Converting pounds in to usd

Can someone help me I’m trying to average down my stocks that I owe but finding it hard to find out what the over price per share is as it’s always in pounds so I don’t know if I am actually averaging down

What exchange currency does FT use so I can know what the avg price share is for that Holiday?
Or is there a way to convert this automatically for you?

Thanks

Hi @bhav this is a common question and the app gives you your +/- in GBP(£) not USD($), FT have their reason for this probably simplicity & to deter day / swing trading - see thread below.

In short you won’t know the exact figure because the FX is the spot price given to FT from their FX provider +0.45%. This changes by the minute.

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Do you know what fx provider they use at least I can get price close enough to what it says on the app?

I’m guessing there are no plans for them to implement this idea?

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I believe they use Barclays as their FX partner but what rate they get would be between them. In all honestly FT is not built for the sort of trading that requires the granular details of FX movements to the cent. It’s build for long term buy and hold - the majority of people who try to swing trade / day trade loose money in the long run.

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Not planning on swing or day trading it’s mainly just so I have a idea of when it would be good to buy to avg down my holdings

While it’s red average it down… trying to perfectly time the FX and the stock price will be highly improbable.

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Good plan. Not sure if you’re aware but dollar cost averaging might be worthy exploring - you’re almost doing it already. Great if you have long term faith in a company.

Anybody else think for an app called freetrade, they don’t want the freedom of traders trading day or even swing?

Not really. Just like my Skyscanner app doesn’t allow me to scan the sky

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silly reference - to skyscanner - the question is if the point of the app is freedom of trade then why say we don’t want a type of customer - i.e. day trader/swing trader? whats the point in limiting your services? Is there a margin that investors give away that swing and day traders don’t?

The logic is what I’m questioning. The point is to grow your investment so what difference does the timeframe make? especially when you have a volatile markets.

There are apps out there should you wish to day trade, go use them.

Day trading isn’t something the masses should have access to IMO

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Hey @DeeDee so just so we understand all companies should stick to your interpretation of their name? So £APPL should sell golden delicious? Or $LMND should stop selling insurance and sell only Lemonade? I don’t know what you expect Whatsapp to do :man_shrugging:t2:

The point is to grow your investment so what difference does the timeframe make?

There’s a bags running at in 2:35 tomorrow - stick your pension on it, it’s called “SMARTER THAN THE PROS”

FT have the standard industry warning but app that push the more exotic functions have to tell you how many people loose money with them. Here’s a hint it’s more than 50% which means you’re more likely to loose than win. If you fancy your odds then give me a wave from your Fiat or your Ferrari depending how you get on. :wave:t2: :red_car::dash:

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Thats the point though! Shouldnt it be the customers choice for the app to be flexible rather than the other way round? Why does any app get to tell a customer the timeframe they trade in?

would you like it if it was enforced that you could not buy or sell an investment in a timeframe then why limit now?

I use various apps for different strategies, but shouldn’t the question be int he new digital era that there be more fluidity and customers driving the use rather than the developers/app companies?

Neil - the point is to educate and give the option not regulate and say no without giving the option. 2 different things!

I’m saying why is the option not there?

I think the way retail traders have been in 2021 I wouldn’t be surprised that there are many day/swing traders already.

The point is to have the option not for it be forbidden but educated on.

Its should be the customers choice.

With everything Education is the key… not oh you wouldn’t know what to do. so no you cant.

If that were the case all the CFD platforms would be abolished. That’s where the education needs to begin.

so many people don’t know that a CFD means you don’t own the stock! Its tax free so many people do it, because of margin etc.

However if people could day trade/swing trade in their ISA’s where they own the underlying equity in a safe max £20k per year wrapper than why shouldn’t they?

And there are platforms that let your day trade in ISA - not something new. Just saying why is freetrade saying no? Should it not be the customers decision?

It is. Freetrade have built a platform and if you don’t like it you’ve not obligated to use it.

I’m not obligated to buy a car brand that doesn’t have what I want - that the beauty of a free market.

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That’s the problem, rather than improve its a case of don’t like it don’t use it. Trust me if improvements aren’t there its not a place for me, I focus and use platforms that adapt and change.

If the majority of people like the stagnancy, and being told how to trade then its def not a service/forum/platform for me. The point to challenge and ask services to adapt to requirements is not here rather a targeted don’t change do as we say approach.

All the best guys if there isn’t an appetite i’ll go where there is.

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I wish you well and don’t want anyone to feel like they haven’t been heard but your suggestions are all the antithesis or the vales that under pinned the founding of Freetrade.

If you’d been here longer you’d have seen in the last 18 or so months

  • The stock universe multiple many times over
  • Fractional shares & not a premium feature, availed for everyone to encourage more people to invest.
  • SIPP rolled out

This app is always changing but fundamentally it’s not changing in the direction of swing / day trading. From the first line of code this was never the plan.

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