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FREETRADE Account Types

FREETRADE Account Types

 

 

Overall Rating

4.7/5

Rated #245 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FREETRADE provides four different account types e.g., General Investment Account, Investment Savings Account, FREETRADE Plus Account, and SIPP Account. Each account type has its own set of conditions for commission, margin call, and leverage, and minimum deposits.

Finding a reputable list about FREETRADE account types local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth account types Review regarding this regulated Forex company, which will assist traders to make an informed decision when it comes to the various Forex trading accounts made available.

 

FREETRADE Overview

FREETRADE is a financial technology company and forex broker in the United Kingdom that offers a freemium share dealing service.

The company was founded in 2016 and launched on iOS in October 2018, with an Android version following in April 2019.

By July 2020 the company already had more than 200 000 users.

FREETRADE offers a simple Fintech trading app that provides its commission-free stock trading mainly to millennials who are looking to invest in the US and UK stock market on a user-friendly app.

The broker is authorized and regulated by the United Kingdom’s Financial Conduct Authority (FCA).

FREETRADE is a great platform with a really easy-to-use app for millennial investors who may not have much experience of investing but like to experience trading on the London Stock Exchange and New York Stock Exchange markets. Their stocks and shares ISA offers a great UK tax saving tool and investing, depositing, and withdrawing are possible at the click of a button.

FREETRADE is an easy way for a novice investor to start buying shares and ETFs, but they don’t offer investment advice and any research is very limited. Experienced investors may find the available trades limiting compared to other investment platforms.

 

FREETRADE Account Types

FREETRADE does not provide a demo or practice account and no mention is also made about an Islamic Account or swap-free account or option.

FREETRADE does not charge subscription fees and offers commission-free trades of stocks and ETFs.

FREETRADE accepts the most modern payment options like bank transfers, Google Pay, and Apple pay to fund accounts. The funds may reflect into an account within a few minutes but can also take a few hours.

Regular withdrawals on FREETRADE are free but same-day withdrawals may be chargeable at £5 each.

It also charges a 0.45% FX fee for buying shares in other countries.

FREETRADE has one of the fastest and easiest accounts opening processes. Once you have downloaded the app you simply need to provide your email address where your confirmation link will be sent, personal details such as name, date of birth and national insurance number, address, and nationality and then you can select the account type you wish to open between GIA, ISA or Freetrade Plus and FREETRADE will automatically verify your identity.

FREETRADE offers the following account types:

 

General Investment Account (GIA) – standard account for stock and ETF trading

The basic account allows users to trade in their UK stocks and ETFs without monthly costs and with commission-free instant orders. The GIA can be used once investors have used up their UK ISA allowance and are an effective, easy-to-use investment account.

 

Investment Savings Account (ISA) – a tax-efficient savings account

The FREETRADE stocks and shares ISA account gives users the option to invest up to £20 000 per year of their money, free of any UK tax but a flat account fee of £3 is charged per month for the use of the stocks and shares ISA.

 

SIPP Account – flexible investments in pension savings

FREETRADE have yet to launch their SIPP, however, interested investors can register their interest by joining the waitlist on the FREETRADE website. The SIPP will cost £9.99 a month and allows you to receive UK tax reliefs on contributions of up to £40 000 per tax year.

All account types are available only to UK citizens or UK residents, with European expansion planned. Potential clients from Ireland, the Netherlands, France, and Germany can already request an invite to get the app first when they launch. In November FREETRADE secured rights from the FCA and other regulators in the EU to offer its services across the continent.

There is no minimum deposit required to open an account.

 

FREETRADE Account Features

FREETRADE accounts offer other features like:

  • No minimum deposit requirement: you can invest it right away with FREETRADE even if you have only £1 in your account.
  • Fractional share trading: You can purchase fractional shares of US and UK stocks along with ETFs. This option allows you to purchase a share partially, which is otherwise very costly.
  • Zero commission trade with stocks and ETFs. You do not need to pay any commission to trade on the markets using FREETRADE’s mobile app.
  • Fractional share trading: You can purchase fractional shares of US and UK stocks along with ETFs using FREETRADE.
  • The benefits of sound regulation: FREETRADE is a member of the London Stock Exchange (LSE) and is regulated by one of the top regulatory authorities, the FCA in the United Kingdom. This also means there is no dealing with third-party brokers for LSE listed stocks that would otherwise add fees to such a service.

