[Feature Request šŸ”§] Cryptocurrency support

I was thinking as freetrade expands to more and more countries could we buy currencies and crypto currencies on the app? Also I saw someone said about storing dollars. Letā€™s say Ā£1 = $2 (easy numbers) you think dollars will become worth more and so you pay freetrade the 0.5% exchange fee and you now have your currency stored in dollars letā€™s say you paid Ā£100 and got $199 You can either hold onto them or convert them into stock. You make trades and get to $220. The pound goes to Ā£1.50 = $2 you convert the $220 back to Ā£164.17. Freetrade earns money from exhange fee. You get to make trades. This could be useful with Brexit as if the pound collapses again the dollar is worth more, but at the moment the only way to invest in the dollar on the app is indirect investing through buying US stock.

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Please no cryptocurrencies. They seem to be attracting a very particular (for a lack of a better word) crowd.

Also, freetrade is a stock broker, not a currency broker. If you want to speculate on currencies, you can do it on specialised currency brokers (Revolut is the first that comes to mind), or you could go to other brokers that offer currency pairs (like IG) and play it there.

Also, note that forex is notoriously difficult to make money in.

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Totally agree. Crypto is for trading, not investing, itā€™s far too volatile. As has been said, a crypto ETF is another matter.

By the way, AFAIK, Revolut (and many others) crypto offerings would be CFDs not the actual crypto (not that that matters of course if trading)

Donā€™t agree that forex is hard to make money on, but itā€™s trading, you need to check your positions hourly, use stops and targets etc.

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That is true, but it would be extremely convenient to simply have different wallets (GBP/USD/EUR) and the ability to buy non-UK stocks in their respective currencies. Main reason - avoiding FX fees in a GIA (sadly, ISA can only be in GBP).

I believe it is something that would suit Freetradeā€™s Alpha subscription model, thus leading to a steady income steam as opposed to periodic buy/sell FX spreads.

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Thatā€™s true whilst Iā€™m debating the value of alpha as it currently stands, a feature like that might just tip the boat.
Also Iā€™ve been thinking about how freetrade might exchange currencies cheaply to maximise profit. Might we use a cryptocurrency for that?

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Investment Platform :stuck_out_tongue:

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Letā€™s get crypto-collateralised contracts! (Not serious)

Been holding bitcoin just about 2 years now and would definitely keep my coins on hardware wallet rather anywhere else. Unless there would an ETF or something on Freetrade. ā€œNot your keys not your Bitcoinā€

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Iā€™d love to have some exposure to Crypto in my ISA, or at least Crypto based companies.

Itā€™s come out that Square/CashApp saw big growth last quarter, basically all from crypto purchases. Theyā€™re very US-focused, but as the crypto market moves into a new bull cycle (itā€™s already begun), I think itā€™s prudent to consider adding crypto into FT as an asset class; tradable like any other stock against GBP/USD/EUR.

I know this isnā€™t a quick integration, but the crypto market is extremely cyclical and is coming alive again after a very long and cold winter. If FT were to add it to the roadmap, it could be ready for the next bull cycle.

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Someone posted details of a bitcoin ETF from Germany which would be great to see!

I donā€™t think there is much chance of getting tradeable BTC/ETH directly on the app.

Personally, I would love to see Freetrade offer crypto ā€˜purchasesā€™ (seeing as some disagree with calling it ā€˜investmentā€™).

At the moment I have had to go through either Revolut or Coinbase, which both charge high fees.

I think, for the purposes of holding crypto within Freetrade, as others have already mentioned, there are considerable tax benefits to using an exchange-traded vehicle which can be held within an ISA/SIPP. I see BTC, ETH, LINK, etc. as similar to a penny stock - you could make 10-100 times your money or you could lose everything. Therefore having tax-free capital gains is very important for that 100X scenario.

There are probably also benefits to entry/transaction cost vs. purchasing crypto outright.

Finally, it would be great to see some miners on Freetrade (much like one might buy a gold miner as a leveraged gold play). Argo Blockchain, RIOT, MARA, to name a few (not advice as I havenā€™t looked into these in depth!)

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Looks like theyā€™re planning on it

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I know the stock world is completely different spectrum compared to the crypto side of things

Iā€™m unsure if this has already been requested however I believe the ability to purchase crypto via Freetrade would be a lucrative idea which would stand out as Iā€™m unaware of any of uk stock broker which does such offering

I also do not know the legalityā€™s of adding such investment would be but it would definitely add a new type of clientele to Freetrade an also be useful for people who are on the edge about purchasing crypto currency

To make it profitable you could charge a certain % above market price for example %2 / %5 or even a Freetrade plus offering as an incentive to Freetrade plus

Just an idea kind regards

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Freetrade are currently advertising a crypto product manager position, so this might be planned already.

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Thatā€™s great news I was not aware of this, time will tell, thank you for the response

See the below post from 2018; itā€™s often a good idea to search before posting :slightly_smiling_face:

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Yes your right I shouldā€™ve checked first thanks for linking this, nice to see this feature has been heavily discussed already & may have a rollout in the future :blush:

This article had a brief analysis of the role which will be to ā€œlead the scoping and implementation of an institutional-grade crypto offering on Freetradeā€

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Hi Rob. Thank you for linking the article. Unfortunately not much there about Freetrade and the plans to introduce crypto. Whatā€™s the waiting time until you start offering BTC and ETH at least? Maybe you can start offering a Grayscale in the meantime? That would definitely put you in a pool position to win all the Millenials and even older guys like myself. I would happily move my current portfolio money from old fashioned and now very helpful AJBell to you guys. Just waiting for it! Hurry up, if Plum starts offering first or Voyager allows opening ISA in Europe you may lose the raceā€¦ I hope not as I like the app and team responsiveness. All the best. Waiting to hear back from you.