But doing that would reduce the whole point of freetrade. āTrying to get everyone investingā
Be more subscribers but less overall customers
At the moment I donāt think it offers enough to warrant me signing up for plus the features seem pretty limited at the moment and donāt seem to be worth the upgrade. Though I imagine more features will be added as time goes on and I may eventually sign up.
Key features I think would add value would be things like
-Foreign markets behind paywall rather than individual stocks i.e-EU/Asian stocks
-No FX fee or FX fee heavily reduced
-Ability to split money into separate investment pots so I can have multiple portfolios which fit different purposes/goals that are visually separated into their own portfolios with their own graphs
-More detailed stock info in the like that you would see on Yahoo Finance inc earnings calls, dividends etc.
-Live pricing although I feel this should be available to even GIAās
-Multiple currencies
-LISA
-Maybe a discussion feature under each stock so people can share thoughts, though hopefully not spam filled like you see on Etoro more like Yahoo Finance.
-More technical and bigger variety of graphing capabilities- i.e ability to compare your portfolio performance against major indexes. (Though the graph on the basic account still needs major work as it is essentially unusable if you do regular deposits as the graph spikes and makes it incomprehensible this needs immediate attention)
At the moment plus account does not offer me anything worth paying for but these additions Iāve mentioned would definitely encourage me to make the switch in the future and add a hell of a lot of value to plus accounts.
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Yeah Ā£10 a month isnāt worth itā¦ not even tempted at that price.
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If it was cheaper (say Ā£5-Ā£7 a month) I may have been temptedā¦
But withholding stocks for Plus members seems both a backhanded and confusing way to do things, when compared to the other Freemium dealers.
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I donāt agree at all.
If you are a new investor making more than 10 trades a month you are doing something wrong.
The mission isnāt to get novices day tradingā¦
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really hope Rolls Royce isnāt a plus only stockā¦after waiting so patiently.
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I guess its technically Ā£7 if you already get the isa.
I agree with you, withholding stocks only works if its something completely different like Japan/Korea or cryto/forex eventually. If its a regular UK stock itāll annoy everyone.
Btw if you are obsessed with the T212 competition you can look up their accounts, when the cfd regulations changed their profit fell 85% then last year they made a loss. Theyāll have to change their model somehow, just think theyāre doing a spotify, trying to get as many people hooked in first
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Yea Ā£7 a month seems more enticing though I do understand they need to make money so if they add a lot more plus features to make it worth Ā£10 Iād be more willing to consider the upgrade.
I agree withholding specific individual stocks seems odd which is why I think and agree with a lot of others in the thread they should just put whole foreign markets behind a paywall instead. That way you at least are clear what you do and donāt get between basic and plus accounts. Access to a comprehensive foreign market set of stocks seems like a fair plus feature.
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I will pay for it. Where else can you get an opportunity to shape a product like community members can on freetrade? I am sure it will evolve just as well as freetrade has.
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I think at present the features are not really enticing enough for me to pay Ā£10 pounds for a plus account.
Stop losses, limit orders, price notifications should be standard for basic account.
Reduced/cancel FX fee will be a plus
Live pricing (buy/sell) with improved charting, e.g. deposits shouldnāt affect the graph, more interval charts availability; daily, weekly, monthly, 3monthly, 6monthly, yearly.
Being able to create a watchlist
Pre hours and after hours trading. I will SIGN UP now for this alone! Please make this happen.
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I dont have think back far to see these features would have been a god send to have. Covid crash.
I dont think charging for some stocks, markets or features that are available for free by competitors is a good idea should at least try to match their offering. It is easier to convert basic users to plus later with more advanced features than trying to get them come back once they leave. As even basic users would recommend FT to their friends and family, pay for isa and hold cash on account.
I would be happy to pay for:
Stock insight better charts (i like simply wallstreet style)
Improved fx rate
Maybe some interest on cash
And for any advanced feature i would have to pay anywhere else
Also would like to see improvement to activity feed maybe with 5 tabs buys / sells / topup / withdrawals / dividend. It is difficult to navigate it at the moment.
