I just purchased my first US stock! Currently I can see the value and avg price per share as GBP. However, it would be clearer to include the same data for USD also. I find myself looking at the US stock price and unable to gauge the point of purchase.
Anyone else feel the same?
@ashreid23. The more quality feedback we as users provide the better the product will hopefully get.
Also mentioned here:
Maybe it may make sense to change the topic to Ideas and add more info to the title, so that the FX thing is highlighted there. @anon810895 should have a clue what to do.
Being in the UK my profile is all in GBP. When browsing options on the NYSE, all stocks are quoted in USD.
Throughout the app there’s an inconsistency between the cost for me to purchase stocks in US listed companies, which is always quoted in dollars, and the cost I paid for stocks, which is always provided in pounds for either the single share or the bundle of shares collectivly. Ideally, It’d be good to have the price paid in both dollars and pounds, with the exchange fee broken out, and whe…
I bought 1 share of Disney at $139.27 (see screenshots) on a basic trade (4pm execution, no fee). Disney is currently $134.16 so I’m down $5.11.
Freetrade converted that $139.27 to £108.23 at the time of the trade (see screenshots). Freetrade tells me the current value of my share is £101.44, and that I’m down £6.79.
So I’m down $5.11 (share price at purchase - current share price in $) but freetrade says I’m down £6.79.
The only way I can see this happening is the GBPUSD exchange rate moving…
Hopefully it’s being worked on.
I’m guessing that you know this Mike but for the benefit of new users, we currently use a conversion rate, for changing GBP to USD & vice versa, of the spot rate + 0.45%. This is transparently displayed on the
pricing page on our website.
I commented in
another thread that the exchange rate and the 0.45% fee should be separate line items to make it clear what is being charged.
I recently came across the EU Cross Border Payments Regulation which will come into force soon. It requires disclosure of the currency conversion fee as a percentage. Even if it does not apply to Freetrade, it will establish expectations in its customers that the fee is clearly disclosed.