Overview of Freedom 24
Freedom 24, headquartered in Cyprus, operates under the Cyprus Securities and Exchange Commission (CSEC) regulation, offering diverse market instruments like stocks, ETFs, and options. The platform accommodates various investors with account plans ranging from 'All Inclusive' to 'Super', each with variable spreads starting at 0.008€/$ per share. Traders can utilize Freedom 24's web platform or mobile apps for their transactions. Customer support is accessible via phone, email, or at their physical office. For fund management, the platform accepts deposits and withdrawals through bank transfers and credit cards.
Is Freedom 24 legit or a scam？
Freedom 24, operated by Freedom Finance Europe Ltd, is regulated by the Cyprus Securities and Exchange Commission with the license number 275/15, effective since May 20, 2015. This regulation status, with a focus on Market Making (MM), plays a crucial role in providing traders on the platform with a sense of security and trust. Being regulated by a reputable authority ensures that Freedom 24 adheres to specific financial standards and practices, enhancing the reliability and credibility of the platform for its users.
Pros and Cons
Pros:
1000+ Instruments: Offers a broad range of over 1000 financial instruments for trading.
Multiple Account Plans: A variety of account plans serve different trading needs and strategies.
Regulated by CSEC: Provides a regulated trading environment, ensuring compliance with financial laws.
Advanced Trading Platforms: Features sophisticated platforms that support a range of trading activities.
Cons:
Complex Fee Structure: Charges can be intricate, requiring close attention to understand fully.
High Monthly Fee for Premium Account: The top-tier account plan comes with a significant monthly cost.
Limited Customer Service: Customer support has constraints, potentially affecting resolution times.
Limited Withdrawal Options: Fewer choices for fund withdrawals restrict flexibility for traders.
Market Instruments
Freedom 24 offers trading in stocks and ETFs on major US, European, and Asian stock exchanges. Their portfolio includes a wide range of assets, including blue chips, start-ups, and companies from sectors like tech and the automotive industry.
The platform enables diverse trading strategies, from long-term investments in growth stocks to short trading using borrowed funds. Freedom 24 also provides access to over 1,500 ETFs, allowing investment in entire industries with a single transaction, including major ETFs from iShares, Vanguard, and BlackRock.
Account Types
Freedom 24 offers various service plans suitable for different user groups:
All Inclusive (USD): Ideal for users seeking comprehensive services, including personal manager support and investment offers, without monthly fees.
Smart (EUR): Suitable for traders with small volumes, offering standard fees without a subscription fee.
Fix (EUR): This plan, with a €10/month fee, offers lower commissions and is preferable for users looking for consistent trading costs.
Super (EUR): With a €200/month fee, this plan is best for active traders engaging in many trades, offering maximum benefits through reduced commissions.
How to Open an Account？
To open an account with Freedom 24, follow these steps:
Visit the Freedom 24 website and navigate to the 'Sign Up' section.
Fill out the registration form with your personal details.
Complete the necessary identity verification process.
Provide financial information and investment experience details.
Review and agree to the terms and conditions of the service.
Submit the application and wait for approval and account activation.
Spreads & Commissions
Freedom 24's fee structure varies across different account types for diverse trading needs and volumes. The 'All Inclusive' plan, with no monthly fee, charges 0.5% + $0.012 per share for stocks and ETFs in US/Europe, and $3 per contract for US stock options. The 'Smart' and 'Fix' plans, ideal for traders with lower volumes, offer lower commissions per share and per order. The 'Super' plan, at €200/month, is tailored for active traders, providing the lowest per-share and per-order fees. This tiered structure allows users to select a plan that aligns with their trading frequency and strategy.
Trading Platform
Freedom 24's trading platform integrates various features for a convenient trading experience. The web platform and mobile apps provide up-to-date account information, analytical tools, and a powerful trading system. This setup facilitates the execution of different types of stock exchange orders, including limit and stop orders. The platform is designed to be user-friendly, offering traders the necessary resources for successful investments at their fingertips.
Deposit & Withdrawal
Freedom 24 offers multiple payment methods for funding trading accounts. Clients can make deposits using major credit cards such as Mastercard and Visa. Additionally, bank transfers are accepted, providing a secure option for transferring larger sums directly from a client's bank account. These methods offer both convenience and security to suit a variety of user preferences.
Customer Support
Freedom 24 provides customer support from their European head office in Cyprus. Clients can reach out via phone at +357 25 25 77 85 during business hours from Monday to Friday, 09:00 - 21:00 UTC+2. Inquiries can also be sent to info@freedomfinance.eu, and additional information is available on their website at https://freedomfinance.eu/. The support team is available to assist with a range of queries related to their services.
Conclusion
Freedom 24 provides a comprehensive range of over 1000 trading instruments and multiple account plans to suit various investor needs. It operates within a regulated framework set by the Cyprus Securities and Exchange Commission, ensuring a secure trading environment.
However, users must navigate a complex fee structure, and those opting for premium accounts face higher monthly fees. Customer support and withdrawal options are more limited, which could be a consideration for potential clients assessing the platform's suitability for their trading strategies.
FAQs
Q: What trading instruments does Freedom 24 offer？
A: Freedom 24 offers over 1000 instruments including stocks, ETFs, and options across major global markets.
Q: Are there different account plans available with Freedom 24？
A: Yes, Freedom 24 provides multiple account plans tailored to individual trading preferences and volumes.
Q: Is Freedom 24 regulated？
A: Yes, Freedom 24 is regulated by the Cyprus Securities and Exchange Commission (CSEC).
Q: What platforms are available for trading on Freedom 24？
A: Freedom 24 offers advanced web and mobile trading platforms.
Q: What is the fee structure like at Freedom 24？
A: Freedom 24 has a complex fee structure with different rates depending on the account plan and trading volume.
Q: Can I withdraw my funds easily from Freedom 24？
A: Withdrawal options are limited and do not offer the same flexibility as other platforms.
