IF your next steps are carefully and strategically selected. If not, at least for me, it will remain a secondary platform to trade.
I think what is being done so far are very right steps, creating very affordable subscription services (customer base engagement), launch of ISA and now launching SIPPs are just adding to the credibility of the platform.
The only mistake I am seeing you keep on doing is that your main focus is to add as many stocks and ETFs as you possibly can and you could be at some point blamed by media (see Robin Hood) because of the lack of education in investing and the lack of background of every single ticker in the app.
My S&S ISA is with the Interactive Investor and I pay handsomely for their services BUT; the research available to you from director’s dealings, ex-div dates, regulatory news, financials, Div Yield and so on. On top of that they have a whole platform (Technical Insights) that is kind of attached to ii and allows you to see analysis of a stock throughout the day, educates you on what each event might be interpreted as for short-, medium- or long-term investor from bearish to bullish. The entire circus.
I am not saying you should have technical Insights but for example: About AO World PLC: “The Amazon of domestic appliances and electronics. They deliver TVs, fridges, washing machines and more straight to your door”. That is all you have. This is not information that can be used by a responsible investor to make an informed decision on whether to buy or not (hence previously I mentioned Robin Hood and the tide of youngsters that have entered the markets due to Robin Hood).
That is a very weak point guys. I have a very small portfolio on Freetrade and I am considering my options but even for the shares I hold on Freetrade there was no way I would have invested if it wasn’t for my research at ii). If you can find a way to provide at least basic financials and background of stocks/ETFs available trust me I would have been closing my ii account yesterday!
I totally agree with you entirely. And that is why i think FreeTrade will neverr eradicate giants like HL in the same way easyJet won’t eradicate BA, or Lidl won’t eradicate Waitrose.
You see, … here’s the thing:
They are both different tools that serve purposes, but compliment each other well.
FreeTrade for quick and dirty dollar-cost averaging. Got ÂŁ12 spare? buy another round of RDSB. Great.
But speaking personally, for the wealth of insghtful information, research, analytical tools platforms like HL offers, i would not have made a portfolio gain 348% (ÂŁ10,000 gain!) in 8 months with the choice investments i made on HL and their superior analytic research tools.
For example - Stock alerts: HL announced the Apple and Tesla stock splits almost as soon as their investor relations pages were updated. - i bought them super cheap days before the retail masses. And three months ago in August, a HL newswire press release from Pfizer from the Director of Research stating they are likely to have a 'Rona vaccine by November, (touted as pie in the sky by some). Lapped up the PFE shares fairly cheap.
If FreeTrade offered this level of analysis, information reporting (purchasing freelance newswire articles) and analytcial tools,alerts it would have to incur costs. It would not be free. I don’t think that’s where FT wants to be.
Some people think information and a nuanced customer service experience is a price worth paying. I certainly do.
PLENTY of strong research tools. Typically the best are NOT trading platforms.
The wealth of stocks you can invest in and strong UX is something I’d take any day above the app being beefed up with a huge amount of research material. Not interested.
It’s doing what it does well. May it continue and grow. If growth slows then it should, I agree review other ways to take market share from HL etc, including beefing up market research tools