Feature request: ability to select to buy or sell by number of shares or cash amount

Not necessarily a bad thing, thoughts?

(source) Reddit thread: https://www.reddit.com/r/FreetradeApp/comments/geme2n/wont_be_able_to_buy_whole_us_shares_anymore/?utm_source=share&utm_medium=ios_app&utm_name=iossmf

1 Like

I don’t understand, what would be the problem in having a choice to either buy by the shares, or by the money invested? This way you can either buy whole shares, or buy fractionals.

Genuinely asking, would be glad if someone can explain that.

13 Likes

Is it only me that finds it weird to discuss this on reddit given that there literally is a forum for freetrade? What is that meant to achieve?

6 Likes

I wasn’t trying to push people to discuss on Reddit, just reference a thread that highlighted the issue.

2 Likes

Less moderation perhaps.

3 Likes

I really hope this isn’t the case and be rectified before the roll out to everyone else. It sounds very annoying. I have a few shares on revolut I’ll be swapping over when the new stocks come out, their interface is very nice and simple you either select how many stocks you want purchasing whole stocks or select how much money you want to invest and it auto fills the equivalent fraction that amount can purchase.

9 Likes

Am I right in believing fractional aren’t possible (or easily possible) to transfer to other providers?

So if you always by fractional and never can buy a whole share it’s much harder to transfer if you wish?

4 Likes

It’s not much harder, it’s impossible. You’d need to sell and transfer the cash.

1 Like

Hm… even if you always buy fractional, you should never have more than 1 share that’s not ‘whole’, right?

Let’s say I buy 0.4 of a share and then 0.4 of the same share, I own 0.8 of that share. When I buy another 0.4, I own 1 full share and 0.2 partly. And so on.

Unless you only buy a fraction of every company, but not sure if that’s the best investment strategy :joy:

4 Likes

You literally buy a fractional share of every company you want to invest in? Sorry to say, that sounds like a crazy strategy. Or maybe you have a very small portfolio of £5 and want to spread it?

1 Like

I think this gives a pretty poor user experience. It’s great that Freetrade has made such progress with the fractionals but advanced features don’t have the same impact if they come at the sacrifice of what should be a basic brokerage feature - i.e. buying in number of shares or buying in amount of money.

10 Likes

Why is this even an issue? Sounds like a non issue to me.

2 Likes

It’s fair feedback, and why I signed up to find out. I too was expecting to be able to buy whole shares OR fractionals and would welcome the ability to enter an input via either the amount OR shares field.

Given they should be still pushing for best price execution I don’t think it matters which mechanism this gets placed via though.

4 Likes

This seems to have upset a lot of the old guard doesn’t?

As a relative newbie to investing, this is the best thing that could have happened - I can literally, to the exact %, proportion my portfolio in the way I want to.

Freetrade are not going to do anyone over when it comes to you selling up or moving your shares across to another platform (why would you want to if you believe Freetrade is your chosen platform for life), they’re as transparent as it comes when it comes down to explaining why certain decisions have been made.

On top of this, they’re still a new company, trying to shake up the world of investing. If you don’t want your world to be shaken up, there are plenty of other providers where you can buy full shares to offset your ‘OCD’ (which by the way is a serious mental health issue, so I hope everything is okay if you do have it).

I genuinely believe they decided this so you can accurately proportion your portfolio with as much freedom as you want.

Once again as with most things in the modern world, absolute uproar over nothing.

Yes a toggle would be nice, but if it doesn’t come, embrace the change, do not be scared.

11 Likes

Freetrade have delivered what people have asked for, since for the last year or so, pretty much everyone was shouting ‘We want fractionals!’

They weren’t shouting ‘We want fractionals AND whole shares’.

Everyone just assumed that they would end up getting both.

A case of be careful what you wish for!?

I would love to have the option of both, but if it’s a toss up between fractionals or only whole shares, I’ll take the fractionals.

20 Likes

I’ve just placed a couple of buy orders for UK listed companies. I’ve got whole shares only.

Also, I’ve just bought fractionals on two US listed companies.

1 Like

I only want to deal in whole shares too, or at least have the option. It would flare up my OCD if I ended up with 6.23 shares in a company :frowning:

They must be able to offer the option of either buying £x worth (fractionals) or just X whole shares. I hate to say it as a founding investor and long term supporter / user, but this really could be a deal breaker for me :frowning:

7 Likes

@Duncan, can you please put comment on whether you’re removing or keeping the ability to buy by specifying number of shares and why? Or maybe you’re just still taking feedback before deciding? It looks like some people are quite frustrated.

10 Likes

They sort of have, ever since the first mockup of the fractional shares were presented five months ago. This is literally the first comment that was posted after the fractionals shares mockup:

The majority of the comments that follow are also about whole/fractionals. It’s not like Freetrade didn’t know there was demand for it. They just have to make a decision about whether to go for simplicity or functionality.

4 Likes

Talk about a complete misrepresentation of people’s genuine concerns (as well as creating a few strawmen arguments)! The point is that they haven’t explained the decisions as you well know from the other thread.

I don’t think there is any malicious intent or even necessarily a poor decision, but I do think that it needs to be explained - Adam has implied as much as well in the other thread.

No one is scared. Nor is there an “old guard” - I’m a relatively new investor too.

The simple answer is we don’t know at the moment - that is part of the problem and one of the main questions that is being asked.

Oh come on - we already had the ability to buy whole shares. Where we were told we were signing up for a platform that would change in 12-18 months from whole shares to fractionals only? I think the assumption was pretty reasonable that whole shares would continue to be available particularly as competitors offer both at the same time.

I completely get that people are emotionally invested in FT (I am as well which is why I think this is such an important issue), but that doesn’t mean we should pretend that everything is perfect and without consequences - as an investor in FT I’m concerned that FT is not as attractive to users if it only offers fractionals when some competitors are offering a choice. Constructive criticism helps make a better product - it isn’t something to be feared or ignored!

12 Likes