Overall Freetrade can be summarised as a credible and trustworthy broker and is considered an average risk with competitive trading fees and spreads. Freetrade has an overall high trust score of 7 out of 10 and provides traders with their own mobile app.
Freetrade at a Glance
| ? Broker’s Name | Freetrade |
| ? Headquartered | London |
| ? Year Founded | 2018 |
| ⚖️ Regulating Authorities | FCA |
| ? Countries not accepted for trade | Freetrade ONLY accepts traders from United Kingdom, Germany, Sweden, Ireland, Netherlands, France. |
| ☪️ Islamic account (swap-free) | No |
| ? Demo Account | No |
| ? Institutional Accounts | Yes |
| ? Managed Accounts | No |
| ? Maximum Leverage | No leverage offered |
| ? Minimum Deposit | No minimum |
| ? Deposit Options | Apple Pay, Google Pay, Wire Transfer |
| ? Withdrawal Options | Apple Pay, Google Pay, Wire Transfer |
| ? Platform Types | Own mobile platform app. |
| ? OS Compatibility | Android, iPhone, iPad. |
| ? Tradable assets offered | stocks and ETFs |
| ?? Languages supported on Website | English |
| ? Customer Support Languages | English |
| ? Customer Service Hours | Between 6am and Midnight, Monday to Friday |
| ? Open an Account | ? Click Here |
Choose your short section of our Freetrade review below.
Freetrade Review – 21 key points quick overview:
Freetrade provides low-cost trading on shares and ETFs and has a lot to offer with its intuitive mobile app and stock investing from as little as £2.
Freetrade Overview
According to research in South Africa Freetrade is a user-friendly Fintech trading broker with commission-free stock trading, ideal for millennials looking to invest in the US and UK stock markets on an app.
Freetrade was established in 2016 after securing investment through Crowdcube. The brokerage was launched in the United Kingdom in 2018 and is headquartered in London. It is authorized and regulated by the Financial Conduct Authority (FCA).
Freetrade provides low-cost trading on shares and ETFs and has a lot to offer with its intuitive mobile app and stock investing from as little as £2.
The company aims to make owning stocks easy and affordable and today more than 300 000 users trade with them. Currently, their mobile investing services are predominantly available in the UK, but the broker has plans to expand much further into Europe.
The firm is a member of the London Stock Exchange and its regulation by the Financial Conduct Authority (FCA) – a highly reputable regulator – gives the broker a strong trust rating.
The broker offers its own bespoke trading platform, which was developed in-house and sports straightforward design features, perfect for new investors. The trading terminal is currently only available as a mobile app, downloadable free of charge to any iOS or Android device.
The platform’s intuitive dashboard is very user-friendly, but experienced traders may find the lack of comprehensive analysis tools disappointing in comparison with other desktop platforms.
Freetrade offers an Invest Hub with educational tools and a supporting YouTube channel, and a community forum with trading insights that can answer frequently asked questions.
Clients can benefit from an IPO calendar, a newsletter, and articles explaining a range of topics, from penny stocks and exchange rates to tips on finding the best stocks to purchase.
Freetrade offers commission-free trading on over 1 000 stocks and ETFs from the London Stock Exchange and the New York Stock Exchange, as well as the option for fractional share trading that gives traders the option to buy and sell part of a share that may otherwise not be affordable to them. Freetrade also offers basic orders which can be placed after the market has closed.
Freetrade users can look forward to increased investment trusts becoming available on the app which will allow them to invest in multiple assets and offers a lower-cost alternative to mutual funds. Freetrade already has more than 30 investment trusts available to buy and sell on the app.
Freetrade Safety and Security
One of the best benchmarks to measure the safety of a broker like Freetrade is to establish which regulating authorities are watchdogs over its actions.
Freetrade is a UK corporation and is as such licensed by the Financial Conduct Authority (FCA), which means the broker follows established regulatory practices.
Freetrade has taken several further and necessary steps to keep clients’ money safe. Freetrade segregates all client money, which means they are unable to use their traders’ money in any way. On top of this, the broker is part of the Financial Services Compensation Scheme in the UK which means that in the event of Freetrade becoming insolvent, investors with Freetrade do not have to worry, their money is protected up to the value of £85 000.
Freetrade also has a tight privacy policy, which helps keep client data secure when they are logged into their accounts. Traders only have one risk to worry about and that is the fact that their capital is at risk when participating in this kind of trading and there are no guarantees that they will get back their initial stake when day trading.
Freetrade Sign-up Bonus
Freetrade does not offer specific bonuses, also called a deposit bonus, with first-time signup.
At the time of writing, Freetrade does not offer any deals for new clients.
