Account Won't Create

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1

Hi,

Iā€™ve signed up and gone for the ISA option. My account is now noting that it needs further verification which can take up 2-3 days - has anyone experienced this or have any advice? Wanting to start trading asap.

Thanks.

2

Sounds like something to do with identity verification. Have you received any emails that say you need to provide more documents, or saying just to wait?

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3

Thanks for the reply! Part of the email received is below.

ā€œOur onboarding team is currently reviewing your account and has all the information it needs right now! Weā€™ll be in touch within 1-2 business days regarding the status of your account.ā€

But, when I go into the App it notes that I couldnā€™t be verified.

I completed understand that Freetrade is slammed right now but if more documents are needed, Iā€™d love to get the process started.

4

I can see how that is confusing. A bit of a mixed message.

In the app, is there a ā€œCan we help?ā€ link? You should be able to click it and then select ā€œChat with usā€.

Once you get the chat open, you may find some unread messages or more information. Its usually emailed, but maybe not for some reason.

If the last message there is the same as your email, you may need to just wait a bit longer.

Alternatively, you could use that chat to contact customer support, but theyā€™re swamped at the moment as you said, so Iā€™m not sure how long it will take.

Alternatively, you could email hello@freetrade.io

5

I selected ā€˜Chat with usā€™ earlier today, I have one message noting a reply in 2-3 working days.

Yeah, believe itā€™s just waiting it out frustratingly. Totally understand how busy they are currently though. I would have tried other platforms if I knew I would have issues signing up.

As I signed up for the ISA option with Freetrade, I am now restricted from signing up to other platforms as itā€™s the same financial year, meaning in order to trade I need to wait for my Freetrade account to become active. Is this correct?

Quite new to this, appreciate your help so far!

6

My improved understanding of this is that you can open multiple ISAs so long as you do not subscribe to more than one (add money). The ISA conditions are around what you add money to. Saying that the ISA rules have always been a bit difficult to interpret.

If you dont have another active in use ISA, and arnā€™t currently transferring an ISA and havenā€™t subscribed to an ISA this year then you could open another elsewhere, and if you wanted to transfer it at a later date. However i hope you get youā€™re account sorted quickly. I feel like we will see a drop off in new accounts once all the shorting mania dies down by the weekend and Freetrade will catch up with requests and your account.

It honestly isnt normally like this :smile:

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7

Thanks for this! From what I have gathered from your reply is that as I have signed up for this ISA within this financial year but not paid into it, I am able to open ISAs with other firms?

However, the above means I would be prevented from adding money into this ISA with Freetrade until April when I can add money to both? or will I still only be able to use one? Financial wording has always put me off getting involved beforeā€¦ so, apologises if the answer to the above is common knowledge.

Might be worth just waiting it out, I have tried with other platforms and from what Iā€™ve experienced, a lot have blocked new accounts due to the shorting mania youā€™ve mentioned, haha.

Thanks again.

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8

Yes. So long as youā€™ve not paid into any S&S ISA this tax year.

Yes and no.
You would be prevented from adding money to the freetrade ISA if you open up another ISA.
Next tax year, you can have both ISAs open, but you can only choose to add money to one of them (any one, but only one).

What you can do at any time, is transfer an ISA. So for example, if you opened another ISA and put money into it, and then in Feb you wanted to use your Freetrade ISA, you could transfer your other ISA into youā€™re Freetrade ISA this tax year (or the next tax year it doesnā€™t matter).

This is the only rule that allows switching ISAs, as long as you do an ISA transfer you can move into another ISA provider within a tax year.

Obviously it depends on youā€™re goals, but a few daysā€¦ maybe it doesnā€™t matter to much. But those would be youā€™re options, hopefully that was reasonably well explained.

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9

Exactly what I was looking for, thanks a lot!

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