Going by the forum topics, needless to say ownership changing hand has angered (to put it mildly) lot of FT investors. I can see several topics to vent their frustration.
So I thought of creating a separate topic for Freetrade users to raise their concerns under the new ownership.
Freetrade users may have chosen this platform for variety of reasons such as commission free trading, low cost sipp, no cfd so FT is “more” ethical just to name a few.
How many of those factors will remain under the IG ownership is a concern.
Here are few of mine
Possible increase to the subscript fee in the new tax year ?
IG already has ISAs and SIPPs etc. So how would they handle the duplication? Take away some features out of FT and offer only under IG banner? Keep FT the low cost option of IG?
If point 2 become reality can we expect any new features added to FT?
On the positive side I hope some of the below could come true
IG could help streamline and increase efficiencies in the business processes. Quick turn around time on enquires, fast ISA traser times , better customer support
Better charts and market analysis features on the app curtsey of IG
Currently I see on IG site
Commission-free on US, European and Australian stocks and just ÂŁ3 for UK shares
So it is possible IG users who mainly deal in UK shares switching to FT since FT is now IG owned and they feel secure and safe.
Yes I’m sure some will say pigs will fly to eat the pie in the sky! Anyway this is for FT users to share their opinion.
Good points. I don’t know how it will change under new ownership but I think that the essence of FT is that it felt like a home for small investor and stood for being more ethical. Unfortunately I think that is no longer the case so I think so they just lost their only true USP.
The other features you mentioned—faster ISA transfers, better support, improved charts—are available on many other platforms, so I really don’t see much reason for IG users to switch to FT.
I did say that’s all there was focusing on selling that’s why features was none existent, there very secret releasing features others already have not sure why the radio silent there’s nothing wrong telling use so we can value if your worth staying at I will be considering 212 with my other broker which I have already building a new portfolio with what a waste of my money 160m seriously ft
Not to forget the decisions to screw about with crypto, apply for a license and never actually launch anything to make some money as crypto explodes again. Brilliant business acumen in hindsight.
I shouldn’t complain as I’ve at least got some capital back as I was an early enough investor (~2017) , however still miffed at how they’ve treated the community that propped up the company through thin times and mis steps. The only reason I can think of is that the management needed urgent funds to keep the platform going, hence it was either accepting this or administration. I have to admit although I bought the shares, I never really had confidence in the platform and therefore hardly used it and didn’t invest in later rounds. What puzzles me is that IG would have run the scenarios and know that a sizeable chunk of investors would bolt if the company was sold on the cheap, as it would spook users and investors. I guess they were just after the tech they could bolt on rather than the number of users. Just reminds me of a very slow crypto rug pull.
Also IG Invest is much more expensive.
ÂŁ8 a month custody fee plus
ÂŁ3 per UK Trade
Looks like most of us will have to jump ship or get stung with higher fees.
Anyone an investor in freetrade feel cheated only getting ÂŁ2 for their shares that where ÂŁ9 on the ÂŁ160m sale to ig I know I do? Bought in to and believed in freetrade only to see them sell out cheap and screw us over
I think their intention is to run freetrade as a separate company just with new owners. It will still be freetrade. I don’t think they’ll start adding fees.
To be honest, I dont really care about the ethical aspects much anymore.
I have been thinking of moving off of the Freetrade platform, but am in two minds about whether I wait for IG or not. Will take a closer look at their fees and look at online reviews from customers before I make up my mind.
I mean they got eaten alive by Trading212, literally every step of the way so it’s no surprising the acquisition deal was done in such a frail way aswell.
There was so much hope around Freetrade when it first launched, I invested back in 2018 and it’s just sad how inept the founders were. They had all the support in the world and hundreds of thousands of loyal fans yet they fumbled every single thing along the way. They could’ve been to Europe what Robinhood was to the US, yet they just failed and will probably be forgotten in a year or so.
We’ll have to see how this all shakes out. In theory we should see major improvements moving forward and If nothing else this secures the viability of FT longer term which was always a bit of a question mark for me as someone who has a decent amount invested now.
Also my experience. I have my main cash ISA and small GIA with T212. Prefer the FT app. For now at least.
It doesn’t happen with all stocks, but it does with many that don’t have good trading volume, of course. So, you need to check if the stocks you are buying have good liquidity.
I opened a T212 Stocks and Shares ISA and GIA this year. Personally I much prefer the FT app layout. I also have a HL stocks and shares ISA i find the platform great but the dealing charges cost prohibitive. I’m hopeful that IG can bring some stability and maybe economies of scale to FT so faster improvements. If not then its a transfer to T212.
, better customer support