it’s 100% clear. You dont even need to go to a forum and ask about it, it’s clear and transparent in your profile settings, you know where it is stored and how it is stored.
And thats the part that I feel lacks the most in T212. I love the app but somehow I dont even know where my money is and if it really is mine or not.
I think that fixing this transparency issues and making customers feel entirely confident and grounded in the app, and confident that their money is under their control would radically boost T212 capital because I see in youtube, reddit, twitter or even here in the forums that for some reason people are afraid to put more money in here.
Also having used Degiro and I think these are fair comparisons. Trading 212 has client money in Barclays, but for some reason that is not so well understood by users.
Degiro also offer multi-currency accounts, the feature that is much-requested on this forum. Mind you, that feature has only lost me money as I have held onto dollars too long and would have been better off exchanging USD for GBP at the time of transactions. Degiro charge 10 euros for in specie transfer of a position. I have not used that, since for small positions it is less expensive to sell and rebuy,
It’s stored in Barclays but how? The only part where I read this in the ToS (and that’s already first problem, you have to go look it yourself there, in the main app itself you dont find this info at all) it says:
T212:
" 13.7. Your Investments will be registered in the same name as those of other clients (pooled together with other clients’ Investments in an omnibus co-mingled custody account, like with like). "
By contrast, Degiro opened an account which I know its IBAN and I know it is registered in my name and with my identification. And yeah its true they ask you for 10 euros to trasnfer specie which is very expensive, but you can do it, and that’s already something.
Well my intention here is not critizicing T212 because I really like the app, I geniuenly think that if these transparency issues were solved it would be the best investment app in the eurozone.
This did not happen for me. When I transfer funds to Degiro it is to the one same Deutsche Bank account that others also use. They know it comes from me because I can only transfer in from my one linked account and they can see that number. Trading 212 are actually more flexible in that they let you transfer in by multiple methods.
One month later, is there an Update?
I have a lot of friends waiting for this feature!
I have to pay a lot of taxes if I sell my shares with big win. Why should i do this? Than I can buy less shares and my passive return will be slower than before.
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