FCA

Freetrade Launches FCA-Licensed Stockbroker Aimed at Millennials

Freetrade
Freetrade

The challenger app-based stockbroker has launched its flagship brokerage platform in the UK, regulated by the Financial Conduct Authority. Going by the name of Invest, the platform lists thousands of stocks and ETFs for trading and the Freetrade app offers users the ability to invest in the markets with zero fees.

Freetrade has recently set Crowdcube’s record for the fastest time ever to raise £1m. With Invest by Freetrade, the firm plans to serve the millennial generation with investment sector opportunities. While this generation is becoming better educated when it comes to money – how to save, how to invest – the majority have still never invested before; put off by high monthly fees and a legacy industry that has seen its fair share of scandal.”, the CA-regulated and FSCS-secured firm states.

Adam Dodds, Founder and CEO of Freetrade commented: “Exorbitant fees of traditional providers shouldn’t be the norm, so we have broken the mould for how stockbrokers operate by taking brokering in-house, creating our own software platform, and reducing costs tremendously. This benefit is passed directly to Freetrade users in the form of zero-commission trading on over 600 stocks and ETFs. This makes investing in the markets more accessible than ever before. For most of Freetrade’s 70,000+ customers, it’s the first investment service they’ve used, and we’re now seeing many investors move over to us from legacy stockbrokers too, with consumers wanting to find a fairer, more transparent place to invest their money. At Freetrade, we are focused on doing one thing really well: investing in the stock market. As a result, Invest by Freetrade is the most modern brokerage platform in the world and we have all the ingredients to transform how financial services will look in the 2020s. I’m very much looking forward to seeing more people gain access to the stock market’s many opportunities in a fairer way.”

Invest by Freetrade uses its proprietary technology to provide thousands of new stocks and ETFs and enable the rapid rollout of new features, including fractional shares by early 2020. The firm has already started migrating all its customer accounts to the in-house brokerage platform, as the first beta-testing customers have been successfully trading on it for a week.

Its “freemium” business model means that the Freetrade app allows anyone to sign up and trade with zero commission, as well as additional paid services like the Investment ISA and the Alpha Account which provides free and unlimited instant trading.