Summary: Freetrade, distinctively focusing on stock market investments, does not provide cryptocurrency trading services. It caters to investors interested in purchasing actual shares from various companies, including an extensive selection of stocks and ETFs. To securely invest in crypto, you must use an exchange operating under the vigilant oversight of the Financial Conduct Authority (FCA) to ensure the safety of your funds.

For those keen on exploring cryptocurrencies, eToro is our recommended alternative. Unlike Freetrade, eToro offers direct trading and ownership of various digital assets. It boasts a comprehensive portfolio of over 3,000 financial instruments, not just limited to cryptocurrencies but also stocks, ETFs, commodities, and indices. With eToro, users benefit from a user-friendly platform with instant GBP deposits through Faster Payments, bank transfers, and credit cards.

Table of Contents

Can I Buy Bitcoin with Freetrade?

No, Freetrade does not offer the option to trade in digital currencies like Bitcoin, as it is a share trading platform focusing directly on stocks and ETFs. For those interested in buying cryptocurrencies directly, you must use a licensed digital asset exchange in the United Kingdom. Finding one regulated by the Financial Conduct Authority (FCA) is recommended to ensure the security of your investments and maintain regulatory compliance in the country.

How to Buy Crypto with Freetrade Alternative

For Freetrade users interested in expanding their portfolio to include cryptocurrencies, turning to a regulated exchange that supports GBP deposits is a recommended strategy. One such platform that aligns well with these needs is eToro, known for its diverse asset range and strict compliance with FCA regulations. eToro offers a variety of deposit options, including bank transfers, PayPal, Skrill, Neteller, and both credit and debit cards, making it a convenient choice for UK traders.

Freetrade clients looking to explore cryptocurrency trading can follow these simple steps:

  1. Account Creation: Sign up for an account on eToro and complete the necessary identity verification to ensure secure and compliant trading.
  2. Currency Choice: Click ‘Deposit Funds’, and select ‘GPD’ as your currency to streamline transactions.
  3. Funding the Account: Choose your preferred deposit method from the available options and add funds to your account.
  4. Crypto Investment: Utilise the search function to find the cryptocurrency you're interested in, hit ‘Trade’, enter the amount you wish to invest, and finalise your purchase by clicking ‘Open Trade’.
How to Buy Crypto with Freetrade Alternative.
How to Buy Crypto with Freetrade Alternative.

Will Freetrade Support Cryptocurrency?

As of now, Freetrade's services are primarily focused on stock market investments, and they do not offer direct trading in cryptocurrencies. It provides a platform for buying shares and ETFs, differing from crypto trading. While the direct ownership of digital currencies has been known to offer significant returns, it maintains its specialisation in traditional investments. Freetrade has not disclosed any intentions to incorporate digital asset services into its platform. The company's stance could be influenced by the recent heightened volatility observed in digital currency markets, which often brings about additional risk and complexity. 

Digital Asset Investing Fees

Freetrade users considering stepping into the cryptocurrency space, understanding the fee structures of platforms that offer digital asset trading is crucial. Even though Freetrade itself doesn't facilitate cryptocurrency investments, knowing the costs associated with such investments on other platforms can be beneficial. Here's an overview of typical fees you might encounter on an exchange:

  • Trading Fees: Platforms like eToro usually impose transaction fees for trading digital currencies, which are often around 1%.
  • Deposit Fees: Fees for depositing funds vary based on the chosen method. Options like bank transfers and Faster Payments typically incur lower fees, whereas using credit or debit cards can attract higher fees, sometimes up to 2%.
  • Withdrawal Fees: The fees for withdrawing cryptocurrencies vary between platforms, with Bitcoin withdrawals often costing around 0.0005 BTC.

For Freetrade clients interested in exploring cryptocurrency markets, platforms like eToro can be a suitable choice due to their competitive fees and the option to deposit in GBP. As a platform regulated by multiple international financial authorities, it offers a secure environment for trading digital assets.

What is 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 democratise investing in the stock market, breaking down the barriers that once restricted investing to those with deep pockets or specialised knowledge. It enables users to buy and sell stocks, ETFs, and other securities without incurring traditional brokerage fees.

Emphasising 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.

Freetrade Crypto.
Freetrade: Home Page.

Final Thoughts

To conclude, Freetrade has established itself as a user-friendly, accessible platform for stock market investments. While it does not facilitate cryptocurrency trading, its straightforward approach to traditional investments makes it a valuable tool for those looking to venture into the stock market. For investors interested in the dynamic world of cryptocurrencies, eToro presents itself as a viable alternative. With its compliance with FCA regulations and a diverse range of digital assets, it offers a comprehensive platform for trading cryptocurrencies and other financial instruments.