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Competition is always ramping up (Revolut, Trading 212, etc.
FreeTrade needs to be careful how you position the Plus account because all users are different.
Some constructive feedback / comments
- Donāt make me pay for things that I donāt want to use as a take-it-or-leave-it approach!
- Say people want limit orders and this is the ONLY feature they care about (not the other Plus stuff)
- If competitors offer it for free, people will naturally switch over and the app growth will fall off
- By the time you position to change this, it may already be too late, people donāt like change
Suggestionsā¦
- Consider offering a separate add-on or limited free option for these āPlus featuresā
- E.g. 3 Limit Orders every X months or something, something feasible that still lets the Plus users get moneys worth but doesnāt make you lose your users
- Allow users to make use of the Plus features as one-off with a little extra charge (e.g. Ā£1 or Ā£1.50 for limit order (where maybe only partial deduction if it is cancelled etc)
- This would allow FreeTrade to use existing infrastructure features and still make money
- Existing free users who have recommended so many friends/family to get you where you are nowā¦ you canāt buy customer loyalty but good will goes a long way
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Not sure about this. The whole point of the premium tier is to present more value than paying for the parts separately.
If you see more value in paying for a single feature on a pay per use basis something is off.
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It depends.
Thereās several things in the premier tier that for me are not appealing, but I do like the more advanced orders.
If the choice given to me is pay full wack Ā£9.99 if you want it, then Iāll suck it up and eventually go to Trading 212 or so and wonāt in good faith be able to recommend FreeTrade to anyone I know. Why? Because the competitors are offering more advanced features for free.
If I could pay like Ā£5 a month and just get the advanced orders only (or some other one-off-at-execution equiv) then maybe I hang around and donāt think about it.
People will always do what they want to do, you may well be perfectly happy with the model. Others may never want/care about the advanced order features and happily continue using FreeTrade - thatās cool! But Iām saying not everyone is like that and as someone invested in the company I worry it will deter this generation of people who are increasingly wanting to learn more and more about investing.
EDIT: You only have to google / youtube search for comparisons between FreeTrade and Trading 212 to get an idea of what is the āpushedā consensus view. Yes Trading212 has been around longer and rightly so ahead of the curve, but thatās why positioning for freemium things must be carefully considered, donāt take your customer base for granted.
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Donāt you think Freetrade will have considered almost every suggestion at some point before they finalised the Plus product? Of course everyone wants the best product possible at the cheapest price but Freetrade is a business ultimately.
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Yeah I get that, like you Iām also an R5 Investor. Of course I want the company to do well, but that doesnāt mean I shouldnāt be able to give some constructive feedback.
Offering an all-or-nothing is simpler from a branding perspective and technical implementation perspective, the trade off is the very things I am suggesting. Maybe itās a matter of time and will come further down the line as adding the āgreyā to a black/white mix isnāt always cheap.
I just think being able to partially opt-in at some fair (and lower) cost will mean customers are less likely to go elsewhere, you may not agree with it but thatās my opinion and I hope they consider it.
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I use a number of platforms, but I would rather just use Freetrade. If it had LISAs, JISAs and SIPPs and euro accounts I could close the rest. These could be separated out or bundled together.
As Freetrade Plus is a bundle, for some interesting thinking on this I recommend
Intro Ā· Four Myths of Bundling and the Invest Like The Best podcast with the author.
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You only have to look at the mess Monzo got into about its Plus account to see that companies donāt always get it right and disregard feedback at their peril.
Part of being in business is being able to admit that perhaps what you thought was a great idea doesnāt actually work out or that the market has already moved on.
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All messages on this thread are great to read. Very engaged user base, good or critical insights to what freetrade are doing.
OK another note, when people actually are able to start paying for plus I think a nice little gift in the post would be great. Left over pair of socks or a t-shirt with the forum Web page under the logo would be great.
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