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.the transfer of portfolio and cash facility has still to be rolled out
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.
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.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?
This is what I got when I tried to transfer my portfolio.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.
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.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
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.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?
I just received the withdrawal this morning so 1-2 Working days. It seems to be working fine then.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!
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 just received the withdrawal this morning so 1-2 Working days. It seems to be working fine then.
Thanks for bringing this issue to other Trade212 users like myself. Hope you get your problem (and money) sorted asap. Best regards.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.
Brokers will know that people make small transfers to test their system. It's in their interest to make sure those tests work as quickly as possible. If someone sees that they cannot get 10 euro quickly back to their main account they'll almost certainly abandon the platform.I just received the withdrawal this morning so 1-2 Working days. It seems to be working fine then.
I am in shockOK 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.
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