I am quite angry on how Freetrade is lying about zero-fee investing but actually charges me x times more then my current Brooker.
I trade mostly US stock.
Freetrade investing £1000 in US stock:
- I pay 1£ fee to buy (my choice I get this)
- I pay 0.45% for FX exchange
- I pay 1£ to sell
- I pay another 0.45% for FX exchange
Total: 1+4.50+1+4.50 = £11 for buy + sell
Platform I am using now (I can post name at any time if anyone is interested but do not want to advertise here as this post is not about promoting different platform)
- I pay 0.50£ fee to buy
- I pay 0.1% for FX exchange
- I pay 0.50£ to sell
- I pay another 0.1% for FX exchange
Total: 0.50+1+0.50+1 = £3 for buy + sell
This makes a difference of £8 pounds lost on Freetrade compared to my current Brooker. I think if Freetrade cases about their users and want best for their community they should at least think about doing things better then other companies which they compete with.
Another pretty bad example is that I was buying 2 Amazon stocks and set price limit and Freetrade App confirmed in summary that I will buy 2 for my set price. At the end it it bought just one and so I had to spent another £1 on another transaction because it did not buy 2 at the first place. Can they at least fail whole transaction if they are not able to buy as manny as confirmation screen displays!!!
I started moving my whole portfolio from my current broker to Freetrade but at this point it does not make sense because I would just loose lots of money on hidden freetrade fees.