Freetrade is Out 🔥 Share your first thoughts once you get access!

Freetrade Day 1! Whoop! :raised_hands:

tl;dr The app is lovely! Much more polished than I thought an early release would be - congrats all! :partying_face:

Here is some more detailed feedback. It’s intended constructively, and focuses mostly on stuff that either confused me, didn’t work or where I tried to use the app in a different way to what was maybe intended. Really happy to expand on any of it! :smiley:

  • Set-up / registration was painless and quick. Good job! :+1:
  • On entering my NI number, the next/okay button (or whatever it is that moves you to the next screen) partially obscured some of the text - this happened quite a bit with the SE :frowning:
  • On the account tab, I thought that having your bank’s logo would be kinda cool (or just code 04-00-04 - it’s gonna be Monzo for most early adopters, right? :wink:)
  • I found myself looking for filters on the discover tab - particularly for ETFs, or for share prices (I only transferred a tenner as an initial test and wanted to find a few cheap shares that I liked the look at - then gave up and blew most of my funds on ISF).
  • Something for the future: I was wondering if I could create a virtual ETF (or something) - basically group a number of stocks, Freetrade would calculate how much it costs to buy the bundle, then execute a trade in one. :file_folder:
  • Logging in via touch-ID is sporadic - it sometimes asks for Touch ID, but frequently reverts to passcode. There doesn’t seem to be any logic when it happens… :lock:
  • On that point, I got a bit frustrated at having to authenticate every time I go back to the app - especially as I was reading up on stuff. I know this is a contentious issue for Monzo (and others), and might well be a topic of its own, but I thought I’d feed back my first take…
  • I found myself trying to swipe left/right through the tabs. (I’m not sure if this has been reserved for future use elsewhere - but if it hasn’t a swipe would be a nice touch)
  • Sometimes it takes a few seconds for the Discovery tab to properly populate (it shows the title and that’s it :frowning:)
  • I keep tapping the total on the Portfolio screen, expecting to see a breakdown a little like that on the Account tab (but including portfolio value, obvs)
  • On the Account tab, I keep tapping on “Withdrawable cash” expecting to be able to withdraw it from there. The definition is nice, but isn’t what I intuitively expect to be there.
  • On the Buy screen, the “Review Order” button is overlaid onto the “Instant order” text (I have a screenshot somewhere…). I think this might be a small screen buglet…
  • When buying, I had lined up an extra transfer of funds in, so kinda hoped that I’d be able to rack up a purchase - and for it to fail if the funds hadn’t arrived when the buy order went to be settled.
  • On money arriving, I was expecting a notification - instead I kept checking regularly, which wasn’t the end of the world, but it would have been nice to be altered when stuff happened (money arrives, orders executed etc)
  • Others have spoken about the need to calculate in your head the value of shares - it’d be really cool to enter the number of shares - or for the app to calculate how many you can buy from your available funds
  • I ultimately made two purchase attempts: UKDV and ISF. ISF went through okay, but UKDV failed - I found myself tapping on the item in the feed to find out why - but it just says rejected. It’d be cool to have a bit more info in app :frowning:
  • On the Portfolio screen, it’d be nice to tap on a stock that you own and see a chart / percentage change since you bought it - rather than the history for the stock (edit: I missed the %age change since purchase below…)
  • On the same screen, I initially thought the 1D, 7D, 1M etc selector was the scale for the x axis. (I’m easily confused).

I’m sure I’ll have more thoughts over the next few days… But this is really (really) an amazing first ship. Thank you for letting me play! :smiley: :freetrade:

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Some good stuff. Being able to openly comment is amazing I think, especially if it gets picked up and implemented! (Which I’m confident it will).

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@alex.s is there any devices you need more feedback on? Just wondering if having a public list of devices would help?

I have a iPhone 5c somewhere :wink:

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Good question, we’ve deliberately picked users with a wide range of devices for the testing so I think we’re covered but thanks for asking!

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I got my invite today even if I’m on android. :scream:

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Innitial experience is great only a couple comments so far

  • I diddnt realise I would be stuck with the bank account I linked 1st. top tip for others if your thinking of changing banks wait until they have introduced this feature!

