Can I buy Crypto on Freetrade?
You cannot buy Cryptocurrencies like Bitcoin and Ethereum on the Freetrade App. This is because their platform does not support digital asset infrastructure like Crypto Exchanges, Crypto Wallets, or Crypto Staking.
Freetrade users will need to find an alternative platform that is also licensed by the Financial Conduct Authority (FCA), which supports digital asset investing.
How to buy Crypto with a Freetrade Alternative
The best alternative to trade Cryptos, Stocks, ETFs, and more all in one platform is eToro UK. They are the world's largest multi-asset brokerage that offer digital asset services which include crypto trading, secure crypto wallets, and cryptocurrency staking. Their platform is also licensed and regulated by the Financial Conduct Authority (FCA) in the UK.
Follow this simple guide to get started:
- Step 1: Sign up to the eToro trading platform.
- Step 2: Select the 'Deposit Funds' button at the bottom of your dashboard.
- Step 3: Select the Fiat Currency you want to deposit, and your preferred deposit method (Bank Transfer, Credit Card/Debit Card, or PayPal).
- Step 4: Once the fiat is in your eToro account, you can buy any asset available on their platform.
When you finalise buying a cryptocurrency like Bitcoin or Ethereum on eToro, it will automatically be placed in your eToro managed wallet for secure custody.
Fees to Invest in Crypto
eToro is one of the cheapest brokers in the space with zero upfront fees on trading and small spread charged between the buy and sell price of an asset. The average spread is around 0.5% for crypto assets, making their fees significantly cheaper than popular alternatives like Coinbase who charge up to 1.99% per trade.
Freetrade is a commission-free stock trading platform based in the United Kingdom. The company was founded in 2013 and launched its mobile app in 2018. Freetrade has over 100,000 users as of September 2019.
Freetrade offers commission-free online stock and ETF trading on major UK exchanges including the London Stock Exchange (LSE), Nasdaq, and NYSE. The company makes money from a monthly subscription fee of £3, which is waived for students.
Freetrade offers demo accounts to help users practice trading without risking real money. The demo account includes virtual cash and access to all features available on the live Freetrade app.