Summary: Freetrade users seeking cryptocurrency investments should consider FCA-regulated exchanges. While Freetrade lacks direct crypto support, Kraken stands as a superior alternative, owing to its regulatory compliance and robust infrastructure.
Kraken excels amongst Freetrade alternatives, accepting GBP deposits at no charge. With access to over 200 cryptocurrencies for trading and staking, it's a prime choice for crypto investors. Regulated by the FCA and based in London, Kraken facilitates quick deposits via bank transfers and card payments, simplifying the process for investors.
- Instant and free GBP deposits from any UK bank via Faster Payments, bank transfer, credit card and more.
- Trade and stake over 200 cryptocurrencies with industry-leading fees and tight price spreads.
- Founded in 2011 and is one of the most trusted global exchanges with over 9 million users.
Can I buy Crypto on Freetrade?
No, the Freetrade App doesn't support the acquisition or trading of cryptocurrencies like Bitcoin and Ethereum. If you're keen on investing in digital currencies, it's important to find a regulated crypto exchange in the UK that is licensed by the Financial Conduct Authority (FCA). This regulation ensures adherence to rigorous standards for security and consumer protection, thus furnishing a safer environment for the transaction of your digital assets.
How to Buy Crypto with a Freetrade Alternative
For those interested in an alternative to Freetrade for managing cryptocurrencies along with other assets, Kraken stands as a strong , FCA-regulated candidate. Recognized as one of the biggest crypto exchanges, Kraken extends a variety of GBP deposit options for UK investors to trade over 200 crypto assets, such as Faster Payments, bank transfer, credit/debit card, Google Pay, and Apple Pay.
Below is a simple guide to facilitate your journey into the digital asset space:
- Create an Account: Create an account on Kraken. Complete the necessary identity verification process, whether an individual or a business.
- Choose Currency: Once on the Kraken platform, select your preferred deposit currency (like GBP).
- Deposit Funds: Choose your preferred payment method (Faster Payments, bank transfer, or Credit Card) and complete your deposit from your bank.
- Buy Cryptocurrency: The last step is to choose the cryptocurrency you wish to purchase and confirm your transaction.
Will Freetrade Support Crypto Assets?
Freetrade has not disclosed any intentions to incorporate digital asset services into their platform. Notably, the company's stance could be influenced by the recent heightened volatility observed in cryptocurrency markets, which often brings about additional risk and complexity. Therefore, currently, Freetrade does not support cryptocurrency trading.
About Freetrade
Freetrade is a pioneering UK-based fintech startup that has made its mark by offering a commission-free trading platform to the masses. With its intuitive and user-friendly app, it aims to democratize investing in the stock market, breaking down the barriers that once restricted investing to those with deep pockets or specialized knowledge. It enables users to buy and sell stocks, ETFs, and other securities without incurring traditional brokerage fees.
Emphasizing transparency and accessibility, Freetrade's platform makes it possible for anyone to begin their investment journey, regardless of their experience level. This approach allows individuals to manage their portfolios directly from their smartphones, fostering a more inclusive investment landscape
Final Thoughts
In conclusion, while Freetrade remains a popular choice for traditional investment options, it currently does not support cryptocurrency trading. For investors looking to venture into the digital currency realm, the FCA-regulated exchange Kraken emerges as a strong Freetrade alternative. With its robust infrastructure, regulation compliance, and wide range of cryptocurrencies available for trading, it provides a secure and user-friendly platform for managing digital assets. However, it's crucial to remember that investing in cryptocurrencies involves risk due to their inherent volatility. Always ensure you understand these risks and engage in safe trading practices.
Dylan Matthews is the Co-Founder and head of operations at Buy Bitcoin Bank, with a background in engineering and experience as a Prop Trader. He has leveraged his knowledge and skills to build and scale the platform, providing users with a seamless experience for buying and selling cryptocurrency.