  • as others mention bank transfers break the journey a bit which is a shame and as my bank is behind the times I need a card reader to add a new payee :tired_face: which meant I could only add funds when I got home from work and will only be able to make a trade tomorrow! (This is how I discovered the above as I tried to change linked bank so I could send funds quicker!)

  • there is no time measure given on the x axis of graphs, not an issue for 1d, 7d, 1mth but lack of this makes the max option a bit redundant

  • other than that I agree with a lot of the comments given by others so won’t repeat!

  • [edit] as I am still learning about the stocks available it would be great if I could favourite them. I think this will be a small but really important feature for new investors so would really recommend prioritising it especially as the stock universe grows

Overall a 1st time investor here with absolutely no experience or expectations from other providers, and I have to say the app is damn slick

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:clap: :clap: Just tried this out. Excellent first version of the app. Well done to the team, this was really slick, and nicely designed, I’m impressed, and excited to see how this develops. I use HL normally so that’s my reference point.

Onboarding

  • I had to be validated before using the app, but is just said there was an error - it’d be better if this screen gave the specific reason you have to wait, and a time frame (usually takes a few hours or similar) - this was a good experience though as the team were on it immediately.
  • Chat in the app is great - please don’t lose that personal touch as the userbase grows - this is so important to the popularity and growth of other fintechs like Monzo IMO
  • The big hitch was funding the account - that felt awkward.

App Experience

  • Finding and buying shares was a nice experience and worked flawlessly so far, good job, but search could do with some work - ‘s&p’ returns the same as ‘s p’
  • The % gain on shares seems odd - I spent £17.50 on Barclays, worth £17.43, and it claims I made £0.02 profit - I think this should account for all costs, inc tax - profit only comes after fees/taxes. For large purchases this could be really significant.
  • Share prices in £ by default and changes in % - this is excellent, I’m glad you made these choices for us
  • Share graphs - nice to see 1M chosen by default - I feel like the % change above should reflect the timescale chosen though - I expected to see 1M % up there, not daily. Does it matter to an investor what % it has moved today? Should they make decisions based on that? In a way I’d rather 1Y was chosen by default to keep the timescale nice and broad.
  • Share graphs - It’d be nice to see Max show a timescale, because there is none on the graph so I have no idea what it shows.
  • Profile/Account - I found it a little odd that you have both Account bottom right and what seems like an Account/Profile screen under portfolio. To me the screen under portfolio is really nice and has useful info, and the Account tab has little of interest - it could easily be a subscreen of a more general Account/Profile tab which had the nice info hidden away top right on portfolio. Also when you move to multiple accounts, I don’t see how it works, unless money comes into account then you move it manually - would prefer something like this.
  • The portfolio graph I can’t see yet, but there is no indication of timescale. I’d hope that will show a long timescale by default, not daily, and ideally I’d love to see it show overall growth vs investment not just the growth in the holdings you happen to hold right now. At the moment not sure what it does. I think I mean money-weighted return :man_shrugging: - ideally would like to see contributions, dividends, growth somewhere broken down over time.
  • BT tagline seems off - I’d keep them quirky and fun, but never derogatory
  • I think the app may have a timer to require the pin for entry? I’d much rather just use fingerprint and only fall back to pin if that fails. It’s confusing to be prompted for the pin sometimes but not other times and it is less secure than the fingerprint IMO.
  • The bank account setup experience was the only bit which was not smooth and needs work. I think a direct debit set up within the app would be better (as in the hl web app from memory). You should not have to leave the app to fund it. If DD is impossible might be worth accepting card payments (with min/max) just to smooth out onboarding and get people hooked.
  • The forum is great and it’s really nice to see you soliciting opinions from customers here

Wishlist for the app:

