My 2022 Freetrade wishlist

My question is - can you do it in-app or do you need to ask support to do it? I can’t find a way to do it in-app.

You can do it in app but it can be a headache if you have a lot of stocks.

Process:
Make sure you have opened an ISA with FreeTrade
Note down each stock you are invested in
Note down how many holdings of each stock you have (i.e 3 shares of Shell, or 3.4563635 shares of Tesla for example).
Go through each stock and sell all.

Option 1:
Wait for the money to be withdrawable.
Withdraw to bank.
Wait for money to be in your bank.
Deposit that money into your ISA.

Option 2:
If you have enough money already in your bank, transfer the amount of ‘withdrawable’ from your GIA into your ISA (from your bank), before your money is in your bank from your GIA. When the money comes in from your GIA, it will replace your deposited money into your ISA.

Then, in your ISA account, rebuy all of the stocks you sold. You will not be able to buy the exact amount due to stamp duty etc, but you will be able to get a good chunk of your GIA into your ISA.

It’s a pain, but if you’re a long term investor then it’s worthwhile getting these into an ISA.

So you are saying that you can withdraw your money and deposit it back. That’s not what I was talking about.

Back when withdrawing / settling money took 3 days you could ask support to directly move transferable money from GIA to ISA. I thought there is now a feature to tackle this task.

They can move cleared funds from GIA to ISA without you having the withdrawal and re deposit.

They can also reset the buy price once they’re in your ISA is you make a note of it so you don’t loose you’re nice big green % gains

Ah, @NeilB and @Leito I was not aware that you can move cleared funds from the GIA to ISA without the withdrawal and re deposit.

I have learned something new on this Friday :slight_smile:

Have a nice weekend!

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Coinbase Pro charge 0.5%, roughly the same amount as the Freetrade FX fee.

I’ve only ever used Coinbase to buy as I simply cannot abide the UI of Coinbase Pro, it’s been designed for someone who want to sit in a darkened room smashing energy drinks.

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I mean, if you want to ditch most trusted crypto platform because of it’s colour scheme, you can :slight_smile:

It’s almost unusable! I don’t want to day trade s*** coins. I want to buy and hold a bit of ETH / BTC - I’ll be moving my small holding over the FT for convenience.

Irrespective of the UI if Freetrade intend to charge less than 0.5% ( and allow withdrawals ) I’ll be pleasantly surprised.

I am an investor in Freetrade (R3 and R5) and my preference would have been for the company to not get into crypto and just improve and expand on what they are doing with SIPPs, ISAs and general user interface.

I get that they can make money from it but the likes of HL, Vanguard and AJBell can make a lot of money without getting into crypto.

by charging a lot more than Freetrade.

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Yes, that’s true.

But perhaps I just can’t get out of my head what Adam said during one of the initial crowdfunding roadshows (the one in Manchester which I attended in 2019) and that was to state that cryptocurrency would not be offered (maybe he meant not offered ‘at the time’).

That said, other things he and Viktor said on that particular roadshow (in response to live questions from the attendees) were:

  • No, they are not going to offer CFDs (contracts for difference).
  • No, they are not going into social investing (like eToro).
  • No, they will not charge exit fees.
  • Yes, they intend to offer SIPPs and other types of ISA.
  • Yes, they want to expand outside of Europe.

I guess crypto is the only one they changed their mind on (so far!)

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I would hope that business plans do change and evolve overtime so there may have been reference to not offering crypto back then but things have moved on since then and clearly there is a demand for it now. All business have to adapt to change or they will perish (not that I am saying Freetrade would perish without Crypto).

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It’s not unusable at all and don’t need to day trade. You just have a preference with the colour. I’ve been using it to buy and hold crypto with less fees. For anyone reading this and are concerned about fees, you can simply buy/sell on pro then instantly transfer it to the regular coinbase app.

So if you want a clean simple UI you have to pay them more per trade?

The default graph only allows you to see price movements between 1 Minute & 1 Day, but it’s not for day trading … :thinking:

My worry is that soon FT will have articles like this one about Etoro and the negative crypto stories, maybe even about people who may even be on this forum.

It is quite a scary article to think how easy and unregulated crypto is :grimacing:

It would also potentially blow the whole narrative of " Simple investing. Investing is one of the best ways to grow your savings over the long term." out of the water.

As I have said it is not something I am majorly against, I will use it, but think perfecting stocks would be best and become a master of 1 rather than a jack of all trades.

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It looks clean and simple to me on both apps. I clearly said you don’t need to day trade. Anyone can just buy and sell, whatever their preference may be while saving on the higher fees which is the main point I want others to understand.