The company began operations in 2004, and its headquarters are located in London. It’s available to UK traders who wish to invest in stocks are other assets.
Trading 212 is governed by the Financial Conduct Authority of the United Kingdom (FCA) and the Financial Supervision Commission of Bulgaria (FSC).
This article will teach you everything you need to know about Trading 212 in the United Kingdom. We’ll go over the platform’s features, trading fees, demo account, transactional data, and other details. Also, look at their trump card, the mobile app. So, if you’re eager to learn more, keep reading.
The best alternatives to Trading212 are eToro and Swissquote.
Does Trading 212 Accept UK Traders?
Yes, traders in the UK can join the platform and carry out their trading without worry.
The company is registered in England and Wales—thus, any United Kingdom trader can use all its services.
Account Types on Trading 212
When you join Trading 212, you get three accounts to select, and they differ based on the assets you can trade. The country you reside in is also a factor that can force you to choose a particular account.
Every member can access any of the accounts featured on the platform, but they do not have any corporate accounts.
The CFD account is available for clients in all countries that Trading 212 is accessible. The clients using this account can only trade in CFDs.
Trading 212 Invest Account
The Invest account is also available in all countries that Trading 212 operates. And the clients using this account are free to trade in real stocks and EFTs across all money markets globally.
Trading 212 ISA
The Trading 212 ISA is an Individual Savings Account. It’s a tax-efficient account that allows investors to save and invest with the total amount in the current tax year, 20k Euros.
The four main types of ISAs are Stocks and shares, cash, innovative finance, and lifetime.
This last account is only available to traders based in the United Kingdom. This exclusive account allows traders to buy and sell securities like real stocks and EFTs.
How to Open an Account on Trading 212
The process of opening an account on Trading 212 is very straightforward. You can do everything online.
Even so, the verification time is usually under one business day so that you can start trading right away.
This is the procedure you follow when you want to open an account:
- Sign up by entering your information like email address, name, country of residence and date of birth.
- Select the account type you want, plus select the currency type you will be using on the account.
- You have to accept the terms and conditions. Then activate your account by verification of your identity and residency.
To prove your identity, you will have to provide the platform with extra information. They require any identification documentation like an ID, passport, or driving license.
Proof of address will also be needed. And for this, you can use a bank statement or a recent utility bill, preferably no longer than three months.
You will not need to deposit anything to open an account.
Trading 212 Trading Platform
The brokerage allows traders to trade on the website as well as on their mobile app. Both platforms are quite intuitive and easy to use.
Web Trading Platform
Interface and Usage
The website interface is user-friendly and has a customizable option that lets the trader move things around to their liking. A user can change the sizes of tabs and dimensions of the elements as they trade.
The site is available in 11 different dialects, including English, Polish, German, Russian, Italian, Spanish, Dutch, Romanian, Arabian, French, and Chinese.
Security and Platform Maneuvering
When you log in, there is a two-step authentification for security purposes. And this can only be achieved through your mobile. Trading 212 also has a commendable and sophisticated search function.
One can quickly search by the name of a product and the security category you wish to trade.
If you are a holder of any of the three CFD, ISA, and Invest accounts, you can submit and place orders within certain time limits. All accounts allow for orders in the market, limit and stop orders.
Then the Invest and ISA allow the stop limit and Good until the end of the day/canceled orders, but the CFD does not have them. The CFD has the OCO, and the other two lack this order.
As you trade, you get a trade ticket that displays vital information regarding the order you are about to place. The quantity of trade, the margins, swap rates, and stamp duty are some of the information displayed on this ticket.
This ticket puts your trade into perspective before you buy or sell a security.
You can set up notifications like emails or texts on your phone.
On the web trading platform on Trading 212, you can set alerts as well as notifications. These will inform you of the orders, news, or any margin calls you might have selected.
Interface and Usage
The selling point of Trading 212, the mobile app, is nothing short of spectacular. The design is awe-inspiring, and the interface is user-friendly.
The app is downloadable on both iOS and Android mobile devices. The languages available are similar to the ones on the web version of the platform.
Security and Platform Maneuvering
Signing in on the mobile app is a breeze. Once you log in, there is a two-step verification authentication solidifying the security of the app. You can choose to use biometrics such as touch ID if your device supports it.
The search function is just as easy. It is intuitive and offers you what you search just as fast. The search provides you several assets you can trade besides the security you search for. You can search for stocks, indices, currencies, and commodities.
