I have been almost dreaming of doing this post and the day has arrived. Been watching Freetrade for about 18 months since I googled my idea of a free trade set up only to discover someone and quite a few other someone elses had long beaten me to that. I invested in it for my first and only ever EIS investment which was quite a plunge.
Anyway, almost a year later on Monday I got my invite. I’m user 18,164. So nobody is going to know how many users there really are of that or if that is a consecutive user figure. Anyhow as a beta tester I guess if it is consecutive that’s 17,000+ apple folks out there. Personally I suspect they started the clock at 10,000. That’s what I’d do to make my company look bigger…
Finally I did consider putting it in the thread but it is quite busy in there. If the mods want to merge it I won’t complain! So anyway here goes…
I got that email.
Here’s what it looked like —> I’ve checked my spam box for days to see if I’d missed invite.
Then it was pretty easy and I went back to the app to see it was unlocked. In I went!
Hopefully the 10k people behind me won’t be kept too long.
So I immediately linked my bank account and chucked in £100 - but it was 5.30 and I’d have to wait until tomorrow for it to appear. I was surprised not to have to upload proof of who I was. I gave them my NI number, address and bank and I think that was it. Was expecting to have to a bit more as per other sites. Anyhow I’m in.
Tuesday morning and I woke up and logged on. It wasn’t there. It still wasn’t all day so I contacted the chat folks who told me my bank account didn’t match me.
I uploaded my bank statement and still didn’t hear back. So before 5pm I contacted them again and a very nice man checked it and said it was accepted. I’m wondering if I put my card details on the registration which had my initials for first and second name and coupled with the joint bank account with the wife and my freetrade account also not having my middle name in it was a bit too much difference for the system to handle. Still a bit surprised it would stumble at that.
With £100 safely onboard I sent over £4,900 for Wednesday’s fun and games.
I’m supposed to be revising for my CTA exams so in between lectures and revising I just started scrolling through and picking stocks to invest in. Proper technique this.
While I waited for 4pm I did some studying and then it got exciting! The trades came through one by one and hey presto it works.
Well kind of.
Nothing quite like rejection.
I ordered 35 shares. 26 went through. 9 didn’t. That’s a rejection rate of 25% or 75% success if you are a glass half full person.. Make that 3/4 full then.
Still better than the rejection rate I got when I started dating back in the day.
So what do I think?
It’s a jolly good effort indeed. It is very basic and very limited on share choices, but a firm needs to get income in or a very good idea will go bust. A sensible thing to do rather than spend ages making it like a HL app and then releasing it. HL have billions at their disposal so it isn’t fair for any review to compare. Today I bought 26 lots of shares that on HL would have cost me around £300. I got it free. That’s why I came here and why my story began because I can now enjoy trading without punitive costs. Top work.
Things for developing team:
- Finger print ID. A must!
- On Samsung galaxy S8 I couldn’t see the bottom of the W-8 US stocks form. The confirm button was obscured. I couldn’t scroll down any further.
- I agree with another reviewer. This is free trade. Default option MUST be free not paying for £1. If you can’t put this as an option in settings then it should be changed for default for now.
- I look forward to sorting filters, stock info and the full range that will eventually come. At the moment its very basic. It’s a bit of a geeks toy and an enthusiast’s dream. it’s not going to rumble the big boys just yet, but they will be concerned at the speed of progress. Likewise this isn’t the time to advertise, we want sensible people who patiently understand its limitations and when it works and has all the bells and whistles then a bit of advertising and hey let the masses in and drain the clients of the old guard
- I didn’t invest in HL as a stock. That’s faith for you.
So many thanks for allowing me as a beta. I’ll continue to have fun and play and look forward one day to transferring the rest of my ISAs and SIPP for me and my wife with you.