Beware Trading 212

[BoStor]

I wish to share my experience of Trading 212 so as to warn others. I have both a portfolio of shares and interest-earning cash with this bank. I have been struggling for over two weeks to transfer cash to my home bank account and the portfolio to another broker but without success.
I am unable to get my hands on any cash from the account and their position is that the transfer of portfolio and cash facility has still to be rolled out to the majority of customers.
I have, with difficulty, at last got the matter raised with The Financial Ombudsman Service of the Republic of Cyprus and acknowledged accordingly.
This is a frightening and worrying experience to suddenly find that your money becomes inaccessible and I therefore would wish to share this experience and keep others informed of developments with regard to my official complaint as well as welcome any advice members may have as to how to proceed further.
Thanking you.

 

[Galego]

Have you tried withdrawing cash from their app?

 

[BoStor]

Of course and without success.

 

[tomdublin]

the transfer of portfolio and cash facility has still to be rolled out

So they accept deposits but the ability to withdraw deposits still has to be "rolled out?" Sounds dodgy in the extreme. Strange that any regulator would approve this.

 

[aristotle]

What happens in the app when you try to withdraw, does it tell you that you can’t?
Or that it seems to go through but funds don’t arrive?

Bit worrying as I have a bit of cash on deposit in there.

 

[Galego]

I just withdrew some money to see and it went through in the app at least "money is on its away". Let's see how long it takes till hits my bank account, if it does!

 

[Lightning]

I wish to share my experience of Trading 212 so as to warn others. I have both a portfolio of shares and interest-earning cash with this bank. I have been struggling for over two weeks to transfer cash to my home bank account and the portfolio to another broker but without success.
I am unable to get my hands on any cash from the account and their position is that the transfer of portfolio and cash facility has still to be rolled out to the majority of customers.
I have, with difficulty, at last got the matter raised with The Financial Ombudsman Service of the Republic of Cyprus and acknowledged accordingly.
This is a frightening and worrying experience to suddenly find that your money becomes inaccessible and I therefore would wish to share this experience and keep others informed of developments with regard to my official complaint as well as welcome any advice members may have as to how to proceed further.
Thanking you.

Trading212 are large broker. There is no widespread issue with withdrawing money or it would be widely known.

I've never had any issues withdrawing money from T212. The process is quick and simple.

What have customer care said to you about being unable to withdraw cash? Your post mixes reference to the transfer issue and the withdrawal issue ... but I'm not clear if you've spoken specifically to customer care about the withdrawal issue?

What happens when you go to the screen mentioned above? Can you give a screen print of what you can see?

Regarding transfer of securities and cash (a transfers is obviously different to a withdrawal) - not all brokers offer that feature. Sounds like T212 don't offer that feature to certain customers. Obviously you could sell and rebuy at a new broker but I appreciate that's not ideal.

 

[BoStor]

So they accept money on deposit but the ability to withdraw money still has to be "rolled out?" Sounds dodgy in the extreme. What's the regulator doing?

Just got the acknowledgement of the complaint yesterday and the terms of complaint state that it can take up to 8 weeks to resolve. I can't believe this is happening and am very worried that Trading 212 which has a London address is actually subject to Cypriot regulations and oversight. Wonder if I should engage with Citizens Information.

Trading212 are large broker. There is no widespread issue with withdrawing money or it would be widely known.

I've never had any issues withdrawing money from T212. The process is quick and simple.

What have customer care said to you about being unable to withdraw cash? Your post mix reference to the transfer issue but I'm not clear if you've spoken specifically to customer care about the withdrawal issue?

What happens when you go to the screen mentioned above? Can you give a screen print of what you can see?

Regarding transfer of securities and cash (a transfers is obviously different to a withdrawal) - not all brokers offer that feature. Sounds like T212 don't offer that feature to ask customers. Obviously you could sell and rebuy at a new broker but I appreciate that's not ideal.

This is what I got when I tried to transfer my portfolio.

 

[theObserver]

I've used them for 14 months now. First thing I did after registering was to lodge money and withdraw it a day later as a test. The money arrived in my bank account within 48 hours.

