GameStop: What if they’re right? A question for Freetrade

Like you I feel the same and hope for the little man but I keep thinking about the tv show billions, I know it’s fiction :joy:, and can’t help thinking the big boys with absolutely huge resources and now a lot of time passed have a plan around it.

In my humble opinion those who are not too greedy will make a massive amount and those who are very greedy may find they missed the opportunity. But that’s just my humble opinion and definitely not advice :joy:

The main take away from Billions for me was that the line between insider trading and being very good at discovering information that’s technically already public but not widely known is pretty thin.

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Of course my bets are reasonable. I can understand why people have trouble wrapping their head around this and doubting it. With all that money, science, palm greasing etc.

All in all none of it matters when you can’t influence selling and also when people believe in the industry and company vision.

I actually chose Freetrade because I liked the modern way that the company presents itself. It’s much more aligned with the new banks like Monzo or Starling (both of which I use).

My package with Freetrade isn’t free. It’s £9.99 a month and I consider that good value. While I understand that there are reasons for the £25K transaction limit, I am struggling to find any reference to that limit anywhere other than on here. I haven’t found it in the Ts&Cs and didn’t see it prior to signing up. Does anyone know where this limit is explicitly referenced?

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On the Freetrade site is says

The maximum order limit for both Instant and Basic Orders is currently £9,900 per order for UK stocks and £25,000 for US stocks. If you wish to buy or sell more than £9,900 worth of UK shares, you’d need to place multiple orders.

This limit only applies to each order individually and you can make as many orders as you like.

Hmm. That’s an interesting place to put such fundamental information. In terms of the information hierarchy of the site, this is like wrapping it up in a bag and placing it inside a box at the back of the cupboard. It’s there if you go looking for it but it isn’t in the places that you’d go to first to find it. Even then, it’s not particularly well worded. Hey ho. Let’s see what happens.

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That I agree with :+1: I am very pro FT, hell I even applied for a job :joy:, but they do let down in some customer service things like this. Similar is the rights issue being modified on the same blog type area which should be front and centre of T&Cs similar to this.

This side of the whole 25k issue I do actually get is not been handled well and anyone who is panicking I kinda understand why but I do still think it is a panic not validated as I mentioned many times before.

In short I agree with you 100% about poor T&C placement but I do get the reasons behind the actual policies :+1:

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Ouch those charges

With IWeb, we like to keep things simple. Once you’ve paid your one-off account opening charge of £100, you’ll pay £5 commission for every trade you place. There are no costly platform charges or annual account fees so no matter how much your portfolio grows, you’ll still pay the same price.

This almost feels like a joke?!

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That’s small change for a millionaire!

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No limits maybe but £100 to open an account then a 1.5% (!) FX charge and £5 / trade.

Yeah, that’s seems just plain irrational. Classic case of a human overreacting to minuscule probability events.

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I realised the other day that my house is too far from my work, I have to walk about 10 minutes. So I decided to sell my house at a loss and bought a super expensive one right next to work … but it’s ok because now I only need to walk 5 minutes to work.

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It’s worth noting in comparison that a Freetrade Plus account costs £120 a year to run. Also, the excessive 1.5% FX charge does look hefty in comparison to 0.45% but could be fairly easily offset in the event that a squeeze did take place and Freetrade’s trade limitations became a problem. It’s all conjecture but we’re all here to make money.

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Fair point, forgot that GameStop is a Plus share.

If my main concern was a US holding would significantly exceed £25k my main consideration would be FX charges. HL are surprisingly reasonable ( 0.25% for deals over 20k ).

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Is it not odd that your first post is to say you’re leaving!

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Good luck!

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people dont like restrictions. people want the ability to choose - it is there money at the end of the day! nobody wants to be govern.

These same people seem to also want a free service to give them what a paid for service provide :joy: If they really don’t like it there are more expensive/expanded services out there but people nowadays want everything for nothing and think they deserve to be rich for nothing.

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My Freetrade Plus costs £119.88 a year. They take a 0.45% margin (which I think is fair) on currency trades. The ‘Free’ in Freetrade isn’t a reference to the cost, it’s a reference to the ability to trade freely. If there are restrictions, it isn’t free trade.

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