Some analysis about them:
1. Late accounts filing
An interesting take.
Sounds shady. Given the behaviour of the last two years, they get my top spot on the ‘broker most likely to defraud their customers’ list.
I see that this video was posted in Trading 212 Reddit and rather than provide counter argument to the allegations, the fanboys are just calling the guy names!
Other context seems important
The block on new users happened literally the day of the GME spike when t212 was almost the most downloaded app in the UK (FT gained 100k users in 2 days). They couldn’t have picked a worse day.
Brexit screwed them as they’re based in Bulgaria. They got a license from Malta to continue trading in UK but lots has changed.
They introduced FX fees which were incredibly unpopular and torpedoed their no.1 selling point.
Yes new users can’t join but current users have a completely normal time, I use an account occasionally and it seems to function fine.
Don’t really care about a rivalry as I’d still rather all UK brokers were disruptive and innovative and T212 used to be. The way they rolled out to hundreds of countries is still a blueprint for FT and perhaps a warning at the same time to build it yourself and carefully. I’ll bet someone inside the industry can look at the situation and work out what’s gone on fairly easily, will be watching with the popcorn out
A number of people here have in the past highlighted the potential risk to assets due to t212s terms and conditions.
Warning, total speculation: it wouldn’t surprise me if everyone’s stock assets are under their Bulgarian company directly and at much higher risk.
The rivarly/fanboy nature of some of the discussions are odd to me.
I use both T212 & Freetrade (and HL while I’m at it), don’t see the need for the bickering from some people.
Good points. My instinct is that it is most likely fine, nonetheless I am trying to spread my investments a bit to balance broker risk.
Sasha’s videos do raise some questions, but clearly he is incentivised to create chaos to generate clicks and referals to alternative platforms - so like any media form, it is important to keep their agenda in mind when listening to their content.
This topic comes up continuously.
T212 UK office is FCA accredited.
Investments are FSCS covered in the case of insolvency.
My ISA is free with T212.
My tax account is free with FT.
Couldn’t be happier with both brokers.
(I do pay some fees for my Vanguard SIPP until FT makes an ongoing profit - unlike T212 which has always made profits from CFDs - instead of burning VC cash.)
Do you know why are they not opening any new UK accounts since the beginning of the year by any chance?
TBH I’ve not looked into T212 in great detail, because thy were already closed to new members when I wanted to join.
But if the things in Sasha’s previous videos are true, the FCA have repeatedly and publicly told them that they’re in breach of the regulations, which would suggest their accreditation might not last very long or maybe already invalidated.
Some of Sasha’s previous videos were pretty much unsubstantiated and are the latest ones any different?