If you are suspected of money laundering or other suspicious activities for the European bank system, they are not allowed to disclose the reason for your account being closed.
I've been using Trade Republic around 1 year and a half and never had a problem. I have a lot of money in their account, I use their card... I like their simplicity, minimalism and transparency, but is always nice to hear bad thoughts, at least to have care.
Great to hear and fully agree, overall the app is great and the card is very nice too. And I like your mindset & approach, I feel exactly the same, always good to have both sides 👌 Cheers
When transferring your portfolio to another broker, does that broker really need to operate in the same exchange where you bought the underlaying stock? If my TR portfolio would have an ETF that trades in multiple exchanges (e.g. a regular MSCI world ETF listed in various European exchanges), would the receiving broker not accept the ETF? Or is the limitation only applicable to very specific stocks that only trade in the Hamburg exchange?
Great question. When transferring assets, the receiving broker does generally need to support trading on the same exchange where the security was originally purchased. So, if your ETF is listed on multiple exchanges, it’s usually transferrable, as long as the receiving broker supports at least one of those listings. The limitation you’re thinking of mainly applies to niche or regional stocks that might only trade on specific exchanges, like smaller German exchanges. For widely held ETFs like an MSCI World, this usually isn’t an issue. Cheers
That is absolutely outrageous. And yes, this is a very strong sign to pay attention to where our stocks are located. The future broker needs to be able to hold them, and trade at the same exchange. And another argument to make sure we diversify across brokers. And yes I agree, their support staff is almost non-existent.
@@SmartMoneywithKai I just, out of safety concerns, checked Interactive Brokers' stock transfer page and I am relieved that they list Trade Republic as accepted for getting the shares from there (HAM). Oof! But I already moved most of my assets out of Trade Republic months ago. I don't feel very comfortable having German versions of stocks whose home exchange is completely elsewhere. These companies can just choose to focus on more prominent or less exchanges and that can lead to us being forced to sell, and none of us want that. I am using Trading 212 for most things currently, with Lightyear in the mix (and E-Trade holding all my employee-sourced stock plans). Both of these apps have fairly respectable support, and I can also say that because I contacted them frequently.
Thanks for sharing and I totally feel you and agree with your customer support with Lightyear & Trading 212 which is way better. As for moving TR stocks into IBKR, did you actually try it? Because the same is for T212, which is why I used to make a video on it in the past, being all excited, sadly turned out that while IBKR technically did allow it, T212 did not, so just because they are listed does not mean it necessarily will work so would be interested to hear if yo managed to transfer them from TR to IBKR. Cheers
@@SmartMoneywithKai I have not tried moving anything from TR to Interactive Brokers, no. I was strategically moving funds to some niché setups, like Robinhood Crypto which gives 15% APY on USDC until 15th December. And I sold some positions on TR to move more cash to T212, which currently still has 1.5% cashback and better interest options. Not to mention no trading fees, and brilliant conversion fees. I was, at first, deterred by the interface of T212 but I think I can live with that for the time being. From how I understand it, even T212 instructs us to initiate the transfer on the receiving provider. I thought they would implement an outgoing process but it appears that their process will remain the reactionary one. Long-term I hope Robinhood will expand its stock functionality to the EU. As of now, the EU is the only market where they did not settle (they are completely operational in the UK already). Their US product is really, really good, and they also offer fee-free services in every domain (let it be crypto, stocks, and I think even commodities).
Thanks a lot for sharing, very interesting and I would love to try out Robinhood one day, definitely looks like an interesting broker to add to my collection 😉
I had the same issue and in same situation as you, and its related to your residency - they check your login data from where and make their own decision on that. Plus they are just bad in costumer service.
Hi Kai, thanks for sharing your experience. I'm thinking about opening a TradeRepublic account but mainly for deposit purposes, since I'm very interested in the 4% interests and the saveback. Do you think it's a good idea since their core business is actuallt trading? Or should I look to other players?
