Trading 212 is one of the shadiest brokers in the market. They are scamming people and the following article will help you realize why that is so. Some people think it’s okay to deceive others and steal their property. And Trading 212 is one of those people. Read on to find out more.
In this Trading 212 review 2020, we are going to uncover some shocking truths about the broker, so without any further ado, let’s start:
No Details about the Team
Trading 212 claims to be the trading name of Trading 212 UK ltd and Trading 212 Ltd. If it is true, then why are there no details about the team behind Trading 212? There is no outline of the CEO, COO, CFO of the broker firm.
Every trader knows that mere registration is not enough for a broker. The implementation of the regulations is the responsibility of the employees of the firm. The absence of seasoned finance professionals in the team of the broker is not good for traders. The people who are not aware of the basics of the brokerage cannot understand the services of the firm and thus have no value to the concerns of traders.
Limited Services in the US and Canada
In addition to the missing details, the region of the US and Canada does not allow Trading 212 to render services in their regions. Their strong financial regulators do not allow any fraudulent broker to operate there.
The strict regulation and registration process of the US and Canada automatically gets rid of any offshore illegitimate brokers. They take responsibility for their traders’ safety and protect them against any type of frauds and scams. The best and genuinely regulated brokers can operate in these regions without facing any issues. The absence of the services of Trading 212 in this region raises many eyebrows.
Trading 212 uses its customized trading platform and does not provide services on MetaTrader, which is a trading platform by MetaQuotes Software Corporation.
The MetaTrader provides many services like trading charts, automated trading signals, logarithmic trading to its users under one roof. There is no need for other software for trading as MetaTrader is compatible with mobile and desktop applications. It is a major shock to traders of Trading 212 that it does not provide services on the reliable and secure MetaTrader platform. Needless to say, it is hard for any trading platform to match up to the high-end services of MetaTrader. Its absence is an indication of how little Trading 212 cares about its customers.
Trading 212 Lacks Scalping
There is no provision of scalping in the trading software of Trading 212. Scalping is the best trading strategy for professional brokers to earn from small price changes in the trading market. A trader can earn millions by putting multiple trades and keeping a vigil check on the live feed of the trading platform. In the case of scalping, you get the best results with a direct access broker. After the absence of the MetaTrader, this is another shock to traders.
Trading 212 Doesn’t Offer Bonuses
Trading 212 does not allow any type of bonuses to its traders. Almost all of the Regulated brokers provide bonuses to their traders to enhance their trading experience. The bonuses are helpful in trading and provide relief to traders. Professional traders can earn amazing profits using those bonuses.
There is no such provision in the trading terms of Trading 212. It shows their greedy approach towards the benefit of their traders. The broker fails to provide beneficial services to its customers, which reduces their credibility further. You might find a Trading 212 promo code somewhere but chances are, it wouldn’t work. Most of the time, a person finds a fake Trading 212 promo code because they don’t release any bonuses.
No Options in Live Trading Accounts:
While writing this Trading 212 review, I found that there is only one live trading account available there. They don’t have different live trading accounts according to the experience and budget of traders.
This is one of the major drawbacks of Trading 212. Traders have no option to choose from. Regulated brokers provide a detailed classification of the live trading accounts which helps traders to choose the best trading account while considering the services in each account. Sadly, there is no such facility available with Trading212. This act of Trading 212 increases the gripe of traders. It shows how hellbent they are on stealing from their clients. They don’t care whether their clients are comfortable or not. They only want to fill their wallets, nothing else.
Absent Details of Deposit and Withdrawal:
Trading 212 fails to provide a detailed outline for the methods of making deposits and withdrawals. Essential details like the minimum limits of deposit, withdrawal and the channels according to the regions are all missing. Regulated brokers do mention the details about the payment partners to prevent any types of problems related to funds to traders.
There are no specific details about the fund’s transfer in the live trading accounts of Trading 212. In addition to this, there is no mention of the dormant fee and other transaction processing fees. The broker flaunts on its website that there are 0 fees. But the mandatory fee like transactional fee, payment partner fee, and dormant fee cannot be zero in any case with any broker. Traders get to find out about the fees when they’ve already invested their money and can’t go back.
Regulated brokers mention the details related to their fees and payment methods. It maintains transparency in the process and traders remain aware of the same. In a major disappointment to traders that Trading 212 fails to maintain transparency in the basic process of fund transfers.
Limited Customer Support
Trading 212 provides no details on its website for the technical customer support it provides to traders. There is a single email id which is a generalized mail to contact the company and a website inquiry form. You won’t find any Trading 212 live chat. There is no provision of regional phone numbers to help traders from different regions. They don’t have any toll-free numbers or Skype numbers as well. The broker misses providing dedicated email-id for various types of support as needed by traders.
An efficient customer support system consists of proper channels and a dedicated team to assist traders. The availability of technical support to traders should be round the clock without any terms and conditions. Sadly, there is no provision of quick, reliable, and genuine customer support to traders of Trading 212.
The website of Trading 212 is https://www.trading212.com/
Their webpage gives a deserted look. While most traders do mention details about their company and its associations and sponsorship programs, Trading 212 chooses to give a monotonous tone to the page. It is not impressive at all.
The second issue here is that Trading 212 does not provide any information about the domain of its website. It uses the paid services of domain providers to hide its details in private registers. It increases the doubt on the length of operation of the broker.
The third issue with their website is that the use of images towards the end of the web page is not appealing. Ideally, images should capture the first page, and the rest of things can follow that. The web page is longer than the normal and there is hush-hush information. The broker can try to collaborate the information under various tabs so that the visitor reaches the right place.
Trading 212 can certainly improve the quality of the webpage by adopting simple methods. The right information should reach the visitor at the right time. Keeping this in mind, there is an urgent need to change the details on the website of Trading 212.
Trading 212 Social Media Presence
The official social media accounts of Trading 212 aren’t frequently updated. Their Facebook account has no useful information. The screenshot of their official Facebook page below, shows the same:
Facebook is best in terms of creating an online brand name. There is no need to spend millions on marketing but just to keep the followers updated with the recent developments within the organization. It shows the passion of the broker to maintain a two-way relationship with its customers.
Traders can share their trading experience online while the upcoming traders can decide based on the experience of the previous brokers. Another reason for Trading 212 to stay away from traders is due to a large number of negative reviews among traders.
The Twitter account of the broker has no different story to tell. The last update is of 2 months before and there is a lack of quality content on the Twitter account as well.
It looks like Trading 212 forgets to realize the capacity of social media. Social media platforms can do wonders for brokers as it helps in reaching many customers and like-minded individuals.
I believe Trading 212 avoids all social media platforms because it’s afraid to face backlash. It’s obvious that they run a shady enterprise and a strong presence might attract their dejected customers. They don’t want anyone to reveal their reality.
Trading 212 Review: Is it a Fraud?
Trading 212 fails to provide solid reasons to work with them. The broker misses providing the basic services of MetaTrader as a trading platform to the investors. The lack of options in live trading accounts and the details of the fund’s transfer create doubt.
There is no information about the team of the broker and it cannot provide services in the US and Canada. My Trading 212 review does not recommend the broker as an ideal trading partner. You’d be better off working with a different broker.