Does anyone know if we are likely to be in the same position again with GME?
It looks increasingly likely that it will go up again and when the time comes i need to know if Freetrade is likely to limit our activity again or we can trade without interference.
I know it was their FX partner that screwed them but I’m a Freetrades customer not the banks so need to know i can trade freely
Maybe you should ask Freetrades suppliers?
FT did everything they could. They lost a lot of money as a result. Do you really think it was a good advert for them?
I’m a manager for a home improvement company and when things go wrong I can’t simply say my customers need to speak to my suppliers, what a foolish reply.
Of course it wasn’t a good advert for them.
I’m on their forums hoping for more insight not silly responses about contacting the suppliers of the company i do business with.
Thanks anyway.
What makes you think it’s likely to go up again? Just out of interest.
I agree it wasn’t the best reply.
What I can say is that, from my experience, Freetrade will always be transparent and work in the best interest of the customer. The GME event was a bit of a ‘black swan’ event but I imagine as a result there will be processes put in place to reduce the likelihood of any restrictions happening in future i.e. may be revised agreements with the trading partners
I don’t think @Rollingskies response was as silly as you make out.
You could blame freetrade, but it will have zero effect and only serve to waste your time since it wasn’t their decision and it wasn’t a decision they even supported.
If you just want to vent, then by all means vent but to me it’s seems like blaming a lightbulb for a power cut.
I’m not sure why you are asking the question when the answer is obvious.
Any company (and in particular a start up) is going to rely on third parties. How often do you read on the news that Lloyds banking goes down? FT aren’t going to have 100% uptime contracts with every third party - do you realise how much that would cost? If you ‘need’ that then you are probably going to have to pay more than £0 - £10 a month.
FT aren’t going to personally restrict people buying shares - they’ve made that clear. But if a third party shafts them without warning it’s unfortunate and out of their control - and could temporarily stop orders being placed.
And it’s also important to point out at no point could you not sell GME - they were only forced to limit buys.
That’s actually incorrect. Sells on GME were blocked on the 30th at market open. I intended to sell at open to cash in on the pre-market. However I ended up having to queue my order, which didn’t confirm till around 3:30, by which time GME had dropped $100 or so a share.
I understand the FX provider being down preventing the conversion of USD to GBP, but as far as I am aware (and as Freetrade communicated) the trading partner hadn’t blocked orders, Freetrade had.
The 30th January was a Saturday?
I’m pretty sure the ability not to sell was due to circuit breakers on the stock exchange though because of the totally abnormal trading volumes and volatility.
Do you also blame Amazon or GAME for not being able to buy a PS5?
29th then, I hadn’t checked the dates to be honest, working off the top of my head.
Freetrade blocked all immediate orders, and the market was accepting orders.