I briefly explained how I found and started using Freetrade in an earlier portfolio update post. If you don’t know what is Freetrade, here is a short intro – Freetrade is an UK-based financial app which offers freemium (free and paid) share dealing services. It takes minutes to set up an account and start trading.
I was doubtful about the word “free” – it is often considered a negative word. So, instead of starting with a lump sum, I started my portfolio with Freetrade for just £150 and bought four AMD (NYSE: AMD) shares.
I was totally blown away with the simplicity of the app. It is idiot-proof compared to other established service providers; like Hargreaves Lansdown, AJ Bell, Interactive Investor, IG, etc. While other trading apps give you a lot of information to help you with your money and decision, Freetrade app helps you enabling straightforward low-cost trading. Like others, it is also an FCA authorised stockbroker which means your investment will be protected by the Financial Services Compensation Scheme (FSCS).
Anyway, so far, I talked about the app with a number of friends and two of them opened accounts using my referral link. As thank you gestures, Freetrade gave free shares to both of my friends and me.
Mr X (name removed) actually opened his account in a restaurant while we were having lunch. It shows how easy and convenient the app is. Freetrade gave him a share of Perpetual Income & Growth Investment Trust (Lon: PLI) which worth 320p at that time. Today it is about 327.50p, it is already up by more than 2.3% 🙂 For recommending Mr X, Freetrade gave me a share of Boohoo (Lon: BOO) which worth about 330p.
Last week I talked to another friend Miss Y, and she also opened an account in no time; this time just minutes before the US market close (8.50 PM UK time) and she bought four shares of Coca Cola (NYSE: KO). After two days, Freetrade gave her a Legal & General (Lon: LGEN) share, and a Perpetual Income & Growth Investment Trust (Lon: PLI) to me.
I know you might be thinking “Huh! That’s just a £3 share, and you are so excited!” Yup! It’s not the amount what excites me, it’s the spreading the idea of investing and getting free giveaways made me happy! The habit of investing brought positive changes in my life; I’m saving more, I’m reading more, I’m studying more, etc. I am planning to write about financial freedom and positive living in the coming weeks. So, do you want to join the bandwagon, too?
- Follow my referral link and visit the Freetrade website
- It would then ask you to install the Freetrade app on your iOS or Android phone.
- Open an account with all the basic personal details, fill-out the W-8BEN form (important for the US share trading) and fund your account.
- Freetrade will you and me a free share from a list of selected companies, ETFs and trusts, with a value of £3 to £200.
When will I be able to invite friends?
If you have funded your account and filled out your W-8BEN form, you will have Free Share invite sent over to you in a few days.
When will I receive my stock?
You should receive this within 7-10 days. Orders can be rejected for a number of technical reasons, unrelated to Free Share referrals.