In the past days, I have had a few orders rejected (one “sell” and two “buy”). This was unpleasant.
I know Freetrade aims to reduce the number of rejected orders to basically none in the end, but I think that there will always be a small percentage of rejected orders, especially for basic ones (all executed in the same time window, so if something goes slightly wrong around those times a lot of investors are going to see a rejection). So, why not make this process better?
We need to get a notification. Yes, it is unpleasant, and yes, we all love positive notifications. But it is easy to overlook rejection of an order when it is just in the activity feed (and maybe you were buying shares of a company you already have in the portfolio!) and only to realize later. A single notification, -bzzzzt- your order of Company Inc. was rejected - would fix this entirely.
We need a “reschedule” button. Order rejected? No problem: reschedule for tomorrow. From the activity feed, you click a button and you can choose to re-commit the same amount of cash (when available) to the same stock. This improves user experience a lot, and negates most of the “negative feelings” about rejected orders because you don’t have to do the whole process all over again.
As a bonus, this could be done in a different time window. Maybe rescheduled rejected orders can be placed every day at 2pm (or any other time) for free? Or maybe 8am? (market opening)
Moreover, developers could include a small (?) button in the reschedule window: why was my order rejected? Basically every user has no idea of this being a possibility, and it’s scary. This way they could click the (?) button, feel safe and happy again and reschedule in one (or two) taps.