Paid referral incentive

Ideas 💡
1

Afternoon all,

Once testing is completed it might be worth offering an incentive, £5? to users that refer new users that deposit a minimum amount, £ 1,000? This would be similar to Amex card users that get friends and family to sign up for a Amex card e.g. 4,000 avios for a BA card

2

Wouldn’t some people just transfer in £1000 and straight out again? I’m not a fan of referral bonuses

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3

They would have to make an investment and hold it for a minimum period

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4

Agree with @qaziar on the necessity of referrals, but not the one that will cost Freetrade a fortune :slight_smile:

I have put a up a slightly different version for referring:

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5

That works. I’m an investor in WeSwap as well and I believe that they credit £5 for each new user but free Alpha for a month would be a great incentive.

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6

A post was merged into an existing topic: Free Alpha for referring

7

What about £5 worth of instant trades or similar?

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8

Robinhood’s referral program sounds interesting…

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10

I’ve been having a great time with the app. So much that ive lost count of how many people i’ve talked too about Freetrade :grimacing:

However, i feel your customer aquisition may work better if Freetrade created some sort of referral program (like Monzo’s) :money_mouth_face:. It might be a costly feature, but it would really help me in convincing my network to join the movement and leave their traditional and costly Investment accounts :exploding_head:

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11

Thanks for the suggestion, better Freepasses are on the roadmap here.

We’ve got something good on the way :sunglasses:

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12

Hey Gabriel :wave:

I merged your suggestion with the existing proposal to consolidate the votes, hope it’s alright with you :slight_smile:

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13

Yep, no worries. Thanks Vlad.

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14

Think £1000 is too pricey when part of freetrade’s mission is to make investing more accessible
I like the idea of copying robinhood’s free stock,
Something physical is a better incentive in my opinion

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15

Or a free t-shirt after referring 5 people?

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16

1 month of Freetrade Alpha for both the referrer and referee seem to be a good incentive without dramatically increasing Freetrade’s CAC

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17

Just a small update -

from the Freetrade is back on Crowdcube: 25th April blog post

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18

I always feel referral incentives can have the wrong effect, often its just key users that have a platform to share/abuse - just look at the Tesla Roadster 2 fiasco. I’d rather see Freetrade invest in other advertising or look at reducing their fees even more - being the best and cheapest in the market would be a great way to grow!

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19

what are the benefits of Alpha?

20

It is a subscription plan that used to be in the pricing schedule but has been removed recently (possibly due to Freetrade making substantial changes to it).

Originally it cost £10 per month, giving free unlimited instant transactions for the US shares and 50p for the UK shares. It also covered the cost of an ISA and free same day withdrawals.

21

Thanks,

I knew it covered the cost of an ISA but didn’t know anything else. I assumed it had more to it otherwise 1 month Alpha wouldn’t be much good to anyone :slight_smile: