The best alternatives to Freetrade are
- DEGIRO - Dutch discount broker
- Revolut - UK discount broker
- Hargreaves Lansdown - UK-based stockbroker
Let's see in a bit more detail how the Freetrade alternatives compare to Freetrade and each other:
| Freetrade | DEGIRO | Revolut | Hargreaves Lansdown | |
|---|---|---|---|---|
| Overall score | 4.2 | 4.7 | 4.3 | 4.4 |
| Fees score | 5.0 stars | 5.0 stars | 5.0 stars | 2.8 stars |
| Account opening score | 5.0 stars | 5.0 stars | 5.0 stars | 4.3 stars |
| Deposit and withdrawal score | 2.8 stars | 3.3 stars | 3.5 stars | 3.8 stars |
| Web platform score | - | 3.9 stars | - | 3.7 stars |
| Markets and products score | 1.8 stars | 3.6 stars | 2.0 stars | 3.0 stars |
| Visit broker | Visit broker | Visit broker | Visit broker |
Why are these brokers considered good alternatives to Freetrade? There are many areas based on which Freetrade can be compared with others. When we say a given online broker is a good alternative to Freetrade we mean these brokers are comparable in the following areas:
- The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
- The type of clients they target, i.e. beginners, experienced investors, or day traders.
Freetrade alternatives recommendations
Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:
- Freetrade is recommended for long-term investors on the hunt for low fees and focusing on the uk and us markets
- DEGIRO is recommended for price-sensitive buy-and-hold investors and traders looking only to carry out transactions
- Revolut is recommended for beginners looking for free trading and a great mobile-only trading platform
- Hargreaves Lansdown is recommended for beginners and buy-and-hold investors looking for great customer service and easy-to-use trading platforms
Important factors of finding Freetrade alternatives
So far BrokerChooser has reviewed 71 online brokers in detail, which gives this comparison a solid starting point.
Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we
- open a live account
- check over 100 criteria, with weighting based on readers' preferences
- refresh data regularly
Whether Freetrade or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:
Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. Freetrade is one of the cheaper brokers, so if this is an important consideration for you, make sure you pick a similarly low-cost Freetrade alternative.
Account opening. To open an account some brokers require at least €50,000 to be invested, while others don't set a minimum first-time deposit. The time it takes to open your account can be very different as well. At Freetrade this is not a problem as you can have it ready on the same day you registered.
Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you cannot make a deposit with your credit card at Freetrade, some alternatives might allow you to do that.
Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.
Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given Freetrade alternative is a must.
Now let's dive into the details of how Freetrade and its alternatives perform in the most important areas!
Freetrade alternatives
Freetrade
Freetrade is a UK-based fintech startup providing commission-free stock trading, regulated by the United Kingdom's Financial Conduct Authority (FCA). The company was founded in 2016.
Freetrade is considered safe because it is regulated by a top-tier regulator, the FCA.
Recommended for long-term investors on the hunt for low fees and focusing on the uk and us markets
| Pros | Cons |
|---|---|
| • Free stocks and ETF trading | • Basic product portfolio |
| • Easy and fast account opening | • Limited research tools |
| • Great mobile trading platform | • No credit/debit card deposit and withdrawal |
Fees
At Freetrade you can trade with free stocks and ETFs. There are no account, inactivity, or withdrawal fees.
| Pros | Cons |
|---|---|
| • Low trading fees | None |
| • Low non-trading fees | |
| • Free stock and ETF trading |
| Freetrade | DEGIRO | Revolut | Hargreaves Lansdown | |
|---|---|---|---|---|
| US stock | $0.0 | $0.6 | $0.0 | $14.3 |
| UK stock | $0.0 | $2.4 | - | $14.3 |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k
Account opening
Account opening at Freetrade is fast, fully digital and user-friendly and there is no minimum deposit.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • No minimum deposit |
| Freetrade | DEGIRO | Revolut | Hargreaves Lansdown | |
|---|---|---|---|---|
| Minimum deposit | $0 | $0 | $0 | $0 |
| Time to open account | 1 day | 1 day | 1 day | 1 day |
Learn more about Freetrade minimum deposit here.
Deposit and withdrawal
Freetrade's deposit and withdrawal processes are user-friendly and free. On the negative side, credit/debit cards are not accepted and you can only open GBP accounts.
| Pros | Cons |
|---|---|
| • Free withdrawal | • Credit/Debit card not available |
| • No deposit fee | • Only one account base currency |
| • User-friendly |
| Freetrade | DEGIRO | Revolut | Hargreaves Lansdown | |
|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | No |
| Electronic wallets | No | No | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 |
Web trading platform
At Freetrade, you can only trade through a mobile platform: web and desktop platforms are not available. We missed the web platform, which is planned to be shipped in late 2020.
| Freetrade | DEGIRO | Revolut | Hargreaves Lansdown | |
|---|---|---|---|---|
| Web platform score | - | 3.9 stars | - | 3.7 stars |
| Mobile platform score | 4.2 stars | 4.4 stars | 4.9 stars | 3.9 stars |
| Desktop platform score | - | - | - | - |
Learn more about Freetrade's web trading platform in the detailed Freetrade review.