Hi mate, well the interest already dropped to 3.25% and will likely drop more as soon as the ECB lowers the interest rates again. And the saveback is only to a max of €15 I believe. Not bad, but for example you might want to check out Trading 212. They pay higher interest and also have a great card with Cashback and also don't charge commission and contrary to TR actually have good customers service 👌 Cheers
Hi, I doubt so, would only be applicable after 6 months, but even then, they should reach out to you firs to confirm. I am yet to receive an answer to my case from them 😉
Hi Kai, I’ve been looking into it, and it seems that Trade Republic doesn’t allow trading from outside the EU due to regulatory reasons (no idea how they figured out you’re no longer in the EU). Regarding the transfer of ETFs or stocks, I believe Trade Republic does allow transfers within the EU, for example to Interactive Brokers, so I’d recommend sending them there if you haven’t sold yet. Even if they operate on the Hamburg exchange, for instance, Interactive Brokers does have access to the German exchange and should likely be able to accept your ETFs or stocks. Hope this helps!
Hello, Can someone help me with my situation? I’ve changed my residence from Italy to France (AIRE registration completed). On Trade Republic, I can’t update my residence address. Could my account be closed because of this? Or is it enough to add a second entry with the French address in the tax address section?
Hello, Can someone help me with my situation? I’ve changed my residence from Italy to France (AIRE registration completed). On Trade Republic, I can’t update my residence address. Could my account be closed because of this? Or is it enough to add a second entry with the French address in the tax address section?
Hi, if you’ve moved from Italy to France and completed your AIRE registration, updating your residence address with Trade Republic is important to ensure compliance and avoid any potential issues with your account. Steps to Update Your Address: Open the Trade Republic app. Tap your profile avatar (top left corner). Go to 'Settings' > 'Personal data.' Select 'Address' and enter your new French address. Confirm the change. Tax Residency Update: Since you’re now residing in France, you should also update your tax address: In the app, under 'Personal data,' go to the 'Tax address' section. Add your new French address to reflect your tax residency. Account Status: Not updating your address and tax residency could lead to discrepancies that might affect your account. Adding your French address ensures compliance with regulations and keeps your account active. If you face difficulties updating your information, it’s best to contact Trade Republic’s customer support for assistance. Cheers
The same thing happened to me with TD Ameritrade in 2018. What triggered this I contacted them to change my address from Cairo to Dubai. The next day I received an email similar to yours. So I called them to understand and the customer support agent said: "Your country of nationality or your country of residency is not allowed to trade in the USA". I told him this is very strange I've been your customer since 1998, which is it exactly? I explained if it is my country of nationality there is nothing I can do about it, but if it is my country of residency, I can relocate. He replied it was confidential, and he refused to answer my questions🤷🏻♂ This is why when I decided to reopen an account earlier this year I stayed away from Charles Schwab.
Hi and thanks for sharing. I would get that if I told them my address change and they would not support it, but I never did, so it's really weird...Cheers 🙌
Thank you so much for sharing this experience. I am just in the process of choosing a broker and I already opened a TR account (for that 3.25% interest on cash). I am in the situation where I will probably need liquidity in the near future, so I was considering buying XEON via TR (for about 200-300k euros), but now that I know they only trade on Hamburg exchange... I am a bit concerned. Are the volumes on that exchange high enough for me to be able to sell my whole position in XEON fast, should that need arise? Comparing to IBKR, the entry fees on TR are much lower, so that is why I was leaning towards TR. But your experience is simply outrageous. They should have been more transparent about their reasoning.
Thanks for sharing your plans. It makes sense to be cautious with XEON on a smaller exchange like Hamburg, especially with a substantial amount like €200-300k. Hamburg’s trading volumes are generally lower than exchanges like Xetra, which might make it tricky to sell quickly without impacting the price. While Trade Republic’s low fees are appealing, I’d say if liquidity is crucial in the near future, it’s worth weighing the flexibility of a broker like IBKR, where you can access more liquid exchanges like Xetra. A bit of extra cost might be worth the peace of mind if you need to act quickly. It’s a tough call, but considering your need for future liquidity, having access to a broader exchange might be the safer play.
