Freedom24
Pros and Cons
Pros
- Regulated by the Cyprus Securities and Exchange Commission (CySEC)
- Diverse range of trading instruments including stocks, ETFs, and options
- User-friendly trading platforms including web and mobile applications
- Access to 15 global stock exchanges
- Investor protection through the Investor Compensation Fund up to €20,000
Cons
- Withdrawal fees of €7 for bank transfers
- Limited advanced trading tools available
- No support for cryptocurrency trading
- Complex user interface for new investors
- Does not accept U.S. clients due to regulatory restrictions
Basic Information
User Reviews
Freedom24 Overview
Freedom24 is an online broker established under the full name Freedom Finance Europe Ltd, which is based in Cyprus. The company has been operating for approximately 10 to 15 years and is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number CIF 275/15, issued on May 20, 2015. This regulatory status underscores its commitment to providing secure trading services to its clients across Europe and beyond.
Is Freedom24 Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Cyprus Securities and Exchange Commission (CySEC) | Cyprus | Segregated Funds, Investor Compensation Scheme |
Is Freedom24 Regulated and How Are Client Funds Protected?
Freedom24 is regulated by the Cyprus Securities and Exchange Commission (CySEC), which ensures adherence to strict guidelines designed to protect investors. This regulatory framework includes capital adequacy requirements and mandates that client funds be held in segregated accounts, separate from the broker’s operational funds. Additionally, clients benefit from the Investor Compensation Fund, which provides protection up to €20,000 in the event of the broker’s insolvency. Freedom24’s commitment to regulatory compliance and investor protection is further underscored by its operational standards, which align with EU regulations that prioritize transparency and market integrity. Consequently, clients can consider Freedom24 a legit and regulated broker, providing them with a safe trading environment.
Trading Products and Services
What trading instruments does Freedom24 offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, Major & Minor Pairs | Varies |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Varies |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Varies |
| Stocks | US (e.g. Apple, Tesla), UK (e.g. BP, Vodafone) | Many |
| Cryptocurrencies | BTC, ETH, XRP, LTC | Varies |
Freedom24 offers a diverse range of trading instruments across various asset categories, catering to different trading styles and investment goals. With options in Forex, commodities, indices, stocks, and cryptocurrencies, the platform supports both beginner and experienced traders in executing their strategies effectively. The availability of multiple asset classes allows for enhanced portfolio diversification, enabling traders to adapt their approaches based on market conditions. Whether you are a technical trader seeking to capitalize on market fluctuations or a long-term investor looking for stable returns, Freedom24 provides the necessary tools and products to meet your needs in the financial markets.
Account Types and Trading Conditions
What Account Types and Fees Does Freedom24 Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| All Inclusive Account | General traders | No monthly fees, low transaction costs | Suitable for diverse trading volumes |
| Smart Account | Casual investors | Low transaction fees, no monthly fees | Ideal for occasional trading |
| Fix Account | Frequent traders | Fixed monthly fee, advantageous for high volumes | Requires consistent trading activity |
| Super Account | Professional traders | High fixed fees, tailored for active trading | Best for large-scale trading operations |
Account Opening Process
To open an account with Freedom24, users must complete several steps. Initially, they need to provide personal information, employment details, and financial information. Following this, identity verification is required, which includes submitting a clear copy of an ID and proof of address. This step ensures compliance with regulatory standards. Additionally, users have the flexibility to upgrade their accounts to a professional account in the future, accommodating evolving trading needs.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | Varies | $0 (ECN: $3.5/lot) | Tight spreads for major currencies |
| CFDs (Stocks) | Varies | €0.02 per share | Minimum €2 per order applicable |
| Cryptocurrencies | Varies | 0.1% | Commission based on transaction value |
Other Fees
In addition to trading fees, several other costs may apply when using Freedom24. These include deposit and withdrawal fees, where withdrawals via bank transfer incur a €7 fee. There are no inactivity fees associated with the accounts. Users should also be aware of potential overnight interest (swap rates) for leveraged positions. Currency conversion fees may apply depending on the account’s base currency and the transaction’s currency.