New traders who register a real account with a broker may receive a sign-up bonus, deposit, or welcome bonus.
Brokers usually offer this kind of bonus to new traders in an effort to draw more customers and encourage trading activities. Offering a deposit or welcome bonus gives traders some money back depending on the initial deposit made.
Even if a trader does not receive any deposit bonus, or any other bonuses or rewards, trading conditions are still attractive enough to encourage traders to register a real account.
Freetrade Minimum Deposit
Freetrade has no minimum deposit requirement, so an account can be opened with as little as GBP2.
This minimum deposit amount was equivalent to ZAR 40 at an average current exchange rate between the GBP and the South African Rand at the time of writing.
Freetrade’s authorization as a broker and its regulatory authorities may require that client funds must be kept in segregated accounts, separate from the broker account, and that such funds could only be used by traders to conduct their trading activities.
Freetrade Step by step guide to depositing the minimum amount
Traders can fund their accounts by sending the funds to one of the Freetrade segregated clients’ accounts from their own bank account or execute the option to deposit the minimum amount from their personal area after a live trading account was registered and approved.
Step 1 – Log in
Traders then log into their personal area, select the option for deposits, and follow the instructions to make a deposit into their trading account. Traders must make sure that they choose the correct deposit currency if a choice is available.
Step 2 –Make the deposit
Funds must be transferred in the same currency as the bank account to which they are sending it, to prevent currency conversion fees from being charged.
Freetrade Account Types
Freetrade offers four different types of accounts:
General Investment Account
This is a basic investing account for standard and fractional shares, along with ETFs.
Stocks and Shares ISA account
This is a tax-efficient investing account, with a £3 monthly fee and zero trading commissions.
Freetrade SIPP Account
This is a tax-efficient pension savings account with control over contributions, pension consolidations, and full account management, at a £9.99 monthly fee or £7.99 monthly fee for Freetrade Plus members.
Currently, accounts can only be opened in the UK and selected European countries. Investors must be older than 18 years and need to submit their NI number and bank account details for digital verification.
No minimum deposit is required to open an account.
Freetrade Account Features
Benefits of holding an account with Freetrade include dividends on stocks, fast withdrawals, built-in customer support via live chat, transfer/move ISAs from other accounts, simple and affordable stock trading through the free mobile app, FCA regulation with FSCS protection, and segregation of client funds and regular news and blog posts with upcoming app updates and features.
The broker does not provide an Islamic account or demo account to potential investors. With Freetrade fractional shares available for only £2 though, a demo account may not really be required.
Freetrade also does not offer leveraged trading, has limited analytics tools, and lacks web or desktop trading on top of its narrow range of trading products.
How to set up a Freetrade Account – Step by Step
Opening an Account with Freetrade is a relatively simple process, which will consist of the following steps:
Step 1 – Open Your Account
- Download the Freetrade app and choose the plan you need. You can open a GIA. as part of all the plans.
Step 2 – Fund your account
- Fund your general. investment account.
- Find the stocks you want and. start investing.
Freetrade does not offer new or current traders the option to open a demo account for practice trading.
Freetrade Islamic Account
Freetrade does not offer traders who follow the Sharia law the option of an Islamic Account.
Often an Islamic account is provided as an option where traders can convert their live trading account to an Islamic Account, or in other cases, it is a standalone account with a separate application procedure.
Freetrade Trading platforms
The forex trading platform provided by Freetrade to its clients is in essence the software to carry out their trades. Some brokers provide only one, and others quite a few platforms.
A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.
Freetrade provides its own bespoke trading platform, which was developed in-house with straightforward design features, perfect for new investors. The trading terminal is only available for mobile devices. The platform’s dashboard is intuitive and user-friendly, but experienced traders may be disappointed by the lack of comprehensive analysis tools characteristic of desktop trading solutions.
App features include a basic charting package, interactive stock universe, easy-to-follow share valuations, two-step authentication at login, instant access to share prices and market data, and enhanced search functionality by category, industry, asset class, or popularity.
The Freetrade app is designed to make investing as easy as possible, and a trader can be up and running in moments.
Freetrade Fees and Spreads
At Freetrade, you can trade only stocks and ETFs, and both can be traded for free. Fees spread, and commissions that traders can expect are usually listed on the company’s spread list.
In the case of stock investing, the most important fees are commissions.
At Freetrade, you can trade stocks and ETFs free of charge.
There are no account, inactivity, or withdrawal fees.
There is no account fee if you choose the basic account.
If you choose Freetrade Plus, which provides more stocks, limited options, and priority customer service, there is a £9.99 monthly fee.
Freetrade Deposit and withdrawal
Accounts usually require a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done in the same ways, but sometimes differ.