I know right, sure, if ever I find out either will make an update video or most likely just pin it to the comment of this video as in general I am not a fan of negative videos, I know they might make for good views, but I prefer positive vibes 😉
It’s still my broker of choice, a lot of the personal preferences you dislike are things I do like, but always good to hear positive and negative opinions from other people! Either way, them closing the account without a given reason is poor form
They take time to reply by email, try the help section in the app, transfer securities, then an automatic chat is generated, ask for a human, and an assistant will contact you faster than by email. I did it in these days, it worked. I still waiting for the email reply, but the agent replied in the same day using the chatting option. It works similar like chatting through Revolut, just that is a little bit more tricky
Absolutely, that's why I also mentioned that's it's not impossible but as you said tricky, which honestly is not what I want nor expect from a broker. Especially if I want to stay with them for years and build up a sizeable portfolio, you want to be treated like a valued client and given that they closed my account, I am not even going to fight back, but rather would like to know why. All in all, it's still a solid choice given their German banking license, but since they want me to leave, I will gladly take my portfolio elsewhere 😉 Cheers
Dont worry man:p the same happened to me in revolut, financial institutions dont like when you move money from one account to another , they cannot record from where it comes from and their automated security system flags accounts. I know that u like to keep money where you feel like you have more benefits but if you do it more freq, then this can happen even though you send it from your account towards your account. Anti money laundering system sacks unfortunately
I’m wondering how do you manage all your finances while living in different countries and continents and how does taxation work in your case? Because I’m thinking to become an international resident but still have my investments managed by one brokerage account and have a bank account in my home country. Curious how you make it all work out.
Hi and good point, ultimately most international brokers will be able to move and grow with you, it's more relevant to know where you will have your tax base.Usually if you stay in a place for more than 6 months that's you tax residency and you'll have to declare and pay your taxes in that country. Your broker will just give you an end of year tax document which you can submit to your respective tax authority and they will tell you the taxable amount. In my case I moved to the UAE in Dubai and here we are lucky not to have an income or capital gains tax so it makes it much easier 😉 Cheers
It's because you don't reside in a country they offer their services in. Which is against their terms and conditions. It sucks that they didn't give you the reason though. Their customer support sucks. Honestly, it's an awful broker for advanced investors, so don't be too sad.
But you see, I still do have an address in Europe so for them nothing changed, so unless they stalked me and my wife via social media (which would be pretty creepy) they would have no way of knowing so this really cannot be the reason which makes me even more frustrated. But yea, not sad that my account is being closed, just the way they did it not nice and I hope with this video just to raise awareness about this to others to keep it in mind when making their broker selection. Cheers mate
@@SmartMoneywithKai It's either through stalking you on social media or through your IP address not coming from Europe for an extended period. I am totally with you, they should have been more transparent. You're absolutely right to make people aware of it and how unresponsive the broker is. Cheers.
IP could be, though as you said, would be very weird, plus I've always been using a VPN even from Europe, usually a US VPN so would be strange if they caught it just now. Though reason would still be better than the stalking explanation 😂
That is not a justifiable enforcement. As an example, you could be in the Bundeswehr and be stationed in Lithuania (currently that's the case for many Bundeswehr soldiers). Legislation is that you are working and "living" in Germany but on behalf of the army, stationed somewhere else. Now, if you were to open Trade Republic in Lithuania, that would be a very normal thing for you to do, even for extended periods. Such agreements exist everywhere in the world and companies cannot bulldoze over your rights as a citizen, especially without consultation.
You moved to UAE, and since they are a licensed bank in the EU they have access to various ways to see if you are a tax resident in the selected country. It's really not that special
Hi, totally cool if that was the reason, no issues, but again, many other brokers and banks that I have have not checked that. At the very least they could reach out to clarify my situation or proof my tax residency but closing my account without any reason, is pretty special if you ask me and not in a good way :)
Hi Marek, sorry to hear that, though I never actually bought myself stocks there, only used them for the card and interest and also did mention this in the past. But look, it's still a solid broker and your money is safe so nothing to panic, but long-term you might want to consider other options or potentially add a second broker later on. Cheers
@@SmartMoneywithKai you lost me from your suscribtion, 1.56 you are saying I used mostly...for intrest rate, now you are saying you habe made no trades. Maybe that it is reason why they terminated, best of luck, I am out of your channel bye
@ No worries mate, but just to clarify getting interest on your cash and trading or investing your money are two different things. I’ve always used them for interest which I shared openly in my monthly income & portfolio videos here on RUclips and never once mentioned that I use them to invest. Thanks for watching and wishing you continued success on your investment journey ahead 🔥🚀
Currently on a temporary stay on the USA, they locked my account 10 days ago. Customer service totally incompetent asking me for silly question and proof of residence. I reported them to Bafin, on tuesday i will talk about this shame on a very well known podcast. Guys, don’t respond me you ever had issues. I am in TR since 2022 and this is my first issue ever, but trust me they make you lose your hairs for the incompetence and poor service
Hi and yes, they are and I would hope they have tight regulations, I am all for it, but that does not explain that they can close my account without any reason 😉 Cheers
Trade Republic congratulated you on Christmas early this year! 😂 I haven’t used them and after such story I have no intention whatsoever to even try them. 👌
Let us if you get a resolution Kai, it's so unprofessional of them to not even give you a reply. If that happened to me I would be so disappointed and frustrated!
