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In January 2021, Trading212 appeared to side with institutional investors against regular retail traders. Its decision to restrict their freedom to trade sent many users in search of an alternative broker. This guide explores some of the best Trading212 alternatives.
Compare the best alternatives to Trading212
If you just want to move your money and trade straight away, you can find some of the top alternative brokers in the UK and USA below. If you need more information, keep reading for our comparisons between brokers to find out what’s best for you.
Trading212 vs other top brokers
There are lots of other brokers who offer similar services to Trading212 in the US and the UK. We’ve been through them all to pick the ones that offer the simplest trading experience.
So, what’s the best Trading212 alternative?
Trading212 vs eToro
eToro is one of the most popular trading apps around. It offers a wide range of assets to trade and low fees that are good news for fast, short term traders. Its assets include some cryptocurrencies, which Trading212 stopped offering in 2021.
If you’re looking for Trading212 alternatives because it restricted trades on shares promoted by WallStreetBets, you should be aware that eToro also placed some restrictions on buying GameStop. You can check if these have been removed by following our news updates.
eToro offers lots of ways for beginners to get to grips with trading. It has an intuitive design and promotes social trading, where you can follow other traders, read other people’s insight and analysis, and copy their trades.
Trading212 vs Fidelity
Fidelity Investments is one of the oldest stockbrokers in the US. Aimed more towards long-term investing, it nonetheless offers low fees on buying US stocks and hasn’t placed any restrictions on trading during periods of high activity, which could make it one of the better alternatives to Trading212.
Fidelity isn’t the most digitally-friendly platform, and depositing money can be awkward as it doesn’t accept debit or credit cards. However, it offers zero commission for US stocks and very low margins as well as being a firmly established, trusted broker with many decades of history behind it.
Trading212 vs AvaTrade
AvaTrade is an Irish-based broker that lets you trade CFDs on a wide range of assets, including stocks, cryptocurrencies, and indices. AvaTrade has a pretty good range of educational material to help you get started with trading and comes in many different languages.
AvaTrade is zero commission, earning money on its spreads instead. It didn’t restrict its users’ ability to trade freely to benefit big money hedge funds, so could be a good Trading212 alternative if you decide to switch brokers.
How to find good alternatives to Trading212
When you decide to try to find an alternative broker, start by deciding what you want to use your broker for and then use that to find the best options.
For short term traders who want to capitalise on price swings, finding a broker with low trading fees and the most up to date price information is extremely important. If you’re investing for the long term, a broker that offers a wide range of assets that includes things like bonds and mutual funds might be best.
We can help you compare all the options, or keep reading to find out the most important factors to consider.
What to look for in an alternative stock broker
Which features are most important in an alternative broker depends on your investing strategy and time frame, as well as how much trading experience you have.
Some of the key things to look out for are:
- Variety of trading options. Most brokers now offer a range of things to trade on, but the most important ones to look out for can be stocks and cryptocurrencies. If you’re looking to trade in the short term, you might want a broker that lets you trade CFDs, or offers the opportunity to trade with leverage.
- Ease of use. If you’re new to trading, finding a platform that’s geared towards beginners can be a big help. There are big variations in how platforms present information, but getting started with one that offers clear information and, ideally, guides or instructions might be useful.
- Low fees. Fees are particularly important if you want to perform lots of trades. Trading costs vary quite significantly between brokers and it’s easy to see your money eaten away by high fees.
- Account limits. You need to know the deposit and withdrawal limits for your account. You also want to make sure you can trade whenever and wherever you want, so look out for any restrictions on trading volume.
Why would I want to find an alternative to Trading212?
This unilateral restriction of trading meant many independent traders lost out, as Trading212 prevented more buying but allowed people to sell. This act drove the price down, benefiting big hedge funds but costing many people vast sums of money.
It might be a good idea to stay away from brokers who have hinted they might act in the same way again in the future.
How to move your funds to an alternative broker
If you’ve decided to withdraw your money from Trading212 and transfer it to an alternative broker, this is how to do it:
- Log into Trading212, click on the ‘pie chart’ to view and close all your positions
- Wait for the funds to arrive in your account
- Go to the menu, click ‘manage funds’ and then ‘withdraw’ (you might have to wait up to three days for it to be processed)
- Open an account with your new broker
- Deposit your funds into the account
- Start trading
Fact-checking & references
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
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