We'll start testing incentivised referrals (free shares!) within weeks 👯

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Why yes, this is very close to happening now. :fire:

We’ll start testing incentivised referrals within weeks. Both you and your referred friend will receive a free share!

Here’s how it’s going to look like:

  • You’ll get a referral pass dropped in your app. :tickets:
  • You refer a friend, and as soon as they top up, you both get a free share from Freetrade. :dancing_women:
  • The stocks will be randomly selected from a list of companies whose stock price’s up to £200.
  • You can get both UK and US stocks.
  • The stock will drop into your General Investment Account. We can’t put it in your ISA.
  • Your referred friend needs to be active, i.e. they have funded their account, for you both to get a free share.

Who can take part during the test phase:

  • As a thank you to the people that helped us get to where we are, the free shares testing will be available to crowdfunding investors only. :pray: Investors from any previous round as well as the upcoming June round will be in the test group.
  • As a sender, you need to have funded and made at least one investment in your GIA or ISA account.
  • At first, we can do iOS only (I know, I know), but we are working to catch up on Android already. The recipient can be an iOS or Android user, both will work.
  • You can send referral passes to as many friends and family as you want! There’s no limit on how many you can give away.
  • However, we will manually replenish your passes. We might do it in bulk on certain days. We’ll see how we can most efficiently manage the process.

What you can do today:

  • Give us feedback! We think the right incentive should show why the product is unique and is a great experience to use. We were discussing free instant trades, Alpha subscription in the future, etc. We might test various incentives, but this is what we felt strongest about.
  • If you are a crowdfunding investor, tell your friends. You might want to line them up, so you all benefit from this referral program and help us learn, iterate, and grow! :balloon:
55 Likes

Plan looks good, not what I was expecting! :slight_smile:

Is there a minimum funding amount here?

Also, how long will the incentive plan run for?

3 Likes

Brilliant plan! Looking forward to it; should drive some significant growth I’d imagine.

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£1 as usual!

We’ll be testing it, and we’ll see how it goes. At first, we want to learn as much as possible about it and optimise the mechanics of it. We’d like to expand it as soon as we have certainty it works well and the community likes it. :slight_smile:

7 Likes

awesome job
i look forward to it going out on android

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For Android users, is there any chance we could get the referral code to use, and then the free stock is sorted out at a later date?

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Thats awesome news!

Just 2 questions from me:

  1. Will both people, the referrer and the referred, get the same share?
  2. Is there an equal random chance of getting a £3 stock to a £80 stock, or are you less likely to get a more valuable stock?
4 Likes

Nice plan. Free instant trades etc are good but I think there’s something really special about the prospect of getting a free stock for both sender and recipient. Free gift and a surprise! :gift:

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How did you decide on a stock between £3 to £80?
Will both parties get the same stock? Or will one get a £3 one while the other gets a £20 one?

If you are manually replenishing the passes, then does that mean each pass has a usage limit?
Are there any limits to how many people you can refer with a incentive?

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Android users left behind again :sob:

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Great to see this finally happening @Viktor! Is any of this applicable to previous referrals? I think I had 85 whilst on the original waitlist, so I’m running low on people to send invitations to :joy:

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I know this may sound stupid but will you be able to sell this stock? As its only available for a basic account could I sell and transfer the funds to my ISA account?

Just to be that guy… What are the terms and conditions of the free stock? Are there any nasty gotchas ala Trading212?

What were the ‘nasty gotchas ala Trading212’?

See the above bullet points.

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Yes, you will be able to do that.

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‘Clawing’ back the current value of the stock if you hadn’t logged on for 3 months. A clause buried away in the T&C.

Not that I’m accusing freetrade of such a thing. But clarity is best for everyone

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We don’t plan to do anything like that - and burying things in a T&C is definitely not how we communicate.

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Thanks Viktor, I didn’t think you would. For the record, those sort of transparency issues are the reason I’ve gone with freetrade over trading212.

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@Viktor, could you please provide a feedback on above suggestion by @Gaz92

1 Like