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Review of the Freetrade, Online share dealing:

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Cannot recommend. There are many better options.

For a very basic broker freetrade’s services mat be considered acceptable but considering they charge a similar fee too more premium providers, the platform is terrible. I didn’t expect much from Freetrade but it is lacking even the most basic tools and features. Moreover having an extremely limited investible Universe is quite a shock when you charge £10/month for premium. As much as you tell the world that +6000 stocks/etf’s etc. in your product offering is a lot, Freetrade is not even closely matching its closest competitors who offer a far more complete 12k products, must better fees, better platforms and support. How Freetrade continues to achieve such high ratings and popularity is a mystery to me but maybe it is sufficient for most other users. Freetrade has done an excellent job marketing themselves and advertising their services far better than their competition. Is it possible that Freetrade’s user base is simply unaware of what alternatives they have? There is a vast number of ISA providers available which differ immensely in terms of platform, costs and fees, free commission (where the FX fee / spread may be quite substantial etc). I notice my fees on my Freetrade ISA (mainly FX related) are much larger than the fees I pay on my other trading accounts from interactive brokers and TradeZero (non ISA accounts) even though my accounts size and trade volume is many times larger and the accounts are NOT zero commission. It’s just food for thought but all in the interest of making users aware they they have options if they are unhappy. PS - Freetrade transfers (going out and in) used to be very fast - more recently they have become absurdly slow (+6 weeks - I know this is still within the upper advertised range). Similarly their platform support used to excellent with responses coming in a matter of minutes - now I tend to wait 2/3 days to receive a response. Reviewed on: 21st March 2024

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