I have never commented on something like this before. However this is really disapppinting after recent price increases. I feel like a sitting target: Freetrade know that because they don’t offer ISA transfers, I either have to liquidate everything or just put up with the price increases. This leaves a very bad taste in the mouth.
And so we have figures for how many people pay for the other tiers?
Looking at how the industry operates and utilising a marketing background, you would assume that most Freetrade users are on the basic plan than the other two combined - that more revenue in theory is generated on this plan than the other two, and that by making this a weaker product it discourages prospective upgraders from joining in the first place.
As for educated traders, they are likely to stick with brands that are more established or offer more tools, and I don’t believe these plan amendments being announced by the product team would change that one iota.
I agree with you
This - it doesn’t make sense at all for it to start in May.
If you hold funds only with HL, the fees are 0.45% of the portfolio, free to buy and sell.
If you hold only ETFs, shares and ITs, then ISA fees are capped at £45 a year, which is cheaper than Freetrade but buying/selling will cost £11.95 a trade.
Im done hasbt introduced nothing to justibfy this
Wow, £11.95 a trade is a bit of a kick in the teeth for someone who invests £700 a month in ~10 different stocks.
I don’t really hold trusts, mainly stocks + ETFs. Can anyone recommend a decent trading platform for this? I think it’s only a matter of time before Freetrade die. Let’s be honest, the forum members are the eager beavers, if we are feeling disappointed at this then the average joe will be too.
Can anyone make any alternative platform recommendations for me? £23,000 ISA, invest around £700 a month, in it for the long haul.
I don’t have a Sipp and my bank account has now caught up with the 3% interest offer. Generally don’t deal in non-UK shares. Seems like I might as well downgrade from plus to standard and transfer out my 4k cash - is there anything else I’m missing?
Very disappointing after the recent price increase less than a year ago. Starting to feel like a dupe, so the time to act has come.
I don’t have a problem with the new prices as I used to pay more but it just feels like FT make things up on the spot and don’t engage with customers like in the past. Why reduce costs to then increase again so soon. Everyone knew the market conditions etc so you were always going to upset X amount of people.
I’ve always been a big Freetrade fan but this has not impressed me one bit. Whoever decided that this was the correct approach needs their head looked at. Not long ago you increased prices with a lot of resistance but many people like me supported you. This is too soon to be hiking prices with not enough work done on content. Things like employers contributions for SIPPs and partial shares for UK stocks have been requested for years.
Also, it’s like you are trying to pull the wool over everyone’s eyes by comparing yourself to two of the most expensive brokers. We are all aware of the other options and it would have been more transparent to compare to your actual competitors. Between this and you getting rid of Neil I have no idea what’s going on at head office but it’s damaging the company.
Most fanboys, I considered myself one in the past, have left the forum or changed views quite a bit nowadays.
People comparing to the likes of 212 or etoro don’t seem to realise that their terms and conditions are not the same and their structure aren’t the same. Nor how they make money
We’re spoiled for options right now, but any broker not raking in money from investment losses from costumers need to change money, and eventually, all of them will. There’s only so long you can burn vc money.
Freetrade? If it’s providing everything you need why not?
Otherwise HL is good, but higher platform costs. ii is also quite good but has a few other costs as well, but it’s fairly comparable to free trade. I think the only downside of them is the commission, you get some free, and the commission is lower, but it’s not that cheap.
I generally don’t recommence 212 or etoro for reasons I apparently cant say. others cmc, invest engine, etc. all good, all will charge money now or soon
No I really do not want T212 OR Etoro. Heard dreadful things about Aj Bell too.
I am thinking of a big boy like HL or Vanguard who have a solid platform, are not going anywhere, and have competitive fees to FT after FT have now raised their fees. Any out there or am I dreaming? If there are please let me know and I’ll do my own research into them.
No-one cares about the small print, thats how they get you anyway. Its like saying Vodafone are different to Three mobile, or Sky and Virgin have different T&C’s. I don’t care if people lose money on T212 using their alternative options, thats each individuals personal choice, and I 100% respect that.
What I do care about is a company offering less features, that I have a large investment in (Large to me anyway), and price rises are becoming the norm now. I was paying £2.99 for an ISA this time last year, now look where we are, with still a lot less features. If we had atleast a desktop option, pies, and autoinvest that isnt just on Apple then maybe, just maybe it becomes worth the extra cost.
I think FT have realised that the customers with piddly little accounts trading frequently are not making them any money.
Whilst I am sure they would have liked to keep everything as cheap as possible forever - it just isn’t possible. VC funding has dried up and the last crowdfunding wasn’t a massive success.
They will probably be happy to see some of the loss making customers go to be honest whilst they try to get to a position where they are breaking even.
For anyone actually investing a note worthy amount the fees are still cheap compared to other legit brokers. I wouldn’t want my life savings held with 212 or eToro.
Just felt if we was going to be paying more we would have a jisa etc
You are dreaming. For your account size FT will be by far the best option.
Vanguard is good but is limited to just Vanguard funds.
This is the issue with comparisons.
the fee isn’t the only factor. 212 is cheaper but has other issues.
Vanguard is a great platform, cheap up to a point (then free trade becomes cheaper), but is limited in funds.
HL is good, good reporting tools, answers the phone when you call, solid platform, solid app, good access to stocks, but can be a lot more expensive depending on how you invest, and that can vary wildly.
ii is a nice middle ground imo, lots of sock access, fees are average, fixed platform fee is good like free trade, but trading fees can cut if you’re doing a lot of buys a month.
cmc is interesting, has some questions around their terms, but seems responsive, also going down the route for profitability.
invest engine, also good, also limited stocks, also looking to profitability by introducing fees.
CMC is quite good and my main account nowadays. Not as good as FT app but I have much more confidence in them progressing as shown by their success in Oz. It also is quite simple and not the biggest range but more than enough for many/most people.