Freetrade is a fintech startup that offers commission-free trading for investors. Based in the UK, it is regulated by the Financial Conduct Authority (FCA) and was founded in 2015.
It provides an up to £85,000 in investor protection and is governed by a top-class regulator. These make Freetrade considered as a safe option.
Freetrade features an account opening process that is fast and hassle-free. You have access to free stocks and ETFs as a customer. Their mobile trading platform is efficient and user-friendly.
The firm only offers stocks in the two trading market (US and UK markets). The research and educational materials that are available are basic and inadequate. They do not offer credit/debit card withdrawals or deposits.
Freetrade does not charge any account, withdrawal, or inactivity fees. A basic order makes you eligible for free stocks and ETFs. You only get charged for instant orders and extra services (e.g., ISA account).
| FreeTrade | Degiro | Robinhood | |
|---|---|---|---|
| USA | $0 | $0.6 | $0 |
| UK | $0 | $2.4 | $50 |
| Fees snapshot | ||
| Assets | Fee level | Fee terms |
| US stock | Low |
£0 for basic/after-market orders £1 for instant/market orders |
| EURUSD | – | Not available |
| US tech fund | – | Not available |
| Inactivity fee | Low | No inactivity fee |
We have been able to rank Freetrade by comparing it to our list of reviewed brokers. To put this review in a proper perspective, we will go over some necessary details about broker fees. The key points to pay attention to are Trading fees, financing rates, and non-trading fees.
We also made direct comparisons of Freetrade fees to that of two similar brokers. These were also evaluated on factors such as product/service offered, fee structure, client profile, etc.
Financing Rates (Overnight rates)
These are charges that are made when you hold a leverage position for more than 24 hours. A leverage position/trade means that you borrowed trading money from a broker.
Freetrade does not offer leveraged trading services.
These usually comprise on things such as inactivity and withdrawal fees.
Freetrade charges low non-trading fees but doesn’t charge an inactivity fee. With the basic account, there is no account fee charge, while the ISA account comes with a £3 monthly charge. A withdrawal fee is only charged if you opt for same-day withdrawal, and comes with a £5 fee.
| FreeTrade | Degiro | Robinhood | |
|---|---|---|---|
| Account fee | No | No | No |
| Inactivity fee | No | No | No |
| Withdrawal fee | $0 | $0 | $0 |
Freetrade has a fast, efficient, and hassle-free account opening process. It is fully digital and has no minimum balance. We also made direct comparisons of Freetrade fees to that of two similar brokers. These were also evaluated on factors such as product/service offered, fee structure, client profile, etc.
As at the time at which this review was compiled, Freetrade is only available to residents of the UK. However, plans are underway to expand Freetrade’s services to other European countries.
Freetrade has two account types for its customers. They are;
Freetrade features a fast and user-friendly account opening experience. It took only about 15 minutes to open our account. The steps to opening an account are very few and easy to perform. They are:
If you fail the digital verification for some reason, you will be required to upload documents for verifying your identity and residency. A passport, national ID, and driving license are acceptable as proof of ID. A tax bill, utility bill, DWP/HMRC correspondence, and bank statement are acceptable as proof of address.
Freetrade has zero withdrawal and deposit fees that are user-friendly. However, it does not offer credit/debit card services. It is limited to a single base currency, which means that you can only open GBP accounts.
Freetrade has only one base currency (GBP) on offer for its customers. DEGIRO, however, has as much as 9 currency options to choose from.
| FreeTrade | |
|---|---|
| Number of base currencies | 1 |
We took the liberty of testing the available withdrawal system and discovered that it takes only 2 business days for successful bank transfers. Only accounts in your name are accepted for your withdrawals.
Below are the steps required to make a withdrawal from your Freetrade account:
Freetrade does not have provisions for desktop of web trading platforms. The mobile-based platform is the only available option for trading.
| Platforms to choose from | ||
| Trading platform | Score | Available |
| Web | – | No |
| Mobile | 4 / 5 stars | Yes |
| Desktop | – | No |
Freetrade offers its customers a stable mobile trading platform that is efficient and user-friendly. It features a fully functional Search function but is also limited to only two order types, with no price alerts.
Freetrade offers its customers a state-of-the-art mobile trading platform that was developed by its in-house engineers. As more users interacted with the platform over the years, Freetrade has been able to optimize its processes for efficiency. This helps them do an excellent job of delivering a mobile trading platform with superior UX.
The Freetrade mobile trading platform is state-of-the-art and very user-friendly. You can master the platform in just a matter of seconds.
You can log into the platform by using your TouchID, or swing for the classic four-digit password option.
The Search functions of Freetrade’s mobile platform are impressive. It is well categorized with essential filters for precise results. You can filter your results for the asset location (US or UK), and the asset class (stock ETF or bond ETF).
Freetrade has a two-order limit:
Orders that are placed after the market has closed and are not charged any fee
Orders placed immediately, with a £1 per trade fee attached.
If you need more information about the different order types, read this short review.
The Freetrade mobile platform is sadly lacking in a functional alert and notifications system. It would be a great addition to the top-class service.