😂😂😂 Unless they cancel my account also, which I hope they won't, I am not planning to leave them, in fact super happy with them. Will drop a review on them soon, but the fact that I have my own account manager I can Zoom with and WhatsApp is pretty dope. But I have checked out XTB also which looks pretty sweet 👌
Been with Etoro from the word go . Now a top member of their top membership. Love everything about Etoro. My own manager. Good intrest . So many Gifts . Invited to so many VIP things . F1 , Rugby, premier league football, just to name a few things . Even been sent watches and T shirts . Wont tell you the value of my portfolio with them . All I will say , if I cashed out , payed the fees and taxes , I couid still by a nice property in London. Credit to the staff and company of Etoro. Member for life for me 🎉🎉🎉🎉🎉👍🍾🥂😎
@ That’s amazing Lawrence, you are doing it right 💯 I also love those club benefits. I still have a long way to reach your level but hope to get there eventually and we can go to one of those VIP events together one day 😉 Cheers
Solid and trusted broker, though I can't use them in the UAE so can't actually try them out, though from what I saw online, not a fan of their interface/UI. Cheers
You probably cost them money instead of making them money. They just don’t like you because your behaviour doesn’t match the average user. Who’s predictable, easy to fool and basically a cash cow for the banking system.
Hi, transfer to another trader? You mean broker? As I said in the video, sadly none of the brokers I use support Hamburg stock exchange so it's near impossible to transfer them and other brokers won't accept it unfortunately. Cheers
@SmartMoneywithKai yes..broker I meant. I was in the middle of your video and after I already wrote...saw the rest of the video about the Hamburg exchange..sorry about the situation.. not cool at all from the part of Trade Republic.Maybe you are able to reach them and find out ..why 😕
@@SmartMoneywithKai I would definitely try to transfer them to Interactive Brokers. They list Trade Republic as a source transfer broker. And Interactive Brokers supports almost all exchanges.
⚪ ALL MY FAVOURITE TOOLS
smartmoneywithkai.com/tools
Loved your content btw are you looking for video editor?
Thanks a lot and no 😉
Hi Kai, which tool is the best for crypto?
If you are suspected of money laundering or other suspicious activities for the European bank system, they are not allowed to disclose the reason for your account being closed.
Smart Money (laundering) with Kai (and his wife) 😂
@@SmartMoneywithKai 🔥
I've been using Trade Republic around 1 year and a half and never had a problem. I have a lot of money in their account, I use their card... I like their simplicity, minimalism and transparency, but is always nice to hear bad thoughts, at least to have care.
Great to hear and fully agree, overall the app is great and the card is very nice too. And I like your mindset & approach, I feel exactly the same, always good to have both sides 👌 Cheers
When transferring your portfolio to another broker, does that broker really need to operate in the same exchange where you bought the underlaying stock? If my TR portfolio would have an ETF that trades in multiple exchanges (e.g. a regular MSCI world ETF listed in various European exchanges), would the receiving broker not accept the ETF? Or is the limitation only applicable to very specific stocks that only trade in the Hamburg exchange?
