Not on Open Product Roadmap
So donāt hold your breath.
Thanks for the heads up - this would be amazing though! I like the concept of the app i just hope they can add some basic features before rivals such as Revolut/RobinHood launch their UK products
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I hope this gets added soon, I feel this should be part of the basic set of features. More complex order types can be added later.
Iām getting a lot of rejected trades recently with current volatility and with the price lags youāre basically guessing the market price with instant trades.
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I donāt suppose the team can provide an update on this could they?
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3-6 months time according to the roadmap
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This can be incorporated when freetrade decide to create premium accounts. (I.e Ā£10-15 per month). If you are a beginner investor I think you not really thinking much about limit order you just want to get familiar with how to use the app and be comfortable making the right trades. But great idea tho.
We know this feature was really popular with the community, and itās something weāve been discussing internally for a while. While weāre optimising the product for long term investing, we do plan to add this feature which compliments the app as it helps control your costs and hence may be useful for some investors.
Itās between 3-6 months out! Stock trading (zero commission) & investment app | Freetrade
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I donāt think the implementation of limit order should be dependent of premium accounts being up and running. The way I see it the earlier the better. They should coexist along side Instant and Basic orders. And should not be free but cost at least as much as an Instant order: Ā£1.
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Agree would be great to see this for instant Ā£1 orders
This could also work for basic orders but slightly different as the orders will always be scheduled to execute at 4pm - you could put a max price that you were willing to pay per share in and if the price is below that at 4pm it would fill, if not it would fail/not execute. Also it would be nice to have the option to automatically queue the same order again tomorrow if the basic order does fail.
Same deal for selling shares too.
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My guess is FT is going to implement something different from traditional limit orders, if that is going to be the case may be choosing a different name would be better.
I imagine implementing limit orders would be not straightforward.
My main point is even tho limit buy is a great idea the features should be premium so that the app can make money. FT still have to figure out how to charge ppl in the future. I think limit buy is more of a add-on that can be incorporated in premium accounts for experience and big volume investors.
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An instant limit order is much preferable to a basic version of it at 4pm, Iām sure FT will have no problems making money from them.
If you make everything a premium feature it counteracts FTās mission. Obviously Iām still an investor and want FT to make money, but I believe FT will make more from growing itās user base than from rebuilding the walls it broke down.
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I hear your point Sam. Iām very torn on the issue to be honest. If it is allowed, I agree you could well see more people jump in sooner. And I think most beginner investors wonāt know what it is so will just opt for the the basic trade if it is Ā£1.
Then again as an investor in FT, I think they should charge for it. Most investors would rather lock in the price then and there for Ā£1. Myself included
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I think weāre saying the same thingā¦
Not a alpha feature, but same price as an instant.
The basic version just being able to set max buying price and minimum sell price.
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It could be made a feature only for Alpha subscribers, or could incur the Ā£1 instant fee.
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Hi all,
Iāve had a trawl around the forum, and I think limit orders is what Iām referring to, but I havenāt seen it discussed in the scenario Iām envisaging, forgive me if it has and Iāve just missed it.
Letās say I want to buy shares in Greatland Gold. Theyāve been discussed quite a bit recently. However, letās say I think they offer value at 3p a share, but not at 4p a share. Correct me if Iām wrong, but unless Iām only buying a single share or 2 shares, thereās no way for me to specify how much I execute the purchase at, is that correct? Example below:
They are trading at 3p a share, I want to buy 33 so I set my amount 99p. However, after I confirm the purchase the price fluctuates to 4p a share, but because my limit of 99p still allows the purchase of 24 shares at 4p, the transaction goes ahead but at a price that I donāt consider good value.
Is there a way to prevent this, other than using the instant order? Even if you do use instant order, is it āinstant enoughā to prevent the above scenario from occurring?
Obviously in the above scenario the difference is one of pennies so not worth losing sleep over, Iāve used small amounts to make it easier to follow. But if youāre trading at more significant sums, thatās a real risk, no?
Thanks
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Yes, limit orders are what you are looking for, as you could set 3p as your trigger to buy a certain amount of shares.
Freetradeās Roadmap shows they are planning to implement this feature 3-6 months. If you canāt wait that long, almost all other brokers offer this feature.
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Just a small point of note.
Penny stocks are rarely whole pence, and a huge leap in percent can only sometimes mean a fraction of a penny.
Freetrade is constantly rounding up or down these prices to suit, so a 4p stock might only be a 3.51p stock or conversely 3p a 3.49p stock. This makes limit orders on penny stocks a tad trickier to figure out.
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I guess itās a tricky decision for Freetrade on whether to include the full precision price of a security. Itās usefulness of information for more experienced investors vs risk of confusion for new investors.
This is a point mentioned a few times on the forum but I personally would still prefer the price to 4 decimal places, even if the 2 spaces after the pence were slightly smaller in font size
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