Newbie here. I am looking for an ISA account that offers features more like a trading account and so far have not been very successful.
I am trying to find out what order types are supported by freetrade on their ISA account, their fees and charges, quality of quotations, user friendliness of the trading platform
Order Types
I am ideally interested in triggered limit buy and stop sell orders, or at the very least stop buy and stop sell orders. I have gone through quite a few platforms and they do not even support the basic order types, it is unbelievable how bad it is out there.
Fees and Charges
What are the fees and charges?
Quotation Quality
When I check on some of the OHLC prices on charts on some of the platforms they look so different from the ones on yahoo finance and trading view. I am wondering if anyone has experience of the quotes they see on freetrade
Platform User-friendliness
How user friendly is the platform? Can anyone share their experience? I read somewhere that it is only available on mobile devices. Any plan to create a web or desktop platform?
I’d describe Freetrade as a basic, keep-it-simple platform, it is cheap, easy to use, accessible, and suitable for longer-term investors. It doesn’t have enough features to satisfy aggressive short-term traders. The basic ISA gives you market orders, the ‘Plus’ account gives you access to limit orders and triggered market orders. The pricing you get is just the mid-price, delayed for UK stocks. If you want more detailed and real-time pricing information, you will have to get that elsewhere and pay for it one way or another. Freetrade is only available as a mobile app, I don’t think a web-based platform is currently a priority for them. There are no in-app research functions. I think it is a good platform for basic trading if you keep your transactions limited, and should satisfy most ‘normal people’. If you fancy yourself the next Wolf of Wall Street, you might want something a bit more full-featured.
The above answers your questions so I thought id just add on a few thoughts to a couple of things
Freetrade doesn’t offer quotes like HL and a few other major platforms go. Instant orders will execute at the best price available. I’ve found that Freetrade generally always get a very good price, in line with what you’d expect at the time of execution. So I’ve had no complaints.
Lots of improvements over the last 6 months. As mentioned its simple, get the job done. We will continue to see improvements and additions over the next year. As for a website, there has been mention of this in the works from what ive picked up, but don’t let that get you excited. I don’t expect a website this year unless they’ve been secretly working on it all this time.
Overall pretty happy. They’re having some issues with customer service due to the large influx of users, but the platform its self is pretty solid imo.