Invest by Freetrade will offer a thousand new stocks and exchange-traded funds (ETFs) in the UK starting Tuesday. The mobile-based parent stockbroker said the platform will reduce costs tremendously.
Founder and chief executive Adam Dodds said unreasonably high fees from traditional providers should not be normal. Instead, users can benefit from Invest in the form of zero-commission trading in over 600 stocks and ETFs.
Invest serves as a self-made system built to fully own a system that would power all their offerings. As the firm migrates its accounts into the in-house platform, they expect a thousand more US and UK stocks, as well as ETFs.
The firm will migrate all its customer accounts to the in-house platform after successful trading. Invest will enable the rapid rollout of new features in the UK.
Moreover, Dodds added that most of its customers are first-time investors. Some moved over from a bigger name for the firm’s transparency and fairness in the platform.
Freetrade claims are the “most modern brokerage platform in the world” with tools to transform financial services in the 2020s.
About Freetrade
Freetrade offers commission-free trading since its launch in 2016. The top-tier regulator Financial Conduct Authority regulates it.
The Financial Services Compensation Scheme covers all deposits with a maximum of £85,000 investor protection.
Upcoming improvements in the mobile app this 2020 include premium accounts, which now has the name Freetrade Alpha. This offering encompasses all needed services in a fixed monthly subscription.
If traders choose to subscribe for £10/month and £100/year, instant trades will be free for US stocks. Those without an account will need to pay £1 for an instant trade but can still have free basic trading.
Freetrade expects its fractional share offerings to launch early next year.
The broker competes with firms like Robinhood and Revolut, which both have commission-free trading.
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