Is It Time To Consider Moving Away From Trading 212
31/03/2022 Finally, Trading 212 is letting UK customers open up accounts again. Wow, that took a long time. Do I still recommend Trading 212? Well to be honest yes. They have a lovely app and the UI is fantastic. Now they have sorted out the problems. Let us move forward.
I shall keep the post as below for completeness.
It has now been around 3 and half months since Trading 212 stopped letting people create new accounts.
Really? That is an awful long time in business.
Servers upgrades are cited as the main reason for not allowing new sign-ups. Issues arose off the back of the Gamestop saga.
Come on though. Most of those people wanted to buy some Gamestop and sell it a week later. They had no intention of becoming serious investors.
I do love Trading 212 and all of its features but this is starting to concern me a little now. It has not affected me in any way but it just does not look good does it.
With options like Freetrade more or less having the same service. What do they expect existing customers to think. I can’t be the only one who is thinking like this.
You also get a free share just for signing up with Freetrade, not that should really be a factor in who you choose as they both offer that.
Making the switch would be moderately expensive for me.
I would be hit with stamp duty tax on all UK stocks and also be hit with foreign exchange fees when buying back the US shares the other end at a higher FX fee vs Trading 212 I might add.
Currently, there is no way to do an in-specie transfer. I would have to sell out of all my positions and do a transfer in cash. It would have to be a transfer as simply withdrawing the cash then depositing again would trigger the ISA limit of £20,000.
Do Not Wait For Trading 212 – Start Investing Now
Personally, I think I will hold off for now, however, the longer this goes on the more I am starting to question what is really going on at Trading 212.
I really hope that new investors have just signed up to Freetrade or whoever else they may choose and not hung on months and missed out on some potential good growth in that time.
Do not sit on the sidelines waiting for Trading 212 – By all means, put your name down on the waiting list but don’t miss out on any more potential growth.
We still have no idea of how long until they start accepting new investors so do not hesitate any more.
Thanks,
Sean
