Trading 212 New Multi-Currency Payment Cards

Trading 212 has expanded its services by introducing multi-currency payment cards for its clientele in the United Kingdom. This move marks a significant diversification effort for the company, which has traditionally focused on forex trading and contracts for differences (CFDs).

Teaming up with Paynetics, a regulated e-money services provider, Trading 212’s new payment card offers customers a cashback incentive of 1.5 percent until September, which will subsequently decrease to 0.5 percent. The card is designed to allow users to manage multiple currencies seamlessly, utilizing funds from their brokerage accounts for payments.

According to a recent Companies House filing, Trading 212’s parent company has outlined a growth strategy centered around expanding its stockbroking capabilities and increasing client asset balances.

Trading 212 Partners with Paynetics for New Multi-Currency Payment Cards

The payment cards, a novel addition to Trading 212’s offerings, are part of a broader trend within the industry, echoing similar moves by competitors like eToro and Equiti. They aim to provide flexibility and convenience for users to access uninvested cash in their accounts for everyday transactions.

In addition to cashback benefits, the card promises a competitive daily interest rate of 5.2 percent on balances. Withdrawals up to £400 per month are free of charge, with a 1 percent fee applicable for ATM withdrawals beyond this limit.

Trading 212 emphasized that the payment cards are free for all users, without hidden fees or subscription requirements. Initially available in the UK, the cards are slated for release across Europe in the near future.

Also, by leveraging Paynetics’ robust infrastructure, Trading 212 aims to enhance its platform’s capabilities, enabling seamless global trading opportunities for its diverse investor base. Commenting on the partnership, Ivo Gueorguiev, co-founder of Paynetics UK, highlighted the mutual goal of empowering investors with expanded financial tools.

The launch of multi-currency payment cards represents a strategic step forward for Trading 212 as it continues to evolve and broaden its financial services offerings in response to customer needs and market opportunities.

Company Overview

Trading 212 is a European and UK-regulated broker that proves to be an excellent option for novice investors, offering a diverse range of stocks and ETFs available for commission-free trading. An attractive feature is the intuitive trading interface on both web and mobile platforms. For those mindful of expenses, Trading 212 offers attractive interest rates on cash holdings, although it’s important to consider its steep conversion fees and opt for a multi-currency account if possible. While Trading 212 provides a CFD trading platform, its elevated fees may deter traders from choosing it as their primary option.

Discover more in our Complete Review.