MEGATHREAD: Freetrade Plus :plus_:

[acamp (Alex Campbell)]

Hi there -

We took on board the comments regarding EQQQ (share price vs. iShares and the fact that EQQQ distributes income and iShares only has an accumulating share class) and we’ve made a tweak to the Plus ETF break down - Free ETFs will include all those available and managed by iShares, Vanguard, and Invesco

I’ve updated the other Plus universe threads and the relevant spreadsheets/blogs.

Thought I should drop this in here!

Alex

100 New ETFs Live Right Now! 30th SEPTEMBER 2020

Hi all, We’ve seen a couple of really good points raised here about EQQQ vs. the iShares alternative that we’ve added this week and we think that it’s right to make a change to the rule that we outlined above. Going forward the Free plan will include any available ETFs managed by: iShares (BlackRock) Vanguard Invesco Plus will include ETFs from any other providers that are available (in addition to all the ETFs available on Free). We’ll update all of the other posts to reflect this slight …

[TomShepherd]

Yeah I agree this would be useful!

[Gusclode (Augustus Clode)]

Just bought freetrade plus.

just thought on both the sell and buy side. If you can put a limit order above or bellow by 9p on 100 shares. Than that = £9. Meaning your paying .99p for your ISA. needs a lot of work though. still think its to much for the platform It is

[Jim1]

@Eden

Obviously I don’t have an inside seat to Freetrade but as I understand they want to keep fees simple and as uncomplicated as possible. Your right they could add in more fee options and they’d perhaps take in some more customers but they’d lose out on that simplicity. And if they keep the simplicity they’d probably have to switch to a % based fee which 1 isn’t actually as simple as a fixed fee, and 2 ends up being more expensive over time.

I think Freetrade have already lost their simplicity - the moment people had to worry about if a stock is Plus only or not, and what happens if I stop Plus to my Plus only stocks it was gone.

[Eden]

@Jim1

and what happens if I stop Plus to my Plus only stocks it was gone.

You cant buy any more of it. Nothing else happens

[Jim1]

It wasn’t a literal question - I’m aware of that as a regular forum reader. My point is that putting ‘some’ behind a paywall creates a level of complexity that doesn’t tie into the stated mission of freetrade of making trading simple. Plus is starting to read like any traditional broker with a careful reading of the rules required to understand.

[toms]

Disagree - if you use the basic product on a standalone basis, you don’t need to worry about Plus.

[Mike7]

I bought some ETFs on FT that we’re later threatened to be moved to Plus (fortunately part of those decisions were later changed) so I think users do need to be aware of Plus. Aside from that all users will still see shares/etfs that are only available to Plus customers.

[toms]

Choice doesn’t always mean confusion. In this instance there is confusion as the goal posts changed for existing customers. But for new customers it is quite clear. Some stocks are free - others are in plus. If you buy a free stock and it becomes plus (because it drops out of an index) you can’t buy anymore but you can still sell for free.

IMO literally couldn’t be more straightforward - unless you make the argument that everything should be free, in which case FT wouldn’t be around for much longer…

[shanni10 (Ihtesham Sadiq)]

I thought having the Plus account would make trading much easier, but the limitations are just as bad.

1. No live pricing whatsoever, takes 15 minutes for the app to update live prices in the morning so you cannot trade unless you have HL account or similar with live pricing.
2. All prices are delayed by at least 2 minutes so you don’t know the buy or sell price. Apps like Trading 212, HL have a buy and sell price so you know EXACTLY the price you are buying with the stamp duty. Was given poor responses by general admin.
3. Limitations on purchasing, can only buy upto £9,900 of trades at any one go, same with selling
4. Limitations on volume selling, cannot sell more than a certain amount of shares at any one point, so have to create several sells just to get out (such as VAST where you can buy in millions of shares)
5. General admin seem to be very poorly trained when it comes to responses. Give schoolboy responses when questioned.
6. There is no real value added to the Plus account other than limit buys and sells, and able to purchase certain stocks, as far as I use it.

[AndyCA (Andy Aitchison)]

Hi all
I’m new here, so apologies if this has been asked before.
I have just signed up for the plus membership at £9.99 a month. Is this a fee to FreeTrade or will these funds be available for me to buy shares?

Many thanks
Andy

[simmyx98 (Simran Marwaha)]

This payment is to Freetrade to cover your plus membership cost.

[AndyCA (Andy Aitchison)]

Ok many thanks.

I don’t think I’ll get the value of it whilst I learn, so may reduce it down to the £3 per month fee.

Thanks again

[simmyx98 (Simran Marwaha)]

Yea if you’re new to investing it might not be for you right now but maybe will be in the future.

[Eden]

@shanni10

Limitations on purchasing, can only buy upto £9,900 of trades at any one go, same with selling

Combined or individual? You can’t have more than £10k on a trade atm because Freetrade don’t support charging the PTM levy yet

@shanni10

Limitations on volume selling, cannot sell more than a certain amount of shares at any one point, so have to create several sells just to get out (such as VAST where you can buy in millions of shares)

What’s the price? Might be the same as above

[shanni10 (Ihtesham Sadiq)]

Individual, pretty annoying considering we are being charged a premium.

Can only buy/sell 1 million shares maximum

[Eden]

The buy sells above £10k nothing can be done about until the PTM levy is handleable in the app. I’m sure I read that this was on the roadmap at some point

As for a 1 million share cap, I’d make a new thread as a feature enhancement asking for that to be improved

[Master-Sharefu (Stevie)]

I realise everyone has different income levels but £9,900 a trade or dealing in millions of shares?? Care to share where some of us can get that sort of money to play with?

[AdamL (Adam)]

I think it went up to 25k on US stocks.

[simonpoole]

It did indeed!