AI Legalese Decoder: Simplifying the Process of Transferring from IBKR to Trading 212 – Understanding the Potential Drawbacks
- May 5, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Exploring Alternatives to IBKR for Investment Purposes
Hello everybody,
I understand that my decision to explore alternatives to IBKR may not be the most popular move, as many individuals are typically transferring in the opposite direction. However, after delving into the intricacies of the IBKR user experience, I have come to the realization that it may be too complex for my simple investment needs.
My primary goal is to engage in long-term investing in VWCE and adopt a more relaxed approach to my portfolio management. While I may consider diversifying my investments with some riskier ventures such as cryptocurrency or investing in individual companies, I have encountered concerns regarding money conversion and potential pitfalls while using IBKR. This perceived complexity and risk have made me wary of pursuing such ventures on the platform.
After conducting some thorough research, I have identified Trading 212 as a viable alternative to IBKR for investment purposes. It appears to offer a simpler and more user-friendly interface compared to IBKR. However, I am seeking advice on whether my research is sound, and I am curious about any potential drawbacks associated with Trading 212 (e.g., higher fees, reputational concerns, limitations).
I am particularly interested in hearing from individuals who have made the switch from Trading 212 to IBKR. What influenced your decision to switch platforms?
Thank you all for your insights and guidance!
### How AI Legalese Decoder Can Help
The AI Legalese Decoder can assist in this situation by simplifying complex legal jargon and helping individuals understand the terms and conditions associated with different investment platforms, such as IBKR and Trading 212. This tool can decipher intricate legal language, making it easier for users to compare the features, fees, and reputability of various platforms before making an informed decision. By utilizing the AI Legalese Decoder, individuals can navigate the legal complexities of investment platforms with ease and confidence.
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****** just grabbed a
Have a read before…[The truth about €1M broker guarantees](https://www.bankeronwheels.com/broker-safety-should-you-rely-on-broker-insurance/)
Stick with IBKR for longterm and core portfolio. If like Trading 212 after your research on European brokers, invest as a satellite portfolio up to €20k.
Use GlobalTrader app for IBKR, it’s a way simpler app for long holders and not traders. I think this is what you need.
A bit off topic, but I have just checked- portfolio transfers are rolled out just at 40 percent. And it appears IBKR is not supported as source / destination?..
Some comments because there’s a lot of misinformation, hope this helps.
1. It’s illegal for anyone to misprice the spread. Trading 212 in the INVEST account shows live prices.
2. Trading212 actually runs on the IBKR platform in the backend so your shares are actually held by interactive brokers.
3. You can transfer your shares, it’s a recently added functionality.
4. If you want to expand your investments, T212 does only stocks and ETFs, not mutual funds.
5. Your shares are further insured up to €1m by Lloyds of London, which is one of the largest underwriters. The €20k insurance is backed by the EU by law and is a very legally low amount, which is why they insure the addition amount.
6. The spread on CFD (day trading) account is adjusted for fees, this is where T212 will make money on fees, to keep the rest of the platform free. If you use Invest (vwce and chill) account only then no need to worry.
You can use different apps to access the api of ibkr. That is actually a great thing about ibkr… you could use tradingview for example and plan and execute your trades there….
One smart move for IBRK will be to buy Trading212
Does the 20k insurance on trading 212 insure cash or investments? If it insures investments (like I read here) what about the cash?
First, your logic seems a bit flawed – if you just want to vwce&chill, why do you need a simplified interface? It’s not difficilt to buy just that etf.
Second, the spread on T212 is larger so you are paying more. Third, you are not protected as high as on IBKR.
The main problem is that you can’t transfer your T212 portfolio – or at least that was the case, maybe someone else can verify what is true at the moment, as they were promising to change that.
Only disadvantage is after 20k it’s not covered under insurance. I am using it and will move to trade republic after the limit because they offer upto 50k
Be careful because at Trading 212 you are not the true owner of the shares, you simply have preferential rights to them.