Freetrade: Free Share Trading


(Tony, Secret Lemonade Drinker) #804

Honestly, if you have these complaints about Freetrade I think your best approach is to comment on the official Freetrade community forum, or contact Freetrade directly. That said, I doubt they would be keen to help if you’re going to make claims that they’re just making things up as they go along.


(Alex Sherwood) #805

This is incorrect, I’d suggest you contact our customer support team if you have concerns or questions about how our order execution works.


(Shreyas Zanpure) #806

TradingView Live price at 17:30 (5th Feb). Contract was executed at 17:29, and the price did not fluctuate much. However my contract states I was charged £499.52, out of which £1 was the fee. So each Tesla share cost me £249.26. The conversion rate presented to me on-screen was £1 = $1.30. So that makes the price for each share $324. Which is $5 extra per share. Can you explain what I am missing?


(Shreyas Zanpure) #807

Thanks. There are people here who have signed up for FreeTrade who might not be on the other forum. I will end up posting in both places. It’s a genuine query. I am not trolling. I am not a happy backslapper either. I don’t sit back and happily believe everything I am told.


(Alex Sherwood) #808

Yes, our support team would be happy to do that for you.


(Shreyas Zanpure) #809

Thanks for bouncing me around. I would rather not invest anymore with you, if all you are going to do is point me at customer support team. I have posted proof right here. There will eventually be more people asking similar questions and you will have to do better than FX + 0.45% spread answers.
I do not want to explain it again to Beth, Jack and Jill from your customer support with an average fake response time of 3 minutes.


(Tony, Secret Lemonade Drinker) #810

:eyes:


(Shreyas Zanpure) #811

By influencing if you mean misleading, then I would rather not make friends that way. Or maybe you are talking about beating around the bush instead of tackling the problem head on. If they want to sell a product and gain customers, they will have to answer such questions everywhere they pop up. Hiding behind “Call our customer support” will only work for so long.
But good attempt. It will earn you plenty of likes and an ego boost.


(Tony, Secret Lemonade Drinker) #812

Do you honestly expect a representative of Freetrade to get into the specifics of your situation on a public forum that isn’t even theirs?

I understand that you’re upset by this situation, but the only way you will get the answers you are after is by communicating directly with the Freetrade support team, an option you sneer at.


(Sam) #813

Then why not contact customer support then share their response with us - if you feel comfortable doing so?


(Shreyas Zanpure) #814

Take 2


(Sendu Bala) #815

Your lack of knowledge of how share trading works, and refusal to read or understand their clear explanation doesn’t make them liers.

They got you the best price they could, simple as that. In the future they hope they can get better rates, and things will be even cheaper.

Other than the optional instant trade fee, they didn’t charge you anything and got you the best possible deal at that time. This isn’t something to complain about.


(Tony, Secret Lemonade Drinker) #816

I should be working, but I’ve just looked on the Freetrade community forum and can see that you raised the exact same point there, and got a bunch of very detailed answers from Freetrade themselves.

I don’t understand, are you expecting to get different answers to the exact same questions on here?


(Shreyas Zanpure) #817

Looks like I am the only one who wants to be charged the live price and not an inflated price. I fail to see how “this is the best price we can give you” helps me as a customer. I can understand a bit of spread, but $5 per share is a lot. Let’s see what their customer support says.
And I have plenty of experience buying Indian stock markets where I get the price that’s live. The only thing I pay is the broker free, which is quite low with discount brokers like Upstox.
Here is my final say. If the culmination of all the “reasons” aka

  1. This is the best price we can give
  2. That was the price at that point in time (which is not true, as shown by screenshots above)
  3. We charge Fx + 0.45% spread, but we make no money from it.

is that I lose money on every transaction, then it’s not “Free” trade. I have said my piece. I will update if Free Trade CS comes back to me, but otherwise it seems I am the odd one out, and everyone else is super happy with them. I will take my leave.


(Shreyas Zanpure) #818

I started by posting here, but then ended up signing up on the FreeTrade.io forum to see if someone else had similar problems. The first post in that thread proves my point. But I am sure you will consider rest of the thread more valuable since that OP must be an idiot.


(Chris) #819

They’ll ban you if you start asking too many awkward questions… #justsaying


(Tony, Secret Lemonade Drinker) #820

#truefactsboi :man_shrugging:


(Sendu Bala) #821

It seems like you still didn’t read or understand that clear explanation:

The single stock price you see for a stock in the Freetrade app, on Google Finance or in the newspaper is generally not the price that you can actually buy or sell a stock at.
There’s always a spread: the difference between what someone is willing to buy a stock at (bid) and what they are willing to sell at (ask).

Lose money in comparison to what? You would have to demonstrate that you could actually have gotten those stocks at that time cheaper elsewhere to be able to consider it a loss.


(Shreyas Zanpure) #822

Mate, I posted the live price in the TradingView screenshot. The time window is set to 5 minutes. So each candle on that chart is 5 minutes. The size of the candle is so small, that the price hardly fluctuated in those 5 minutes. The live price is the price of the last sale. Yes, there is an order book and a trade book. Yes, there is a buy wall and a sell wall. And yes, there is a spread between them. But if the spread was 5 dollars at that point in time (319 last sale price and 324 was the next asking price), then the candle for next 5 minutes (at 17:35), would have spiked up. In any case, I have asked all the questions I want, and apart from “That was the price at the time, irrespective of what you say or do” is the answer I am going to get here or the on the FreeTrade forum.


(Shreyas Zanpure) #823

In any case, I apologise if I have posted incorrect info. I like the community and I learn a lot from it. End of the day it’s important that I continue to do so. My post was simply an attempt to ask a valid question (in my opinion). I did not mean to offend anyone. However, for the sake of balance, it’s important that the community see both sides of the coin, and not just happy comments singing praise about the any product. If there is a downside or something not matching expectations, then community members should be allowed to state it without receiving strong backlash. I was excitedly waiting for FreeTrade and when I made my first transaction I was underwhelmed to see the actual cost of transaction. Instead of spending 640 dollars, I spent 650, so I am already 10 dollars in loss. While selling if something similar happens where the shares are sold at a lower price than the actual live price, I am losing out there as well. And I understand that there is a small spread in any exchange, but I have yet to see a 5 dollar spread for a stock on any exchange that has high liquidity and volume (like Tesla). Once again I apologise.