Trading Platforms and Apps
What Trading Platforms and Apps Does Freedom24 Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| Web Platform | Windows, macOS | Secure login, market and pending orders, multiple order types, real-time quotes | Demo accounts, market analytics |
| Mobile App | iOS, Android | Real-time tracking, push notifications, quick order execution | Portfolio management tools |
| MT5 | Windows, macOS | Advanced charting, algorithmic trading, customizable interface | API access for automated trading |
The web platform offers a robust trading experience with access to various market orders and real-time quotes, making it a solid choice for desktop users. The mobile app provides traders with the flexibility to monitor and execute trades on the go, ensuring they stay connected to the markets anytime. MT5 is designed for traders seeking advanced functionalities, including algorithmic trading and comprehensive analytical tools. All platforms emphasize secure logins and efficient order execution, supporting various trading strategies.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 days | €7 for withdrawals | Min €50, Max €20,000/day | EUR, USD |
| Credit/Debit Card | Instant | No platform fees | Min €50, Max €20,000/day | EUR, USD |
| E-wallets (e.g., Skrill, Neteller) | Instant | 1.5% e-wallet charge | Min €50, Max €20,000/day | EUR, USD |
Minimum Deposit
Freedom24 requires a minimum deposit of €50 to open an account. This minimum deposit amount applies uniformly across different payment methods and account types, ensuring accessibility for all users.
How to Withdraw
- Log in to your Freedom24 trading account.
- Navigate to the ‘Withdraw Funds’ section in your account settings.
- Select your preferred withdrawal method (e.g., bank transfer, credit/debit card, e-wallet).
- Enter the amount you wish to withdraw, ensuring it meets the minimum and maximum limits.
- Confirm your withdrawal request and follow any additional verification steps, if prompted.
- Monitor your account for updates regarding the processing of your withdrawal.
Customer Support
Freedom24 Customer Support Overview
Support Channels
Freedom24 offers multiple contact methods for customer support, ensuring users can easily get the help they need. The primary support channels include:
- Email: Users can reach out for assistance by sending an email to info@freedomfinance.eu.
- Live Chat: Immediate responses can be obtained through the live chat feature on the Freedom24 website.
- Telephone: Customers can contact support via phone; the contact number is +357 2525 7785.
- Social Media: Support is also available through various social media platforms, enhancing accessibility for clients.
Service Availability
The customer support service at Freedom24 operates during standard business hours, providing assistance 24/5. Multilingual support is available, with staff capable of communicating in English, which caters to a diverse client base.
Frequently Asked Questions
Yes, Freedom24 is regulated by the Cyprus Securities and Exchange Commission (CySEC), which mandates strict adherence to guidelines designed to protect investors. Client funds are held in segregated accounts, separate from the broker’s operational funds, ensuring they remain safe. Additionally, clients benefit from the Investor Compensation Fund, which provides protection up to €20,000 in the event of the broker’s insolvency.
Freedom24 offers a diverse range of trading instruments, including Forex pairs such as EUR/USD and GBP/JPY, commodities like gold and crude oil, major stock indices such as the S&P 500 and DAX, individual stocks from markets like the US and UK, and cryptocurrencies including Bitcoin and Ethereum. This variety supports various trading styles and investment goals.
Freedom24 provides several account types to cater to different trading needs, including the All Inclusive Account with no monthly fees, Smart Account for casual investors, Fix Account for frequent traders with fixed monthly fees, and Super Account tailored for professional traders. Each account type has its own transaction costs, and users should also be aware of additional fees such as withdrawal charges and commissions on trades.
Freedom24 offers multiple support channels for customer assistance. You can reach them via email at info@freedomfinance.eu, utilize the live chat feature on their website for immediate responses, or call them at +357 2525 7785. Additionally, support is available through social media platforms, ensuring that clients can easily get help when needed.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.