FREEDOM24 REVIEW: PROS & CONS
Have you come across this financial app and wonder what it is all about? In this review, we will walk you through the key points to consider when evaluating its features and benefits.
Last Update:
27.6.24
BASIC INFO
Freedom24 is an online investment platform renowned for providing access to a wide range of global financial markets, including stocks, bonds, and investment funds. Established in 2008 and serving over 370,000 clients worldwide, Freedom24 has earned a solid reputation for its focus on portfolio diversification and high-quality customer service, appealing to a diverse international audience and investors in the United States and Europe.
Freedom24 is a broker part of the Freedom Finance group, under Freedom Holding Corp (FRHC), the only stockbroker based in Europe listed on Nasdaq, with a market capitalisation of $5.72 billion.
PROS & CONS
PROS
Regulated by a Credible Government Agency
This platform is regulated by a credible government agency, ensuring that it operates in compliance with industry standards and regulations. Regulation provides a level of security and protection for traders, as it requires the platform to adhere to specific rules and guidelines designed to safeguard the interests of market participants. Trading on a regulated platform can enhance trust and confidence in the trading environment.
+1000 Stocks/ETFs Available
This platform offers a wide selection of over 1000 stocks and ETFs for traders to choose from, providing ample opportunities for diversification and investment.
Multi-Asset Trading
This platform allows traders to engage in multi-asset trading, enabling them to trade various financial instruments, including stocks, ETFs, forex, and more.
Advanced Order Types
This platform supports advanced order types, providing traders with additional flexibility in managing their trades and implementing various trading strategies.
CONS
Poor Customer Support
This trading platform offers limited customer support, leading to delays in resolving issues or inadequate assistance for traders. With subpar customer support, traders may face challenges in getting timely responses to their inquiries, resolving technical difficulties, or receiving necessary guidance.
Lack of Educational Resources
This trading platform lacks comprehensive educational resources, making it challenging for traders to access valuable learning materials and enhance their trading knowledge. Without access to educational resources, traders may struggle to understand complex trading concepts, strategies, or market analysis, limiting their ability to make informed trading decisions.
APPS
FREEDOM24 APP
Freedom Finance's web platform and mobile apps offer up-to-date account information, analytical tools and a powerful trading system gathered together to enable all types of stock exchange orders, including limit and stop orders.
The image displays the user interface of Freedom24's mobile trading app, noted for its intuitive and easy-to-navigate design. The main screen offers a clear and concise market view, with quick access to a diverse range of assets, including stocks, ETFs, and options. The app also features detailed investment performance charts and real-time analysis tools. Although some users mention occasional technical issues, the majority praise the fluidity and simplicity of the trading experience within the app, which caters to both novice and experienced investors.
ACCOUNT OPENING
How to Open an Account with Freedom Broker
You can deposit money into your Freedom Broker account via bank transfer or with a bank card.
Click on the Add Money (1) button at the top of the screen, then choose and click on your preferred method: via Credit card (2) or By Bank Transfer (3).
Deposit with a credit card
When you choose Quick-Top Up you will be asked to provide your card details.
When you top-up with a card, your funds are credited instantly. Please be aware, that deposits via credit card are being charged with a 2.5% commission fee.
Enter the amount of funds you want to deposit (1), you can choose the currency you want to top up your account. Below, you will see the amount of commission charged (2).
Select a Payment Method (3), here you can add a new credit card or select from the saved ones.
Enter your Card details (4) and use the toggle button if you want them saved (5). If you choose to save the card, please familiarise yourself with the Card Data storage agreement.
Once you have checked that the details are correct, click on the button to Add money (6).
Once your details have been processed, you will get a notification that your account has been credited.
Deposit via bank transfer
Alternatively, you can deposit money from your bank account. Click on By Bank transfer.
When you top-up with a bank account, your funds are credited within 1-3 days. Your bank may withhold commission. We don't charge any commission for making deposits into your account via bank transfer.
Choose one of the following accounts depending on the currency you are depositing. You can print this information out for your convenience.
Use your Freedom account number as the Payment Reference when transferring the funds directly from your bank account to Freedom Finance Europe Ltd. If this is not completed correctly, there will be a delay due to the need to clarify the payment details, and if no client details are found, the funds will be returned.
Depending on the banks involved, it usually takes 1-3 working days for the funds to be credited to your account.
Service Plans Overview
Complimentary Plan: Offered free for the first 30 days after opening an account, then automatically switches to the "Smart" plan.
Smart (in EUR): A standard fee plan without a subscription fee, ideal for small trading volumes.
Fix (in EUR): Boasts lower fees than other brokers.
Super (in EUR): Offers the most benefits for frequent traders.
Pricing: Ranges from €0/month for some plans to €200/month for the most comprehensive plan.
Stocks and ETFs (US/Europe and Asia): Fees vary per share and per order, depending on the plan.
The "Complimentary" and "Smart" plans seem to offer more attractive rates for low-volume traders, while the "Super" plan is more beneficial for those with many trades.USA Stock Options: Fees include per-contract and per-order charges.
The "Complimentary" plan has no fees, while the "Super" plan offers lower per-contract and no per-order fees, again favouring active traders.
Deposit & Withdrawal Methods
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ASSETS & SERVICES
Freedom24 offers a wide range of financial assets, including:
Stocks: Invest in the stock market with a selection of over 40,000 stocks across major markets in the USA, Europe, and Asia.
ETFs: Access to more than 1,500 ETFs from leading managers like iShares, Vanguard, and BlackRock.
Options: Investment in options on various financial assets, offering up to 800,000 options.
REGULATION
Cyprus
CySEC
Cyprus Securities and Exchange Commission
Real Users' Reviews on Freedom24
Here's an in-depth analysis of Freedom24 based on user reviews on Trustpilot:
Overall Rating: Freedom24 has a rating of 4.7 out of 5 on Trustpilot, indicating high customer satisfaction among its 370,000+ worldwide clients.
Positive Aspects: Users praise the excellent customer service in Spain, the wide range of available assets, especially in the U.S. market, and the platform's ability to access major global markets.
Technical Issues: Some users have reported technical issues with the platform's options trading service, which has experienced interruptions.
Withdrawal Fees: A significant concern among users is the withdrawal fee, with reports of a charge of 6 GBP per withdrawal, which some find excessive.
Overall Conclusion: Freedom24 is well-regarded for its customer service, diverse investment options, and competitive pricing structure. However, users should be mindful of withdrawal fees and potential technical issues. It's advisable for potential users should weigh these factors against their personal trading needs and preferences.