Great question. When transferring assets, the receiving broker does generally need to support trading on the same exchange where the security was originally purchased. So, if your ETF is listed on multiple exchanges, it’s usually transferrable, as long as the receiving broker supports at least one of those listings. The limitation you’re thinking of mainly applies to niche or regional stocks that might only trade on specific exchanges, like smaller German exchanges. For widely held ETFs like an MSCI World, this usually isn’t an issue. Cheers
That is absolutely outrageous. And yes, this is a very strong sign to pay attention to where our stocks are located. The future broker needs to be able to hold them, and trade at the same exchange. And another argument to make sure we diversify across brokers.
And yes I agree, their support staff is almost non-existent.
You are 100% spot on 👌
@@SmartMoneywithKai I just, out of safety concerns, checked Interactive Brokers' stock transfer page and I am relieved that they list Trade Republic as accepted for getting the shares from there (HAM). Oof!
But I already moved most of my assets out of Trade Republic months ago. I don't feel very comfortable having German versions of stocks whose home exchange is completely elsewhere. These companies can just choose to focus on more prominent or less exchanges and that can lead to us being forced to sell, and none of us want that.
I am using Trading 212 for most things currently, with Lightyear in the mix (and E-Trade holding all my employee-sourced stock plans). Both of these apps have fairly respectable support, and I can also say that because I contacted them frequently.
Thanks for sharing and I totally feel you and agree with your customer support with Lightyear & Trading 212 which is way better.
As for moving TR stocks into IBKR, did you actually try it? Because the same is for T212, which is why I used to make a video on it in the past, being all excited, sadly turned out that while IBKR technically did allow it, T212 did not, so just because they are listed does not mean it necessarily will work so would be interested to hear if yo managed to transfer them from TR to IBKR. Cheers
@@SmartMoneywithKai I have not tried moving anything from TR to Interactive Brokers, no. I was strategically moving funds to some niché setups, like Robinhood Crypto which gives 15% APY on USDC until 15th December. And I sold some positions on TR to move more cash to T212, which currently still has 1.5% cashback and better interest options. Not to mention no trading fees, and brilliant conversion fees.
I was, at first, deterred by the interface of T212 but I think I can live with that for the time being.
From how I understand it, even T212 instructs us to initiate the transfer on the receiving provider. I thought they would implement an outgoing process but it appears that their process will remain the reactionary one.
Long-term I hope Robinhood will expand its stock functionality to the EU. As of now, the EU is the only market where they did not settle (they are completely operational in the UK already). Their US product is really, really good, and they also offer fee-free services in every domain (let it be crypto, stocks, and I think even commodities).
Thanks a lot for sharing, very interesting and I would love to try out Robinhood one day, definitely looks like an interesting broker to add to my collection 😉
I had the same issue and in same situation as you, and its related to your residency - they check your login data from where and make their own decision on that. Plus they are just bad in costumer service.
Yea, I can attest to the bad customer service as I still have not received a reply to my multiple message...By now I am glad they closed my account 😂
Hi Kai, thanks for sharing your experience. I'm thinking about opening a TradeRepublic account but mainly for deposit purposes, since I'm very interested in the 4% interests and the saveback. Do you think it's a good idea since their core business is actuallt trading? Or should I look to other players?
Hi mate, well the interest already dropped to 3.25% and will likely drop more as soon as the ECB lowers the interest rates again. And the saveback is only to a max of €15 I believe. Not bad, but for example you might want to check out Trading 212. They pay higher interest and also have a great card with Cashback and also don't charge commission and contrary to TR actually have good customers service 👌 Cheers
If I stay for 2-3 months vacation in non-EU country, are they going to cancel my account?🤔🤔🤔
Hi, I doubt so, would only be applicable after 6 months, but even then, they should reach out to you firs to confirm. I am yet to receive an answer to my case from them 😉
Hi Kai, I’ve been looking into it, and it seems that Trade Republic doesn’t allow trading from outside the EU due to regulatory reasons (no idea how they figured out you’re no longer in the EU). Regarding the transfer of ETFs or stocks, I believe Trade Republic does allow transfers within the EU, for example to Interactive Brokers, so I’d recommend sending them there if you haven’t sold yet. Even if they operate on the Hamburg exchange, for instance, Interactive Brokers does have access to the German exchange and should likely be able to accept your ETFs or stocks. Hope this helps!
