Live Quote System

Is Freetrade developing a live quote system? Brokers like AJ bell give you a quote that has a timed limit say 30 seconds for you to accept or decline from the market maker. This makes your purchase or sale much more accurate. I have been burnt nearly every time when purchasing where the price is higher than the estimate a f selling where my returns have been lower. A live locked in timed quote would surely be preferable for all concerned. If you didnt like the quote you just decline. Any thoughts on this technique used by the more established players becoming reality here?

At the AMA earlier this week, Freetrade’s Product Manager basically ruled this out.

He claimed that such a system only operates in the UK and not other countries - and that it didn’t make sense for them to have a different user experience for UK shares only.

Freetrade just need to implement limit orders like every single other platform so you can specify the price rather than best price at the time with the market order. Probably need to also implement showing the current bid and ask first properly rather than the last price.

4 Likes

The more established players also cost a fortune in fees and monthly charges. The money I lose in the time delay on Freetrade is not as much as I save in fees and monthly charges.

The one I mainly use (Freetrades main rival) is free both in fee and monthly charges, and has had these for years, Freetrade has fallen way behind.

There’s no reason why Freetrade can’t do limit orders other than they haven’t coded them. :sweat_smile:

1 Like

T212 is at least 3 or 4 years older now, they’ve had time to fine-tune. It sounds like limit orders are coming soon though. Weird about the live quotes, does the US genuinely not have live quotes? I’d like a bit more regular than 15 mins if they could, even 5 would be nice.

1 Like

Seems very odd that FT would completely blank out the concept when it would benefit the customer so much. I have had trades where the percentage change has been up to 10%, one example was when selling Reabold shares. Nothing in place to pause or confirm the sale at the lower price. You say you pay fees but on a 10,000 expected return a 1,000 pounds can be lost using my example which covers a lot of fees. Either a fixed 30 second price or a confirmation that triggers when the swing is above 2% is surely worth considering if it can be done on competitor applications. Then the customer has the choice whether to execute or not. In my case I most definitely would not have sold at 10% lower as that wiped out the majority of my profit. To infuriate more the price then rose within 2 minutes back to the original price I believed that I was selling at.

5 Likes

The US broker’s don’t do this afaik, it’s a legacy thing that some UK brokers still do.

Freetrade just needs to start doing real time quotes with the current ask, and not the last trade 15 minutes ago.

If you need to guarantee a specific price or better that’s what limit orders are for.

When R (think Friar Tuck) comes out this year I’m sure Freetrade will want to avoid people jumping ship like with T, so they need to get cracking.

The lack of live pricing costs more than paying for the trade I am finding. Also the lack of UK stocks, they announce ‘lots more added’ but this seems to be all US stocks, has made me think twice about the platform. To the point that I am seriously considering moving everything over to Hargreaves.

I Totally agree with Adam L and phildawson a 15 min time delay of price between Freetrade and the LSE is way too long !!! I usually switch between Freetrade and Yahoo Finance when selling stocks to check the latest price but yahoo finance has not been working for the last week, but this has now just been updated.
The Freetrade Team have been doing a Great job lately with adding Fractionals, 250 USA Stocks, 90 more stocks and more ETF’s to follow, so Hopefully :crossed_fingers::roll_eyes: the Time Delay situation will be improved soon, heres hoping.:roll_eyes::slightly_smiling_face:

@omuir run a quote on HL then buy for free on here. That’s what I do. You’ve hefty holding fees too on HL…