The notification on the mobile app comes as push notifications. You cannot get SMS or email alerts on the website platform.
Markets and Products on Trading 212
Trading 212 offers the trade of real stocks, EFTs, CFDs, and Forex. It does not offer trade in mutual funds, bonds, options, and futures.
The platform supports 184 currency pairs, 51 stock index CFDs, 1700 stock CFDs, 28 EFT CFDs, and 45 Commodity CFDs.
However, it does not support cryptocurrency trading.
Stocks and EFTs
The stocks and EFTs trading portfolio is limited in that you only have seven stock markets to trade in and 200 EFTs. In hindsight, this is a large number of securities, but they have less when compared to other brokers in the industry.
Auto investing on Trading 212
If you want to put your investments on autopilot then the auto trading feature is for you. With Auto Investing you can rebalance your portfolio automatically. You can also automate your deposits.
This is one of the best “set-and-forget” approaches, I’ve seen so far.
These charts are very interactive and user-friendly. However, they are not the best to use since the news flow is not up to date, and there is no fundamental data available for a trader to use.
The charting tools are available on both web and mobile versions of Trading 212.
Trading 212 offers its users educational videos and tutorials on how to use the platform. Ther provide new members the basics of trading, which assists many beginners in getting started.
Their demo account is also a great educational feature that gives newbies practice ground to learn more about trading. You will also find academic articles offering more information on trading.
Deposits and Withdrawals
Both deposits and withdrawals are generally free and speedy through multiple channels. The base currencies are:
These currencies are limited to only a couple per country. For instance, in the UK, only GBP, EUR, and USD are available.
If you trade in one currency as your bank account, you do not have to incur conversion rates for deposits and withdrawals. But if it is the opposite, you will have to pay the conversion fees appropriately.
To bypass this, you can open a multi-currency bank account at a digital financial facility.
Depositing on Trading 212
Depositing on Trading 212 is free. However, when you deposit more than two thousand euros, you get a 0.07% deposit fee. And this is applied if you deposit using an e-wallet or your credit or debit card.
Here is a list of all the e-wallets you can use to deposit money on your Trading 212 account:
- Google play
- Apple Pay
- Carte Bleue
- Direct eBanking
The availability is linked to specific counties, and the user is the one to confirm which is available in their country.
Payments using bank transfers may take a few business days to verify, although using credit and debit cards is instant.
Withdrawing on Trading 212
Withdrawing on Trading 212 is free, and when you do it via debit card, it takes about one business day. You can only withdraw money to accounts that have your name on them.
Here is the procedure you use to withdraw your money from any of your Trading 212 accounts:
- Click on manage funds on your dashboard after logging in.
- Enter your password and select your withdrawal amount.
- Confirm the withdrawal and wait for the verification.
Trading 212 Fees
Trading 212 has several commission-free stocks and EFTs, meaning a trader gets to trade for free. In general, there are no fees incurred in deposits, withdrawals, and inactivity. On the flip side, the forex trading costs are high.
There is a 0.05 % currency conversion fee for all CFD and forex trading. This rate could go as high as 0.15 % for real stocks and EFTs.
Trading 212 Customer Service
Of all the services Trading 212 offers its clients, customer support is the most wanting. Indeed they answer any query with relevant answers and are available around the clock, but you can only reach them via email support.
They do not have live chat or phone support. This is a major shortcoming as most people need fast and immediate solutions to their queries.
Is Trading212 Safe?
If you are trading in the UK and Germany, the investor protection amount is about 85,000 Euros regulated by the Financial Conduct Authority, FCA.
The other countries get 90% protection on investors’ funds to a maximum of 20k Euros facilitated by the Bulgarian Financial Supervision Commission, FSC.
Some people in the modern world don’t just work to make money for a living. They go the extra mile to multiply the money through investing and trading. As a result, looking for brokerage services online has become a widespread practice.
Trading 212 overall performances as a brokerage platform in the United Kingdom is excellent. The most commendable part they offer is the low and no fees on the deposits, withdrawals, and commission when one trades on the securities.
Despite the platform having a limited platform compared to its competitors in the market, it still stands as a pretty good choice that traders can use.
It is a great place to start your trading career because of its numerous practice ground and available tools to make you better. Most importantly, they operate in the UK, and they have investor protection of up to €85,000.