Just an update on selling my shares and closing my account.
Customer support responded to me and they have ‘allowed the system to bypass the minimum £2 requirement’ so I can sell the shares that are worth less than £2 on Monday. Perfect.
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Assuming someone wants to buy!
It took me months to ditch all of my shares in Seraphim.
This is so interesting as the response I got is slightly different. Apparently they are going to manually sell them for me but it might take a week. They asked me today to confirm my instruction which I did.
Same end result though 
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Almost sounds like you’re travelling back in time. 
You could place the sell order via physical mail or telephone.
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Maybe they’ll post a catalogue to me so I can see my options 
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Finally managed to sell everything, now time to close my account.
A lot of people selling up here, you all going T212? I assume you were all using GIA’s in Freetrade before, that a fair assumption?
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I was using a GIA to hold one singular share of Barclays. Sold it and am not really planning to invest again for a long time (though the £100 Nutmeg offer is interesting)
I’m with T212 since 2020.
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I wouldn’t have even considered Freetrade but I only did because of the free shares.
I’m not. Not a T212 fan. They’ll fit the bill and fulfil Freetrade’s niche though.
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How come?
I saw the email from them and just binned it, it was only you guys chatting about how bad they are, I only had the free shares but considering I didn’t do anything else with it, thought I might as well take it out.
£20.01 showing as available from 4pm #FreeMoney
Me neither. After years of investing I’ve come to the conclusion that (at least in my case) it’s worth paying a small platform fee to go with a traditional broker, especially if you mainly just hold and don’t trade often.
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TL;DR is CFDs. I think they’re rather predatory products, particularly in how T212 handle them (although technically above board), and I’ve fallen victim to their predatory nature at a low point in my life many years ago. Folks have in the past claimed it’s the money they make from this product that offsets the invest platform, but I’ve not personally assessed the validity of those claims.
I won’t endorse a company that offers them, especially to consumers. It’s the one product that should never be made accessible to everyone in my view. They’re too dangerous. They’re illegal in the US for a reason, and really ought to be here too.
I’ll leave it at that though. It’s a circular discussion that’s cropped up from time to time on here, and I don’t wish to rehash it.
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From a functionality perspective may also be worth noting T212 does not support in-specie ISA transfers (either in or out). So transfers can only performed in cash. For me, this is a big turn-off from any investment platform.
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Well I’ve withdrawn all of my cash from Freetrade. I will say customer support has been pretty damn good but not enough to make me want to stay.
I imagine their withdrawal stats look similar to SVB and Credit Suisse…
This guys probably said it all
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I think the people leaving are the people they expected to leave with this change.
I’m paying for a SIPP and ISA and the first price change reduced my monthly subscriptions and this one doesn’t impact me if I switch to the annual sub. They seem to be targeting the lower tiers to try and shed some weight?
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Yes they probably modelled something like half their clients leaving and they’d still come out ahead by putting in a monthly fee. It’s a shame they have had to do this but it is still relatively cheap compared to most other options.
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