Fantastic progress with the app and in particular the stock range. I was just wondering - with Revolut spooling up their trading, and Robinhood hiring and doing a lot of market research in preparation for their UK launch - when will Freetrade start their advertising push?
It seems likely to survive the coming fee-free war that Freetrade will need to reach a critical size of user base. Are you happy enough with the app now to begin the advertising drive? Or what features do you want to have completed before doing so?
I can only speak for myself, but Freetrade is not ready yet imho.
I would love to refer a couple of friends but wonât do so until some extremely basic features are enabled because theyâd never consider using it like this.
You still cannot see the most basic of all things: your portfolio performance
There needs to be a dividend feed. Sending messages is not enough.
I agree, it needs to be further developed before itâs mass advertised to the general public. Most of the current users are probably techy or into startups so they are a little more forgiving of new services.
It needs a more comprehensive stock universe and probably other features like limit orders, stop loss and the ability to deposit funds in app.
Theyâre probably doing it the right way at the moment, with the free share referal scheme because most of the new users will have spoken to their friend about the app and wonât be going in cold, as opposed to someone who discovers it through an ad.
(Investor in the last three rounds here). I agree, I donât think the app is ready for a large advertising push. I studied International Finance and Investment at university and have a large batch of friends who regularly invest and work within finance but I am not gonna push the app to them until additional features are added as the worst thing to do would be to burn new customers.
Not sure if useful but Iâve done some work with some startups who used Bubble Outdoor to buy small holding OOH advertisements. Not sure how successful it was but seemed to be more efficient!
I am unsure how impactful âabove the line advertisingâ is. I think it has to been more targeted. Freetrade did a youtube ad around a year ago, I did not find it impactful as it was so short and not frequent. When I type SIPP into Google I do not see Freetrade on page 1 or 2. Also more dangerously they are not on Which or Money saving expert. You would think price comparison websites would be key to advertise FTâs competitively priced product. Advertising should be effective and cost effective.
I agree with the price comparison point as a key acquisition channel. But equally the SIPP product hasnât even been rolled out to the waitlist so I think a little patience is needed.
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If Freetrade could run some welcome offer for new sign ups then maybe they could get in there too or maybe even a cashback offer via QuidCo/TopCashBack - âReceive ÂŁx cashback on your first deposit of ÂŁXX or moreâ
