Freetrade.io - Fintech stocks and shares


(Liam) #1

Freetrade look to be wanting to do for investing what Starling and Monzo have done for banking.

They’re at the very early stages of testing right now, and their app seems only to have made it into Apples app store, but this is a project that looks very promising.

Freetrade say basis trading on their platform would be free, with modest fees payable for instant trading. Tax-efficient wrappers such as a Stocks and shares ISA is apparently in the pipeline too.

Wondering if any of our members were in the queue to be enrolled in Freetrade?


#2

Yep - I’m there (also a crowdfunding investor).

I’ve been keen on something like this since first seeing Robinhood (the app, not the archer) come to life in the US.

No real trading knowledge, so it’ll be baby steps when I finally get in!


(Liam) #3

Though I’m very new to stocks and shares, I am greatly interested in the development of this app.

With the tiny amounts of money I am investing, the fees clobber you. A free dealing platform would be a massive help and open up investing to a whole new market.

I’d only heard of Robinhood as of a few days ago.

If anyone is considering joining the waiting list, please feel free to use my referral link…

…then I can move up the queue from #58,000!


(Ashley Quint) #4

I am, hopefull will be onboard shortly!


(Dan Mullen) #5

@Liam just requested an invite using your link - 59,000 in the queue :smiley:


(Liam) #6

Haha, I was on something similar. I’ve been bumped to # 1,483 just by having 4 people use my link. So it’s worth getting others you know to have a look!


(Dan Mullen) #7

Well, here’s my link for when @Liam leaves the queue:


(Ashley Quint) #8

I’m in the queue, but hope to be in soon!


(Liam) #9

Feel free to give us a review when you’re in! :slight_smile:


#10

Feel free to bump me up https://freetrade.io/?kid=JXN88 in the name of testing for community :stuck_out_tongue_winking_eye:


#11

Another one - quite heavily invested here so keen to see it!


#12

I like the look of freetrade, and I particularly like their freemium business model. I guess it’s easier to do freemium when your competitors aren’t free.

I don’t think I’ll be signing up though. Knowing my personality, I’d end up obsessing over stock prices and wasting far too much time for the amount I’d be willing to invest. Passive funds are the way to go for me :wink: best of luck to those of you that try your hand at investing though :crossed_fingers:


(Liam) #13

Yes, the freemium model looks great and any fees on the free tier seem perfectly reasonable.

  • Basic trades – Free
  • Instant trades UK – £1
  • Instant trades USA – £1 (coming soon)
  • General investment account – Free
  • Stocks & shares ISA – £3 / mo (coming soon)
  • Custody – Free
  • Live data – Free
  • FX – Interbank rate + 0.5%
  • Bank transfer – Outgoing – Free
  • Bank transfer – Outgoing (Same day) – £5

To compare against, say, IG, where in a stocks and shares ISA, custody is only free so long as you make three trades in a quarter. If you do not, there is a £20 fee. Trades usually cost around the £8 mark also.

For the beginner and occasional investor, without a pile of dosh to trade with, this makes IG and its competitors pricey.

Really looking forward to Freetrade (and in particular the lauch of its own ISA product) for this reason.


(Dan Mullen) #14

Basic trades being free is a great feature. If you just want to invest a small amount each month, much of your investment is usually eaten up by the trade fees.


(Liam) #15

I think with IG the minimum trade value is something like £90 as well, so a) an £8 fee on a £90 is damned expensive and b) if you’re investing small amounts then it’s going to take you forever to diversify your portfolio.


(Ashley Quint) #16

I’m in - just waiting for the Testflight link today!


(Ashley Quint) #17

Have to say I love the brutal simplicity of the UI, it feels very much like an Apple centric app though - think messages. Certainly Monzo could learn a thing or two from a UI perspective.

Limited on what you can buy at the moment, but the process looks to be very simple. Will find out tomorrow when money is loaded onto the account.


(Liam) #18

I’m up to #772 on the waiting list. Plenty behind me. Good job I have an old iPhone knocking around.

@AshleyQuint how are you getting on with it so far? Is the deposit procedure straight forward? How about on-boarding? (Hate that term).


(Ashley Quint) #19

On boarding was excellent, extremely simple and clear. It was so quick to get an account set up, although it would be quicker if they set up a direct debit instead of having to do a bank transfer and for it to take a couple of hours.

Very limited number of companies on there at the moment, some due to share ownership rules etc… but I’m testing with a few BP shares and it works nicely.


(Dan Mullen) #20

I’ve just slipped about 3,000 places in the queue! Doesn’t matter anyway as I’ve realised they don’t have an Android app. I’m immediately turned off by companies that prioritise iOS over other platforms :confused: