Well said, even I as an individual try to minimize single points of failure. I might always pay with me phone at the local shop but always, I mean always, have a back up card. Itâs not even hard to do the formal risk assessments to build redundancy so this is really bad in my opinion.
The two are hardly equivalent. You get a bank card by default. What effort did you go to, other than carrying a card? None.
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Hm⊠those are very broad assumptions. Although the US issue has the same root cause (GME short squeeze), the Freetrade issues seem to be caused by something different. I guess we are all just speculating until we learn more about the details, which for obvious reasons Freetrade probably canât share yet.
The reason you were able to buy AMD is because itâs on the list of available stocks that Viktor just posted. Not sure what the pattern is there but seems like a good number of stocks that I imagine are popular.
Hopefully the transparency from freetrade helps some here who obviously might suggest they get a far better treatment from the brokers theyâve just left and even though freetrade have responded, still decide to pounce saying things are vague.
Updated Viktorâs post above, but also adding it on here:
Weâre continuing to do everything possible to rectify the situation caused by our partnerâs decision today, and are very sorry for the frustration this has caused.
All Plus members will have their January subscription fee refunded.
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Sam - thanks for this update, please would you be able to elaborate as to why only buy orders have been affected with Freetrades FX provider?
One of the worst parts of this whilst not necessarily in your control is youâve had record numbers of new users flocking to the plus account and theyâll only have bad recollections of how this played out which may or may not be fair. In the light of that they may be lost for good.
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I think Viktor explained it clearly in the original post. It was Freetradeâs choice considering the limited amount of trades that would be accepted by their third party.
Hi Mitzky - I understand that there was an x18 reduction in available volume for FX trades. What I donât understand is why buys were completely halted, whilst sell orders where not. Would it not be a case of attempting to allocate as equal bandwidth for both considering both buying and selling are essential?
Are you talking to freetrade? Cash it sent to Lloyds so presumably your uninvested cash is held there, or at least is is received there.
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Theyâre not equal, you dont lose anything by being unable to buy, but assets you hold can be affected by share price if you cant sell.
sell orders are far more important than buy orders so theyâve prioritised mainly sell orders.
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The demand for GME would have been more than the bandwidth they were being allowed by their partner.
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Perhaps they use different banks for holding funds and FX then; apparently itâs Barclays and CurrencyCloud that have caused this.
It wouldnât surprise me. I checked the sort code for adding funds which is Lloyds, but theres no reason theyâd use the same company for their Fx requirements.
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FT have 450k users
Of which 50k have joined to pretty much buy GME
Letâs assume 200k of the remaining user base is active. They are long term investors and havenât joined to get involved with speculation and then leave the app after theyâve lost their savings.
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Completely agree. Why would they sacrifice their core customer base for people jumping on high risk stocks because someone told them to?
Prioritising selling and as many stocks as possible is the correct decision imo
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I think preventing selling opens them up to legal action. That actually is stopping us access our assets. What if they tanked?
Not allowing buying of theoretical stocks you donât own is upsetting but itâs only like tesco running out of bogroll.
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Donât own it then youâve nothing to lose since you never had anything in the first place. Cant sell assets we do own, thatâs completely different.
ÂŁ10 FT Plus refund doesnât go anywhere near compensating me for my loss as I decided to sell my shares as their value was dropping on 2 days at least and the orders just disappeared leaving me to watch my portfolio value plummet as I could do nothing but watch. I hope you will sue the US partners that refused trades and/or fx ills and compensate us accordingly. Pre-order sums plus would be in line with FCA guidelines I think. What are your lawyers saying you should do?
Tesla please! I would love to buy at this price.
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