76% of retail investor accounts lose money when trading CFDs with this provider.
Trading 212 does something that fewer and fewer brokers seem to, perhaps purposefully, leave out. And that is a clear, informative and simplified interface and design. However, in the fast world of Forex this isn’t enough. Does Trading 212 have what it takes?
Trading 212 is a trading name of Trading 212 Ltd and Trading 212 UK Ltd.
Trading 212 UK Ltd is registered in the UK and is licensed by the FCA. This body requires from brokers proof of financial stability, to meet very strict criteria, and to comply with the rules and requirements that the FCA has set. Users of Trading 212 UK Ltd are eligible for a refund of up to £85 000 in the case the broker fails, as issued by the Financial Services Compensation Scheme.
Trading 212 Ltd is registered in the Bulgaria, and as such hold license form the Financial Supervision Commission. It’s mission is to maintain the stability of the market industry through legal and administrative means. There is a compensation scheme that covers 90% of the clients funds in the event the brokers becomes insolvent. The reimbursed sum cannot surpass €20 450. This compensation fund passes on the message that, even though it’s rare to see a renowned broker holding a FSC licence, this regulatory entity can be trusted and is not abused by slippery brokers.
On average, the spread for EUR/USD is floating one, between 1.1-1.7 pips. The leverage cannot go higher than 1:30, as restricted by ESMA.
The broker offers the following instruments for trading: Forex pairs, indices, commodities and cryptocurrencies.
In the language department they have: English, Dutch, German, French, Italian, Spanish, Polish, Russian, Romanian, Arabic and Chinese.
The inclusion of a single, proprietary platform is a bold one, but one that without question produces results.
TRADING 212 PLATFORM
The only platform supported by the broker is more than meets the eye. It’s optimized for greater accessibility and to be approachable by newer traders, while still offering many staple features like trading signals, customizable charts, a cool design, the ability to place trades in multiple ways, and more. One major downside is the lack of trading bots. Here’s a snap of the platform in full motion:
The average spread floats up and down between 1.1-1.7 pips, depending on the volatility market. Meanwhile, the leverage is maxed out at 1:30 due to ESMA decree.
The platform is web browser supported, and can be accessed on a mobile/tablet by downloading the app via the Play Store or the App Store. Desktop version is not available.
TRADING 212 MINIMUM DEPOSIT
The minimum deposit is $30. Yet we urge traders who wish to take this more seriously to deposit at least $200, since with only $30 not much can be achieved.
The broker accepts payments in bank transfers, Credit/Debit cards, Skrill, Dotpay, Giropay, SafetyPay, Carte Bleue, Mister Cash, Direct eBanking, CashU and UnionPay.
Traders can open in account in EUR, GBP, USD. A significantly low choice range when considering that the FCA is a license issuer and the satisfactory array of depositing methods.
For Credit Cards funding you account takes 10 min approximately, while Bank/Wire Transfer requires a longer period of 2-3 days. The deposit time for eWallets is not indicated thus we must assume that its either instant or no more than 10 minutes.
The website present some vague information on depositing fees. From our research, what we got is the following: the only fee is the one taxed by the payment system.
TRADING 212 WITHDRAWAL TIME AND FEES
Overseer FCA insures traders under their gaze, that problems with withdrawals are non-existent.
The same methods for depositing are used for withdrawing: Credit/Debit cards, Skrill, Dotpay, Giropay, SafetyPay, Carte Bleue, Mister Cash, Direct eBanking, CashU and UnionPay.
The usual waiting time for receiving money is stated as being 2-3 working days for Credit/Debit cards and Wire Transfer. Ewallet are, yet again, not mentioned.
The only plausible fee is the one required by the payment systems.
There is no indication on a minimum withdrawal amount. This, in combination with the lack of fee, is a great combination that works in Trading 212’s advantage, when considering how many rookie traders wish to expand their skills without risking too much of their income.
Account that have been left inactive for more than 6 months will be charged with a fee of $9 per month. This is by all means, not a substantial amount, yet it can be a nuisance for some. Plus500 and AetosCG are similar in this regards, as they both charge inactivity fees.
To conclude, Trading 212 is extremely user friendly and can be approached by any type of trader. Because of the easy going nature of both its interface and effective platform, this broker can easily be a great starting point for novices into the world of market trading, as well as an extension for more advanced clients.