FreeTrade Plus is Trash

I don’t think I’m going to try be anything but objective here but man this has already rubbed me some kind of way and not the good kind

Literal trash product. Rivals Monzo Plus but adds even less value than that.

Perks:

  • They gatekeep stocks and collections from members who aren’t paying
  • Instead of being treated the same as anyone else you have to bribe them to do what they were doing before (provide decent, speedy, customer service)
  • Different order types that every other broker offers for free, that still result in a trade, which are free. The cost to perform them is the same. They are making you pay for no reason but “we can”.
  • “Free” Stocks and Shares ISA (on a paid subscription? IMO FCA need to ban this kind of marketing)

They didn’t add any value in this at all, in my mind. They simply stripped features that should have been in there to begin with and put a price tag on them.

IMO better value would have been 5GBP a month and remove FX fees and remove the Apple/Google Pay top-up limit.

To put it in even clearer terms: if any of you pay for this I think you’re an idiot fuelling fanboy culture and allowing an objectively bad product to be brought to market

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Exact same point of view here. You’ve captured pretty much everything in your post, so there’s not much left for me to add. This product offers nothing of any substance. It’s lazy and overpriced. Yuk.

Edit: coincidentally having a brief look through their community response, it’s been most positive. The collections feature is something of interest, as any further insight and information would be, but that’s really all there is of any substance. Notably members of their team are alluding to features coming for both basic and plus members that you would expect are the sort of things that would be held for a premium offering, unlike what they’ve offered with the product so far.

At that price I would expect tools in a similar vain to simplywall.st to be built in.

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To be fair, I thought the same about the N26 paid account but that didn’t stop some people signing up… :stuck_out_tongue_winking_eye:

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I just want the word Plustomers banned from the English language. :joy:

Limit orders being premium only bothers me more than the rest.

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I was coerced by the man always in a cowboy hat and I ended up with a full refund with interest :^)

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I do always find it Interesting when a company says something is now free (ISA) when it’s not. It’s just included in the price, I don’t know how they get away with that.

My problem is still the same with this now though. Where is the value that sets it out from the completion to justify the price?

HL may have a complicated pricing structure but has almost anything you could want, T212 is free and has a sizeable collection universe, and some novel features.

This is £10 a month to access stocks they’ve locked behind a paywall and some more advanced buy and sell options… I’m not sure it’s enough.

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You know what, when I say the thread title I rolled my eyes and throught that instinctively knew who had opened the thread.

Now I am up to speed on the product, and I have to say that you are bang on the money.

T212 all the way for me.

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I have to disagree a little here - they’re not removing any features from the free/ISA accounts. Simply adding on top of that for a fee, doesn’t seem absurd or overpriced to be honest. This is definitely pitched more at those who are more actively trading rather than traditional longer term invest and hold.

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For active trading your likely better on T212 as you’ll lose far less money from exchange rate fees (zero on T212, 0.4%? On Freetrade) and it has more stocks and more fractionals.

That’s where i have my difficulty seeing who they’re customer is. They put stocks behind a paywall to entice their existing customers maybe? But you wouldn’t choose them if you’re a new customer in this case.

For me, I just discovered Freetrade first and liked the app. You can’t transfer out, so I’d either have to sell everything and re-buy, or just stick with Freetrade until such a time transfers are possible. But it works just fine for me so I’ve not been searching for anything to replace it yet either. T212 may have the superior offering, but they’re not a platform I’m willing to use due to how I feel about CFD trading. I was very excited to try robin hood though.

:neutral_face: Robinhood with its Options though, that caused a guy to take his life last month not understanding how they work and seeing a temporary negative balance.

Robinhood has a created a cult following of anyone can be a trader, bang some money in :crossed_fingers: and stonks go up.

Nothing wrong with Options btw at all. Just any platform will also have retail customers getting into trouble.

Freetrade only avoid it because they lack functionality that proper brokers have as you can only go long with your own funds on a limited amount of choice.

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Yikes. :confused:

Was not aware of that at all. My only real knowledge of Robin Hood is that they kickstarted the investment platform revolution, hence my excitement. I’ve never done any thorough research into them.

Perhaps you’re right in why Freetrade don’t offer options, but I’m glad they don’t. Options are not my jam, though I’m not necessarily against them either, but I do think people with addictive personalities need better protections from falling into such traps. I think revolutionising investing should be more than just making the platforms and tools more accessible to more people.

I like long term investing, because the process of it doesn’t evoke any addictive responses in my thought processes. I just set aside surplus money, buy the stock of companies I like, and forget about it. All other things being equal, when I come back in a decade or so my portfolio value will have (hopefully) increased. That’s worked very well for me on Freetrade, with my costs being both lower than my Barclays ISA, and my returns being substantially higher too, so I’m perfectly satisfied with their free product. Their premium product however is, which I think all of us here agree one, garbage.

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The thing is Options and Contract for Differences are vital cogs to life.

The issue is retail customers that have just downloaded the app, insert cash and spin the wheel :crossed_fingers: hoping they get a big payout.

It takes experience and losing cash before you get a decent understanding. Most retail customers who are playing with a a couple grand in savings are having their accounts wiped out. You need decent capital to play with that you can afford to lose.

What the last couple years have created is a FOMO culture where they see a luckly big win from their mates and think I want some of that.

If you download Stocktwits and read the posts these are people that have literally done zero DD, have no clue how what’s going on. It’s all people shouting weak hands and it’s being manipulated.

I’m sure in five years time they’ll cotton on that gamifying has had a massive mental and financial impact, and ask them to put a when the fun stops. Stop. message in the hope that it magically makes things ok. :neutral_face:

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T212 are also starting to have income from their invest side (loaning out shares and keeping the profit instead of passing it on). I haven’t looked into it much but it seems like the invest side is growing a lot and is much more heavily featured on their home page. Hopefully, this will lead to CFDs only for people who understand them and how to use them (not me!).

I do think FreeTrade do have an advantage in building their own (serverless) stack that they can sell to third parties, but it has meant the consumer facing side has been a lot slower to develop. I do wonder if they would have launched Plus as it stands if Robinhood didn’t pull out of the UK market.

I don’t think it’s very worth Freetrade launching their sales to business side

Who in their right mind competes with their customers?

Most platform as a service providers.
Wholesalers with a retail sales business.

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Yes but normally in cases where they can add value but not directly compete

For instance Vanguard offers accounts to employers and Starling offer branded bank accounts

What has Freetrade got? What company wants a branded rip-off trading platform at which they’re not making money from anything but trades itself