$ accounts would have prevented what has just happened with Barclays/Currency Cloud. This is a business decision. Make it part of Plus.
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If Freetrade were to launch an analysis of how much exposure they have on US stocks versus UK stocks it would give us an insight on how investors actually invest their money and their preferences. This would be really helpful to avoid FX fees and hopefully a better solution for the retail investor.
Reason why FT may not have changed it it’s because they might be earning a fair amount of money from these margins that are ultimately better than having an escrow/separate account for USD transactions although I would say having USD accounts do have other tangible benefits as alluded before.
Dollar accounts would also mean FT doesn’t earn FX fees. FT would have to compensate by increasing its Plus / tax wrapper prices and I personally don’t think this would be a good move.
You can’t hold USD in ISA’s.
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Having access to a dollar denominated account would be super useful and would make me upgrade to a plus account if it were offered
FT is not made for day trading.
Interactive Investors offer multi currency accounts and make more money than :freetrade:
Moreover, as “BOOM” Richard said, only GBP can be held in ISA so that would only apply to GIA and SIPPs.
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On this point, I have suggested to Freetrade that they allow users to trade unsettled cash straight into alternative shares, ETF or US treasury products (cash equivalent). So accepting that you can’t hold USD balances in an ISA - this would be a workable compromise.
I have created this as an idea too, previously I’ve just raised it with customer service.
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When I was trading a lot of tesla shares it was costing me £100 each way. Would love to trade from a usd walket
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Free trade won’t do it though bc they earn too much from it. They don’t charge commission or have a spread. 0.45% is all they have left
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I would love to see this feature too and even if it was pay walled I’d be happy. But I don’t think at this stage Freetrade want to cut a revenue stream
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Yh it just doesn’t encourage trading, only encourages the hodl
Any company must survive, survive first.
The FX fee is one of their main revenue streams this would remove a huge portion of income for them. I also don’t think you can hold USD in an ISA so it would only be for the GIA anyways.
I think a better option is just a reduced FX rate for Plus members.
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Honestly, I don’t mind paying this conversation fee, considering what Freetrade offers in terms of cost, but a reduced fee for Plus account members would be a very motivating addition.
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This is a must have. Consider European expansion where you need to convert Euros to GBP and then convert to USD… This is Madness!
I want my broker to grow, but without failing to offer me more when I pay more. And I also don’t want to think that I’m losing in execution so that he earns more with his partners, as Robinhood does. But every time I buy a stock, I see a slight difference from the Google chart, for instance.
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II charge £7.99 per trade though don’t they?
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European accounts will be based in Euro’s
I would prefer the option to hold currencies in my ISA freetrade account and be able to trade in that currencies exchange - i.e. USD/EUR/GBP. The FX movement should be up to us to convert to GBP at our convenience. Given that FX has no tax implications whether this is in a ISA/SIPP or GIA should be irrelevant.
That’s not legal. You can only have pounds in an ISA.
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