Beware Trading 212

[Phoenix_W]

I'm very sorry to hear about your experience. I hope you have managed to recover your money by now. I'm currently going through a similar situation. I have over 60k euros in Trading 212 that I can't withdraw. They are maliciously withholding investors' money under the pretext of anti-money laundering regulations. They requested a lot of my personal information, which I provided in full. However, they require an explanation for every large transaction I made. They asked for bank statements from four different banks, spanning a year and a half. I feel their actions have crossed the line.
To get my money back, I've had to provide evidence for almost every large transaction (over 10,000 euros). It's been 13 days now, and I still haven't received my money. I'm unsure if they will continue to demand more documents indefinitely, as they can hold your money without reason or time limit if they choose to. Their customer service is unreachable, and you can only send all your private documents via email. This situation has caused me immense mental distress because I urgently need the money. I deeply regret putting my money there, and I hope no one else suffers the same harm.

If anyone knows of any way to resolve this, please let me know! I will use all legal means to protect my rights.

 

[BoStor]

I'm very sorry to hear about your experience. I hope you have managed to recover your money by now. I'm currently going through a similar situation. I have over 60k euros in Trading 212 that I can't withdraw. They are maliciously withholding investors' money under the pretext of anti-money laundering regulations. They requested a lot of my personal information, which I provided in full. However, they require an explanation for every large transaction I made. They asked for bank statements from four different banks, spanning a year and a half. I feel their actions have crossed the line.
To get my money back, I've had to provide evidence for almost every large transaction (over 10,000 euros). It's been 13 days now, and I still haven't received my money. I'm unsure if they will continue to demand more documents indefinitely, as they can hold your money without reason or time limit if they choose to. Their customer service is unreachable, and you can only send all your private documents via email. This situation has caused me immense mental distress because I urgently need the money. I deeply regret putting my money there, and I hope no one else suffers the same harm.

If anyone knows of any way to resolve this, please let me know! I will use all legal means to protect my rights.

This is their routine and it took weeks and the Cyprus Ombudsman to get my money back. How they can accept your money and then start wondering where you got it from when you want it back is a mystery and stinks of malpractice.
I now use them for trading in stocks and shares and have made sure that all my sources of income are approved by them ensuring that this time if I want my money back there will be no means of argument.

 

[Phoenix_W]

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.

I hope you get all your money back!

This is their routine and it took weeks and the Cyprus Ombudsman to get my money back. How they can accept your money and then start wondering where you got it from when you want it back is a mystery and stinks of malpractice.
I now use them for trading in stocks and shares and have made sure that all my sources of income are approved by them ensuring that this time if I want my money back there will be no means of argument.

Hello,

I would like to know how you contacted the Cyprus Ombudsman. I found this website while searching: [CySEC Complaints](https://www.cysec.gov.cy/en-GB/investor-protection/how-to-complain/no-ref/). Did you submit your complaint through this website, or did you need to call them to file a complaint?

Additionally, did you submit any bank-related documents to the Cyprus Ombudsman? How long did the entire process take? Did all your money return to your account at once?

I apologize for asking so many questions, but I urgently need this money for surgery. They have completely ignored others' lives and have not processed my withdrawal request for 13 days. I am really anxious, and I cannot eat or sleep well.

Their actions have also caused me significant mental distress. If I can get my money back, I will never use their platform again.

Thank you for your help.

 

[Original]

I hope you get all your money back!

Hello,

I would like to know how you contacted the Cyprus Ombudsman. I found this website while searching: [CySEC Complaints](https://www.cysec.gov.cy/en-GB/investor-protection/how-to-complain/no-ref/). Did you submit your complaint through this website, or did you need to call them to file a complaint?

Additionally, did you submit any bank-related documents to the Cyprus Ombudsman? How long did the entire process take? Did all your money return to your account at once?

I apologize for asking so many questions, but I urgently need this money for surgery. They have completely ignored others' lives and have not processed my withdrawal request for 13 days. I am really anxious, and I cannot eat or sleep well.

Their actions have also caused me significant mental distress. If I can get my money back, I will never use their platform again.

Thank you for your help.

I have found their requests for documents bewildering also. I have had to give more than I am comfortable giving. When I asked what would happen if I wasn't willing to provide all documents they requested I was told they would have to transfer the money I had placed on my account with them back to the account/accounts I had used to top up my balance. Their in app response time for the document checks was very slow

 

[Phoenix_W]

I have found their requests for documents bewildering also. I have had to give more than I am comfortable giving. When I asked what would happen if I wasn't willing to provide all documents they requested I was told they would have to transfer the money I had placed on my account with them back to the account/accounts I had used to top up my balance. Their in app response time for the document checks was very slow

I believe the issue lies in the design of their procedures, and even they seem unsure of the problem. When I opened the account and deposited up to 200,000 euros, they did not request any documents to verify my assets. This indicates that they have already violated KYC regulations. It was only when I tried to withdraw my funds that they demanded proof, and as you mentioned, the processing time is extremely long. They respond to emails at most once a day, and their AML staff are very unprofessional, asking for materials that are not even relevant to their review.
This experience has taught me a valuable lesson. I will never again place so much money with any brokerage firm; they simply cannot be trusted.

 

[aristotle]

I opened a Trading212 account earlier this year and deposited 20k in there. Some of the posts here were a bit of a worry as I knew I would want to take the 20k back out shortly, so I requested the full withdrawal via the app yesterday morning, and the funds were received this morning.

So thankfully no issues whatsoever.