Freetrade: Free Share Trading


#784

There’s a big thread about it over on the Freetrade forum

The team actually put the decision to use descriptions like that to a vote


#785

Android soon


(#savetheseabass) #786

Roadmap and it’s on Notion. Such a fan of notion, it’s clean and very user and reader friendly


(Stefano) #787

This morning I was surprisingly put at the top of the queue (I had 60K+ people ahead of me last time I checked) so I opened my account with delight!

I was just wondering, I opened a Stock & Shares ISA with Plum in the current tax year, am I correct in thinking I can’t open an Investment ISA with Freetrade until the new tax year starts? The naming difference is confusing me but I want to be extra safe here hehe.


(Kenny Grant) #788

Yes, that’s right. Only opening/adding money to one of each type of ISA per year is allowed. You could open one cash and one S&S ISA, but not two S&S ISAs in the same year.

You can have several S&S ISAs if you kept older ones (like the Plum one), but you must only contribute to one ISA of each type in each tax year.

You can go ahead and open the GIA account on freetrade to try it out though, then convert it to an ISA in April. I’m currently waiting till April for this reason.


(Stefano) #789

That’s what I suspected. Thank you for the super clear answer! Always useful to be reminded of all the rules :blush:


(Paul) #790

I just got notified of a dividend payment. Woop! Admittedly it was £0.04 but hey who’s complaining :ok_hand:t4:


(#savetheseabass) #791

You can buy 1 Debenhams share with that


(Paul) #792

:joy: consider it done :white_check_mark:


#793

This is new information. I had a few pence in my Freetrade account, so just blew it on 4 Debenhams shares!

Serious point: it’d be cool to search by share price in the app.


(#savetheseabass) #794

Yeah it’s been requested. You can vote for it on their forum and it’s in the next up section of the roadmap.

Only thing about Debenhams is they’re in deep trouble so ‘only invest what you’re willing to lose’ has rarely been more appropriate


(Paul) #795

I’d sell :joy:


(Shreyas Zanpure) #796

I have noticed that FreeTrade do not seem to allow fractional shares. I bought 2 Tesla shares ($320 each), which should have cost $640. However I wanted to use up the entire balance of $650. I was expecting to see fractional shares (2.00x). However I still got 2 shares, but each were bought at $324 instead! Also they say $1 fee for instant buy, but ended up charging £1? The prices do not seem to be live, but delayed quotes like MarketWatch. Anyone else experienced this?


(#savetheseabass) #797

Prices are advisory mainly especially for stocks which are traded a lot. Fractional shares are on the roadmap but not available quite yet. Have seen the instant trade price in $, just gdp


(Nick) #798

I think you’re mistaken. On their pricing information page they quite clearly quote £1 as the charge for instant trades.

(If you genuinely have seen it quoted as $1 elsewhere or in their app, may be worth screenshotting and reporting it to them so they can fix it.)


(Stefano) #799

I was also looking forward to fractional shares but I learned yesterday via their customer service that they’re not available until ‘later this year’. I was quite disappointed especially considering that these are advertised front and centre on their home page with no disclaimer whatsoever saying they’re not available yet.


(Shreyas Zanpure) #800

It’s not just that. If a share price is $320, and I am giving them $650, without fractional shares, they should charge be $640, and leave $10 in balance, not buying 2 shares at $325 and tell me “hey the prices fluctuate all the time, tough shit!”


(Mike) #801

Because you gave FT authorisation to spend up to $650 that is what they did. You were unlucky that the share price changed from 320 to 324 as you made your trade, but FT did what you asked them to by the sound of it.


(Tony, Secret Lemonade Drinker) #802

I hardly think they tell you that.

You specify the limit of the amount you wish to invest, so if the share price fluctuated and 2 shares cost $652 ($326 ea) then you’d only buy the one.

Edit: as @Mike_H says.


(Shreyas Zanpure) #803

I use TradingView Pro and I can see the real time price. It was not 324. I strongly suspect they took all the money I gave them, divided it by a round number (2 in this case), and bought it at that price. However I did not know that they do not offer fractional shares, so I made the folly of assuming that the app would be clever enough to buy me just over 2 shares. Had I know that they do not offer fractional shares, I would have specified $640 as amount to spend.