Markets and products
Freetrade has a limited product portfolio, you can only trade with stocks and ETFs. It lacks other asset classes, like mutual funds, bonds, and options.
| Freetrade | DEGIRO | Revolut | Hargreaves Lansdown | |
|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes |
| ETF | Yes | Yes | No | Yes |
| Forex | No | No | No | No |
| Fund | No | Yes | No | Yes |
| Bond | No | Yes | No | Yes |
| Options | No | Yes | No | No |
| Futures | No | Yes | No | No |
| CFD | No | No | No | No |
| Crypto | No | Yes | Yes | No |
Verdict
Freetrade's fees are great. Stocks and ETF trades are free if executed at 16:00 PM GMT, and there is no inactivity fee. The account opening is easy, fully digital, and fast. You can use an awesome and user-friendly mobile trading platform.
Freetrade has some drawbacks though: there are only US and UK stocks and ETFs. There are only a few research tools, and you can't use credit/debit cards for transfers.
If you need an instant (market) or basic execution of stock and ETFs from the main UK and US exchanges for free and you prefer an easy-to-use mobile trading platform, Freetrade is a good choice.
| Freetrade | |
|---|---|
| Summary | Freetrade is a UK fintech startup offering a wide selection of commission-free stocks. Freetrade is regulated by the FCA. |
| Fees score | 5.0 stars |
| Recommended for | Long-term investors on the hunt for low fees and focusing on the UK and US markets |
Freetrade alternatives
DEGIRO
DEGIRO is a Dutch online discount broker. It is privately owned and was established in 2008 by former employees of another brokerage company.
DEGIRO is regulated by top-tier financial authorities such as the Netherlands Authority for the Financial Markets (AFM) and the Dutch Central Bank (DNB). It is registered with the Chamber of Commerce and Industry in Amsterdam.
As of July 2020, DEGIRO no longer keeps a waiting list for new clients.
Recommended for price-sensitive buy-and-hold investors and traders looking only to carry out transactions
| Pros | Cons |
|---|---|
| • One of the lowest fees on the market | • Forex not available |
| • Regulated by multiple top-tier regulators | • Limited research and education |
| • Easy-to-use web and mobile platform | • No credit/debit card deposit |
Fees
DEGIRO has low trading and non-trading fees. In most asset classes, it is the best on the market. You can trade some ETFs for free once a month - a great deal for buy-and-hold investors.
| Pros | Cons |
|---|---|
| • Low trading fees | • Higher trading fees for Asian and smaller European stock exchanges |
| • Low non-trading fees | |
| • Low stock and ETF fees |
| DEGIRO | Freetrade | |
|---|---|---|
| Apple benchmark fee | $1.4 | $0.2 |
| Vodafone benchmark fee | $5.3 | $0.5 |
| EURUSD benchmark fee | - | - |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening
DEGIRO no longer keeps a waiting list for new users, and no minimum deposit is required. The account creation process is once again fast and fully digital.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • No minimum deposit |
| DEGIRO | Freetrade | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1 day | 1 day |
If you are interested more in DEGIRO minimum deposit, this overview will help you.
Deposit and withdrawal
DEGIRO deposits and withdrawals are free of charge via bank transfer. On the other hand, you cannot deposit funds using a credit or debit card.
| Pros | Cons |
|---|---|
| • Free withdrawal | • Credit/Debit card not available |
| • No deposit fee | |
| • Several account base currencies |
| DEGIRO | Freetrade | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit/Debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
DEGIRO's web platform is simple and easy to use, even for beginners. On the negative side, you cannot set price alerts.
| Pros | Cons |
|---|---|
| • User-friendly | • Limited customizability (for charts, workspace) |
| • Clear fee report | • No price alerts |
| • Two-step (safer) login |
| DEGIRO | Freetrade | |
|---|---|---|
| Web platform score | 3.9 stars | - |
| Mobile platform score | 4.4 stars | 4.2 stars |
| Desktop platform score | - | - |
Learn more about DEGIRO's web trading platform in the detailed DEGIRO review.