Hi David, much appreciate your feedback and insights, we will definitely try this for my wife's portfolio. Many thanks 🙌
Hello,
Can someone help me with my situation?
I’ve changed my residence from Italy to France (AIRE registration completed).
On Trade Republic, I can’t update my residence address.
Could my account be closed because of this?
Or is it enough to add a second entry with the French address in the tax address section?
Hello,
Can someone help me with my situation?
I’ve changed my residence from Italy to France (AIRE registration completed).
On Trade Republic, I can’t update my residence address.
Could my account be closed because of this?
Or is it enough to add a second entry with the French address in the tax address section?
Hi, if you’ve moved from Italy to France and completed your AIRE registration, updating your residence address with Trade Republic is important to ensure compliance and avoid any potential issues with your account.
Steps to Update Your Address:
Open the Trade Republic app.
Tap your profile avatar (top left corner).
Go to 'Settings' > 'Personal data.'
Select 'Address' and enter your new French address.
Confirm the change.
Tax Residency Update:
Since you’re now residing in France, you should also update your tax address:
In the app, under 'Personal data,' go to the 'Tax address' section.
Add your new French address to reflect your tax residency.
Account Status:
Not updating your address and tax residency could lead to discrepancies that might affect your account. Adding your French address ensures compliance with regulations and keeps your account active.
If you face difficulties updating your information, it’s best to contact Trade Republic’s customer support for assistance. Cheers
The same thing happened to me with TD Ameritrade in 2018. What triggered this I contacted them to change my address from Cairo to Dubai. The next day I received an email similar to yours. So I called them to understand and the customer support agent said: "Your country of nationality or your country of residency is not allowed to trade in the USA". I told him this is very strange I've been your customer since 1998, which is it exactly? I explained if it is my country of nationality there is nothing I can do about it, but if it is my country of residency, I can relocate. He replied it was confidential, and he refused to answer my questions🤷🏻♂ This is why when I decided to reopen an account earlier this year I stayed away from Charles Schwab.
Hi and thanks for sharing. I would get that if I told them my address change and they would not support it, but I never did, so it's really weird...Cheers 🙌
Thank you so much for sharing this experience. I am just in the process of choosing a broker and I already opened a TR account (for that 3.25% interest on cash). I am in the situation where I will probably need liquidity in the near future, so I was considering buying XEON via TR (for about 200-300k euros), but now that I know they only trade on Hamburg exchange... I am a bit concerned. Are the volumes on that exchange high enough for me to be able to sell my whole position in XEON fast, should that need arise? Comparing to IBKR, the entry fees on TR are much lower, so that is why I was leaning towards TR. But your experience is simply outrageous. They should have been more transparent about their reasoning.
Thanks for sharing your plans. It makes sense to be cautious with XEON on a smaller exchange like Hamburg, especially with a substantial amount like €200-300k. Hamburg’s trading volumes are generally lower than exchanges like Xetra, which might make it tricky to sell quickly without impacting the price.
While Trade Republic’s low fees are appealing, I’d say if liquidity is crucial in the near future, it’s worth weighing the flexibility of a broker like IBKR, where you can access more liquid exchanges like Xetra. A bit of extra cost might be worth the peace of mind if you need to act quickly.
It’s a tough call, but considering your need for future liquidity, having access to a broader exchange might be the safer play.
