Are Freetrade really free?

  • This topic has 5 replies, 2 voices, and was last updated 1 week ago by Jamie.
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  • #193442 Reply
    Jamie

      Are Freetrade really free? What’s the catch? Are they one of these firms like Robinhood that advertise no fees but then you get stung in other ways?

      Debating signing up but not sure if they’re one of the good guys.

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      • #193457 Reply
        Christian Harris
        Participant

          I have bought and sold stocks using Freetrade and they have all been commission-free, whether that’s US, UK or European stocks. I thought the platform was solid, albeit available on mobile only which I don’t like.

          However, remember that when you buy overseas shares you will pay a small foreign exchange fee. This FX fee is 0.99% on the Basic plan, 0.59% on the Standard plan, and 0.39% on the Plus plan.

          It’s also worth mentioning that ISA and SIPP investments are part of Freetrade’s paid plans.

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          • #193519 Reply
            Jamie

              Right, this is useful information thank you. Did you find it was worth signing up for the “Standard” or “Plus” plans or did you stick with the “Basic” option? It looks like you can benefit from a lower FX fee but are the “more stats and analysis” worth it do you know?

               

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            • #193562 Reply
              Christian Harris
              Participant

                I made a few (about 10) short-term trades with the free ‘Standard’ account.

                I then moved to eToro because the stock range is much better.

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              • #193603 Reply
                Jamie

                  Hmmmmm interesting. The Freetrade app does have the US and EU securities I want to trade so I ain’t worried about stock range. For now at least.

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              • #193524 Reply
                James Barra
                Moderator
                  DayTrading.com Team

                  Hi Jamie,

                  It could also be worth taking a look at our full Freetrade review for further information on charges and trading conditions.

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