Thanks @Rat_au_van for pointing that. Having 2 different voting at different place doesn’t help. Cant we have a single place both the options.
Regardless of that is it too complicated to change the option of basic or instant ? In most of my recent trades , I used instant and in a specific one which I placed close to 4:00 PM, I changed it to basic for fun. So clearly it is not a difficult to change the option based on individual preference. What I am missing here?
You get the same confirmation screen when you submit a free trade also. If you’re rushing to get your order in just before 4pm, it’s very easy to miss changing the order type and automatically skipping through the confirmation screen without realising there’s anything wrong. As I said on the Monzo forum, this has happened to me, and I now no longer alter orders too late in the day because of it.
Call it poor UI, misleading, or a ‘dark pattern’… whichever way, it’s not the best of experiences.
This. Leave it blank, or pre-populate with Instant Trade but require the user to touch the trade option to confirm or change it to free. Then if I were to rush through a trade and tap to submit without specifically selecting instant or free, the app can ask me to make the choice before proceeding.
Is it difficult… Of course not…but should it be necessary… No… The app is called Freetrade… It promotes itself on offering free trades but the natural flow of placing an order is set to charge users a fee which doesn’t feel right
It’s coming up to 5 months where this design choice (limitation) has been left unaddressed.
Agree but it is giving us a choice to do it. At least we need to something in order to get a free trade which is simply selecting the option. I am sorry if I am sounding very negative but it looks like we are putting the energy on wrong place. Right now priority should be adding more stocks and international exoensions rather than spending energy on these things which users can do by themself
Seriously …just changing a choice while placing an order to earn free trade , is it too much ?? Someone could also argue that FT needs to provide free trade for every 1 hour execution as well…well technically nothing is free as there are time and money spent on even basic order and while FT is offering we need to respect that by accepting the terms which may be to change the order type.
It is stupidly easy in dev terms to make this change… We aren’t taking about swapping this out for the international expansion or anything so significant… It’s a default on a screen… Your argument of needing to do something to make it free… Is it too much for a user to do? … Yes! … When the product is “free” trade I don’t expect the strandard pattern of ux to be one that involves a fee…
It’s called Freetrade, not Paytrade. The default should be the free option - a delayed order for the next 4pm slot.
Spending extra money should be an active choice. At the moment it is not, and that’s indefensible.
If I wasn’t an investor, “they tricked me into spending money I didn’t want to spend” would be enough to completely turn me off the product.
What causes more harm?
A customer places what they think is a free order. They get charged £1.00 for an instant order. As the order has completed, they have no recourse and are out-of-pocket.
A customer places what they think is an instant order. It queues in their pending orders instead. They check the feed to make sure the order has completed and it shows as pending, so they cancel the queued trade and re-place it as an instant instead.
I don’t like the fact that when I recommend Freetrade to people I have to heavily caveat the reccommendation with “But you need to be really careful when you place the order to make sure you change it to the free option!”
tl;dr, paid-for instant orders as the default is a terrible design choice.
When we place an order, we need to put amount so I am sure everyone double check how much amount we are putting so during that time , cant we check the order type ?
In this case you are just looking only your case but what about other person who is paying for an instant order but get caught into this mess where he/she later on needs to cancel and re order again which may cause some losses due to price fluctuations. The people who are getting free trade doesn’t want to change the option but on the other hand they are expecting other investors who are paying to check, change and cancel and order in case of wrong orde type.
For basic order, investors are not worry about price fluctuations until 4:00 PM but instant order , investors want to execute the order immediately so every second count
Basic order is the default option when markets are closed - which makes sense.
I understand the people complaining about it not being the default to some degree, but it’s a bit too much fuzz. Everybody goes over any monetary transaction, double checks details and values, but on freetrade they don’t? It’s a little melodramatic. It makes sense to have the paid option as default since it’s the only one that one can actually use during the day until 4pm.
Another way to solve this mess is to add separate buttons/drop down menu
basic buy/sell
instant buy/sell
I know this is not going to be done as it is not pretty.
Can someone create poll on how many instant orders by mistake more than once, two times and above etc. Would be interesting to see what the data shows.
I understand the rationale for this conversation, however I believe that having ‘instant’ as the default is the correct way it should be. If I click the ‘buy’ button on any website I expect that action to be instant, I wouldn’t expect it to queue up my order and execute it at a later time when the price could be different.
Therefore there’s an affirmative action to change to a ‘basic’ order and in doing so you appreciate the (albeit small) risk (which you the customer are willing to accept when given the ability to trade for free).
I’ve never been ‘caught out’, I’m not saying I never will be, but perhaps people should take a few more seconds in ensuring they are purchasing what they expect.
As a little disclaimer, most of my purchases are on the ‘basic’ trade, but occasionally use the instant purchase function.
Easiest way to solve this is to create an option for the user to choose the default.
Anyway thinking a bit about it, at some point of time there should be morethan two trade types like (hopefully) limit, stop, buy on open, buy on close etc.
As long as different order types are in FT roadmap I’m not bothered.
The below discussion got started here: How many times have you mistakenly put through a basic order as an instant order as it is selected as the default option?
I’ve never done it, but nearly have several times. It’s annoying that one of the top voted features is constantly ignored, although I’m not surprised as it obviously makes money for them (so I probably shouldn’t moan too much as a shareholder…)
I’ve never done it, because I pay for instant trades anyway.
It should be an option in the account or profile settings.
As the Ideas/Requests thread states, having the default as Instant can be considered dark pattern UX. Freetrade does not need those.
Change Never → Not yet ?
Conversely if you default to a 4pm trade and someone makes an order at 9am expecting to get the price then, they’d also be misled.
Outside of trading hours, i.e. the majority of the time, orders default to the basic option. They don’t all get put through when the market opens for £1.
It’s pretty clear that the £1 option is selected. It doesn’t take a lot of effort to switch. When Uber is surging they don’t say “hey please don’t book now”. They just show the price, inform it’s higher, and you book if you’re willing to pay it. If you default to zero I’d expect the number of even intentional instant trades would go down as it switches the question in user’s head.