Summary: Freetrade, a popular investment platform, does not offer cryptocurrency trading but excels in traditional investments like stocks, ETFs, and commodities. For those looking to invest in digital assets like Bitcoin and Ethereum, eToro is a recommended FCA-regulated alternative, offering a broad range of over 3,000 assets, including cryptocurrencies, with a clear fee structure.
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Can I Buy Crypto with Freetrade?
No, Freetrade does not facilitate cryptocurrency transactions, including popular options like Bitcoin, Ethereum, Solana and others. Instead, Freetrade's platform is dedicated to traditional investment opportunities, including stocks, ETFs, and commodities. For those interested in cryptocurrency investments, it's advisable to explore other UK-based cryptocurrency exchanges specialising in digital assets, ensuring they comply with the Financial Conduct Authority (FCA) regulations.
How to Buy Crypto with a Freetrade Alternative
If you're utilising Freetrade for stock and ETF investments but are interested in delving into Bitcoin and other cryptocurrencies, you'll need to look beyond Freetrade, as it doesn't support crypto trading. A trustworthy alternative is eToro, registered with the Financial Conduct Authority (FCA) in the UK. eToro offers an extensive range of over 3,000 assets, including renowned cryptocurrencies, and is noted for its competitive fees.
Here's how to commence buying crypto on eToro:
- Account Set-Up: Register for a complimentary account on eToro and complete the identity verification to ensure a secure trading experience.
- Adding Funds: Go to 'Deposit Funds', select 'GBP', and follow the instructions to transfer your desired investment sum from your bank account or card.
- Selecting Cryptocurrency: Employ eToro's search function to find and select the cryptocurrency you're keen on, such as Bitcoin or Ethereum.
- Completing the Purchase: Decide on the amount you wish to invest and finalise your purchase by following the platform's on-screen instructions.
Will Freetrade Support Digital Assets?
Currently, Freetrade hasn't disclosed any intentions to incorporate digital asset trading, such as cryptocurrencies, into their services. The platform's primary objective remains offering access to conventional investment tools, including stocks, ETFs, and commodities. Freetrade's design is tailored to simplify investment in these traditional areas for a wider range of investors.
What are the Fees?
The costs associated with purchasing cryptocurrencies differ based on the platform and the type of digital currency involved. These expenses can include transaction fees, charges for depositing funds, and fees for withdrawing your assets.
For a Freetrade alternative with a favorable fee structure, eToro stands out. eToro allows free deposits in GBP (though conversion fees apply for other currencies), charges a 1% commission on crypto trades, and maintains competitive spreads, all while adhering to the UK's stringent regulatory standards.
Freetrade is an investment platform catering to over 1.5 million users, offering commission-free trading in a diverse array of over 6,100 stocks and ETFs across the UK, US, and Europe. With FSCS protection, it provides a secure environment for capital investment, emphasizing the inherent risks.
The platform encourages tax-efficient investing through ISAs and SIPPs, allowing UK investors to optimize tax savings. Freetrade also offers fractional shares in US companies, enhancing portfolio diversification. Its simple pricing plans include interest earning on uninvested cash and reliable customer service, making investing accessible and user-friendly.
In conclusion, while Freetrade is a robust platform for traditional investments in stocks, ETFs, and commodities, it currently does not support cryptocurrency trading. For those interested in expanding their portfolio to include digital assets like Bitcoin and Ethereum, exploring alternatives such as eToro, which is registered with the UK's Financial Conduct Authority (FCA), can be a viable option. eToro offers a diverse asset range and a user-friendly process for crypto investments, with a transparent fee structure. This versatility in investment choices allows investors to tailor their portfolios to include both traditional and digital assets, catering to a wide range of financial goals and strategies.