Trading 212, a UK FCA-regulated broker, has stated on Tuesday that it had “gradually” initiated the process of sending out invitation links to European Union (EU) residents from its waitlist. Per the announcement, as Brexit is now in effect, all EU residents will be under the branch Trading 212 Markets Limited, which is the new EU Trading 212 broker licensed by CySEC .
The statement adds: “UK residents, please be patient with us for a little longer. Onboarding will resume at a later point with our scaled-up Trading 212 UK broker. Any further updates will be timely posted.” The company did not disclose additional details on the matter, nor established a deadline for the process to be completed.
At the end of last year, Trading 212 customers started to get a message to accept new conditions as Brexit loomed. “Due to the upcoming Brexit, in order to continue using our services, you have to agree with the following: you are trading with Trading 212 UK at your own initiative; You are trading with Trading 212 UK based on an ongoing relationship; You are aware that Trading 212 UK is authorized in the UK, which is no longer part of the UK; You are aware that you will benefit from UK regulatory protections exclusively.”
Brexit and Trading 212 Accounts Background
That said, although EEA customers would remain as clients of Trading 212 UK and, thus, their accounts will be regulated under the FCA rulings, they will not get additional EU protection, the company clarified at that time.
In the case of German customers, the FCA-regulated broker commented about their protection rights at that time as well: “The Financial Services Compensation Scheme (FSCS) will continue to protect your investments. You should address issues arising from the introductory agreement to Trading 212 Limited. All remaining matters should be handled by Trading 212 UK, as the execution broker, the FCA, and the Financial Ombudsman accordingly.”
