Freetrade Alternatives

The best alternatives to Freetrade are

1. Stake - Australia-based zero-fee discount broker
2. Passfolio - Global zero-commission stockbroker

Let's see in a bit more detail how the Freetrade alternatives compare to Freetrade and each other:

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.

Not sure which broker to choose? For a tailored recommendation, check out our broker finder tool. Answer 4 simple questions and get a list of the most relevant brokers.

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
• Stake is recommended for beginners and investors looking for free us stocks/etfs and a simple, easy to use trading platform
• Passfolio is recommended for beginners and long-term investors focusing on the us stock market

Important factors of finding Freetrade alternatives

So far BrokerChooser has reviewed 101 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 can make a deposit with a credit card at Freetrade, this might not be the case at its alternatives.

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!

Founded in 2017, Stake is an Australia-based zero-fee discount broker specialized in US stocks and ETFs The brokerage is overseen by multiple top-tier regulators, including the Australian Securities and Investment Commission (ASIC) and the UK's Financial Conduct Authority (FCA). 

Stake is considered safe because it is regulated by top-tier regulators. In addition, Client assets are protected up to an amount of $500,000 ($250,000 cash) under the Securities Investment Protection Corporation's (SIPC) insurance. 

Stake operates in Australia, New Zealand, the United Kingdom, and Brazil. The core services are the same in these countries, but there are slight differences. In this review, we tested the UK services.

Recommended for beginners and investors looking for free us stocks/etfs and a simple, easy to use trading platform

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Fees

4.7

Stake offers free stock and ETF trading on US markets. There is no inactivity fee, which is a big plus. On the negative side, deposit and withdrawal are not free of charge.

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

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Account opening

5.0

Stake has a very simple and easy account opening process. It takes only a few minutes to open an account.

If you are interested more in Stake minimum deposit, this overview will help you.

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Deposit and withdrawal

2.2

There is no deposit/withdrawal fee for most of the clients. However, you can only withdraw your money in your local currency and you will be charged a conversion fee at deposit and withdrawal.

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Web trading platform

3.6

Stake's web platform is simple and easy to use with a user-friendly design. However, it lacks some important features like price alerts or workspace customizability.

Learn more about Stake's web trading platform in the detailed Stake review.

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Markets and products

1.6

Stake's product selection covers US stocks, ETFs, and US-listed ADRs. However, other popular asset classes like mutual funds, bonds, cryptos or options are not available at Stake.

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Verdict

Stake's fees are great. Clients can execute an unlimited number of stock and ETF trades free of charge and the broker doesn't charge an inactivity fee. The account opening is easy, fully digital and fast. It provides straightforward and well-designed trading platforms.

Stake has some drawbacks though: there are only US stocks and ETFs. There is no live customer service (no phone or live chat support). There are no educational tools available.

Stake is a good choice if you want to trade US stocks and ETFs for free on an easy-to-use trading platform. 

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Passfolio, a global zero-commission stockbroker, is a young and ambitious brokerage founded in 2018. It is regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). In addition to the top-tier regulation, clients also enjoy investor protection under the SIPC policy of Passfolio's clearing firm for up to an additional $30 million (with a cash sub-limit of $900,000 per account), subject to an aggregate limit of $150 million.

Although Passfolio is a global broker, there is a distinct focus on Brazilian customers, as evidenced by the fact that a good portion of the content it offers is available in Portuguese. 

Passfolio is considered safe because it is regulated by top-tier authorities and offers extra protection to investors. 

Recommended for beginners and long-term investors focusing on the us stock market

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Fees

4.2

Passfolio has attractive fees, as trading in all assets except for cryptos is free of charge above a trade value of $5. On the other hand, most withdrawal options carry a 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

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Account opening

5.0

On mobile, the account opening at Passfolio is super fast and fully digital, with validation in just 15 minutes. On the other hand, there may be some issues when validating via desktop.

If you are interested more in Passfolio minimum deposit, this overview will help you.

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Deposit and withdrawal

2.8

Passfolio's deposit functions are numerous and most of them come free of charge. On the other hand, withdrawal is not free and the process of depositing funds is complicated.

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Web trading platform

3.8

Passfolio's new web trading platform is still in Beta. It is user-friendly and has two-factor SMS verification. However, it is not customizable, has only a few order types and no price alerts.

Learn more about Passfolio's web trading platform in the detailed Passfolio review.

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Markets and products

2.2

Passfolio offers stocks, ETFs, REITs and ADRs traded on US stock exchanges, as well as cryptos. Popular assets such as mutual funds, bonds and options are not available.

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Verdict

As an up-and-coming brokerage, the main attractive feature of Passfolio is its highly competitive fee structure. You can essentially trade free of charge with an amount exceeding $5, depositing funds is free and the broker doesn't charge any account fees either. The mobile app is exceptionally user-friendly and the account opening and validation was extremely fast.

On the negative side, the range of products is rather limited and customers have access solely to US markets (NYSE/NASDAQ). Depositing funds in your Passfolio account can prove to be a cumbersome process and all withdrawals carry a price tag. Educational materials are pretty scarce, albeit some of high quality, and videos are only available in Portuguese.

Passfolio is ideal for non-US investors looking for an easy-to-use platform to trade in US securities.

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Freetrade is a UK-based fintech startup providing commission-free stock trading, regulated by the UK'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

Fees

4.7

At Freetrade, you can trade stocks and ETFs free of charge. Also, there are no account, inactivity or withdrawal fees. However, there is a high, 0.45% fee for converting your funds to USD.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k

Account opening

5.0

Account opening at Freetrade is fast, fully digital and user-friendly, and there is no minimum deposit. You can choose from 4 different account types.

Learn more about Freetrade minimum deposit here.

Deposit and withdrawal

4.0

Deposits and withdrawals are user-friendly and free. On the negative side, no credit cards are accepted and the only available base currency is GBP.

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 the company said would be set by the end of 2020.

Learn more about Freetrade's web trading platform in the detailed Freetrade review.

Markets and products

2.0

Freetrade has a limited product portfolio that covers only stocks and ETFs. There are no other asset classes available, like mutual funds, bonds or options.

Verdict

Freetrade's fees are great. Stock and ETF trades are free and there is no inactivity fee. 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 available for trading. There aren't many research tools and you can't use credit/debit cards for transfers.

If you are looking for stock and ETF trading from the main UK and US exchanges for free and you prefer an easy-to-use mobile trading platform, Freetrade is a good choice.

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.

Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.