Trading 212’s minimum deposit is more than affordable at just $1. In fact, you can say that there is no minimum at all because this is more like an account activation fee. To start trading with this broker, you must transfer this amount from your bank account to the account you’ve opened with the broker. This short article will introduce you to the different factors to consider if you’re planning on opening an account with this trading service.
Benefits
The broker does not charge a deposit fee, which is very convenient in terms of having to account for just bank or other third party costs when making transfers. Nothing will be deducted from your transfers as a fee. If you want to trade with Trading 212, you have several deposit methods to choose from, such as bank transfer, some e-wallets, and bank cards. The second and third option are very fast, taking a few hours at most. Normally, they’re near instant. If bank transfer is most convenient for you, you need to reckon with a waiting period of up to three days.
Downsides
One problem some users have had with making deposits is perceived lack of intuitiveness. This is not an issue people have across the board. Those who do have it say it’s a bit hard to find out how and where to make the deposit or that the interface is not user-friendly.
Deposit currencies
Each of Trading 212’s trading accounts comes with a specific currency called a base currency. Trading 212 will hold your funds in this currency, which you must select. This broker supports EUR, GBP, USD, and other major currencies, but no minor ones. They charge a currency conversion fee if you make a deposit in a currency that they don’t support.
This is not a big deal, but it can be distracting, leaving you less time for trading and other interesting things. To avoid this and save on currency conversion fees, opening an account in multiple currencies with an online bank or digital service can be your best bet. Another benefit of these accounts is the speed. You can transfer money from and to your account within seconds, often at no cost whatsoever.
Opening an account with Trading 212
Before registering you on the platform, the broker will ask you for a few basic personal details, like your birthdate or job status. They are unusual in that they make candidate users take a financial skills test. Verifying identity and address is the final step. They will ask for a copy of an ID document and a copy of a bank statement or utility bill as proof of residence.
