Is Freetrade Plus Worth It?
Here is my thoughts on Freetrade Plus.
I’m sure many Freetrade users are asking themselves is Freetrade plus worth it?
Freetrade plus is not worth it in my opinion, but let’s dig a little deeper.
Freetrade plus is currently £9.99 per month.
Here is what you get for your monthly subscription (it’s not a lot).
- 3% interest on cash held
- A broader selection of stocks (mostly small-cap UK & US)
- All of the normal order types such as limit orders, stop loss etc.
- A “Free” ISA (normally £3 per month on its own)
- Priority customer service
Honestly, unless you already have an ISA for £3 per month with them and are sitting on £4,000 in cash then save your money.
£4,000 in cash at 3% means you get £120 a year in interest so it pays for itself.
Limiting normal non-paying customers to only market order and second rate customer service is not a wise move in my opinion.
Personally, I hold a very small position in a stock (I have had it a while). It is now considered a “plus” stock. Should I wish to buy to more? I need to subscribe to Freetrade Plus.
For these reasons I just do not think Freetrade Plus is worth it.
If I was a Dragon, they would be met with “I’m Out”.
I shall keep my normal investment account that is free with them. Along with my main Trading 212 ISA thank you very much.
Furthermore, anybody just starting out would be much better served with a Trading 212 ISA anyway.
All of the above features listed as “plus” are included as default for free and many more, such as Trading 212 PIES. Except maybe some of the small-cap stocks.
However, newer investors would do well being cautious of small-cap and single stock investing anyway.
Still not sure?
Thanks as always,