Definitely there are different thresholds for different people in different circumstances and so itās important people do their own research.
In my case I was comparing an existing sipp I have with Pensionbee that is invested in one of their cheaper tracker funds and because I would be paying Ā£7 per month for freetrade sipp, I would be paying less in freetrade than my pension bee one at around 16k portfolio value thatās charged at a %
Vanguard giving up on the factor funds makes Freetrade a much easier sell for me. The fact that a SIPP is the only tax-advantaged way to hold certain shares (ADRs)
I still believe that people should have multiple broker accounts, the chances of Freetrade, 212 and Degiro all missing a stock / having downtime / getting expensive is very low. I also think it would remove a lot of emotion around Freetrade missing stocks, although admittedly for ISA / SIPP itās harder to diversify.
Ah, that makes sense. Vanguard seems cheaper than, but as I mention im looking at what advantages i may gain from a more flexible set of investment options with Freetrade
The ability to trade in whatever the hell I want is a big draw. It comes down to research but as it will be a sipp (my employer has my main one with RL) I will probably go with half of it in a cheap tracker and half on what I would consider long term investments that should do well over the next ten years. The fact I can chop and change as I see fit without penilty though will be huge
I agree with @Bruce. Iāve just started a 212 account (only with Ā£150 to see how it works) and although I can see they have much more functionality, I do love the simplicity of Freetrade.
Hey, they now offer interest for money held in your account uninvested (for plus users), just fyi. Brand new for Plus members ā earn 3% interest on cash, up to Ā£4,000 :plus_:
What difference does it make to you?
It proves their business model is sustainable. I know that client money and assets are held separately but itād still be a massive headache if anything happened to the company. Now this is much less of a worry.
There are so many ways they could define āprofitableā that itās meaningless.
It could be gross profit not net for startersā¦
Nope
I mean, I donāt want to burst the additional sense of security bubble that their statement is seeking to provide, but, it was literally just a statement put out by 212 with words to the affect that they are profitable. As Richard points out, itās not clear on what basis. Revolut are also masters at announcing āprofitabilityā when in fact itās usually a short lived uptick driven by market externalities rather than the structural sustainability of their business model.
A quick scan of their latest accounts shows 2019 revenues were cut in half over the previous year, with a recorded operating loss of ~Ā£300,000 (against previous yearās profit of Ā£1.5m) negatively impacting equity, while liabilities have increased almost 20% on the previous year.
On the face of it those are metrics that are heading in the wrong direction, and while itās reasonable to assume there has been some improvement over the last 10 or so months due to the bumper interest from retail clients, Iād probably want a bit more meat on the bone before taking too much comfort from unverified statements, such as, um hi, weāre profitable.
Good points. I think youāre right not to take their statements at face value. For me FT is getting somewhat expensive and Iām willing to give 212 a go. I like FT as a company and product and hope they do well.
Also just FYI I didnāt remove my earlier post it was removed by an admin because Iām a 212 shill.
I presume youāve only looked at their 2019 UK accounts and not their group accounts or Bulgaria accounts?
Remember to read the terms carefully so you understand what service your using 
Youāre previous post was misinformed
What can we take from these to statements? That the UK is becoming unprofitable. Are there plans to shift UK accout holders over to Bulgaria. Are the Bulgarian accounts profitable? You can open T212 accounts quite a few countries around the world. How significant is the UK market to them.
They are a Bulgarian company
Material, as per audited accounts.
I have no idea but I wouldnāt take much comfort from accounts being transferred to Bulgaria.
They havenāt filed 2019 accounts for groupā¦ but 2018 shows considerable growth in revenue, profit and equity over the previous year. Revenue was almost entirely driven by the CFD product. I havenāt seen Bulgaria accounts. I would be interested to see group performance in light of CFD regs changes.
Interesting???
The biggest impact on t212 profitability I suspect is the change to charge 0.7% on deposits over Ā£2k lifetime not done by bank transfer - that will have removed a considerable cost from their accounts.
Agreed. Ultimately for those investing and not day trading too many new funds, itās not a massive hardship. Even Freetrade donāt allow Apple Pay after the initial Ā£1,000 so it makes sense.
Remember to read the terms carefully so you understand what service your using
Why not inform me then; what was I misinformed about and what are your sources?