Freetrade Competitors

Blocking your account until you provide an ID could be a security protocol, perhaps.

They were happy to have me as a customer until my drivers license date ran out, then suddenly I get a email “you’re blocked”. I said “nah you’re dropped” :joy:

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Fair enough if you didn’t like it, but are you sure it wouldn’t happen with any other broker? I am asking because I can only understand it as a security protocol.

No I can’t be sure. But T212 if I recall the only method of providing ID was a phone app photo of a drivers license. I know other brokers will accept several different types of ID (passport etc). And the only method to speak to anyone and try to resolve was via email, with responses at least one but often several days later. It wasn’t a good customer experience.

On their website, they state that a passport is also accepted, and it shouldn’t be any different since it’s one of the most common forms of ID. Anyway, I hope you don’t encounter more of these problems, as it’s really inconvenient to have an account blocked.

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T212 make all their money from the CFD accounts.
" 77% of retail investor accounts lose money when trading CFDs with this provider"

Speaking from my own experience, before Freetrade’s app was available, I applied for a T212 account.

I was unable to open an account with them as they didn’t recognise my perfectly valid UK driving licence.

Same licence was used to later to open and verify my Freetrade account!

Probably just dodged a bullet there :laughing:

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I have both and think both apps could improve. I do enjoy the t212 interface more than freetrade but customer service here is better

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What’s your opinion of brokers like x-o and I-web. They have no platform fee, but have a flat 5.99 or 5.00 per trade fee

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I’ve had 0 problems with their CS. Usually respond within an hour outlining solution to any query.

I doubt they wanted to keep your money or you hostage hence they let you move when yo provided them with security details (you know why these are in place right?

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I think you are confused. It’s not me who moved because of a blocked account. Personally, I’ve never had issues with their customer service. They have always been very polite and have consistently found solutions to my queries. In the end, I believe they were just following a security protocol.

I got this.

I think it’s when your ID is about to expire.

I’m sure they had an option to a passport as well.

In an ideal world they should accept citizen cards but the id verification is done by a third party, so we’ll have to wait and see when it comes to that.

IIRC they said I could only hold or sell positions until I had re-done the ID verification.

As I mentioned, I can’t think of a reason other than a security protocol.

That will probably be where I end up when I just need to hold one etf and go down to quarterly or 6 monthly buys.

Because this subject has been discussed here many times, I thought it would be worth it to share this video from Pension Craft.

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Freetrade should try and acquire Lightyear?

I somehow doubt that Freetrade has tens of millions in spare cash lying around to start buying other companies

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Where their is a will?