Just got the acknowledgement of the complaint yesterday and the terms of complaint state that it can take up to 8 weeks to resolve. I can't believe this is happening and am very worried that Trading 212 which has a London address is actually subject to Cypriot regulations and oversight. Wonder if I should engage with Citizens Information.

This is what I got when I tried to transfer my portfolio.
View attachment 8867View attachment 8868

Cyrpus is a member of the EU so Trading212 is subject to all EU regulations. I wouldn't worry too much about this. After Brexit, most of these low cost broker apps have seperate UK and EU addresses.

What happens when you try to withdraw your cash?

 

[Lightning]

This is what I got when I tried to transfer my portfolio.
View attachment 8867View attachment 8868

Your screenprints are only with regard to stock transfers. Are you perhaps mixing up stock transfers and withdrawals?

Yeah, stock transfers are not available to everyone. But cash withdrawals are (well, should be).

Can you post a screenshot of what you see on the cash withdrawal screen?

What have customer service said about cash withdraws specifically?

 

[BoStor]

Having had all previous cash transfer requests refused as per complaint ref; CIF 39820240035, I have just now been told that my latest transfer demand of 1,500 has been processed so await confirmation from my receiving bank a/c on Monday. Whatever happens now, I will get out of Trading 212 as their AI response to any malfunction or problem is beyond a joke. I had no problems and then one malfunction after another so I would seriously warn others of the unreliability of this outfit.

I've used them for 14 months now. First thing I did after registering was to lodge money and withdraw it a day later as a test. The money arrived in my bank account within 48 hours.


Cyrpus is a member of the EU so Trading212 is subject to all EU regulations. I wouldn't worry too much about this. After Brexit, most of these low cost broker apps have seperate UK and EU addresses.

What happens when you try to withdraw your cash?

Have has my requests for withdrawals from a cash balance of 60k+ restricted to 3K. Appears there are restrictions on withdrawals irrespective of balance held and a complete block on closing or transferring the account.

 

[BoStor]

Trading 212 appears to allow me to take a thousand or two every day. or two so will take months to get my money.

 

[theObserver]

I did find a two year old thread mentioning:

“Because of anti-financial crime precautions, the amount you can withdraw to a certain method may be limited to the total amount of deposits made with it.”

Withdrawal process - redesigned

Hello everyone, We redesigned the withdrawal process flow (available with the latest iOS and Android updates). Here’s what’s new: Once the amount is selected, you’ll see to which payment method the funds can be withdrawn All currently saved withdrawal options will be listed. Yet, only those...

community.trading212.com

Did you lodge with a debit card and try to withdraw to another bank? Anything like that?

 

[Thomas1]

If you lodge €5k to Trading 212 from Current Account A and €2k from Current Account B, you can only send back funds in that proportion too i.e. you can't choose to send €7k to Current Account B. - seems to be AML rules they use.

I was frustrated by this a few months ago and felt like OP but once you get your head around it, you just think in advance where to fund Trading 212 from so as to leave the avenue available for withdrawals too.

I regularly transact both ways between BOI and T212 without any issues (not massive funds in fairness, all have been <€10k).

 

[Galego]

I just withdrew some money to see and it went through in the app at least "money is on its away". Let's see how long it takes till hits my bank account, if it does!

I just received the withdrawal this morning so 1-2 Working days. It seems to be working fine then.

 

[BoStor]

I just received the withdrawal this morning so 1-2 Working days. It seems to be working fine then.

OK if you need a few thousand withdrawn. I am 81 years old with advanced prostate and lymphoma cancer who wants my money and my portfolio transferred under Irish regulatory protection as I face an uncertain future. Trading212 are refusing to return my money and my investments of a lifetime.
I do not want others to face such uncertainty.

 

[Galego]

OK if you need a few thousand withdrawn. I am 81 years old with advanced prostate and lymphoma cancer who wants my money and my portfolio transferred under Irish regulatory protection as I face an uncertain future. Trading212 are refusing to return my money and my investments of a lifetime.
I do not want others to face such uncertainty.

Thanks for bringing this issue to other Trade212 users like myself. Hope you get your problem (and money) sorted asap. Best regards.