Looking for a new broker

I really can’t do without an ISA to be honest.

£20k a year tax free is a no brained as I will max it out every year easily. That’s over 25 years £500k, without any gains - and I’ll pay crazy taxes as I am a higher earner.

I know I got £12k allowance in a non-ISA wrapper, but per year I’ll have £10k I will stick in a traders account for shorting, so I’ll need that allowance for that.

DeGiro also has all that I need and low fees, but no ISA. EToro allows share purchases as well now and has all the ETFs I need, but again no ISA.

212 has zero commissions and CFD, but not the ETFs I need but I hope that they’ll add them if I ask nicely. If they do, it’s perfect. They don’t do options but applied for an international account for TastyWorks.

Your option sounds perfect, if only they did ISA. Thanks for recommending them, will keep an eye on them - the multi currency account definitely is a game changer.

One question, why did you chose Tasty over IB?

Tasty seems to be build by and predominantly for shorters and swing traders with a whole community around it, and their app is all geared around that. Seems more appropriate for my needs, but I may be wrong.

Working my way through their course materials and it’s outstanding. That’s what won me over so far. They also have a social aspect to it, where you can follow others - a bit like EToro I guess. May help with idea generation, if I could find some good traders.

Will open an account and see how it feels like. :smiley:

Also going to compile a list of ETFs Id like for my multi-asset portfolio approach and send it over to 212 and see if they would mind adding them.

OK.
For me issue with Tasty was funds transfer, using currency fair and not sure you can hold multiple currencies.

Tasty also seems to allow US Etfs, even though they shouldn’t.

I don’t get why they shouldn’t. Am with Saxo currently and all the Hedgeye ETFs are on there. EToro has them as well. As long as they have a KID, it shouldn’t matter, should it?

I don’t think you can hold multiple currencies, but for me that doesn’t matter as much as I’ll split my L/S over different accounts, and the Tasty one is for shorting and swing trading the US market, so once it’s in USD there I won’t invest in other currency denominated instruments through that account.

Yes, you are right. IB did not allow me to buy those ETFs, so I assumed they are not allowed. Have to check if they have KIDs.

Via Saxo I bought loads of them, like XLP, XLV, VNQ, XLU, XLK, QQQ, UUP, GLD, etc.

1 Like

Checked at UCITS-ETFS.com and most USA based ETFs I would need have an UCiTS equivalent, missing some “equity factors” ETFs like Growth etc, but can work around those.

1 Like

Just found out 212 Trading have committed to adding a minimum of 200 stocks a week, aiming for 10,000 stocks / ETFs by Q3!!!

They’re also removing a day trading clause apparently, which limits you to 100 trades a month. Commission free.

And realised they trade currencies via trading our CFD account, so it allows for a full multi asset approach.

Only thing missing for me is options, but hopefully they’ll add that in the future.

1 Like

That’s great news! It’ll heat up the competition for sure.

Too many of the low or commission free brokers have a limited range, the sooner we can get to full market selection at a low cost the easier it’ll be to make it a standard across all brokers.

This is the biggest thing I am looking forward to, major brokers who have a limited value add starting to lower their fees.

2 Likes

Exactly. Happened with RobinHood there who every from the professional side didn’t take seriously, until they had critical mass and then in a span of weeks the big players suddenly one after the other went commission free.

Even then, they got catching up to do in a different way. Saxo does all that I want but their UI is of a different age, their app feels so clunky. They’ll have to catch up on user experience very quickly as well.

Professional investors may care less about that, but more causal ones do. Commission free doesn’t work unless you have millions on your platform, so you have to attract the casual ones through a better experience.

1 Like

Am with 212 since this morning and it’s a game changer. Can actually follow my portfolio as I described in the “asset allocation” topic, although I still miss a number of ETFs but have requested them.

They’re adding 200+ stocks / ETFs per week with a view of having 10k by Q3. No commission, no fees on ISA, something like 0.0013% FX (due to spread), and they’ll be launching auto invest soon, where you can set a portfolio allocation and then it maintains that constantly for you.

Also, compared to freetrade, which blew me away see stats below. Not a wholly fair comparison as obviously 212 offers more than just stock brokerage (eg CFD and currency), but nevertheless…

FreeTrade will also add more and more stocks, so will be more compelling in due course. A good platform as well, just for now lacked the functionality and stock universe I wanted.

2 Likes

It’s very good to see the competition heating up.

For me personally this is the big trend I’ve been waiting for in the UK.

As a user I’m happy for security lending to take place in lieu of me paying fees. A fair win-win in my mind.

That said I have see a lot of people confused about how this works and what it means for the customer. In practice there should be zero impact to an end customer and their rights (and holdings!) but because this isn’t common place in the UK yet, someone has to do the educational piece.

I’m hoping this drives a lot of revenue for them and encourages others to follow.

Last time I checked out doing security lending for a retail broker 1-3% per year on FTSE 100 assets was the revenue figures we were looking at.

1 Like

It makes absolutely sense, but you can nervousness into the forum already and 212 has the more understanding customers from the challenger brokers I’d argue.

You can see people thinking: “You’re lending out something that I bought?”. Needs some further education, but it’s the only way to really make zero commission work.

Am fearful about the £10/month charge of FreeTrade and if they could make that work, but we will see when the details of their Plus account comes out. They just may be onto a winner - who knows for now!

1 Like

Hi all. First time poster here!

I have radically changed my investing approach in recent years. I don’t trade frequently instead look for long term opportunities. I used to hold the bulk of my investments with IG. I really like their platform and could put up with the trade commissions but the quarterly custody fee tipped me over the edge so I’ve moved everything to T212. Their platform is very basic but does the job for me. Their Autoinvest seems like a game changer amongst the zero fee brokers.

I dabble with Freetrade. I like the fact they are a British startup but they are a bit too early in their offerings to meet my needs. Plus their community forum is a bit too “clicky” for me.

4 Likes

Welcome! I’m looking forward to seeing more details about Autoinvest too, very impressed by how fast they’re releasing new features. How have you found switching to T212 so far?

It’s been really good, but that’s credit to both parties.

FreeTrade has been terrific with no qualms about transferring out and they have been super helpful. The one thing missing was some confirmations via emails. Once I got told my money was being transferred out, I closed my ISA, but in doing so lost all notifications around it in-app so didn’t really have any proof of how much money I had in there.

212 have been very good via email on the other hand, with quite a bit of communication. However, they disabled live chat in-app. When they said they funded my account I was £10k short, so I couldn’t talk in-app with them, but realised they still had live chat on their web platform. The guy there was brilliant and sorted it in minutes, as it turned out if you have multiple years of ISA they get each separately credited to your account - they could have been clearer about that.

All in all, one hiccup, but it’s been pretty painless. The most annoying thing is that neither party does in-specie transfer, so you have to cash in all your investments first.

3 Likes

T212 have been OK. I’ve never had issues with funding the account or placing orders. Seen a few posts on their community forum from people saying they lost money for various reasons but it seems more down to the fact they don’t know what they are doing (e.g trading CFDs without knowing how they work) rather than any issues with the platform.

I’m sure I read they are launching an improved web platform too which is interesting. I hope they focus on their charting package.

3 Likes

Yes, what I gathered so far is an improved web platform, 2FA, securities lending, auto invest and value orders. A lot of good stuff coming. The genuine impact guys would score them high on momentum. :grinning:

2 Likes

I have both FT and T212 accounts, T212 is where my bulk of the money is.
I used to have iweb, a round-trip US stock transaction would cost me 3%, that’s a lot. So if I do not like a position I don’t have to worry about another cost of FX. So far happy with T212.

1 Like