Is there a way (that I am currently unaware of) to make standing order to buy shares into a particular ETF or stock. For instance let’s say I want to £100 of an ETF (Assuming that the price of the ETF is below £100) the first day of each month, is there a way to do this automatically without lifting a finger. Whether it be that the funds used to buy the ETF are taken from my bank account or through cash in the freetrade app.
In the case that this feature hasn’t been implemented yet, do you think this will be good idea and when you think this feature could be operational, it’d certainly help those using a cost-averaging strategy. I assume that the way to do it currently is to create a standing order through my bank and then buy the shares in app manually.
I think these are called recurring trades which are different to limit orders (which are buying at certain price parameters rather than on a date parameter)
HL has a regular savings feature where you can set up a monthly direct debit and set it to buy shares every month. I actually used to use this because it was the cheapest way to buy shares on HL, commission was 1% with a minimum of £1 and max of £10 I think rather than the usual £11 or whatever
I think something similar (but even cheaper ) would be a good addition
) would be a good addition