Freetrade Competitors

Top man :+1: I have a Etoro account but never used as I stuck with FT so I was thinking maybe use that as they managed to get votes for GME so thought they may offer other rights etc but will have a look at Degiro.

And yes it is for SPAC type deals as I just want to know I get the benefits and with so many SPACs nowadays god knows how many different options come out of them :joy:

2 Likes

Not being funny but why is there a link to a competitor in the title of this thread?

1 Like

I think it’s an automatic feature of the forum software when the first post includes a link.

:eyes:

2 Likes

Another player enters the spread betting / CFD / broker space. It’s going to be a test of the Freetrade plan to shun the risky more exotic elements in favour of long term relationship and longer time horizons.

1 Like

It may be a good move though to stay in stable investments as the problem with so many new platforms is there will be many losers as everyone can’t just win money. It does feel like the sports betting crowd are moving into another area considered investing rather than gambling.

I closed my betting accounts and invest long term but I know a few lads who now treat meme stocks as a visit to the bookies and don’t see them going back until they lose big time. They may win on GME for example but will then expect same results on other stocks I am guessing as they don’t really DYOR and just follow social media a little. :man_facepalming:

Does anyone know why Stake watch out for Pattern Day Trading and restrict the account if you do this more than 3 times in a 5 day period, seemingly even if you don’t use margin they say this is imposed on them by DriveWealth.

On the other hand, Freetrade which also uses DriveWealth doesn’t have this restriction. Anyone know why? Is it just because Stake can offer margin even if you don’t use it, so all accounts are flagged as such, and Freetrade is exempt because it doesn’t offer margin, or is it that Freetrade isn’t checking this when it should?

The rules would seem to suggest that it applies to all accounts with less than $25k, regardless of whether margin is being used or not, which seems… odd.

Stake’s page: Stake | Support knowledgebase and FAQs

Wikipedia says it only applies to margin accounts, which makes it odd then that Stake always apply the rule: Pattern day trader - Wikipedia

1 Like

Could be because the brokerage account is held in the US? I would imagine there could be similar restrictions if Freetrade allow dollars to be held.

2 Likes

Good point, hadn’t even considered that!