Skip to main content
Articles / Firstrade vs Freetrade: 2023 Comparison

Firstrade vs Freetrade: 2023 Comparison

Franklin Carneiro da Silva| Updated: February 27, 2023

Are you confused about whether to choose Firstrade vs Freetrade as a broker for your investing needs?

In this side-by-side comparison, we analyse Firstrade vs Freetrade to help you understand how these apps compare on some of the most common features and make a better-informed decision about the best broker for you.

Below, you’ll find the pros and cons of each broker, as well as a comparison table that features the different fees charged, the financial instruments supported, the regulation, and more. Keep reading!

Ideal for
US investors looking for US options only

Firstrade is a traditional company founded in 1985 that recently changed its strategy to become a commission-free online trading platform for stocks, ETFs and options.

The broker is considered safe, with a long track record that survived a few crises and top-tier regulators’ supervision.

The main drawbacks are its limited products offering (no European ETFs, stocks,…) and the fact that it only offers fractional shares on reinvested dividends.

Ideal for
UK investors looking for a cheap ISA/SIPP

Freetrade is a commission-free UK stockbroker. It is an excellent choice for investors looking to build a long-term portfolio of stocks and ETFs with low fees.

They operate under a freemium (free+premium) business model. As you go up the pricing plans, users get extra features, such as ISA and SIPP, 3% interest on cash, and more.

Although Freetrade is only available for UK residents, the company plans to expand to Europe (you can follow the all-new developments here).

Pros and Cons

Pros

  • Commission-free stock, ETF, mutual fund and options trading
  • Good research and educational content
  • No inactivity fees
  • No minimum deposit

Cons

  • You can trade only on US markets
  • No 24/7 customer support
  • No demo account
  • No fractional shares

Pros

  • Free stock and ETF trading
  • GIA, ISA, and SIPP
  • No inactivity, account, or withdrawal fees
  • No minimum deposit
  • Great community (forum) – where users share ideas and learn about investing
  • Nice and user-friendly app

Cons

  • Limited asset classes (only stocks, ETFs, REITs, and investment trusts)
  • Limited research and education
  • Graphs and portfolio tracking still need some development
  • No web or desktop platform yet (Beta version in Plus)
  • No phone support – however, live chat support is very fast and efficient
  • No 24/7 support
Firstrade vs Freetrade: 2023 Comparison 2
Freetrade logo
  •  
  • General Information
  • Founded in
  • Demo Account
  • Account Minimum
  • Interest on unninvested cash (annually)
  • Products
  • Stocks
  • ETFs
  • Bonds
  • Funds
  • Options
  • Futures
  • CFDs
  • Leverage Products
  • Forex
  • Cryptocurrencies
  • Commodities
  • Fees
  • US stocks
  • EU stocks
  • ETFs
  • Cryptocurrencies
  • Custody Fee
  • Inactivity Fee
  • Withdrawal Fee
  • Connectivity Fee
  • Currency Conversion Fee
  • Security
  • Regulators
  • Investor Compensation Scheme(per person, per institution)
  • FirstradeAsset 3
  • General Information
  • Founded in1985
  • Demo Account
  • Account Minimum$1
  • Interest on unninvested cash (annually)0%
  • Products
  • Stocks
  • ETFs
  • Bonds
  • Funds
  • Options
  • Futures
  • CFDs
  • Leverage Products
  • Forex
  • Cryptocurrencies
  • Commodities
  • Fees
  • US stocks$0
  • EU stocksNot Applicable
  • ETFs$0
  • Cryptocurrencies1%**Spread on either side of a crypto trade.
  • Custody Fee$0
  • Inactivity Fee$0
  • Withdrawal Fee0$ for ACH**Wire transfers cost $30-35 (depends on your residency).
  • Connectivity Fee0$
  • Currency Conversion FeeNo available information
  • Security
  • RegulatorsFCA and FINRA.
  • Investor Compensation Scheme(per person, per institution)Up to $500,000 **Including international clients.
  • FreetradeAsset 3
  • General Information
  • Founded in2016
  • Demo Account
  • Account Minimum£0
  • Interest on unninvested cash (annually)GBP: Up to 3.00%
  • Products
  • Stocks
  • ETFs
  • Bonds
  • Funds
  • Options
  • Futures
  • CFDs
  • Leverage Products
  • Forex
  • Cryptocurrencies
  • Commodities
  • Fees
  • US stocks£0
  • EU stocks£0
  • ETFs£0
  • CryptocurrenciesNot Applicable
  • Custody Fee£0
  • Inactivity Fee£0
  • Withdrawal Fee£0
  • Connectivity Fee£0
  • Currency Conversion Fee0.45%
  • Security
  • RegulatorsFCA
  • Investor Compensation Scheme(per person, per institution)

    Up to £85,000.

Franklin Carneiro da Silva
Co-Founder & Fintech Analyst

Franklin is a CFA Level III Candidate with 3 years of experience in Wealth Management as a Fund Research Analyst and the Host of the "Edge Over Hedge" YouTube Channel.

linkedin
youtube