I invested in both of the last two crowdfunding rounds. I am unhappy for a few reasons and I’m interested to know if other investors feel the same. In summary my points are as follows:
App development too slow
Social strategy not influencer/creative content focused enough.
I use freetrade regularly as a customer. My concerns are as follows
New Stocks Why is it taking so long to add the stocks and ETFs? I don’t understand why you are not scaling this rapidly and adding far more stocks and ETFs very fast. Its too slow.
App data doesnt update properly Why is the app so slow at updating asset prices and purchases? The app doesn’t update the stock prices fast enough, it lags. In addition, It lags when you make purchases and its trying to calculate your new cost basis/ P/L. I’ve had occasions where I make a purchase and it incorrectly calculates my P/L on that asset because it hasnt correctly updated the cost basis for the shares. I’ve also had numerous situations where ive purchased shares and it does not show up in my activity log or on the share page for ages. Also bugs with trying to buy a share in Google for three days straight and it not processing.
This is simply not good enough if you want to compete!!!
Security - right now there you don’t log in with a username and password, you use a link in your email. This means if someones email is compromised they can lose access to their freetrade. No option for 2 factor authentication and you expect people to deposit tens of thousands of pounds?! not good enough. I cant even update my email address or address without contacting support?!
Stock Info Its taking FAR too long to make the graph functions better and add more information on the stock pages.
Commission free trading is spreading like wildfire and at this rate you will simply become a feature on other peoples more complete apps, like Revolut and robinhood, if not others. It’s going to be just like when instagram stories started and snapchat got smashed.
The USP of freetrade needs to be that you have created a massive social community.
- you need to hire influencers to make stock market content on youtube, or partner with stock market commentator youtube accounts.
- You have about 2400 followers on instagram, ive seen people with 100k followers that post business/investing Memes. Seems pretty obvious to me that if you want mass exposure you need to make or sponsor viral content/accounts.
- Discord/skype/facebook chat groups where people can discuss stocks.
- Blog posts on investing need to be increased
60k users might seem great now but with no fees on trading these guys need hundreds of thousands of users to create any meaningful revenue relative to their skyrocketing costs.
They need to roll out revenue generating features like cryptotrading, options or CFDs etc and the speed that they bring out features gives me no confidence at all.
Anyway just some general thoughts interested if anyone has feedback,