I’ve been waiting 2 weeks today for a resolution to a money transfer that hasn’t appeared in my account. Had nothing yet
I have not had any response to my requests for more than 12 days now. I am losing my confidence fast and as a first step cancelled the plus and withdraw the cash. If by the time the cash reaches my bank account (end of this week) the problem is not sorted I will sell all my shares and withdraw the proceeding and close my accounts. Who knows perhaps the company is going down and I do not want to be in the boat when this happens? Pity, as I have already built a substantial account (5 figures) and eying to increase it a lot more.
This is going to make you all jealous but I can confirm that at some departments within Freetrade are working just fine! I initiated an ISA transfer from another company to Freetrade on 1 February. Freetrade sent the form to the other company on the 9th, that company performed brilliantly and processed the transfer out on the 11th, and the money was in my Freetrade account on the 12th. Ten working days for an ISA transfer is very good in my opinion!
I’ve been waiting almost 2 weeks here. I appreciate there have been an influx of new customers but the silence on response times is frustrating
Please check out our latest update on response times and how we’re scaling support for you:
Noting this for the record. I finally received a response today to my query of two weeks and two days ago. The query was asking why my funds hadn’t settled when they should have by the time I sent the query in, and when they did arrive what was the process for getting them moved to my ISA.
The response was that my query was closed because the funds hadn’t settled. I get everyone is busy by that’s not good enough. They skim read it and then binned it based on not understanding the first part?
The only reason I seem to have gotten a response at all is someone else followed up on my working through the steps on the transfer bot but not fully going through with it.
I’m genuinely concerned with what the scaling up in Europe and Australia will mean for the service being provided.
Hi, how does the app work well for you when you do research on a share? I am just gobsmacked that when you research a share through the ‘discover’ tab you just see one price. You have no idea if that is a buy or sell price. Every single other trading platform show buy and sell prices so you can get an idea of the spread.
The fact that Freetrade didn’t think about this is just beyond comprehension.
It’s the mid price. Their logic is that if you are buying to hold long term the slight difference is not important. Nothing to stop you using another app alongside or limit orders if you want the best short time price.
Adam, it’s a ‘slight difference’ when you’re talking about the FTSE 100 where the spread is down to pennies due to high trading volumes.
When you’re looking for smaller companies on the lower end of the FTSE 250 and beyond the spread is a lot more relevant. A buy price of 12p with a sell price of 10p is a massive spread, it means your trade has to grow 20% just to break even and this should be visible to newer investors ideally without the need of switching between apps. Not everybody on here is a long term investor.
I’ve never used a broker that displays more than one price and those were large european banks. Is that a thing?
Imho it’s more confusing for beginners to see two prices. That would lead to countless people asking questions about it on here or quitting immediately. Partly because live prices are not offered, both prices will likely be very incorrect leading to even more confusion.
So I agree with Freetrade that one price is much better for UI and usability for beginners.
A few people have requested this previously and it’s logged under ideas so do vote for it.
As I have said before something like what IG do aka ‘Quote price’ might solve this problem that so many users new to investing/trading post on a regular basis
But as @AdamL says, limit orders is one way to ensure you only pay what you are willing to.
But that is the point. Freetrade has been solely designed to be a broker for long term investing. They don’t want to go down the day trading or CFD “gambling” route. It seems Freetrade would rather keep their customers long term, gaining smaller but consistent gains over many years, than certain other companies who seem to prefer letting their customers crash and burn, squeezing ever bit of profit from them before moving onto the next sap who thinks he can be a millionaire over night.
If you want to day trade there are plenty of other apps out there that will happily fleece you of your cash.