Funds missing from position?

Good evening,

I’m a newby investor and I’ve been enjoying the UI of this app so far, I noticed a couple issues with my positions though I was wondering if somebody could explain.

I made two buy orders of FB at £25 each. After FX conversion they both went through at 24.97

My position however is only 49.72, which means around 0.5% is missing from my position.

See screenshot:

I havent had this issue with any other brokers and there doesnt seem to be any explaination as to why this is. -0.5% missing from a position is a massive amount.

Please advise.
Axel

Prices go up and down. That’s why the current value will fluctuate

It looks like it might be due to FX fluctuations after you’ve bought, so your dollar value is the same but it’s worth less in pounds.

Click on the buys to maybe see more dp. This is the issue with them displaying in pounds.

I don’t think you were quite able to understand the issue, Raul.

If somebody from Freetrade can explain this, that would great.

Regards
Axel

Hey Axel

The FX fee is 0.45% so this looks about right.

As a side note, this is a question that you ask in-app if you are expecting FT support to respond.

If you post it here in the community then it automatically implies that anyone here can share their view / answer.

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The currency conversion fluctuates through time, so it will vary. For example:

You buy £10 of stock, which translates as $14 (exchange rate £1:$1.4)

The exchange rate changes to £1:$1.5, so your $15 of stock is now worth £9.33.

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Have you seen the contract notes? What does it says? Can you explain the difference from the info in there?

You don’t have to post it

Do you guys think it’s concerning that a broker is taking 0.5% of our position when brokers like Trading212 and eToro are not (currently) charging any FX rate?

0.45% Fx. And no I don’t see it as concerning, why?

Etoro and 212 have a different business practice, their service isn’t the same and tour assets aren’t as protected. Not to mention 212 are charging a Fx now. You simply cannot offer a service for free.

As to your issue I think the other replies have answered it well. You have the fx fee, and currency fluctuates. There’s no hidden fees been taken.

Do you think it’s concerning that you expect to receive something for absolutely free that requires a company to pay employees and integration services?

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I find your choice of username concerning. But that’s just me :nail_care:

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You pay an exchange fee for buying in a different currency. It is itemised on the reciept if you click one of them. Also stock prices can go down as well as up.

Might I add the lack of indicators, lack of stops and stock variety (unless on a paid version.) It appears this broker has made every effort to ensure they are receiving revenue.

Anyway thanks for the responses.

If you’re bothered by all of that, including the FX fee, then why are you using the app? Use the one that’s going to make you happy.

It’s a good app I just think the free trade aspect seems to be lacking a bit for american stocks so I’m a bit annoyed with my experience too be honest. I guess if you’re investing in in your native currency it would make more sense to use.