The solution is a complete vertical integration of the value chain for Freetrade. Which is not happening anytime soon.
Changes of regulations/processes in the US seem more realistic
The solution is a complete vertical integration of the value chain for Freetrade. Which is not happening anytime soon.
Changes of regulations/processes in the US seem more realistic
Is this the financial industry bailing out the hedge funds again by stopping people from investing their money in what they want to?
To my understanding, FT isnāt allowed to use customers cash in order to protect the buyer. MF Global was a broker that was āusing customer funds to meet demandsā. They went bankrupt in 2011 with losses incurred by customers standing at $1.6 billion
Why Robinhood Disabled Buys but not Sells
The restrictions on buying amount to blatant market manipulation against the retail investor on behalf of the bigger institutional players who are heavily invested in shorting the stocks affected.
As far as I know, we all have to deposit hard cash before we can buy any stocks and nobody here is using leverage for options and derivatives so the question of margin is mystifying, but then I am not a financial services professional.
Everyone has the right to their own share dealing style, be it long term investments or short term trades on price movements, and its not helpful for anyone to judge who should be on this platform or not.
I use a number of different platforms for non-ISA share dealing and apart from Iā¦R there have been no restrictions on the stocks in question. Since some of them also offer ISAs this will be a factor in considering whether to continuing use of this platform in the future.
I think as some have suggested, FT should be looking at options for continuing to offer its users the unfettered trade they have the right to expect in a free market economy.
This is market manipulation
I cannot buy the stocks I like.
Does Freetrade agree?
The CEO is fairly clear where heās standing on the matter at least:
I deposited all of my money into my Freetrade account about 6 hours ago, but still donāt have it in my account. Now I donāt have access to my funds to use any other companies to buy stock. Nor can I withdraw the funds because you still havenāt processed them in over 6 hours now. What am I supposed to do?
Have you messaged them on the app?
Is the limiting of certain stocks to sell only or the increase of capital to 100% (I understand clearing houses normally only ask for 5%) unprecedented?
I am just trying to see if this has happened in the past as I remember you could still buy Wirecard when it was very publicly known that they were insolvent.
Yeah, but havenāt got a reply yet.
I wouldnāt panic, but I see your point if you want to put your cash elsewhere.
Still waiting for a reply to a message I sent yesterday regarding adding a bank account.
No response to that message yet.
I can only assume whatās happening now has thrown a huge spanner in the works.
I jsigned up on Saturday but still not up and running yet, first impressions not idealā¦
In what way? I signed up on Friday, and despite the US ban all was working fine, then we had this news today.
Iām in for the long term BTW.
I have a S&S ISA with HL, which I will move to Vanguard as all I do is index investing really.
I wanted to open an account here to play with individual stocks as a play thing, like 50-100 a monthā¦
Hearing stocks being limited and money not being instantly available upon depositing doesnāt sound very good.
The best time to put 50% of a portfolio into Nokia was the 31st January 2000
DYOR
TroloLOL but sounds about right
The limited stocks in question are limited on all platforms, not just FT.
Unsure why people have had issues with money in their accounts but they should take that to support, not community forum. For me Iāve always had funds in FT within 2 - 3 hours of making the request through the app. It has been quicker when transferring through my bank app though.
While not instant it really isnt an issue because I know how much Iām putting in and then spend a bit of time looking at stocks etc.
Edit : i get a badge for this
Looks like Revolut are sharing the same issues with DriveWealth. Thatās me locked out today then, sigh!
Let me see if I have got this correct.
Reading between the lines, the powers at the very top are restricting access to the markets making it only available to the corporates ie the hedge funds.
So they can freely manipulate the price in any direction so they can buy back shares at a price thatās suitable for them?
Surely this is fraudulent and discriminating?
Absolute joke.
Again, why not screw over the little guy and let the richer get richer.
I appreciate this decision may be out of your control but do you have any weight to raise a complaint at a level that will make a difference?
Itās out of order.