And Rob will be the man to do it
I would like to see Freetrade win this war with its speedy execution. Execution is everything!
Look forward to having something to do a proper comparison with.
I donât want to sound anti Revolut because Iâve never used it so I have zero experience of the company but I would like to make an observation, my opinion.
They appear to be a company that looks around and says âOh theyâre doing banking, letâs do that, oh look theyâre doing free share dealing, letâs do that, etc.â
Now I could be wrong and they could have a whole roadmap with all this stuff in the pipeline.
Thatâs the impression I get too.
But equally I think it is incorrect to compare ourselves against Revolut, surely our competitors are the established brokers- if Revolut and Freetrade can provide a better experience then good luck to all parties.
Itâs like when people compare Monzo to Starling, no even Monzo say their competitors are HSBC, Lloyds, Barclays etc. not Starling.
All I can recommend on this front is to try Revolut as a product out for yourself. Itâs the best way to understand what theyâre doing.
On the point of they seem to want to do everything, I donât see whatâs different from Monzo wanting to be one âfinancial control centreâ and Revolut. Itâs just that atm Revolut are ahead but sooner or later Monzo will have their Marketplace & iâd be interested if Monzo receive similar comments. (Not sure if this is worded as succinctly as Iâd like but Iâm watching the England friendly )
I agree the big broker are the main competition, However itâs hard to see Revolut as a non-competitor when it blatantly tries to steal our thunder as EUâs Robinhood before our share certificates have even arrived yet
I think the difference is that Monzoâs focused on building a banking solution e.g. a service that enables you to manage all of your finances in one place & thatâs it. Stockbroking deserves as much focus as any other financial product in my opinion so Iâm willing to bet that you wonât see Monzo or Starling offering a stock trading service in their apps.
They may offer access to third party services through their marketplace but in that case theyâd be integrating with a dedicated provider like Freetrade. Focus is good if you want to deliver the best in class solution for any category.
Of course if you raise as much money as Revolut has, it must be tempting to go after everything but thereâs a danger that, that will limit their product. Weâll have to wait & see.
I think most on here would be as vocal on all even Freetrade ( sorry guys )
True, they do seem to be thunder stealing - maybe itâs a âmust get to market first, even when not readyâ attitude.
But you are correct I should look into them soon, give a balanced opinion.
Yes. Just want to add a proper marketplace has more than one company for a given function e.g. multiple Cash ISA providers
This
Weâre 100% focused on building the best stockbroker in the world, the best investment experience for our customers without compromises. Strangely, it doesnât seem anyone else is doing this, anywhere, including Robinhood.
Keep that your focus and people will flock, and why wouldnât they? Itâs not just about the money (to be saved and made) itâs about working together, instead of feeding off people we create a synergy.
Blimey i need to find a tree to hug quick!
I agree with your post in large parts. Iâm just not so sure this is a universal winning formula. I donât necessarily agree that by branching out through partnerships to provide a product that focus is necessarily lost.
1 reason why they wouldnât: suppose youâre already 1 of Revolutâs 2 million customers. Would you buy Facebook through an app youâre already using, or would you go through the effort to find out whether you like Freetrade, download it, go through KYC again, and then buy Facebook through Freetrade? Genuine question I had today.
I used to be HL then I moved to AJ Bell because of reasons (canât remember them all now haha) but I also open up Lloydâs Bank share dealing because their regular saver is the best I have seen so far.
I personally believe people will move to Freetrade, not all of course, and some may not move their money but use Freetrade as yet another broker (risk spreading etc.)
But eventually ⊠they will all belong to Freetrade! (joking on this last bit ⊠or am I?)
I personally feel that the discerning and financially literate will definitely gravitate to Freetrade, excluding those who want margin trading & a lot of the 2 million Revolut have as an installed user base.
However, the competition is on for the average customer.
Depends on a few things. Trust is big, so if you have a bad experience with their other services then you might think twice about extra services. Also depends are you intentionally investing or just dabbling and buying a few shares in some companies you like.