what apple watch is that
Hi, it's Apple Watch Series 8 the large one with black Apple silicon strap 😉
what the hec, that is not acceptable. We need part 2 follow up about this
I know right, sure, if ever I find out either will make an update video or most likely just pin it to the comment of this video as in general I am not a fan of negative videos, I know they might make for good views, but I prefer positive vibes 😉
It’s still my broker of choice, a lot of the personal preferences you dislike are things I do like, but always good to hear positive and negative opinions from other people! Either way, them closing the account without a given reason is poor form
Fully agreed and glad you are happy with them, I also think it's a solid broker just did not work out for me :) Cheers
They take time to reply by email, try the help section in the app, transfer securities, then an automatic chat is generated, ask for a human, and an assistant will contact you faster than by email. I did it in these days, it worked. I still waiting for the email reply, but the agent replied in the same day using the chatting option. It works similar like chatting through Revolut, just that is a little bit more tricky
Absolutely, that's why I also mentioned that's it's not impossible but as you said tricky, which honestly is not what I want nor expect from a broker. Especially if I want to stay with them for years and build up a sizeable portfolio, you want to be treated like a valued client and given that they closed my account, I am not even going to fight back, but rather would like to know why. All in all, it's still a solid choice given their German banking license, but since they want me to leave, I will gladly take my portfolio elsewhere 😉 Cheers
Dont worry man:p the same happened to me in revolut, financial institutions dont like when you move money from one account to another , they cannot record from where it comes from and their automated security system flags accounts. I know that u like to keep money where you feel like you have more benefits but if you do it more freq, then this can happen even though you send it from your account towards your account. Anti money laundering system sacks unfortunately
Thanks for sharing Roger and yea, spot on 👌
I’m wondering how do you manage all your finances while living in different countries and continents and how does taxation work in your case? Because I’m thinking to become an international resident but still have my investments managed by one brokerage account and have a bank account in my home country. Curious how you make it all work out.
Hi and good point, ultimately most international brokers will be able to move and grow with you, it's more relevant to know where you will have your tax base.Usually if you stay in a place for more than 6 months that's you tax residency and you'll have to declare and pay your taxes in that country. Your broker will just give you an end of year tax document which you can submit to your respective tax authority and they will tell you the taxable amount. In my case I moved to the UAE in Dubai and here we are lucky not to have an income or capital gains tax so it makes it much easier 😉 Cheers
much appreciated. That makes things a lot clearer and even more interesting.
It's because you don't reside in a country they offer their services in. Which is against their terms and conditions. It sucks that they didn't give you the reason though. Their customer support sucks. Honestly, it's an awful broker for advanced investors, so don't be too sad.
But you see, I still do have an address in Europe so for them nothing changed, so unless they stalked me and my wife via social media (which would be pretty creepy) they would have no way of knowing so this really cannot be the reason which makes me even more frustrated. But yea, not sad that my account is being closed, just the way they did it not nice and I hope with this video just to raise awareness about this to others to keep it in mind when making their broker selection. Cheers mate
@@SmartMoneywithKai It's either through stalking you on social media or through your IP address not coming from Europe for an extended period. I am totally with you, they should have been more transparent. You're absolutely right to make people aware of it and how unresponsive the broker is. Cheers.
IP could be, though as you said, would be very weird, plus I've always been using a VPN even from Europe, usually a US VPN so would be strange if they caught it just now. Though reason would still be better than the stalking explanation 😂
@ indeed 👌🏻
That is not a justifiable enforcement. As an example, you could be in the Bundeswehr and be stationed in Lithuania (currently that's the case for many Bundeswehr soldiers). Legislation is that you are working and "living" in Germany but on behalf of the army, stationed somewhere else. Now, if you were to open Trade Republic in Lithuania, that would be a very normal thing for you to do, even for extended periods.
Such agreements exist everywhere in the world and companies cannot bulldoze over your rights as a citizen, especially without consultation.
I use IBKR because its a global broker and it gives the flexibility you can have. Fees are pain... but its worth it. They are safe and stable.
100%, I totally agree with you on that 👌
You moved to UAE, and since they are a licensed bank in the EU they have access to various ways to see if you are a tax resident in the selected country. It's really not that special
Hi, totally cool if that was the reason, no issues, but again, many other brokers and banks that I have have not checked that. At the very least they could reach out to clarify my situation or proof my tax residency but closing my account without any reason, is pretty special if you ask me and not in a good way :)
Support was great for me. Replied within 6 hours. No issues to report for now
Great to hear that 🙌
That's pretty poor of them!
Yep and worst of all not having a reason for it...:(
What the hell?? I have just started following your recomendation, what is it c'mon, I mafe today first order!! Now I will watch you have to say...
