This is the 3rd time, freetrade rip me off. Each time I contacted Freetrade they advised me those live rate i follow were not accurate, on second instant i was advised I sold less amount of share that why rate offered to me were not high as it could have been.
Today I saw Tesla stock opened $262.5 so wanted to sell as soon it reached $264, but soon realized rate fall $261.78, I followed the rate and as soon as it went up, I sold my 14 Tesla share on Freetrade @ $262.21.
I only do instant trade while buying and selling, So I expect my price to be accurate as possible.
Like always Freetrade cheated with rate and traded @ $260 per share. Worst thing is the rate still not $260ā¦ I guess freetrade make money this way. Being a symbol of freetrade then the 0.45% fx rate.
My started Freetrade in May 2019, since then believed in Freetrade topped up every penny I could, but my last topup was 24 July. Total amount I invested through Freetrade is over Ā£10.7kā¦ (3 Months in Freetrade)
Iām an investor in freetrade myself and i was very proud of it.
In August I opened T212 acc, and I have similar level of investment, the investment Freetrade failed to gain from me.
Freetrade is still Startup, and I dont wish to talk negative about it, but I think they are trying to grow but they are loosing their momentum as a business.
well read the terms of service for freetradeā¦I would if i was investing my money with them, then add a dose of common sense to realise that youāre not going to get super tight spreads
Freetrade have said they donāt increase the spreads, They follow best execution practices. Sounds to me like thatās the best price they could get for that particular trade at that time.
Thanks for the above comment,
Just to be clear on few points.
āInstant tradeā is not exactly a day trader.
Instant trade is Ā£1 for a buy and sell, does not mean a day trader, it can me a long term investment.
FT is longterm investment, not the point I referredā¦ the objective is buy and sell rate, best execution practices, I wonder how they find a rate that was never available during the time slot I sold my shares.
when the trade is made, it has a date and time of execution, which can be tracked anytime on any chart that has live tracker. So question about my live rate is again irrelevant.
The point which need attention is the transparency of rate where the trade is made. This can be class as small loss, in happy to accept if the rate was anywhere close to what was offered to me. During the time of trade rate was never low. Itās been around 2hrs since I sold and still rate is not $260 that was offered.
Be it a long term investment, or shortā¦ we all will lose both when buying and selling from freetrade. In my case the trade was Ā£2,857. So this way lost $38 while selling & equal amount when made a purchase.
Overall I made a profit of Ā£320 in Tesla share in FT with this transaction. I was aiming for Ā£350 profit.
A similar sale was carried out in T212 yesterday where I sold 9 Tesla share and made overall profit of Ā£215.
Iām not a day trader, but when profit grows, itās best advised to cash inn.
It sounds like there are a couple of points worth clarifying here:
We donāt make any money on the spread. When you place an order (either Basic or Instant), we go out to market makers to obtain quotes. We then select the best price we are quoted, provided it is in line with our best execution policy. These prices are passed directly onto you.
The price you see in the app (and likely elsewhere online) will be the mid-price of the stock. Trades rarely execute at the mid-price unless you are trading extremely large quantities. This is a bit like when you exchange currency; the FX rate you see online will rarely be the price you are actually able to achieve yourself.