Freetrade does not offer any desktop trading platform services to its customers and users.
| FreeTrade | Degiro | Robinhood | |
|---|---|---|---|
| Stock | Yes | Yes | Yes |
| ETF | Yes | Yes | Yes |
| Forex | No | No | No |
| Fund | No | Yes | No |
| Bond | No | Yes | No |
| Options | No | Yes | Yes |
| Futures | No | Yes | No |
| Cfd | No | Yes | No |
| Crypto | No | Yes | Yes |
Freetrade has a somewhat limited product portfolio on offer for its customers. Users are restricted to trading with only stocks and ETFs. Other essential asset classes such as bonds, mutual funds, options, etc. are not covered.
Although the asset classes on offer are limited to stocks and ETFs, competitors perform much better within these two asset classes.
| FreeTrade | Degiro | Robinhood | |
|---|---|---|---|
| Stock Markets | 3 | 32 | Unclear but US penny stocks available. |
| ETFs | 40 | 5400 | 5000 |
As at the time of our review, the LSE, NYSE, and NASDAQ stock exchanges allow only ~350 stocks and ~40 ETFs. DEGIRO and Robinhood have a more robust product offer.
Freetrade features fundamental research tools with no analyst recommendations, fundamental data, and sophisticated charting tools. They provide only a basic chart and essential information like the lowest and highest prices of the day.
Freetrade makes no provision for trading ideas
Freetrade makes no provision for fundamental data
Freetrade has rather inefficient charting tools. Tools like a trendline editor are absent, and there are no technical indicators on the platform.
Freetrade does not offer news feed services on its mobile platform.
Freetrade features a live chat service that’s provided by Intercom. Their customer service lacks 24/7 availability and cannot be contacted via phone or email. The live chat feature remains the sole means of communicating with service agents.
While the live chat if the only available means of contacting customer service, it is very efficient and responsive.
Freetrade could do with a few up to date educational tools for its customers. Webinars, demo accounts, and instructional videos are all absent from the platform. However, you can find some quality and useful educational articles on the Freetrade blog.
The Freetrade blog features articles about Freetrade Team, its plans, and other useful educational materials. You can access articles on various topics ranging from startup valuation to ETF 101.
Freetrade has a high investor protection amount, set at £85,000. It is also regulated by a top-class FCA in the UK. You should know that Freetrade does not disclose its finances, and it isn’t listed on any stock exchange.
Freetrade is regulated by the Financial Conduct Authority (FCA) – a top-tier financial authority.
If you’re wondering, is Freetrade safe? We advise that you evaluate two key factors: what is the broker’s background; and how you are protected if something goes wrong.
Freetrade is a vibrant company established in 2015. Till date, it has continued to deliver top-class service to its customers. Its impressive track record and is regulated by a reputable financial authority make it a safe choice.
You must pay close attention to the investor protection amount that your broker can provide. The regulator is an equally important factor that must be considered when selecting your desired broker. The investor protection amount and corresponding regulator differ from one broker to another.
Users and customers of Freetrade are all covered by the UK investor protection scheme (FSCS) and by Freetrade Limited. The FSCS investor protection scheme was put in place to protect investors against losing cash and securities in case the broker goes bust. The FSCS has a protection limit of £85,000 – which is significantly higher than what is offered by most other investor protection schemes
To provide you with a more context about this broker, we will take a look at what other traders have to say about Freetrade. Keep in mind that the reviews – by their nature – are subjective, yet the overall sentiment should be clear and straightforward.
Trustpilot rates Freetrade to be an excellent broker. It scored an overall of 4.6 stars out of a possible 5.5. While you will find a lot of glowing customer reviews about the Freetrade app some of the comments show that certain customers are not satisfied with glitches that disrupt the trading experience. You should pay more attention to this for an informed opinion on freetrade’s app functionalities.
Freetrade has a perfect review rating on the Producthunt review site. Customers all have beautiful things to say about the UX and easy navigation features and are pleased with its services.
Freetrade score an impressive 3.3-star rating on the ForexBrokerz review site. This score would be a perfect example of the subjective nature of reviews as further investigation would show that some clients found issues with the service.
Freetrade has a great fee structure. There’s no inactivity fee, and you get free stocks and ETFs. The account opening feature is fully digital, fast, and easy to complete. It also comes with a state-of-the-art mobile trading platform that is easy to operate.
Freetrade has a couple of shortcomings that are worth mentioning. It has a limited product portfolio on offer for investors, as you can only trade with stocks and ETFs in the UK and US markets. It could use a more sophisticated research tool and a more comprehensive educational tool. You are limited to using bank transfers more moving money, as credit/debit cards are not supported on the platform.
In all, Freetrade is the ideal choice if you want to trade with US and UK stocks or ETFs for free on a user-friendly platform.
| ?️ Country of regulation | UK |
| ? Trading fees class | Low |
| ? Inactivity fee charged | No |
| ? Withdrawal fee amount | $0 |
| ? Minimum deposit | $0 |
| ? Time to open an account | 1 day |
| ? Deposit with credit card | Not available |
| ? Depositing with electronic wallet | Available |
| ? Number of base currencies supported | 1 |
| ? Demo account provided | No |
| ?️ Products offered | Stock, ETF |
Existing partners
& sponsors
Existing partners
& sponsors