Hi Marek, sorry to hear that, though I never actually bought myself stocks there, only used them for the card and interest and also did mention this in the past. But look, it's still a solid broker and your money is safe so nothing to panic, but long-term you might want to consider other options or potentially add a second broker later on. Cheers
@@SmartMoneywithKai you lost me from your suscribtion, 1.56 you are saying I used mostly...for intrest rate, now you are saying you habe made no trades. Maybe that it is reason why they terminated, best of luck, I am out of your channel bye
@ No worries mate, but just to clarify getting interest on your cash and trading or investing your money are two different things. I’ve always used them for interest which I shared openly in my monthly income & portfolio videos here on RUclips and never once mentioned that I use them to invest. Thanks for watching and wishing you continued success on your investment journey ahead 🔥🚀
Currently on a temporary stay on the USA, they locked my account 10 days ago. Customer service totally incompetent asking me for silly question and proof of residence. I reported them to Bafin, on tuesday i will talk about this shame on a very well known podcast. Guys, don’t respond me you ever had issues. I am in TR since 2022 and this is my first issue ever, but trust me they make you lose your hairs for the incompetence and poor service
Hi and thanks for sharing, terrible to hear and yea, their support really is extremely poor I must say too :( Cheers
Isn't Trade Republic like German.. that's is why very very very tight regulations from the government.
Hi and yes, they are and I would hope they have tight regulations, I am all for it, but that does not explain that they can close my account without any reason 😉 Cheers
They have strong lobby because of the PFOF which thrives in Germany.
Trade Republic congratulated you on Christmas early this year! 😂
I haven’t used them and after such story I have no intention whatsoever to even try them. 👌
😂😂😂🎄👌
Let us if you get a resolution Kai, it's so unprofessional of them to not even give you a reply. If that happened to me I would be so disappointed and frustrated!
Of course, will do, so far still no reaction from their side :( Cheers
we will love you more if you leave Etoro also
😂😂😂 Unless they cancel my account also, which I hope they won't, I am not planning to leave them, in fact super happy with them. Will drop a review on them soon, but the fact that I have my own account manager I can Zoom with and WhatsApp is pretty dope. But I have checked out XTB also which looks pretty sweet 👌
Been with Etoro from the word go .
Now a top member of their top membership.
Love everything about Etoro.
My own manager.
Good intrest .
So many Gifts .
Invited to so many VIP things .
F1 , Rugby, premier league football, just to name a few things .
Even been sent watches and T shirts .
Wont tell you the value of my portfolio with them .
All I will say , if I cashed out , payed the fees and taxes , I couid still by a nice property in London.
Credit to the staff and company of Etoro.
Member for life for me 🎉🎉🎉🎉🎉👍🍾🥂😎
@ That’s amazing Lawrence, you are doing it right 💯 I also love those club benefits. I still have a long way to reach your level but hope to get there eventually and we can go to one of those VIP events together one day 😉 Cheers
@lawrencer25 ISRAELIAN company
Period.
@@SmartMoneywithKai xtb is my fave for dividend portfolio.
Thoughts on DEGIRO?
Solid and trusted broker, though I can't use them in the UAE so can't actually try them out, though from what I saw online, not a fan of their interface/UI. Cheers
You probably cost them money instead of making them money. They just don’t like you because your behaviour doesn’t match the average user. Who’s predictable, easy to fool and basically a cash cow for the banking system.
😂😉👌
Tell us if you ever know why that happened, at your wife too ,that is crazy.
Absolutely and will do, once I know, I will add it and pin it to the comments under this video. Cheers
I also will think to close acc
Sad to hear but yeah, was not their finest move...
transfer the positions to another trader so your wife does not sell ..it;s not okay to sell and buy again.
Hi, transfer to another trader? You mean broker? As I said in the video, sadly none of the brokers I use support Hamburg stock exchange so it's near impossible to transfer them and other brokers won't accept it unfortunately. Cheers
@SmartMoneywithKai yes..broker I meant. I was in the middle of your video and after I already wrote...saw the rest of the video about the Hamburg exchange..sorry about the situation.. not cool at all from the part of Trade Republic.Maybe you are able to reach them and find out ..why 😕
@ Yeah, will definitely follow up again, not to change the decision but to find out why. Thanks 👋
@@SmartMoneywithKai I would definitely try to transfer them to Interactive Brokers. They list Trade Republic as a source transfer broker. And Interactive Brokers supports almost all exchanges.
Yeah, maybe you are right, will have a look into it again, cheers 🙌
Cause you’re not German.
I am 😉