So I just want to share my experience with other people regarding this app to see if others have come across the same issues.
Yesterday I made a sell trade, which was advertised at one price yet executed at another, with over a 2% variance (between the price I agreed to sell at, and the price it was executed at). This resulted in a marginal gain now becoming a marginal loss.
This is the 3rd consecutive time I have a made a buy/sell transaction and the price has differed quite significantly from the price I agreed the trade at.
Freetrade’s generic response is that pricing given in the app is “indicative” and an “estimate” (their words). Regardless of whether this is “indicative” or not, Freetrade do not offer the correct execution price - in the case I presented above there is a 2% difference, which is hardly even “indicative” and ALOT when it comes to executing an order in the financial markets. They also claim to “achieve best execution” on the trades (again, their words in a response to my message). I monitored the spot price before and after this trade and at no point in the day did the price actually drop to the price they executed at. So Freetrade have failed in this obligation, which they refuse to recognise as an issue, or it indicates something more sinister is at hand (perhaps this is where they are building in charges?!).
It is not so much about the money (which I have lost), which in the grand scheme of things is incidental. It is more their refusal to accept there is an issue on spread differences and their lack of effort to rectify it.
I have been an early advocate of Freetrade up until now, but I cannot tolerate this type of poor service nor recommend their platform to friends or family going forward. Yes it is great that it’s ‘free’, but it is my opinion that the loss on trades due to spread differences is starting to out way any benefit of using freetrade over other platforms that charge but allow you to execute at an exact price.
Has anyone else come across these problems with freetrade? They really need to address is this if they want to consider themselves a viable share trading platform. Their lack of willingness to accept there is a problem is concerning.