Freetrade: Free Share Trading


(Is Santa here yet?) #581

:disappointed:

It was mistyped rather than left off :see_no_evil:


#582

It will attract a reprimand but Revolut won’t care.

Sh!tposting works, introducing doubt into the minds of prospective users.

How else has Trump shill Jacob Wohl made a (despicable) career out of his hipster cafe lies? image

Excellent comeback by the Freetrade CEO.


#583

I was in a hipster cafe in London this morning and a group of people were talking about how Revolut’s company culture and ethics are rotten to the core, how Nikolay reminds them of an unfunny version of Gru from Despicable Me (chad and co are the minions) and how they hope the company crashes and burns so the world isn’t subjected to another morally bankrupt tech monster.

These hipster kids say the darnedest things! :grinning:


#584

Freetrade is 100% going to replace my HL account! Self promoting here but please use my referral link!


(Sendu Bala) #585

I just got access, but am waiting for their ISA offering. I’m currently with Charles Stanley, who have these fees:

https://www.charles-stanley-direct.co.uk/Registration/RatesAndCharges

vs Freetrade’s fees:

Can someone double-check my understanding of things, assuming an ISA with the max of £20,000 in it?

I think that with Charles Stanley you’d pay up to £70 annually for having the account with this much money in it on day 1. If you held a UK-listed fund and transferred money with BACS, you’d have no other costs other than the fund fees, which are fund-specific. I’m currently investing in “Fidelity Index US P Inc”, which tracks the S&P 500 but it’s managed in the UK, which has no initial charge and an OFC of 0.06%. This means another £12 per year.
Total = £82

With Freetrade, you’d pay exactly £36 annually for having the account, regardless how much money. If you held a UK-listed fund and transferred money with BACS (and didn’t need same-day for anything), you’d have no other costs other than the fund fees, which are fund-specific. Using the Freetrade app, I can’t seem to find something similar to the Fidelity fund. I can find S&P 500 ETFs, but eg. Vanguard’s has a base currency of USD, and “Income will be distributed as cash”. I don’t know if this means you end up paying the FX charges? And if you get cash back, do you just manually reinvest it in to more of the ETF? It’s OFC is 0.07%, so another £14.
Total = £50 + £FX??

Am I missing any other subtleties?


(Is Santa here yet?) #586

There’s a FX fee of interbank rate + 0.5%. Income distributed as cash means you’ll receive the dividend instead of it being reinvested in the fund. You can then reinvest it yourself but there have been discussions on the Freetrade community forum https://community.freetrade.io about this being automatic in the future


(Sendu Bala) #587

How would you go about judging how much you’d “spend” thanks to the FX fees, over the course of a year, assuming a minimum of 12 monthly payments of £20k/12, maybe another 12 payments of ?? for the reinvestments, plus would you also pay FX fees on receiving the income? How would you ball-park that to get a comparison to a fund with a GBP base currency?

Or would you just say “only invest with GBP base currency”, in which case I think Freetrade has nothing as good as the Fidelity fund?


(Is Santa here yet?) #588

Freetrade currently do not have any US stocks, those are launching soon. Everything currently in app is GBP. Not sure what will happen with US ETFs as they don’t comply with European legislation. Full information will be blogged when they’re released.
You’d be far better asking on the Freetrade forum tbh as staff there may give an indication on their plans in relation to dividend payments


(Rob) #589

The S&P ETF’s are listed on the London Stock Exchange so there are no FX charges on the dividends received via Freetrade. Other broker’s do charge for dividend reinvestment, it can be 1-2% of the dividend from memory, (although I can’t see that on the Charles Stanley price list)

The max that can go in the ISA is £20k per tax year, so if you added £20k before 6th April 2019, then you could add up to another £20k on the 7th April 2019 if you had extra funds…


#590

Wanna save some dollar? Tax free investing with a Stocks & Shares ISA is great! What else? No monthly free until April (2019)! Get it sorted right now…


#591

Has anyone looked at the actual cost difference between say the vanguard ftse all world with vanguard compared to Freetrade ?


(Is Santa here yet?) #592

Should be the same cost but no fees with Freetrade and fees everywhere else


#593

How about ISA transfers?

If they support them, do they support partial transfers?


#594

I wouldn’t have thought so to either, at least not yet!


(Is Santa here yet?) #595

Nope, not yet.


#596

Well, there’s a £3 a month account fee with Freetrade to have an investment ISA for example. Plus any ongoing fund change by the fund.

It will be cheaper on free trade in the long run once you hit a certain threshold as their fees are flat rather than a percentage with a cap.


(Is Santa here yet?) #597

Oh sorry, I was talking about in general, not the ISA as you don’t need to ISA to invest in it. Yes there’s that monthly charge, fees are included in the buying price

This thread might be of use


(Is Santa here yet?) #598

:eyes:

Waiting list time


#599

It’s a very nice looking app.


(Joshua Fernandes) #600

So I work at Revolut (and loving it)…do I have permission to speak? (Wouldn’t want to be grassed so checking first)