Freetrade Expands Zero-Fees in EU
Zero-fee stock commission app Invest by Freetrade will expand into the Netherlands and Ireland. The stockbroker onboarded its first 100 beta traders under the Invest by Freetrade platform.
The EU has 100 million millennials in the market, and Freetrade sees this as an opportunity to expand into the region. Thousands of clients registered for beta testing in the platform.
The broker has a similar business structure with Revolut and Robinhood, which lead to finance giants following their step.
Freetrade was already making plans to expand in the EU last year in batches within the European Economic Area. The first country they plan to expand into was Ireland and Germany.
Fractional shares were made available on the platform last July. The company might be the first to offer fractional share trading in the US, the UK, and the European markets.
CMO Viktor Nebehaj said the company’s ultimate goal is to have clients keep their life savings in the platform. This makes them a “real stockbroker” that builds the best service possible.
Freetrade and Free Commissions
Invest by Freetrade is a Financial-Conduct-Authority-regulated broker platform that offers new stocks and ETFs. The company believes the platform reduced their costs, allowing them to trade with zero commission.
When the mobile app launched, CEO and founder of Freetrade said extorbitant fees shouldn’t be the norm for the market. The move made investing more accessible than ever before.
Financial giants like Charles Schwab, Interactive Brokers, and TD Ameritrade followed soon after. Millennial clientele began flooding into the stock market, especially in the European region.
TD Ameritrade began cutting prices for options to $0.65 per contract when apps like Robinhood gained millions of customers.
Interactive Brokers said their role as a low-cost broker prompted them to dive into the zero-fee trend. By getting rid of hindrances in opening an IBKR account, the firm planned to attract broader audiences.
BUX, eToro, and Revolut also launched the service in the UK in the same year.
