Freetrade Competitors

If Lightyear get this feature smoothly rolled out without issues first the optics here will be awful. This is such a new start up to be showing tangible engineering developments other companies have requested for years

3 Likes

Lightyear have recently lauched limit orders aswell.

Freetrade are being put to shame by the competition. If they don’t up there game they will be left for dead.

11 Likes

Stock increased to 3,000 plus too they are pulling out all the stops here.

5 Likes

I downloaded lightyear to check it out a couple of months ago. IMO whilst there are some big holes in freetrade it feels miles ahead to me. That’s not to say they can’t get caught but at the time lightyear only had a handful of well known US stocks and nothing else. I feel like there are a ton of new apps that are offering access to fractional US shares and nothing else. Freetrade does have way more than that going for it.

IMO Sharesies is the best of the new low cost brokers in terms of service and platform but that’s not accessible in the uk.

Now if someone would offer something similar with access to the UK markets that would be really tempting for me.

If Freetrade start prioritising crypto over all the other requests that have been listed on this platform I’m out.

10 Likes

To be fair, it’s easier to go 3x in 5 weeks when you have a small set of Securities to begin with. It’s also easier to look like you are developing aggresively earlier on when there are still big chunks of work to get through.

Anyway, all the competitors are getting some of the functionality members of this community have requested. For example

  • Lightyear with their attractive fx fees and data exports.
  • InvestEngine with their Portfolio Pies/Pots/Buckets and unified ETF Look‑through ( see companies and sectors you’re invested in ). Plus, their hands-off, set-and-forget functionality.

But they are also missing key features, for example

  • Lightyear have no ISAs or SIPPs
  • InvestEngine has no SIPPs or Instant trades, although the latter is a bit mooted because they are going for long-term ETF investing

The pricing of neo brokers is worrying as in most cases it seems too cheap to be substainable but I suppose you can move away, even if most don’t offer in-specie transfers which might prove costly.

At some point you’d expect some consolidation in this space. For now, it’s a good time to be a customer I suppose. Also a a good time to be the companies providing shovels like RiskSave Technologies Ltd, and Currency Cloud Limited.

Back to Freetrade. You can request your dividends ( and possibly transaction ) history through support. Maybe the manual requests are managable so they are solving the things that are not for now.

1 Like

limited traction so far for Lightyear… They are out from the top 200 fintech app…

1 Like

I’ve only noticed a two week period when Freetrade wasn’t in the top 200. This was after they launched, cleared the waitlist down and had their first 10,000 customers. After this it’s always been comfortably in the finance charts.

3 Likes

I looked into lightyear awhile back but they only had several hundred stocks so i gave them a miss. With their recent updates and plans to add UK/ European stock plus ETFs in the next 2 to 3 months they will become more competitive to freetrade and trading 212 for GIA.

Invest engine looks good for people wanting etfs only although i aint looked into them much.

2 Likes

Another incoming

2 Likes

If I were FreeTrade’s competition I would be an FT forum member and would have noticed how many times financial reporting had been requested, and made it a priority for my platform!

I am surprised FreeTrade have not yet implemented it, but any competition moving faster will give FT a nudge.

2 Likes

I got one as well. Is it worth signing up, ‘to see what the fuss is about’?

I kind of understand where freetrade are coming from. They have a MVP and (as far as i can tell) are prioritising building revenue. Share lending and opening in other countries clearly fits that bill.

Reports don’t make money.

Personally I think freetrade have gone past the point where the mvp wasn’t to minimal. Now it’s lagging behind in what are essentially basic features every platform needs (not they their easy to implement).

At some point they have to switch focus or higher more devs. The way the climate is just now for developers, I’m guessing we don’t see major quality of life features until after the European launch. That’s just my thoughts though I’ve no inside knowledge of their plans

I like to, there’s no harm in having another gia. It’s More out of curiosity than anything to see what else is, or will be on offer. not actively looking to move anywhere :blush::blush:

1 Like

I’m going to see if they’ll give me a TestFlight invite :smile:

Yes @Eden, reporting does not make money but for those investors without ISAs or topping up a GIA on top of their ISAs, reporting might just keep customers from moving to other platforms.

That said, part of the reason for me getting a plus account and opening an ISA was in order to avoid so much reporting, so maybe not having reporting makes more money? :laughing:

I started multiple share dealing accounts at once when I started investing and ended up sticking with FT as my main account. When I’m earning and investing more beyond my ISA and CG allowance I may use another platform’s GIA for ease of reporting - but that is a little way off!

I’m not sure how typical my experience is but if there may be a cost to not having financial reporting, particularly as others provide it.

2 Likes

100%, when there was some visibility of it I had made a fairly reasonable post on what id like to see on reports and how id like to see it in the UI (with examples). Lack of reporting is really grating for me and makes for a poorer experience.

even in an ISA reporting still has its importance, in giving stats of investments, information on growth etc. its very useful.

I think you’re right in that reporting might keep customers, which is why I think they need to shift focus eventually. but I expect expansion into new markets and other income generation probably sat better on the table in terms of increasing overall revenue. I don’t blame them for that.

Hopefully the competition will incentives them.

2 Likes

Lightyear are doing an online AMA if interested:

3 Likes

I have been saying the same thing for years

M1 Finance are absolutely awesome if bought to UK.

The UK investment apps are terrible. Like, so awkward to manage an investment strategy.

Invest Engine have the right idea, but you’d need Invest Engine mixed with Freetrade mixed with T-212 to have a useable one platform app.

Simplicity to me =
M1 Finance • for main portfolio
Invest Engine • for autopilot passive

3 Likes