Markets and products
At DEGIRO, you can access many markets and trade a lot of different products. CFD and forex are not available, though.
| DEGIRO | Freetrade | |
|---|---|---|
| Stock | Yes | Yes |
| ETF | Yes | Yes |
| Forex | No | No |
| Fund | Yes | No |
| Bond | Yes | No |
| Options | Yes | No |
| Futures | Yes | No |
| CFD | No | No |
| Crypto | Yes | No |
Verdict
DEGIRO is a good choice if you want a simple platform and don’t want to spend too much on fees.
Transaction costs are generally very low. DEGIRO also has one of the best trading platforms for Europeans. In addition, the account opening process is now fast again, as a recent temporary waiting list has been scrapped.
On the other hand, education and research tools are limited. We should also mention that there is no forex trading, and most clients can only deposit and withdraw by bank transfer.
All in all, DEGIRO is a great online broker. There is no minimum deposit and no inactivity fee, so feel free to go ahead and give it a try.
| DEGIRO | |
|---|---|
| Summary | DEGIRO is a Dutch discount broker established in 2008. It is regulated by the Dutch FMA. As of March 25, 2020, DEGIRO introduced a waiting list for new customers. Longer than usual account opening times are expected. |
| Fees score | 5.0 stars |
| Recommended for | Price-sensitive buy-and-hold investors and traders looking only to carry out transactions |
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Freetrade alternatives
Revolut
Revolut is a fast-growing fintech startup founded in 2015 and mainly known for its banking and payment services. In 2019, the company also launched its commission-free stock trading, which is provided by Revolut Trading Ltd.
Revolut is regulated by multiple top-tier regulators, including the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Clients' assets are protected up to $500,000 ($250,000 cash) under the Securities Investment Protection Corporation's (SIPC) insurance. Revolut is also regulated by the UK Financial Conduct Authority (FCA).
Recommended for beginners looking for free trading and a great mobile-only trading platform
| Pros | Cons |
|---|---|
| • Free stock trading | • Limited product portfolio |
| • Fast and easy account opening | • Basic research and missing educational tools |
| • Great mobile trading platform | • Poor customer service |
Fees
Besides trading stocks for free with Revolut, you also don't have to pay any inactivity or withdrawal fees. It only charges a 0.01% annual custody fee.
| Pros | Cons |
|---|---|
| • Low trading fees | None |
| • Low non-trading fees | |
| • Free stock trading |
| Revolut | Freetrade | |
|---|---|---|
| Apple benchmark fee | $0.2 | $0.2 |
| Vodafone benchmark fee | - | $0.5 |
| EURUSD benchmark fee | - | - |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening
Revolut has an easy, fast, and fully digital account opening, requiring no minimum account balance.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • No minimum deposit |
| Revolut | Freetrade | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1 day | 1 day |
If you are interested more in Revolut minimum deposit, this overview will help you.
Deposit and withdrawal
Revolut offers several deposit options, and both deposits and withdrawals are free even when using wire transfers. On the negative side, you can only use a USD-based account for trading.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • Only one account base currency |
| • Free withdrawal | |
| • No deposit fee |
| Revolut | Freetrade | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit/Debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
Revolut does not offer a web trading platform, as it's available only on mobile. This is a drawback, as web-based applications are convenient to use and accessible from all devices.
| Revolut | Freetrade | |
|---|---|---|
| Web platform score | - | - |
| Mobile platform score | 4.9 stars | 4.2 stars |
| Desktop platform score | - | - |
Learn more about Revolut's web trading platform in the detailed Revolut review.
Markets and products
Revolut has a limited product portfolio, as you can only trade certain US stocks, cryptos and gold. It lacks other popular asset classes like mutual funds, bonds or options.
| Revolut | Freetrade | |
|---|---|---|
| Stock | Yes | Yes |
| ETF | No | Yes |
| Forex | No | No |
| Fund | No | No |
| Bond | No | No |
| Options | No | No |
| Futures | No | No |
| CFD | No | No |
| Crypto | Yes | No |
Verdict
Revolut's fees are great. With all three types of accounts, you can trade US stocks for free (though monthly limits may apply). Account opening is easy, fully digital, and fast. You can use an awesome and user-friendly mobile trading platform.
Revolut has some drawbacks though. The product portfolio covers only US stocks and some crypto currencies. There are only a few research tools, while it offers no educational material at all. Customer service could also be improved.
If you want to trade US stocks for free and are looking for an easy-to-use mobile platform, Revolut is a great choice.
| Revolut | |
|---|---|
| Summary | Revolut is a UK-based fintech startup that offers commission-free stock trading. Revolut Trading Ltd is regulated by the FCA. |
| Fees score | 5.0 stars |
| Recommended for | Beginners looking for free trading and a great mobile-only trading platform |
Freetrade alternatives
Hargreaves Lansdown
Hargreaves Lansdown is one of the biggest UK-based stockbrokers. It was founded in 1981 and is regulated by the top-tier Financial Conduct Authority (FCA). In addition, it is a listed company and a constituent of the FTSE 100, a stock index of the biggest listed companies in the UK.
