Can Avg Cost be used instead of FIFO?

T212 uses average price. Only “bad” thing as I see is you can only change the average by buying. Your average doesn’t change when you sell. They mention this in one thread.
So you can’t average down by selling which you can do with FIFO if those were bought first or top of the FIFO list.

Averaging down is done purely through buying, the selling shouldn’t affect your BEP; the fact it does on Freetrade is incorrect and giving people incorrect profit/loss figures. If you look at the example I posted further up (This One), it explains how this works pretty well.

Once you’ve lowered your average price by buying extra shares, if you sell those shares later, it doesn’t change how much you’ll have to sell the remaining shares in order to make a profit with the ones that remain. If you change your average price upon sale, you’re fabricating the price requirements that you need to make a profit / break even.

2 Likes

This would make it so much easier to work out profit gain and loss rather than sitting there trying to find which shares you’ll be selling and manually working out how much profit your going to be making!

Either that or gives us a profit/loss indicator when actually selling so we no and aren’t given a false figure to go off

I guess early new year could mean anything. We’re into the 3rd month and still nothing

1 Like

It doesn’t strike me as a difficult change to make from a design perspective.

It’s just a different way of displaying data that’s already there, as an extra option.

It should take about a week at the most to implement.

1 Like

Cant believe this irritating feature is still a thing. :unamused:

The OP opened this post on Feb 2023, 1 year 5 months ago, and I posted in this thread close to 1 year ago. If third party apps can calculate my average price upon entry of new trades, how does a share dealing provider seem unable to do the same?

4 Likes

Agree. It is amateurish

4 Likes

Bumping till we get a response.

3 Likes

Bumping till we get a response.

This really does need to be addressed.

I can imagine individuals are making decisions based on the cost being displayed without full context that it’s not their Average Cost. It’s not like its a bug in the app it has real financial implications to FT users and it’s not made clear to them what they are really seeing.

By all means show FIFO but have that as a toggled option, the default needs to show Average cost and it needs to be explained to users in the app this is the case.

6 Likes

I’m starting to lose hope that essential changes like these will ever come to the platform instead non essential things are taking priority.

The fact that it’s not even getting acknowledged and no respond from them either say it all.

6 Likes

It is certainly an essential change, I would like to see FT focus on these areas more so than the “nice to have” additions currently.

4 Likes

@acamp

1 Like

I’m starting to lose hope in the platform in general. I moved my ISA out after this issue going unaddressed for so long, decided to downgrade and use FT for short term investing with my GIA instead. It’s been almost a month, they’ve not issued the refund, and when I am trying to contact them about it they are now saying they have no record of it… despite there being several lines of contact with support about the outbound transfer and a support rep confirming the downgrade. Just not a promising situation in general.

3 Likes

I agree. I have started to invest my dividends i get from FT on another platform. It just frustrating that nothing is getting done about it. But they are more than happy for us to upgrade and pay them a monthly or yearly subcription.

Sometimes i regret putting my portfolio on FT. I even recommeded it to other people i know and feel bad for them too.

2 Likes

Don’t even get me started on dividends. As my ISA is now closed, any dividend payments I was due are just held by Freetrade in their own accounts, unless I contact support and ask them to move them into my GIA; which seems crazy to me, as if paying into the GIA is the only option vs forfeiting the money, then they should do that by default…

At the moment, initial response times seem to be around 7 working days, and then it seems like there will only be one response per day. So it seems to take forever to get anything resolved.

I did the same and referred a bunch of people to FT who then moved ISAs and SIPPs. I really hope FT pickup the ball and that those people don’t have to experience this.

3 Likes

This is ridiculous it’s funny how we have to ask for our own money back even when the whole dividend issue went down we had to ask for an updated instead of them just putting out a statement as to what’s going on.

Honestly the whole customer is a joke I’ve been waiting over a week for a response for someone.
It’s funny how if we subscribe then we get a faster response. I wouldn’t even pay for the service they are giving atm.

Instead I regret not having my portfolio elsewhere.

5 Likes

Thank you - I’m contemplating doing the same.

Can I ask how long it took you to transfer your holdings to another broker? Which broker did you end up using?

I’m wondering also when we will get better graphs for the main opening screen and the option to pick different formats last in first out etc or average.

To stop showing withdraw and deposits on the main graph as well if we wanted.

I think this was mentioned that the team were working on this but can’t remember when, I know Alex said right after a talk about buying full shares etc and giving us more flexible options?

It took 28 days for them to consider is complete, and then maybe around another week before the money actually landed. I contacted support enquiring about it at the 26 day mark, as there had been no updates, and my transfer was only cash, as I sold everything myself to make the transfer easier / faster, and the government guidelines on ISAs state it should be a maximum of 30 days (calendar days, not working days): Individual Savings Accounts (ISAs): Transferring your ISA - GOV.UK

After bringing up those guidelines, and that they suggest you refer to the Financial Ombudsman if it takes longer, I had a response within 2 days and the transfer was complete :person_shrugging:

I suspect I’m going to end up having to contact the Financial Ombudsman over the remaining issues I have, as I typically get at most one reply a day from support, which is leading to me never getting my refund, as all communication is staggered.

I moved to Vanguard, although it doesn’t offer the hands on ability to pick exactly where your money is going, their funds felt sufficient enough for what I deemed to be acceptable returns, with effectively no effort on my part. I can at least rest assured now that my money is in the hands of a company that has a track record too.

2 Likes