Sorry what âfeesâ are you talking about? I regularly use both FT and t212 and neither deduct fees other than necessary transaction taxes eg stamp duty.
It is illegal for brokers to take profit from the spread in the UK/EU. This is widely covered both on this forum and t212âs. Most of the time people making the accusations just donât understand bid/ask prices (or mid-market prices), how prices are displayed or how the market worksâŠ
All right, I agree that it doesnât say âfeeâ but in essence the result is the same in my opinion: over inflated stock price at the âbuyâ or under valued price at the âsellâ. I will qualify that has hidden fee in my book; but thatâs my personal opinion.
FT doesnât do that.
Also you mentioned â It is illegal for brokers to take profit from the spread in the UK/EUâ, is that a new ruling or old? Do you know which date it has been instituted? Thanks
Other regulations predate it (e.g the original directive) but MiFID 2 is the most comprehensive best execution requirement.
The kind of things you describe arenât legal (regardless of how you dress it up) because you must provide the best available price, which clearly precludes inflating it.
âprotections (though Iâm far from convinced that the practical implications are much different between FT/T212 - the rules and regulators are the same).â
Likewise, Iâm also unconvinced there is really much difference.
Always an emotive topic on here - hopefully someone in the know can spell it out in laymanâs terms if it is different.
Thank you.
On the other hand, I believe EU countries have some leeway as to how to they want to implement the EU directives, especially when one âleft the (EU) blocâ
I will add this though, it is not as black and white as it seems on this specific subject. âThe European Union said on Thursday that member states and the European Parliament have reached a deal on updating the blocâs "MiFIDâ and â this practice must be phased out by 30 June 2026â, statements from article below:
Many people donât want/need a sipp mate, literally the only thing FT has that 212 doesnât.
I must admit that one platform offers way more services than the other.
In my situation, however, for the trades and companies I want to invest in, my costs are way better with FT and itâs much more transparent. But again, each situation is different.
Think you have missed my point Danny, I was simply saying that what Freetrade provide for the 11.99 is fair value.
Everyone situation and investing journey is different, so naturally there will be âcheaperâ options based on your individual requirements.
I originally had my ISA with Vangaurd, when Freetrade had their transfer offer on I received a free ÂŁ300 share, my overall platform fees were reduced and I had access to all of the stocks. The free share will pay my ISA fee for over 4 years. It was a no brainer for me.
Whatâs their community forum like?
Everyone has an opinion but that doesnât make everyone rightâŠ
You keep accusing t212 of the same thing and it is just plain incorrect. If you have any proof then put it out there (screen shots of their forum is not proof!). Not understanding how prices are displayed across different brokers and sources is also not proof that they are padding the spread. Your accusation is no different to the incorrect accusation about FT here: https://community.freetrade.io/t/sale-price-different-to-actual/
There are reasons to not like t212 (Eden has given some fair reasons) but your reasons are not fair or correct (unless you have evidence to the contrary).
Where is my âaccusationâ?
Iâm fully aware that portals all say different prices. But if Iâm presented a FT screen to buy a share for ÂŁ13.95 and end up paying ÂŁ14.20- thatâs a very simple reason to use a limit order instead.
Thereâs another simple solution, donât fulfil the order if the price has changed.
Try use your words more carefully, saying thereâs an âaccusationâ based on the rest of your post content looks like youâre using my post for ammo against another user.
No I was just linking to a relevant topic and your post just happened to be the last comment. I wasnât making any comment on your use of limit orders (as should be obvious from my post which is nothing to do with using limit orders).
Iâd already changed the link to make that more clear.
The correct link to the thread is Sale Price Different to Actual
The point of my posts is that I prefer FT because it costs me less to trade on it. This is not an opinion and this is neither an accusation.
By the way, the forum screenshot I posted is there to illustrate my point; itâs not made to accuse or toâŠ.prosecute (in advance, FT, itâs a joke)
How are you working out that it costs you less?
The way I do it is: I buy 10 shares of a Beta company (instant order) at ÂŁ50 on FT and I buy 10 shares of the same Beta company (also in instant order) at ÂŁ50 on another platform/broker, all at around the same time (within 5 minutes with similar price with no or negligible change in share price of Beta) then, I look at which one is cheaper per share and/ or which one is cheaper per total order. In repeat the experiment 3 times and from that standpoint, I can conclude which platform is cheaper than the other.
Erm I donât think that would work - You have to buy it at the exact same (aka Milliseconds aparts)
You might need to script it to that
I havenât tried it. If I get a chance, Iâll do, use 2 phones and press the buy button at the same time. And the script is, i will try on some of those non volatile stocks (the one that donât move for hours) to see how much of a difference those milliseconds would make.
With that kind of speed, thatâs probably about a different type of broker all together and I havenât tried those type platforms, no.
Even if you could execute the trade at exactly the same time you donât prove anything - unless you can guarantee the same execution venue with the same seller offering the same price. What your seeing is normal variance in the market, nothing sinister or anything to do with a padded spread.
Well, by the same token, I can ârebutâ your âclaimâ since one likes using judicial terms.
What you said that doesnât prove anything either, you didnât show any proofs nor did you show any inside knowledge about the operations of the other platform. Until you do so, I can not believe you either:). Unless you can demonstrate that you have privy information (that can be independently verified by a trusted source) about the inner details of the other platforms, I have some serious doubts about what you say therefore I cannot assume that you know exactly how those platforms function.