Freetrade is Out šŸ”„ Share your first thoughts once you get access!

Nope, didnā€™t take long for me at all. A minute or 2 I think

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Had a swift response from the team already to say itā€™s been identified only affects a few and itā€™s being sorted! I will be in the app before I know it :relaxed:

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Agreed. It is a fine line. Personally those comments make me love the app even more. However my parents wouldnā€™t like it.

Not too different to brewdog. Once youā€™re big maybe you need to change but I would say ok for now.

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:sweat_smile: thanks for the assist

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Thank you - all good :slight_smile: bought some shares :sunglasses:

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Can I share even if I didnā€™t get the access?

Looking forward to it though :slight_smile: My queue position is a bit veryā€¦ meh. How do you find your queue position? I could never figure that out.

Liam

I donā€™t believe we are yet to one hundred. To my understanding, only about another 30 users were allowed in today. There is hard work being done on the feedback from the early testers.

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Iā€™ll DM you about this :slight_smile:

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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. Itā€™s intended constructively, and focuses mostly on stuff that either confused me, didnā€™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 bankā€™s logo would be kinda cool (or just code 04-00-04 - itā€™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 doesnā€™t seem to be any logic when it happensā€¦ :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 Iā€™d feed back my first takeā€¦
  • I found myself trying to swipe left/right through the tabs. (Iā€™m not sure if this has been reserved for future use elsewhere - but if it hasnā€™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 thatā€™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 ā€œWithdrawable cashā€ expecting to be able to withdraw it from there. The definition is nice, but isnā€™t what I intuitively expect to be there.
  • On the Buy screen, the ā€œReview Orderā€ button is overlaid onto the ā€œInstant orderā€ text (I have a screenshot somewhereā€¦). I think this might be a small screen bugletā€¦
  • When buying, I had lined up an extra transfer of funds in, so kinda hoped that Iā€™d be able to rack up a purchase - and for it to fail if the funds hadnā€™t arrived when the buy order went to be settled.
  • On money arriving, I was expecting a notification - instead I kept checking regularly, which wasnā€™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 - itā€™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. Itā€™d be cool to have a bit more info in app :frowning:
  • On the Portfolio screen, itā€™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 belowā€¦)
  • On the same screen, I initially thought the 1D, 7D, 1M etc selector was the scale for the x axis. (Iā€™m easily confused).

Iā€™m sure Iā€™ll have more thoughts over the next few daysā€¦ 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 Iā€™m confident it will).

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@Freetrade_Team1 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, weā€™ve deliberately picked users with a wide range of devices for the testing so I think weā€™re covered but thanks for asking!

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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 wonā€™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, Iā€™m impressed, and excited to see how this develops. I use HL normally so thatā€™s my reference point.

Onboarding

  • I had to be validated before using the app, but is just said there was an error - itā€™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 donā€™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 - ā€˜s&pā€™ returns the same as ā€˜s pā€™
  • The % gain on shares seems odd - I spent Ā£17.50 on Barclays, worth Ā£17.43, and it claims I made Ā£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 Ā£ by default and changes in % - this is excellent, Iā€™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 Iā€™d rather 1Y was chosen by default to keep the timescale nice and broad.
  • Share graphs - Itā€™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 donā€™t see how it works, unless money comes into account then you move it manually - would prefer something like this.
  • The portfolio graph I canā€™t see yet, but there is no indication of timescale. Iā€™d hope that will show a long timescale by default, not daily, and ideally Iā€™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 - Iā€™d keep them quirky and fun, but never derogatory
  • I think the app may have a timer to require the pin for entry? Iā€™d much rather just use fingerprint and only fall back to pin if that fails. Itā€™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 itā€™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 - Iā€™d like to be able to filter by different kinds (bond, stock, ETF), markets, criteria like dividend cover etc
  • As someone else suggested, Iā€™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 youā€™ll never guess what happened next :joy:

Thought Iā€™d mimic OutBrain / BuzzFeed for the intro

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Total click bait :grin:

That was cool

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@Freetrade_Team1 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 Iā€™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:

Weā€™ll share more details about how this weekā€™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 itā€™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.

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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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