Mobile-based stockbroker Freetrade on Tuesday, announced the launch of its flagship brokerage platform in the United Kingdom.
Dubbed Invest by Freetrade, the product suite is regulated by the UK’s Financial Conduct Authority and will offer the traders on the platform thousands of new stocks and exchange-traded funds (ETFs). The platform also secured the Financial Services Compensation Scheme certification for ensuring security.
Commenting on the development, Adam Dodds, founder and chief executive of Freetrade, said: “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.”
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Freetrade’s primary clients are millenials due to the platform’s strategy of marketing its product without any trading fees. The company is now targeting the same group in Europe.
However, the platform has to face tough competition from platforms like Robinhood, which also opened a branch in the UK.
“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,” Dodds added.
“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.”