Currently, each Freetrade account is linked to an email address… and the funds can only be withdrawn to a nominal bank account, which can be changed only by submitting a bank statement via the live chat function.
For obvious reasons you can’t share the fine details of how it works, but has this security protocol ever been breached? If yes, have people been able to recover the money that was stolen (if any)? If not, what would happen if it ever occurred?
Thanks for setting this up. Would like to know a few things please:
What plans are there to enhance plus with ‘non tax wrapper’ type features?
Are there any plans to utilise the community stock discussions in a better way? For example it feels like you are half way there to building a public.com social investment platform with the level of stock engagement on the community already. This would be very unique from a European low/no cost broker perspective.
A personal problem, but possibly shared by others.
There’s a strong chance I might have to relocate abroad in the future and I’d like to preserve the tax-free status of my previous ISA allowances, but under FT’s rules I’d currently have to close my ISA or sell all my shares and transfer the cash to another provider who allows me to keep an ISA dormant while out of the country. If I have to go to the effort to transfer my ISA away from FT for this reason, I’d imagine momentum would make it unlikely for me to go to the effort in reverse when I returned.
Are there any plans to support dormant accounts for people who are temporarily not tax-resident. and if there are no plans what are the hurdles that prevent this?
There are a lot of features that are missing from the app that users have been clamouring for for a long time. Ranging from exporting transactions, annual tax reports, a web version of the app, ability to vote, order limits, pies, automatic monthly investing, and many other features and bugfix requests. Maybe it’s an unfair assessment, but the fact that no progress seems to be made on any of these requests many months after they’re raised, not even a “yes, it’s in the roadmap, expect it in 10 months” or “we don’t think this is useful enough”, gives the impression that the development team at Freetrade is very small and increasing the size of the team that makes the actual product isn’t a concern for the management.
Will this change? Right now, it seems there’s a fantastic business opportunity for another company to come along with exactly the same pricing and value proposition, but a much better app, at which point Freetrade could easily lose its advantage.
This is a great one FT do like to post on forums when they have an answer or good news but irritatingly silent when the news is bad or no news. From all the negative things I have read or experienced it all comes down to customer service/relations. Yes they are super polite and use emojis but don’t actually answer you.
I find a rival fintech is 10x better in this area but rubbish in product compared to FT but I still use due to great customer service and open/honest answers. All the biggest issues on the forum get the silent treatment but random little issues with an answer get FT responses
This is my only real issue with FT as they could nip all the negative in the bud with a clear post each time, or a statement the community could link when brought up, and it is only a handful of things people keep moaning about. For a company that has founders answer in forums to do this is the confusing part as that is a GREAT bit of customer service.