Would you be able to point me to where I could read about the reasoning?
I can purchase if they are over your limit
Also thanks for the warning. Being that you were there previously could you help explain what the problems could be?
Surely they’re worth less now given how many people are leaving because Freetrade are trying to carve out a revenue stream?
I don’t want to cross the line to far about taking about competitors. However the main points of concerns are their terms around where funds are or can be held (they may not hold them in the U.K.) and what companies do or could hold assets in your name. Namely they specify that they may hold assets directly rather than through a nominee account or third party custodian putting assets at increased risk.
I found these terms too risky for my liking to hold any significant amount with them.
Now to be clear they aren’t doing anything wrong as far as I can see, there’s nothing necessarily wrong with those terms, however you need to read them and accept the potentially higher level of risk involved in using them compared to other brokers.
Basically read the terms, I’d say the same for any broker including Freetrade.
To add to the above:
Recent mismanagement of stock splits (Apple and Tesla) causing the clients to lose money.
Recent technical issues during market volatility with little comms from the company.
There are recent threads available for anyone looking
With regards to Plus
For anyone interested, the Plus offering has been extensively discussed by the community. You can check out the following thread. Interview with FT’s CEO should be also available soon with feedback from the company
Nice to see the Trading212 trolls are worried about Freetrade’s upcoming Series B
Because all the “I’ll sell you my imaginary shares for cheap” posts worked really well on the last fundraise…
I thought the same thing tbf, the account was only created 6mins before their first post.
On the other hand, I think that this forum should be a safespace for everyone to share opinions & thoughts for and against Freetrade (as long as it’s constructive) so I won’t point the finger but I do find it suspicious
There has been some critical (but fair) first posts lately from genuine users which I fully encourage…this just wasn’t one of them.
Sidenote: Just given your IG a follow, keep up the good work
Not sure they have time for this considering a complete chaos on their forum at the moment
@Mr_Shote I was actually thinking of doing the opposite. I wanna move my Shares to Freetrade.
Currently at the moment I don’t think I can afford £10 a Month, but I trust Freetrade more than Trading 212
They also discussed at length in the Zoom meeting if that’s around. Basically they wanted it to be clear criteria rather than “ftse 350 plus legacy ones you already owned etc”, which would vary for everyone and be hard to code for.
Also agree that this discussion went on for weeks on this forum, to the point we were all very bored with it
Ok you piqued my interest
It is indeed carnage, they have upped the margin requirements on all their CFDs and forced liquidations on their crypto CFDs after bitcoin sold off. Costing their customers thousands.
In addition there are people complaining about the spread being unusually high.
Oh and also the constant outages lately…
If anyone on this thread is genuinely thinking of moving their funds over there, I suggest you go have a quick read on their forum before deciding.
Haha i too just checked out their forum. Rather pay a clearly stated monthly fee any day!
Freetrade forum doesn’t want to pay a monthly, T212 forum does… whatever next
I may be looking at it from a personal stance, but it just seemed disingenuous almost like its a freemium game. I think this is what got me. @szb as helped point out that there was fair warning. I just felt Freetrade was different and this was the first time I felt like the clients didn’t matter in the decision.
Different in what sense?
Clients actually helped shape this decision (in part) which to be honest I’m not sure if we would have seen from other brokers.
So I’m an investor in FT (R5 and 6) but also hold portfolios in FT and T212. I don’t see a problem with that. T212 gives me better information on stocks and a wider choice.
The claims you make about t212 re bait and switch are nonsense - if you use the app (I don’t use the web version which may differ) you don’t even see the CFD section let alone have it pushed on you. Yes, shares are lent out but income has to be derived from somewhere. Funds are held in Barclays in the UK.
That is about the CFDs there has been no impact on the investment side of things. The CFD side of things is an absolute shit show on both sides - T212 and customers not understanding what they are investing in.
I just felt a solution would have been that if you are in these stocks before the announcement then they have to let you keep going as normal till you sell it all. It just makes me wonder what else will be taken away later?