  • Direct debits to pay in
  • Limit orders (without a date limit please - HL has a 90 day limit which I find pretty short)
  • A revised UI when you introduce ISA/SIPP
  • Search by emoji - I want to see tesla when I put in :oncoming_automobile: :slight_smile:
  • Allow favourite stocks with a click - though lists are good too, perhaps favourites could be a list?
  • Allow filtering the universe - I’d like to be able to filter by different kinds (bond, stock, ETF), markets, criteria like dividend cover etc
  • As someone else suggested, I’d love to see sharing of user generated lists of stocks too - this social aspect could be really interesting, and could be developed while keeping you execution only (which I understand is the direction you want to take)?
  • Would be nice to see a longer history of stocks - up to 10 or 20 years would be interesting, and more background info from trusted sources over time
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I watched Basic Trades at 16:00 and you’ll never guess what happened next :joy:

Thought I’d mimic OutBrain / BuzzFeed for the intro

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Total click bait :grin:

That was cool

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@alex.s are you able to give an update on how many users have been onboarded so far/ what the plan is for the next week or so? Apologies if I’ve missed this from another thread

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At the end of the day yesterday we had 52 users set up to use their accounts :muscle:

We’ll share more details about how this week’s gone & our plans for next week in that blog post that I mentioned earlier in the week, which should be posted today now.

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Nice @saf! Everyone will be watching what happens at 4pm now!

Looking at the contract note, it might be worth having something which explains the stamp duty to new investors. It says stamp duty 0.5% but it’s zero for funds etc - perhaps you could click on this and then go to the blog post which explains why this is the case.
image

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:+1: your post is Post of the Week at Monzo - Well done!

Hopefully soon Freetrade in the Monzo acitivity feed will look better :slightly_smiling_face:

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Great the weekly wrap post Weekly Wrap 21/09/18 - super early testing special!
Thanks @Toby and as @alex.s promised early this week! I think it is very important to have this type of communications, specially for those who are not yet onboard. It is useful to calm us down while we wait access, because this is the feedback from Freetrade team that we need to know. Congratulations!

Only one question that I couldn’t clearly understand: will you proceed first with some improvements and once that is solved continue onboarding people, or you will do both things at the same time, continuing onboarding people on Monday? Thanks again!

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Most of my thoughts will mirror the vast majority of comments here, but I’ll contribute anyway!

Onboarding was very straightforward, intuitive and fast. The live chat is super helpful and don’t mind the odd stupid question :smiley: To re-iterate what others have said (sorry), funding the account is definitely not as fluid as it could be but I suspect this will change in future releases. Direct debits would be desirable.

App Experience

Overall experience and design is slick.

I like the inclusion of company logos beside the stock name for easier recognition.

It would be nice to be able to swipe between the various tabs.

I’ve seen some comments about touch ID being inconsistent, however on my iPhone 6s (the best iPhone, no debate :stuck_out_tongue: ) I only get asked for the passcode if I deliberately use a finger not registered with biometrics. No other time has the app reverted to passcode (yet).

When actually buying a share in a company, it wasn’t immediately obvious I needed to enter more than the share price, and sometimes it felt like I would have to enter an arbitrary amount to allow me to review the order: eg BP for £5.64, wouldn’t let me review until I entered something like £7. Would be much easier if I could say I wanted to buy £x worth of shares and then add other fees at the end.

Instant trades: worked flawlessly for me - no problems.

Basic trades: one worked, one failed. I assume it failed because the price increased (by a few pence!), but it would be nice to have an explanation why. Perhaps a notification alert when the price increases or a reminder notification 15-30 mins prior to 4pm that the trade is about to be processed could be useful.

Overall, I am really happy with the initial release, I hope this doesn’t come across as too negative!

An idea for later down the line - Would it be worth having a demo/tutorial mode to outline how the app works, where everything is and how to execute a trade? Something close to @saf ’s video above.Could be very useful to new investors.

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You’ll be pleased to know that a lot of your requests are already being asked for. Browse the features and ideas category and spend your 20 votes. Especially on IFTTT integration.

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Just seen the 30+ New posts which are suggestions :joy: cheers, will take a look and vote!

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Very good how mich you listen to customers feedback and building a community this way.
If I have a bussinesnthats definetely the way I would want to improve it - listen to the feedback.
Interested when do you think of adding US shares ?

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Thank you! :smile: We want to add them soon -

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I really enjoy the loading screen logo on the video someone posted :point_up:

(Also Android user :raising_hand_woman:)

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