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!
@rebeccaty Super important, agreed!
Look forward to having something to do a proper comparison with.
I don’t want to sound anti Revolut because I’ve 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 “Oh they’re doing banking, let’s do that, oh look they’re doing free share dealing, let’s do that, etc.”
Now I could be wrong and they could have a whole roadmap with all this stuff in the pipeline.
That’s 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.
It’s 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. It’s the best way to understand what they’re doing.
On the point of they seem to want to do everything, I don’t see what’s different from Monzo wanting to be one “financial control centre” and Revolut. It’s just that atm Revolut are ahead but sooner or later Monzo will have their Marketplace & i’d be interested if Monzo receive similar comments. (Not sure if this is worded as succinctly as I’d like but I’m watching the England friendly ️)
I agree the big broker are the main competition, However it’s hard to see Revolut as a non-competitor when it blatantly tries to steal our thunder as EU’s Robinhood before our share certificates have even arrived yet
I think the difference is that Monzo’s focused on building a banking solution e.g. a service that enables you to manage all of your finances in one place & that’s it. Stockbroking deserves as much focus as any other financial product in my opinion so I’m willing to bet that you won’t 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 they’d 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 there’s a danger that, that will limit their product. We’ll 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 it’s a “must get to market first, even when not ready” 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
We’re 100% focused on building the best stockbroker in the world, the best investment experience for our customers without compromises. Strangely, it doesn’t seem anyone else is doing this, anywhere, including Robinhood.
Keep that your focus and people will flock, and why wouldn’t they? It’s not just about the money (to be saved and made) it’s 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. I’m just not so sure this is a universal winning formula. I don’t necessarily agree that by branching out through partnerships to provide a product that focus is necessarily lost.
1 reason why they wouldn’t: suppose you’re already 1 of Revolut’s 2 million customers. Would you buy Facebook through an app you’re 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 (can’t remember them all now haha) but I also open up Lloyd’s 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.