Freetrade open rip off

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)
Iā€™m 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.

thatā€™s why trades are ā€˜freeā€™ā€¦ cant have it both ways. Freetrade is best suited to longer term investing and not day trading

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LOL

nothing else to add.

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Where are you getting your live rates from?

He clearly says heā€™s doing instant tradesā€¦

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This is why limit orders need to be a thing -

Wonā€™t be coming until the ā€œInvestment Platformā€ launch at the earliest, which is December.

Another relevant request is for multi-currency accounts which would reduce fx costs (this would not be available in ISAs which are GBP only)

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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 youā€™re not going to get super tight spreads

Freetrade have said they donā€™t increase the spreads, They follow best execution practices. Sounds to me like thatā€™s the best price they could get for that particular trade at that time.

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Do you have timestamps for these Iā€™ll dig up at what prices it traded on US markets. shouldnā€™t be difficult.

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Does the price include the currency conversion or is that the discrepancy?

Thanks for the above comment,
Just to be clear on few points.

  • ā€œInstant 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. Itā€™s 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.

Iā€™m not a day trader, but when profit grows, itā€™s best advised to cash inn.

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I sold at @ 14:53, as per Market sell contract issued by Freetrade.

It is from IB.

It sounds like there are a couple of points worth clarifying here:

  1. We donā€™t 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.

  2. 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.

We do also have a couple of handy articles on how we place your orders and how we get you the best price.

If you have any specific orders you want us to take a look into, drop us a message via in-app chat and weā€™ll jump on it.

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Thanks @littlefinger,
I dont see, $260, as I mentioned initially I sold as soon it picked up. Aiming at target price of $261Sumthing

Your screenshot said itā€™s filled at 16:50 though!

Just for completeness,
Price I see at 16:50 261.44 to 261.64 donā€™t want to waste server space by uploading another image.

1st screenshot was taken at the time of sale, therefore itā€™s in $

2nd screenshot is from Freetrade sale contract which take time to produce, but time stamp can be seen in contract.

sorry, just noticed, second one was from yday.