Freetrade App Review – UK Based Fintech

This is not financial advice. Your capital is at risk with any type of investment; profits may be subject to tax; and the value of any investment could fall.

Freetrade is an easy-to-use, commission-free investment app. They’ve gained rapid popularity recently due to the Freetrade free share offer for new users. If you’re interested in finding out more about Freetrade then this is the post for you.

I’ve had the Freetrade app downloaded for a few years, it’s easy to use, support is usually quick to respond to support queries and I’ve managed to claim several free shares through their referral offer.

Freetrade App Review

What is Freetrade?

Freetrade is an award-winning, commission-free investing app. Their mission is to get everyone investing by making it simple and commission-free. They don’t charge commissions on trades, as most traditional stockbrokers do, removing financial barriers to investing.

The company was founded in 2016, launched on iOS in 2018, and Android in 2019. They are a UK based financial technology company and offer US & UK stocks and ETFs to invest in. As of March 2021 the company had 600,000 registered users with that number growing by the day.

To reassure you that Freetrade are safe, they are authorised and regulated by the Financial Conduct Authority (FCA), and your account is covered by the Financial Services Compensation Scheme (FSCS).

Using the Freetrade App

When you open up the app you’ll be directed straight to your portfolio. Across the bottom of your app you’ll have 5 different tabs. Here’s what you will find by clicking on each tab:

Portfolio – On this screen you’ll see your investments and how they are performing.
Insights – This breaks down the type (stocks, bonds, etc.) of investments you have and what sector (ETFs, property, finance, etc.) they’re in.
Discover – Find newly added investments, popular stocks, popular ETFs and more. Use this page to find out more about the various investment options.
Activity – This page shows any transactions you’ve made, including buying and selling shares, dividend income, and your free share activity.
Account – Top up and withdraw cash from your Freetarde account using this tab.

You can contact support by clicking the profile icon (top right hand corner) in the app. In most cases they provider same-day customer support. However, on occasion they have a high volume of support requests and will get back to you via email within 5-7 working days.

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Freetrade Fees

Using Freetrade is free and most of the features can be used with a free account. The Freetrade Plus subscription will cost you just under £10 a month but may be useful for those wanting to access a bigger stock universe.

Freetrade Plus is the premium subscription that Freetrade offer costing £9.99/month. There are various benefits to their Plus subscription including 3% interest on up to £4,000, exclusive stocks and free access to their stocks and shares ISA (worth £3/month). See below the different plans & their costs:

Basic: £0.00/mo
Standard: £4.99/mo
Plus: £9.99/mo

From 11 April, the FX fee charged when trading stocks priced in USD or EUR will change to 0.99% on the Basic plan, 0.59% on the Standard plan, and 0.39% on the Plus plan. From May, monthly subscription fees will change to £5.99 per month for the Standard plan and £11.99 per month for the Plus plan.

Freetrade App Review – Get a Free Share

A brilliant bonus to Freetrade is the sign up offer of a free share. When you sign up through a friends referral link and fund your account (with at least £1) you’ll be rewarded with a mystery free share. Follow the steps below to claim your Freetrade free share worth up to £200.

Download the Freetrade app using a friends link (friends can message me on Instagram)
Complete the sign up process (fill out your W-8BEN form)
Fund your account with at least £1
Receive your free share in 7-10 days

This sign up offer gives you the possibility of gaining a £200 investment. Once you’re signed up you can also invite your friends to create an account and be rewarded with additional free shares for you and your friend.

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Looking for Ethical Investments on Freetrade?

Ethical will mean different things to different people, but there are a variety of ethical investments on Freetrade. I prefer to stick with ETF’s (Exchange Traded Funds) for increased diversity, therefore, some of my favourite ethical ETF’s include:

‘Ethical’ is likely to mean different things to different people, there are a number of different approaches to the selection of ethical investments including Environmental, Social and Governance (ESG) and Socially Responsible Investing (SRI).

ESG’s – focuses on companies that demonstrate good behaviours based on their environmental impact & direction, how they treat their people and how well they are governed.
SRI’s – aim to generate positive social outcomes through investment. SRI fund managers use a blend of positive and negative screening by removing unwanted sectors/companies and identifying companies that demonstrate good environmental, social, and governance policies.

Alternatives to Freetrade

While the freetrade free share is definitely worth claiming, you may want to consider alternative investment platforms. Here are some of the alternatives to Freetrade:

Wombat Invest – Wombat offer commission–free trading on 500+ US, UK & EU shares, and Themed Funds (ETFs). You get a £10 free bonus when you open any investment account with Wombat (choose from a Standard GIA or ISA, or Instant GIA). Capital at risk. FX or other fees apply. T&Cs apply. ETFs available with Standard accounts.

Wealthyhood – with Wealthyhood you can invest from as little as £10. The online dashboard you get with Wealthyhood is easy to navigate and modern.

GetQuin – Would you like to learn to be a better investor from the experts? GetQuin allows you to watch successful investors and learn while you earn.