@trading212 is their Twitter handle
Thank you a lot for the reply. of course this is not enough from them, cause we are trading with them, using their platform and deposit on accounts managed by them and not by their intermediary and i’m not even interested knowing who that is. Correct?
Thank you very much for your reply Slyster.
My personal feeling about it? there is something big going on here. The fact that nobody from the @JimLahey is giving real explanation is extremely fishy
yes I’m also seeing ridiculous spreads and also limited exposure to nearly all stocks, I don’t understand why they are limiting so much. Perhaps too many people are making money on the platform. Anyways hope it gets fixed soon.
Whilst cooler heads can prevail momentarily while spreads are a little tighter.
I have received this info from T212:
Given the extreme market conditions right now, it’s becoming increasingly difficult to efficiently hedge exposure to popular instruments.
This, unfortunately, requires us to take measures in order not to exceed exposure limits. We have decided not to increase margin requirements (decrease leverage, which would mean a potential stop-out) but rather increase the spread.
Of course, this raises more questions for me and this info should be more widely available, however, they are looking into the positions that were closed on my account and the price action that resulted in it. Hopefully I will hear back sometime today.
Response from T212
Thank you for reaching out to us.
I would like to confirm that depending on the market conditions (volatility and liquidity), the spread can vary throughout the day ‘Floating’.
Floating spread means that it might change depending on the market conditions, the liquidity and volatility of the price, and the instrument. Especially, when the market opens, the spread might widen due to the many pending orders that are due to be executed at the time the instrument is available for trading thanks to the increased liquidity.
Should you have any further questions or concerns we remain at your disposal.
Those two responses from them are completely contradictory to each other. The first being the truth, the are reducing their own risk exposure.
Anybody else having trouble logging in now? I was in the process of closing out positions to move out my money from this shambles, now I can’t get into my account on either my phone or the computer.
T212 is currently down
Aaaaanf theyre down again.
It’s down again… Chaos.
Nope it’s back up and running
I think we can all agree the reasonable mark has well an truly been stepped over with how much they have dialed up the spread.
You need to make sure you have that email or comment saved. That is incredibly ridiculous and worthy of FCA attention. It is one thing to have a spread change due to liquidity or market conditions a la pre-market/after hours, it’s another to deliberately adjust the spread at the detriment of holders of a financial instrument in order to protect their own interests.
It’s plain to see that they thought they’d make a killing from people losing money on CFD’s, but now simply can’t afford to pay out the parabolic gains in tech to people and are trying to defraud people out of money elsewhere.
You can see on this forum some people getting their accounts reviewed after raising the issue with being stopped out when the actual market price was no where near the price T212 quoted and are getting reimbursed.
With the rate they are advertising on TV and youtube I wonder what the number of ignorant “investors” who would have been stopped out and lost money, put it down to it simply being the market rather than an adjusted spread.
This thread has almost 100 comments and been up for 2 days now and not one member of staff has bothered to address the concerns on here. They’re clearly active as their posting elsewhere on this site.
Reminds me of when I was shorting Wirecard a few months back and they suspended the stock until I complained and it magically was unsuspended a second later.
All my funds are in the process of being moved out now.
Putting things into contrast, an hour ago I opened an account with another CFD provider. 20 minutes later I received a phone call from a client relations manager asking if I required any assistance getting started, provided me with a direct contact line and email address. I can’t even get into live chat on this PoS.
If I was more savvy when I started I would’ve never joined T212. It feels wrong having to pay a fee to execute, but do the math and calculate the commission costs and compare it to what you pay through the spread on even a normal T212 spread you pay out far less.
Absolutely agree. I also switched now but few positions are in red so don’t want to give it to T212 for nothing. How long can they do this type fraudulent activity? I topped up my account so that they cannot close me out unless big tech falls 20% and they artificially inflate it to 50%
Trading212 doesn’t make money from their clients losing positions.
They make money by hedging so it doesn’t matter whether you win or lose, they make a fixed amount and there is no benefit in it for them to have lots of people lose money while trading CFDs.
Are the spreads not with every provider the same? If not which one is the better choice then?
other providers may offer tighter spreads, however they charge fee’s per transaction or calender schedule for having accounts. this makes it much more expensive to day/swing trade with other brokers than T212.
In CFDs there is a small currency FX fee and a small mark-up in spread so that there are no fee’s and all the returns you make on a position are yours to then use with taxation calculations et cetera.
unfortunately right now there are issues with the spread, but this will get sorted out and the best advice is to sit it out. not open positions regardless and complain about being massively in the red as some have done.