Experiences of Freetrade?

safe_hands2

I started an ISA with InvestEngine a year ago for tucking away spare money, separate from my pension savings. While I like the offering from them, ease of using the app and obviously the low cost of investing, I can't shake off an uneasy feeling about their reliability. For example, they pulled their new Life plan managed portfolios around the time I started investing saying they were making improvements, and a year later they haven't reappeared. When they are asked about them, they just give a bland "we're working on them" response. So I'm unsure about continuing to add money.

I'm looking for a platform that is cheap, no cost for buying funds, ideally with mutual funds available, don't mind app only and is reliable and trustworthy. Freetrade looks like a good option given their recent fee structure changes. Would I be jumping from one platform giving me an uneasy feeling to another? I know they're owned by IG - I've heard of them but don't know much about them. Does this make them a safer prospect?

wmb194

https://forums.moneysavingexpert.com/discussion/6659774/experiences-of-freetrade

It’s fine and it’s regularly improving its offering. Being bought by IG makes it better: IG’s a long established, profitable company that’s diversifying more in to traditional stockbroking. It’s listed on the LSE, ticker IGG. IG Invest is another one to look at but it doesn’t offer gilts or OEICs (mutual fund is an American term).

The only thing to note is that on the free tier customer service is slower to respond to your enquires.

https://www.londonstockexchange.com/stock/IGG/ig-group-holdings-plc/company-page

PixelPound

Also checkout LightYear. They've just reduced their FX fee to 0.10% to be competitive with Trading 212.

Are you buying ETF's, shares, both? Bear in mind some allow fractional shares others don't or have limitations (e.g. if you invest £100 into something that has a share price of £40, if no fractional shares it buys 2 leaving £20 in cash uninvested, if allow fractional it will buy 2.5 shares and leave nothing (or very little) uninvested.

AltruisticPie1544

Why mutual funds and not ETFs? I'd personally go with Trading 212 or Lightyear.

With Freetrade you should be aware that they only offer fractional shares for US stocks, and if you are buying and selling stocks in non GBP currencies their FX fees are really high, especially on the basic free plan where its 0.99%. Also their customer service is quite slow.

Lightyear have just reduced their fees and are now the most competitive on the market in terms of pricing. Their app is pretty good too, simple interface and easy to use with a lot of nice features.

If you want a broker that has been around longer and is profitable, then Trading 212 is the one to consider.

Why don't you sign up for all of them, give them a try and see which one you like best. It won't cost you anything to make an account, and there are frequently offers where you can get a free share if you sign up via a referral link.

InvesterJones

I can see the appeal, especially for mutual funds (great for active and MMF).. however is there a way to see what funds they offer without creating an account?

safe_hands2

https://forums.moneysavingexpert.com/discussion/comment/81923575#Comment_81923575

Thank you, that's useful information to know. Customer service isn't great with IE either. I'd want better with my pension, but this is just something simple to make some spare cash work for the long term.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81923840#Comment_81923840

For Freetrade? Don't think so, its webpage says, "login to see funds."

There are an awful lot more of them today than there were six months ago.

safe_hands2

https://forums.moneysavingexpert.com/discussion/comment/81923699#Comment_81923699

I understand OEICs more so they would be my preference. I've used ETFs with IE as that's all they offer.

Dodl are another option as it's AJ Bell, but their choice of funds is very small. No global bond index for example.

hara____

There's a fund list here (the link is originally from the Freetrade site but I can't find the relevant page now): https://docs.google.com/spreadsheets/d/e/2PACX-1vRcxbl7m5vLJE1Tnf80d_T-d3_QQvhm3rGo7Z7jotZfbfsc4TCNgwQCIttQXOQAm9WzmMP0pIC-BuUP/pubhtml?gid=0&single=true

oddcueball52

Freetrade been fine for me so far with the basic plan, the customer service team did take their time to come back to me about my SIPP transfer progress query.

https://forums.moneysavingexpert.com/discussion/comment/81924470#Comment_81924470

It is on this page What are funds? | Mutual funds explained under "You don’t appear to have all the funds I hold at my current provider, can I still transfer into Freetrade?" which goes to the same link you have posted.

InvesterJones

Gilts too.. I'm tempted now :p