Interactive Investors (ex-TD direct) offer multi-currency account for their normal trading accounts and SIPP, except ISA of course as GBP is the only currency allowed. So, if you want your service offering to be if not always disruptive, at least competitive, you must offer at the very least the same. As a result, in a world of Interactive Investors and Revolut, not offering multi-currency accounts makes you an uncompetitive disrupted, not a disruptor…and the same goes for your 0.5% FX spread compared to Revolut.
Also, I already pay a 0.5% FX spread at Interactive Investors (I print big tickets) and this FX spread is 95% of my yearly overall account costs. Keeping the currencies we want in the account (multi-currency account), avoids multiple unnecessary FX trades and being able to keep one’s cash in the currency of one’s choice, thus not offering this means FreeTrade overall yearly costs being a multiple of II’s. If we cannot have this facility, there is no reason for II customers to move to FreeTrade.
Just as an illustration, I once made a mistake and chose the wrong settlement currency for my stock trade and, without any currency move, it cost me £5,000 to get in and out. This means that for every return trip on a trade, FreeTrade will cost me £5,000, the same as if I messed up on every trade at II.