This article provides a review of the Freetrade App.
What is the Freetrade app?
Freetrade is a UK based stocks and shares trading app founded in 2017. The app offers commission-free share trading, allowing you to invest in the UK and Europe. The apps are regulated by the United Kingdom’s Financial Conduct Authority (FCA). N.B free trades happen at 4 pm in bulk every day. If you want an “instant” trade, you need to pay a £1 surplus. Its mission? To enable ordinary people to grow their savings and benefit from the global economic growth of public companies.
Why does Freetrade do a free share promotion?
Freetrade will make a loss on the initial sign up. By doing so, Freetrade obtains many more customers. If even a quarter of those customers stay on, they make enough profit to pay for all the free shares and then more. Freetrade makes money if a customer upgrades to the premium account, i.e. using the ISA at £3/month and a fee of 0.45% on the Base FX rare on each US orders placed.
Investing not for you? How to close the Freetrade account?
Sell your shares and then message during office hours the Freetrade team to confirm the closure.
Review of the Freetrade App
While Freetrade is not a full-service platform, it is very popular among its loyal user base. Millennials do like the mobile-only platform, the no minimum deposit, the ability to buy fractional shares (i.e. not a full share in value) and a commission-free service. Experienced traders may not find the service suitable because you can’t do instant trades (Not for free), the shares are limited to the London Stock Exchange, the shares don’t share previous performances (like Trading212) and there is not a 24/7 contact service. To check out Trading212 as a rival platform, read my article and benefit from a free share. Please be aware your capital is at risk.
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