Best Freetrade Alternatives

Interactive Brokers is the best alternative to Freetrade, offering advanced tools, a wide range of investment options, and competitive pricing.

If you're considering stepping away from Freetrade or simply exploring other options, you're in luck – plenty of alternatives cater to various investment styles and needs. Whether you're after lower fees, a broader range of assets, or advanced trading tools, the right platform is waiting for you. Keep reading to discover some of the top Freetrade alternatives that could be your next go-to for trading and investing.

Quick Look at the Best Alternatives to Freetrade

• Best for Advanced Traders: Interactive Brokers
• Best for Active Traders: TradeStation
• Best for Research Tools: Zacks Trade
• Best for Social Trading: eToro
• Best for Commission-Free Trading: Robinhood
• Best for Comprehensive Services: Charles Schwab
• Best for Beginner Investors: E*TRADE
• Best for Mobile Trading: Webull
• Best for Community Insights: Public.com
• Best for All-In-One Investing: Ally Invest

10 Best Freetrade Alternatives

If you're looking for the best Freetrade alternatives, these platforms offer a range of features that might make them your next investment home.

1. Best for Advanced Traders: Interactive Brokers

• Fees: Starts at $0, but tiered and fixed-rate structured pricing is available depending on asset and contract
• Account Minimum: $0 for IBKR Lite, $100,000 for IBKR Pro
• Promotional Offer: The Refer a Friend program lets eligible IBKR clients earn $200 for each successful referral, while their friends have the chance to earn up to $1,000 in IBKR stock

Interactive Brokers (IBKR) is a brokerage powerhouse known for its extensive range of investment options and powerful trading tools. It's a favorite among seasoned traders who need access to global markets, low-cost trading, and advanced analytics. Unlike Freetrade, Interactive Brokers offers everything from stocks and options to futures and forex, making it a versatile platform for diverse portfolios.

Why We Picked It: Interactive Brokers stands out for its comprehensive range of investment products and tiered pricing structure, which caters to both casual investors and professionals. With features like advanced trading tools and access to international markets, IBKR is perfect for those looking to take their trading to the next level.

2. Best for Active Traders: TradeStation

• Fees: $0 Commission + $0.60 per contract
• Account Minimum: None
• Promotional Offer: When TradeStation lends out certain fully paid or excess margin securities in your account, you’ll receive a share of the interest they earn each day

TradeStation is another top choice for active traders who need high-performance tools and a robust platform. It offers advanced charting, backtesting capabilities, and fast trade executions – ideal for those who thrive in a fast-paced trading environment. Compared to Freetrade, TradeStation offers more sophisticated tools for serious traders.

Why We Picked It: TradeStation’s platform is built for traders needing quick data access, customizable charting, and automated trading strategies. Its powerful tools and competitive pricing make it a strong alternative for active traders.

3. Best for Research Tools: Zacks Trade

• Fees: Varies, but for stocks and ETFs, you’ll pay $0.01 per share 
• Account Minimum: $2,500
• Promotional Offer:

Zacks Trade is a solid choice for those who prioritize research and analysis. It offers access to premium research tools and reports from Zacks Investment Research, making it a go-to platform for informed investing. Unlike Freetrade, Zacks Trade emphasizes in-depth market analysis and personalized trading experiences.

Why We Picked It: Zacks Trade offers top-tier research tools and insights, which are essential for investors who base their strategies on detailed market analysis. The access to professional-grade research makes it a standout choice for serious investors.

4. Best for Social Trading: eToro

• Fees: 1% fee on crypto transactions, $0 for stocks and options
• Account Minimum: $10
• Promotional Offer: Deposit $100 and get a $10 bonus

eToro is a pioneer in social trading, allowing users to follow and copy the trades of successful investors. This feature makes it an excellent platform for beginners who want to learn by watching others. eToro also offers commission-free trading, making it a cost-effective alternative to Freetrade.

Why We Picked It: eToro’s unique social trading features set it apart from traditional brokerages. Learning from and mimicking top traders’ strategies is invaluable for those new to the market or looking to refine their approach.

5. Best for Commission-Free Trading: Robinhood

• Fees: $0 commissions, but trading activity fees apply
• Account Minimum: $0
• Promotional Offer: Earn 3% extra on every annual contribution to your IRA when you subscribe to Robinhood Gold

Robinhood is famous for democratizing finance by offering commission-free trades and an easy-to-use mobile platform. It’s an excellent alternative for those who appreciate the simplicity and cost-effectiveness of Freetrade but want a more established brand with additional features like options trading and cryptocurrency.

Why We Picked It: Robinhood’s straightforward approach to investing with no commissions makes it a natural choice for those who want to minimize costs. Its user-friendly platform also appeals to beginners and those seeking a hassle-free trading experience.

6. Best for Comprehensive Services: Charles Schwab

• Fees: $0 online trades + $0.65 per options contract
• Account Minimum: $0
• Promotional Offer: Refer a friend program, up to $1,000

Charles Schwab is a one-stop shop for all your financial needs, offering everything from investment accounts to banking services. Its comprehensive suite of tools and resources makes it ideal for investors who want a full-service brokerage experience.