 

FREETRADE Demo Account

FREETRADE does not offer traders the option of opening a demo account. Due to no minimum deposit requirement, traders can however dare to use small deposits to practice trading.

Normally a demo account would be utilized in the following ways:

  • As practice accounts for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.
  • As a way to explore FREETRADE’s trading conditions in a risk-free environment, and
  • As a way to test trading strategies in a mimicked live trading environment without risking capital.

Once an account is created, it needs to be funded. FREETRADE accepts modern payment option which includes bank transfer, Google Pay and Apple pay. The funds may reflect into an account within a few minutes but in the worst-case scenario only after a few hours.

 

Overall Rating

4.7/5

Rated #245 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

The Islamic Account

FREETRADE does not offer Muslim traders who follow the Sharia law the option of an Islamic Account.

The purpose of an Islamic Account is that it caters specifically to Muslim traders who strictly follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

Traders must, however, take note that there are certain features indicated on the Islamic account which differ vastly from the individual account such as minimum deposit, spreads, and more.

These changes are as per the broker’s discretion and/or changes in market conditions.

 

Pros and Cons

✔️ PROS ❌ CONS
Free stock and ETF trading Basic product portfolio
Easy and fast account opening Limited research tools
Great mobile trading platform Debit card only for deposits

 

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You might also like: FREETRADE Sign up Bonus

 

FREETRADE at a Glance

Broker’s name FREETRADE
Headquarters United Kingdom
Year founded 2016
Regulating authorities FCA
Countries not accepted for trade Broker caters for UK residents
Demo account No
Islamic account (swap free) No
Institutional accounts Not indicated clearly
Managed accounts Not indicated clearly
Maximum leverage Not applicable
Minimum deposit $ 0
Deposit options Bank transfer, Apple Pay, Google Pay, Debit cards
Withdrawal options Bank transfers
Platform(s) provided Proprietary mobile app
OS compatibility Mobile Android, iPhone, iPad.
Tradable assets offered Stocks, ETFs
Languages supported on website English
Customer support languages English
Customer service hours 08:00 to 21:00 weekdays

10:00 to 17:00 weekend

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with FREETRADE?

You can trade limited instruments with FREETRADE, which include the following:

  • Stocks
  • ETFs

 

Which platforms are supported by FREETRADE?

FREETRADE provides only its own mobile trading platform.

 

Does FREETRADE offer leverage?

No, FREETRADE does not offer leverage.

 

What spreads can I expect with FREETRADE?

FREETRADE offers commission-free trades of stocks and ETFs.

 

Does FREETRADE charge commission?

FREETRADE offers commission-free trades of stocks and ETFs.

 

Are there additional charges on the Islamic account?

FREETRADE does not mention an Islamic Account.

 

Is FREETRADE regulated and by whom?

FREETRADE is regulated by the FCA in the United Kingdom.

 

Is FREETRADE a recommended forex trading broker for experts and beginners?

FREETRADE offers a fair trading environment for most types of traders.

 

What is the overall rating out of 10 for FREETRADE?

7/10

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account as is offered by broker companies like FREETRADE is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features.

 

Does FREETRADE offer a demo account?

No

 

Can I convert my demo account to a live trading account with FREETRADE?

Not applicable.

 

Does FREETRADE offer an Islamic Account?

No

 

Which live trading accounts does FREETRADE offer?

  • General Investment Account – standard account for stock and ETF trading
  • Investment Savings Account – a tax-efficient savings account
  • FREETRADE Plus Account (NEW)- a tax-efficient solution with an expanded product portfolio and order types
  • SIPP Account (waitlist)- flexible investments in pension savings

 

What are the available deposit currencies for a live trading account?

Only GBP.

 

Deposits and Withdrawals

 

What is the minimum deposit required to open an account with FREETRADE?

$ 0

 

How do you make a deposit and withdraw money with FREETRADE?

FREETRADE offers Bank transfer, Apple Pay, Google Pay, and Debit cards as payment methods and Bank transfer as a withdrawal methods.

 

Does FREETRADE charge withdrawal fees?

No, only for a “same-day” withdrawal.

 

How long does it take to make a withdrawal?

Withdrawals by bank transfer can take two or more business days.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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