Now that we have the new invest platform, have FT considered rejigging the basic order into a basic window.
Eg. Make instant orders between 3-4pm free and any basic orders get queued to the next available window.
This would:
Help further with order rejections.
Provide a “taster” for instant orders outside the window.
Allow FT to state free instant trading* in marketing and therefore be more competitive.
Edit: FT/mods feel free to scrap this post as it’s now redundant
I’m all for reducing order rejections, but I don’t see how this would help necessarily?
The reason they can offer free trades is because they bundle them all up - giving everyone free instant trades for an hour wouldn’t be cost effective.
Just guessing on my part, but if someone scheduled a basic order that executed as instant at 3pm but failed for some reason, they would still have nearly an hour to try again. Much better than having to wait until the next day.
From my understanding, the new invest platform reduces FTs dependence on outside parties, so I assumed there would be a cost saving on instant orders in general. Feel free to correct me if I’m wrong.
Maybe this could be a paid for service. Lets face it Freetrade had to make money, no fee instant order windows is something I would pay a reasonable amount for.
Perhaps only make it available on ISA accounts?
Then it’s bundled in with the ISA fee.
That would slightly diminish the point of Freetrade Alpha then (£10 per month, free ISA + free instant trades - although the details aren’t confirmed)
Agreed but maybe it would be more in line with the small time investors budget to have something that cost a bit les
Agreed, I’m hoping for a Freetrade ‘Beta’. Something like £5 per month that includes the ISA and maybe a limited number of Freetrades or better FX rates. Currently, the £3 per month ISA looks quite expensive on it’s own if you compare the rest of the market.
It could be overdoing it to have a £5 a month plan as well, since the last mentioned price point for Alpha was £7 a month… there was also talks about a discount for paying for the year but don’t know if that again overdoes it.
Ah, I thought it was £10 per month, or £99 for the year?
I agree that it’s good to keep the pricing simple and not having too many options, but I think 2 or 3 tiers could help make the pricing more attractive to some users.
You have probably hit the nail on the head. Options and choices are a good thing in a competitive field