Where can I find the total of fees I’ve paid in a month? Eg. FX fees and stamp duty etc…
I’ve looked on my monthly statements in ‘Activity’, but that only tells me what my holdings were.
I’m thinking it must be recorded somewhere and I’m missing something obvious, as bills / statements usually have a rundown of total fees / costs incurred etc…
You can’t. its a long standing pain factor with Freetrade (see the various feature requests). Best you can get at the moment is to ask support to send you a csv
Well saying you can’t is slightly untrue if you can ask support? So much gloom around these forums at the moment…
When I say you can’t I mean there’s no direct functionality. calling customer support for a csv isn’t a feature, its a workaround to a lack of reporting, and the csv needs work once you get it.
nothing doom and gloom about it, you can get the data, you’ll need to do some work to make it usable data, and there’s no direct option for reporting just now, and it is a pain factor as its a long standing request. We’ll hopefully see improvements this year maybe
That’s a bit crazy… after all, they’re charging us fees for our business. Kinda helps with the accounting side of trading to know the details…
Thanks for the advice. Have they sent you a CSV upon request in the past?
They previously sent me a PDF of a spreadsheet, which was unhelpful.
Last financial year they turned off live chat for non paying users. I emailed asking them for the info and they asked me to send a copy of identity documents over email. I asked for another way to do it as email isn’t secure. They told me no, so that was that.
Freetrade is a very young company it’s something to keep in mind. And with limited developer resources they have to pick and choose what to work on at any one time.
As a financial institution, wouldn’t Freetrade have a legal obligation to abide by certain financial compliance regulations, such as supplying an annual statement of fees?
I’m pretty sure not doing so would raise a few eyebrows at the FCA, no?
Okay, I’ve just manually added up all my FX Fees for 2021 and… holy hell…
So, yeah. I think I’ve figured out why no such statement exists… it’s bad for business.
Just UK ETFs and AIM stocks (no fees) for me from here on out…
Freetrade fees are pretty competitive to be honest.
though id say the fees can be a little high for low value portfolios if your paying for plus, or an ISA that isn’t holding much.
I thought the FX fee was just the exchange rate
FT don’t make any money on it.
This use to be the case in the early years but I do believe it generates some revenue
Hey, just to clear this up as it has been communicated before but appreciate not everyone has read all our blogs etc.
Prior to launching fractional shares, all US stock orders were routed to London Stock Exchange market makers. That’s the same way all UK orders are executed.
The LSE market makers quote US stocks in GBP. Embedded within that quote is an FX conversion. The rate includes a 0.45% spread over the spot rate. It wasn’t very visible for users as we could only show the GBP price quoted…
Well. I only hold a couple of US companies.
Thank you. I never really paid much notice of the FX, jst thought was exchange rate
I’ll continue using etoro for US stocks.
I can sometimes buy and sell 5 US stocks of £1,000 a month, which is £45 a month in fees.
That soon stacks up. That’s upwards of £500 a year.
It’s all relative…
If you’re trading £10k per month then 0.45% of that will sound like a large figure.
£45 on £10k really isn’t very much though.
£500 per year by trading £120k is exactly the same…
Not to be blunt but… yeah.
It costs money to trade in foreign stocks. 0.45% is still highly competitive in the grand scheme of things. Not to say they couldn’t get it cheaper, but there’s always a cost somewhere
I think the problem is turnover.
If you have a £5,000 account and you’re a frequent trader, then that’s a fair bite…
5 swing trades of 1,000 each a month, and in a year that’s over 10% of your account gone on fees.
Only if you buy none US stocks
So using FT for UK buying and Etoro for US buying. = zero FX fees.
Etoro suggest they only do business in USD and will apply a conversation fee on all non US deposited money. You could deposit only USD but you just move the conversion fee elsewhere