Freetrade

Freetrade is a fintech startup based in the United Kingdom that is promoting commission-free stock trading. It is regulated by the UK Financial Conduct Authority (FCA). If you want to know whether Freetrade is a scam and read more about its app, keep on reading this review.

Initially launched n 2018, Freetrade has the simple aim of making stock trading and stock ownership both accessible and affordable. There are no calculators, guides, or research on offers such as the ones provided by the big players in the industry. So, while there is no Freetrade scam, you do get a low-cost share trading account that lets you build out your portfolio through a smartphone app. 

Freetrade Scam: Is The Broker Legit?

The best thing about Freetrade is the fact that you can trade starting from just £2 and do it via the app. Advanced options include holding shares in an ISA to gain interest and dividends in a tax-free way. Founded by Adam Dodds and Davide Fioranelli, this platform has one main selling point – it allows users to buy and trade real shares with zero commissions through their smartphones. So, there is no Freetrade app scam, and everything looks legit.

Another selling point for this broker is its following – there are more than 1 million registered users. This is how the broker got crowdfunded several times, raising more than £10 million and getting a £7.5 million Series A investment from a top tech-focused VC fund, Draper Esprit.

When it comes to the main Freetrade features, we can see the following among the best ones:

• Commission-free investing, where you don’t get charged anything
• Low minimum investments – as low as £2
• More than 6,000 the UK , European, and US stock options and ETFs
• ISA as a way to earn interest and dividends through the broker
• A free share bonus
• Shareholder perks (discount cards, exclusives)
• Insights on most traded shares

Is There A Freetrade App Scam + Fees Explained

No, there isn’t. Freetrade UK is an FCA-regulated broker where you can perform share trading with low amounts. A basic account also grants you the bonus of a free share, worth between £3 and £300, and share trading is easy. Freetrade is solely focused on shares, and there are no fees for buying or selling trades.

So, you can really purchase shares instantly and take part in companies listed in the UK, Europe, and the US. You can also explore exchange-traded funds (ETFs) and get involved in trading via a basic trading account. Holding your shares in ISA grants you a subscription plan that costs either £4.99 or £9.99 per month, but even that is a cost-effective way to trade and get interest on your investment.

The two options for depositing money into Freetrade are bank transfers or debit/credit cards. A bank transfer might take some time for the funds to clear, but a card payment is a more straightforward way. So, to conclude, we found no Freetrade scams reviews, and the app is straightforward to use.

Watch Out For Third-Party Freetrade Scams On Your Account

While the broker Freetrade is legitimate, FCA-backed, and one that we recommend, we advise you to watch out for potential Freetrade scams where individuals might compromise your account by stealing your login credentials. This is a practice that is increasingly happening for many other brokers, too, and an industry practice for many hackers.

Besides that, however, you don’t have to worry. If you Google “is Freetrade a scam?” you will see a lot of answers confirming that the platform is legit, got crowdfunded a couple of times, and is promoted by many individuals. When it comes to withdrawals, it is a straightforward process, too – you can do it to the same bank account by transferring from the app for free. Cash from sold investments, however, cannot be requested for withdrawal until it has been settled.

So, Is FreeTrade A Scam?

No. Freetrade is a legit broker and a website where you can learn or master your trading skills. Upon registration, it gives you a free share – and you can use the Apple/Android app on your phone to open an account. Doing that is easy – you enter your email and will get a verification code to activate your account.

Stocks, ETFs, pricing, and performance over a day, week, or month can all be seen. Once you have invested, you can also monitor how your portfolio performed and buy/sell directly through the app. The process is displayed in a user-friendly way.