In the case of Freetrade deposits and top-ups are only accepted in GBP but there is no minimum payment requirement. The minimum order size is £2, however.
The broker offers several online payment solutions with varying processing times. Freetrade does not accept credit or debit cards, only bank transfers from bank accounts and Apple Pay and Google Pay as deposit options. A Bank Transfer takes 2 to 4 business hours and is only processed Monday to Friday, including all UK banks and joint accounts. Apple Pay is processed instantly and is available 24/7.
Withdrawals are not charged typically, but same-day requests incur a £5 fee. Payments are usually processed in 3 to 5 days. It takes typically 2 to 3 working days to settle an order but sell orders are available as unsettled cash in your Freetrade account before this.
GBP is the only base currency available at Freetrade which can be an issue as Freetrade does offer its service in several European countries, which can result in investors losing money on the exchange rate.
Freetrade Current Popularity Trend
According to Google Trends, here is an overview of how frequently the search term – “Freetrade” is entered into Google’s search engine over a given period of time.
Freetrade vs Etoro vs XM Comparison Table
| ? Broker | ? Freetrade | ? eToro | ? XM |
| ? Minimum Deposit | $ 0 | $1000 USD | $5 USD |
| ? Sign-Up Bonus | No | ☑️ Yes | ☑️ Yes |
| ➕ Max. Leverage | No leverage offered | 1:400 | 1:888 |
| ? Currency Pairs | – | 47 | 57 |
| ? Open an Account | ? Click Here | ? Click Here | ? Click Here |
Freetrade Best Countries by Traders
| ? Country of Trade | ? % of Traders |
| ? United Kingdom | 78.74% |
| ?France | 3.24% |
| ? United States | 2.15% |
| ? Turkey | 1.79% |
| ?Netherlands | 1.21% |
Freetrade Customer Reviews
Really great way to start investing…
Really great way to start investing even for an old novice like me brilliant ?
Excellent an easy way to invest….am a…
Excellent easy way to invest….am a pensioner and need easy-to-use apps and Freetrade is a perfect help
Great app for those new to trading
Great app for those new to trading. I can highly recommend it. Join me and invest with Freetrade. Get started with a free share worth between £3 and £200. T&Cs apply. Capital at risk.
Easy-to-use investment app
Easy-to-use investment app, making investing accessible to all, by scrapping the hefty fees charged by traditional brokers. Has quickly become my favorite account to invest with. Super friendly customer service, an evolving app, and an ever-expanding stock universe. Definitely recommend it to anyone looking to start investing or anyone else looking for a more convenient way to manage their current holdings.
Freetrade Pro and cons
| ✔️ Pros | ❌ Cons |
| Easy and fast account opening process | Debit card only for deposits |
| Free stock and ETF trading provided | Limited research tools provided |
| Free withdrawal of funds | Only one account base currency |
| Great mobile trading platform | Basic product portfolio |
| Low trading fees charged | |
| No deposit fee charged |
Conclusion
Freetrade is a broker that offers straightforward access to stocks and shares via a user-friendly mobile app. ISA accounts and pension saving solutions are available. The broker has low fees and offers built-in customer support. Freetrade is a good broker that has seen significant growth.
Disclaimer
Freetrade warns potential customers that Forex and CFD trading always carries a substantial risk and may not be suitable for all investors.
Before deciding to trade with Freetrade, potential traders are advised to carefully consider their investment objectives, financial situation, needs, and level of experience before investing money they cannot afford to lose.
Freetrade warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable, hence Freetrade cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.
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Risk Management
Freetrade is a UK-based brokerage firm that provides commission-free stock trading services to its clients. In terms of risk management, it’s important to note that investing in the stock market carries some level of risk and it’s essential for investors to understand and manage those risks.
Some common risk management strategies for stock market investing include diversification, setting stop-loss orders, regularly reviewing portfolios, and only investing money that can be affordably lost. Freetrade itself has implemented various measures to ensure the security of its client’s assets, including secure account login, two-factor authentication, and regular system audits.
Frequently Asked Questions
Is Freetrade Broker a fake or a scam?
No, Freetrade is a legal stockbroker and a member firm of the London Stock Exchange. They are authorized and regulated by the FCA in the United Kingdom
What are the advantages of trading with Freetrade Broker?
The mobile trading platform is well-designed and user-friendly. At Freetrade, you can only trade stocks and ETFs, and its products are limited to the US and UK markets.
What is the overall rating for Freetrade Broker out of 10?
The overall rating is 7/10.
What spreads can I expect with Freetrade?
Since details on the website are not clearly enough stipulated, more information should be obtained from the customer support service to make an informed choice.
Featured SA Shares Writer and Forex Analyst.
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