Why We Picked It: Charles Schwab offers unmatched access to various services, including retirement planning tools and financial advisory services. It’s perfect for those looking for more than just a trading platform.

7. Best for Beginner Investors: E*TRADE

• Fees: $0 on stocks, ETFs, options and mutual funds. $0.65 on options contracts, $1.50 on futures and $1 on bonds
• Account Minimum: None, but you must fund the account within 30 days to remain open
• Promotional Offer: Get up to $1,000 or more when you open and fund a new brokerage account

E*TRADE is a popular choice for beginners, offering a wealth of educational resources, user-friendly platforms, and competitive pricing. It’s a great alternative to Freetrade for those just starting, providing the tools to grow and manage your investments effectively.

Why We Picked It: E*TRADE’s educational tools and intuitive platform make it an excellent choice for new investors. The availability of basic and advanced features ensures you can grow with the platform as your investing skills improve.

8. Best for Mobile Trading: Webull

• Fees: $0 commissions, but trading fees apply and tiered pricing on other assets
• Account Minimum: $0
• Promotional Offer: Get 20 free fractional shares by depositing $500 - $24,999.99 and maintaining for 30 days

Webull is designed for mobile-first investors, offering a sleek and powerful app that rivals desktop platforms. It’s an excellent alternative to Freetrade for those who prefer trading on the go, with advanced charting tools and a wide range of investment options.

Why We Picked It: Webull’s mobile app has features typically reserved for desktop platforms, making it ideal for active traders who need to manage their portfolios from anywhere. The commission-free structure is another plus for cost-conscious investors.

9. Best for Community Insights: Public.com

• Fees: $0 for premium members on most assets, $2.99 per trade for non-premium members
• Account Minimum: $5
• Promotional Offer: Get up to $10,000 when you transfer your investment portfolio to Public

Public.com combines investing with social networking, allowing users to see what others are investing in and why. This community-driven approach is a great alternative for Freetrade users who value transparency and shared insights.

Why We Picked It: Public.com’s integration of social features with a user-friendly trading platform creates a unique environment where investors can learn from each other. This makes it particularly appealing for those who want to make informed decisions based on the community's collective wisdom.

10. Best for All-In-One Investing: Ally Invest

• Fees: $0 Commissions + $0.50 per contract on options, $1 per bond, $24.95 per transaction for CDs
• Account Minimum: $100
• Promotional Offer: None

Ally Invest offers a comprehensive investing platform that includes self-directed trading and managed portfolios under one roof. It’s an excellent choice for those looking to consolidate their financial activities in one place, with the added benefit of Ally Bank’s services.

Why We Picked It: Ally Invest stands out for its all-in-one approach, combining robust investing tools with banking services. It’s ideal for those who want a cohesive financial experience with the convenience of managing investments and banking through a single platform.

Factors to Consider When Choosing the Best Freetrade Alternative

When searching for the best alternative to Freetrade, it's essential to consider several key factors:

• Types of Assets: To ensure the platform meets your needs, consider the range of investment options available, including stocks, ETFs, options, and cryptocurrencies.
• Fees and Expense Ratios: Compare the fees associated with trading, including commissions, account maintenance, and withdrawal fees, to find the most cost-effective option.
• Account Minimums and Requirements: Check the minimum investment required to open an account and any other eligibility criteria.
• Ease of Use and Platform Functionality: Evaluate the platform's user interface and overall functionality to ensure it’s easy to navigate and meets your trading needs.
• Tools and Educational Resources: Look for platforms that offer educational content and analytical tools to help you make informed investment decisions.
• Customer Service and Support: Consider the quality and availability of customer support, including options like live chat, phone support, and email.

What Is Freetrade?

Free trade is a UK-based commission-free trading platform that allows users to invest in stocks, ETFs, and fractional shares. It is particularly popular among beginners and cost-conscious investors, offering a simple and intuitive app that makes investing accessible to everyone.

Is Freetrade Worth It?

Free trade is worth it for:

• Target Users: Beginners who want a straightforward, low-cost way to start investing.
• Best Feature: Commission-free trades with access to a wide range of UK and U.S. stocks.
• Ease of Use: A simple, user-friendly interface perfect for those new to investing.

Some limitations might make Freetrade less ideal for certain users:

• Limited Investment Options: Limited access to options trading, mutual funds, and other advanced investments.
• No Advanced Tools: The platform is geared more toward beginners and may not satisfy more experienced traders.
• Limited Availability: Currently only available to UK residents, limiting its accessibility for international users.

Choosing Your Next Trading Platform

Choosing the right trading platform is crucial to your investment success. Whether you’re drawn to Interactive Brokers for its advanced tools or Robinhood for its simplicity, the best platform is the one that aligns with your financial goals and trading style. Take the time to explore your options and find the platform that best meets your needs.

Frequently Asked Questions