How to Buy Crypto with Freetrade

Summary: Freetrade does not support cryptocurrency trading directly through its investment platform. However, investors seeking digital asset opportunities can turn to third-party exchanges regulated by the Financial Conduct Authority (FCA).

After a detailed review of regulated alternatives to Freetrade, eToro emerges as a preferred choice. Being fully regulated by the FCA, eToro ensures a secure environment with quick and reasonably priced GBP deposits from British banks. This platform enables users to trade in a diverse array of over 3,000 assets, including cryptocurrencies, stocks, ETFs, and more, providing an excellent option for those looking to diversify their portfolio.

Can you Buy Crypto with Freetrade?

No, Freetrade does not offer the option to purchase Bitcoin, Ethereum, or other cryptocurrencies through their investment platform. Freetrade is primarily focused on providing access to traditional investment instruments such as stocks, ETFs, and commodities. If you're looking to invest in cryptocurrencies, consider using other platforms or exchanges in the United Kingdom that specialize in crypto assets and are regulated by the Financial Conduct Authority (FCA).

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How to Buy Crypto with a Freetrade Alternative

If you're looking for a way to buy Bitcoin and other cryptocurrencies and are using Freetrade for your other investments, you might find that Freetrade doesn't offer this option. An excellent alternative is eToro, a platform regulated by the Financial Conduct Authority (FCA) in the UK. eToro stands out for its wide range of over 3,000 assets, including popular cryptocurrencies, and its competitive transaction fees.

Here's a step-by-step guide to purchasing crypto with eToro:

1. Create an Account: Sign up for a free account on eToro and complete the identity verification. This prepares you for trading on their platform.
2. Deposit Funds: Click on 'Deposit Funds', choose 'GBP', and follow the instructions to deposit the amount you wish to invest from your bank account or card.
3. Search and Select Cryptocurrency: Use the search bar to find and select the cryptocurrency you want to buy, such as Bitcoin or Ethereum.
4. Confirm Purchase: Choose the amount and confirm your purchase by following the on-screen instructions.

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Will Freetrade Support Digital Assets?

Freetrade has not publicly announced any specific plans to support the trading or purchase of digital assets like cryptocurrencies on their platform. Freetrade has primarily focused on providing access to traditional investment instruments such as stocks, ETFs, and commodities. The platform has been designed to make investing in these areas more accessible to a broader audience.

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What are the Fees?

The fees for buying cryptocurrency can vary, including transaction costs, deposit charges, and withdrawal fees. These depend on the platform and the specific digital currency. We recommend eToro as a Freetrade alternative for its reasonable fee structure. They offer free deposits in GBP (conversion fees for other currencies may apply), a 1% commission on trades, and competitive spreads for trading crypto within the UK's regulatory framework.

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About Freetrade

Freetrade is a UK-based financial technology company that offers a user-friendly investment platform aimed at democratizing stock trading. Through their mobile app, users can invest in stocks, ETFs, and other traditional investment instruments without paying traditional brokerage fees. Focused on accessibility and simplicity, Freetrade provides an intuitive interface that appeals to both novice and seasoned investors. As of today’s date, it does not support the trading of cryptocurrencies, aligning itself more with conventional investment options.

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Bottom Line

In conclusion, Freetrade does not support the purchase or trading of cryptocurrencies, maintaining its focus on traditional investment options like stocks, ETFs, and commodities. For those interested in investing in crypto assets within the UK's regulatory framework, eToro is presented as a viable Freetreetrade alternative. It offers a wide range of digital currencies and a competitive fee structure, making it a suitable choice for those seeking to diversify their investment portfolio.