Hargreaves Lansdown is considered safe because it has a long track record, is regulated by a top-tier authority, and is listed on a stock exchange.
Recommended for beginners and buy-and-hold investors looking for great customer service and easy-to-use trading platforms
| Pros | Cons |
|---|---|
| • Easy-to-use trading platforms | • High fees for stocks and ETFs |
| • High-quality educational tools | • Offline account opening for clients outside the UK |
| • Great customer service | • Only GBP base currency |
Fees
Hargreaves Lansdown has high trading fees for stocks and ETFs. On the plus side, the fund and bond trading fees are low and there is no inactivity fee.
| Pros | Cons |
|---|---|
| • Low non-trading fees | • High stock and ETF fees |
| • No withdrawal fee | • Currency conversion fee |
| • Low fees for funds and bonds |
| Hargreaves Lansdown | Freetrade | |
|---|---|---|
| Apple benchmark fee | $28.9 | $0.2 |
| Vodafone benchmark fee | $29.2 | $0.5 |
| EURUSD benchmark fee | - | - |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening
Hargreaves Lansdown's account opening process is quick and easy as long as you're in the UK and they manage to electronically verify you. If this fails or you live outside the UK, you have to send the photocopied documents by post.
| Pros | Cons |
|---|---|
| • Fast | • Offline account opening for non-UK clients |
| • No minimum deposit | |
| • Fully digital for UK clients |
| Hargreaves Lansdown | Freetrade | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1 day | 1 day |
If you are interested more in Hargreaves Lansdown minimum deposit, this overview will help you.
Deposit and withdrawal
Depositing and withdrawing money is easy and free with a debit card or fast bank transfers at Hargreaves Lansdown. Unfortunately, accounts are available only in GBP.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • Only one account base currency |
| • Free withdrawal | |
| • No deposit fee |
| Hargreaves Lansdown | Freetrade | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit/Debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
Hargreaves Lansdown's web platform is great. It is user-friendly and easy to use. However, it lacks a two-step login and customizability.
| Pros | Cons |
|---|---|
| • User-friendly | • No two-step (safer) login |
| • Clear fee report | • Limited customizability (for charts, workspace) |
| • Good search function |
| Hargreaves Lansdown | Freetrade | |
|---|---|---|
| Web platform score | 3.7 stars | - |
| Mobile platform score | 3.9 stars | 4.2 stars |
| Desktop platform score | - | - |
Learn more about Hargreaves Lansdown's web trading platform in the detailed Hargreaves Lansdown review.
Markets and products
Hargreaves Lansdown offers a lot of funds, and you can access an average number of stock markets. You can trade with forex, CFDs and cryptos via IG, another broker. There are no options or futures.
| Hargreaves Lansdown | Freetrade | |
|---|---|---|
| Stock | Yes | Yes |
| ETF | Yes | Yes |
| Forex | No | No |
| Fund | Yes | No |
| Bond | Yes | No |
| Options | No | No |
| Futures | No | No |
| CFD | No | No |
| Crypto | No | No |
Verdict
Hargreaves Lansdown is one of the biggest UK brokers and is regulated by a top-tier authority.
Its customer service is great, providing you with relevant answers within a short time. The web and mobile trading platforms are user-friendly and the educational tools are high-quality.
It has some drawbacks though: it has high fees for stocks and ETFs, account opening for clients outside the UK is not fully digital, and there is only one base currency (GBP).
As there is no minimum deposit and no inactivity fee, Hargreaves Lansdown is a good choice for opening a trading account.
| Hargreaves Lansdown | |
|---|---|
| Summary | Hargreaves Lansdown is a UK broker, regulated by the top-tier FCA. The company is listed on the London Stock Exchange and is a constituent of the FTSE 100, a stock index of the biggest listed companies in the UK. |
| Fees score | 2.8 stars |
| Recommended for | Beginners and buy-and-hold investors looking for great customer service and easy-to-use trading platforms |
Freetrade alternatives
Bottom line
Based on our analysis, there are several good alternatives to Freetrade. They all offer similar products and target similar customers. Here's a recap of the results in a table.
| Broker | Info | Recommended for |
|---|---|---|
| Freetrade | UK discount broker | Long-term investors on the hunt for low fees and focusing on the UK and US markets |
| DEGIRO | Dutch discount broker | Price-sensitive buy-and-hold investors and traders looking only to carry out transactions |
| Revolut | UK discount broker | Beginners looking for free trading and a great mobile-only trading platform |
| Hargreaves Lansdown | UK-based stockbroker | Beginners and buy-and-hold investors looking for great customer service and easy-to-use trading platforms |
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