Iāve asked this so far, Iāve asked before and got a
ĀÆ_(ć)_/ĀÆ no idea
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Interesting, thank you!
Just realised I can access the previous chats on my desktop.
@finki I have a feeling Freetrade are using each direct connection rather than any other vendors.
Guessing these?
Agreed. As per their disclaimers
that makes sense, thanks for explaining.
Yeah i think the whole idea behind the app with no website is simplicity. Makes it far more approachable for the everyday joe. It would be nice to turn a higher level of control on in the settings though.
Like a limit order so you can buy dips without looking or TP for selling at a peak. I really like FT and what they are doing but the lack of functionality is why im looking into switching broker.
Just an update to say I donāt have an update on those questions I asked in chat, totally ghosted. Iām guessing they donāt know that info, and whoās this guy asking all these questions.
Anyone from @Freetrade_Team1 want to jump in?
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Are you directly connecting to each exchanges API? CBOE, LSE, IEX etc and you have no third-party/vendors/resellers etc you deal with?
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Does each API give you the mid price, or are you calculating this before displaying?
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āMid priceā as in all the bids and asks lined up in order and taking the middle value?
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Is it coincidence/rounding that the last trade was shown in the app, screenshot by @finki above.
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Is there anywhere publically documented what the value customers see displayed? As mentioned if you arenāt new to trading you might expect it to be the current best ask at the time, itās not explicitly clear itās āmid priceā nor that itās delayed at first
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This topic is why limit buy order is my most awaited feature -)
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Hereās a question for those more knowledgable than me (sorry, Iām thinking of you again @hrochfor1 ) Does a limit order pose a few regulatory complexities because of the possibility (although not guaranteed) that a human intervenes in the execution of the order and itās no longer technically straight-thru and doesnāt guarantee best execution?
That sounds weird but I recall many years ago that I specifically had to opt out of best ex rules when I voice traded equities with a market maker to instruct a āworked orderā (basically a limit order). It was something to do with the fact the order didnāt go on the order book but instead was hacked together in parts at different prices up to the specified limit price behind the scenes by the MM.
Were the order to simply be placed on the order book then I donāt see an issue (Except cost to do that!) but curious if anyone with greater insight than me on this issue has any experience of this?
Iām going to ask someone at work about this specifically because I know it differs by country etc. We tend to have more issues with this stuff in the US then we do in other developed markets.
That being said, a āworked orderā (I am going to use this term as you did to just refer to all non market orders) I believe can result in this yes. Limit orders can often be executed at a better price than one could get using a market order as MMs are able to piece together multiple trades. I know that in the US you are required to be notified if you trade was not ārouted for best executionā but that does not technically mean you received a worse price.
I shall report backā¦
I am starting to learn this the hard way too. I have both the freetrade and investing.com app open at the same time and itās such a shame they canāt align. I waited 15-20 mins this morning for a price to show correctly which should have been around 39p a share but FT was constantly showing 42p when I went to buy. In the end I gave up and have now resorted to commenting on this post as it has lost me money by not only missing out but gambling on a share I didnt want and losing out due to lag there too.
Ah there we have it shame itās a damn shame I couldnt actually see any movement untill around 8.40 on my app, I ended up falling asleep in the end (litrally).
Whatās the point of showing the price after when you have already missed out? Is this just to rub our faces in it. Iām pretty gutted now to be fair especially now the price has jumped up and Iāve missed out. What other apps are out there as Iām quite new to this trading game and would be nice to reap the rewards when you have put the time and research in.
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The app probably shouldnāt be used for gambling.
Itās geared more towards long term investing where differences in pennies are unlikely to make a huge difference.
Ah so like invest in 1 39p share at a time to see if it rises to 50p in 6 months time? I see Iāll give that style of trading a go then why not, sounds like the way forward!
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At the end of the day it doesnāt really matter what the app is aimed towards, the point is that you should get the share at the price it is meant to be. Am I right or am I wrong? Itās like picking up something in a shop for 39p then it costing 42p at the check out. Thank God Iām not trading with vast sums of money is all I can say.
You always do, that is the beauty of best execution regulations. It is not an accurate analogy to compare a shop to a stock exchange because someone isnāt recalculating the price of a Mars Bar every second.
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So why is one of their founding members apologising that freetrade isnt quite there yet when getting accurate prices and is not aimed at day traders? For a start, day trader or not if Iām being told Iām getting a certain price for a trade and receiving something totally different (executed over a matter of seconds) when other stock analysts are showing me the same price, then am I correct in saying I may as well be selling/buying my stocks blindfolded? Itās crazy as all this started with me having a very good day using freetrade and me thinking I could be the next Buffet, after buying and selling stocks pretty much bang on what free trade was telling me I would be buying and selling them for. Come the day after it was a totally different ball game. Prices being displayed and (profits highlighted in green, the clicking to sell in fractions of second) and coming away with not only not gaining but losing even more! I donāt know if I mentioned in an earlier post that I had convinced my dad (not easily) to open an account with FT and he then told me āIām glad you have shown me this, itās the best thing Iāve been on in ages, I canāt believe how easy it is to trade sharesā then around a week later I had a few rants from him explaining similar problems as Iāve had now, but at the time I didnt realise how bad it was so tried to assure him it must have been something he had been doing wrong, as the prices I was getting were pretty much spot on. Boy was I wrong and after receiving a PM about another app that existed I can genuinely say I have had no problems so far with getting the prices for both buying and selling (and I dont mean to sound petty by saying this either).
I now have a formal complaint going on which isnāt like me but when it comes to losing money I simply dont have (hence trying to make some by successfully trading) then what have I got to lose. Hopefully I will get at least a few answers that a truly believe in as I am much more likely to stay a customer out of sympathy, rather than being fobbed off with answers I truly dont believe and If they are true then something needs addressing as it is daylight robbery. Me and my dad might not be buying hundreds of Tesla stocks in bulk but I hope every customer is treat with the same amount of respect too. We shall see, but at this moment in time we are both now selling off what shares we did have and getting ready to jump ship unfortunately.
I would like to add an another quick opinion whether it means anything or not? But I notice freetrade bombarding the app daily with new stocks, would it not be more wise to focus on fixing/adding to the app and bettering in the experience with what stocks are on here now? You could have every tradable company available but if the main software behind it isnt up to scratch then, isnt the whole thing just becoming practically pointless?
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I was simply replying to this which is where you seemed to suggest you were getting an invalid or inaccurate price. Rather what has happened is that the āestimatedā price didnāt match the execution price which is obviously possible due to the delay in pricing data. You arenāt being āgivenā a price by Freetrade but rather you have been given an indicative price which will almost certainly NOT be what you execute at given that you are executing a market order and so are a price taker.
If you donāt have the money to lose I would suggest short-term trading, as opposed to long-term investing, is probably not something you want to be putting your money into. Small cap and/or volatile stocks can have wild price fluctuations which Freetrade is not well suited to given the lack of limit orders. My understanding, as part of the Beta Tester group, is that these are far advanced and testing is beginning. So soon Freetrade may be suitable.
Freetrade stating that they are working on live pricing data is not the same thing as them suggesting there is an issue. There are enough public ally available sources for this data that an individual doesnāt become disadvantaged, it just isnāt as clean as the data is not in the app directly.
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Is it Groundhog Day?
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What do you mean?
Ignore meā¦ I googled Groundhog Dayā¦