Are my bank account details secure?

#1

I am a new trader wanting to start an account with you. If I provide you with my bank account details, how do I know that you will not use these yourself?

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(Alex Sherwood) #2

Freetrade is an authorised stockbroker, regulated by the FCA - the same regulator who oversees banks.

We take the privacy of your data very seriously, you can read our policy here - https://freetrade.io/privacy-policy.

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#3

Thanks Alex. Just wanted to confirm my details were secure.

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(HP) #4

They are secure to the extent that the broker doesn’t commit major fraud, if they do, they are not. But then people end up going to jail.

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(Emma (#20 😎)) #5

Stating the obvious there. Also applies to any banks or retailers you use. Don’t think fraud is all that common due to the fact it’s easily traced and heavily punished

Also none of the team look particularly fraudy

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(HP) #6

No one looks fraudy till the money vanishes. I would not depend on the goodwill of strangers to look after my money.

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(Vladislav Kozub) #7

This is why there is an FSCS protection on the first £85,000. If you still have concerns about security and your balance risks once you reach that figure, it would make sense to use sevaral brokers, limiting each one’s balance to £85,000

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(Alex Sherwood) #8

The reason the FCA authorises & supervises financial institutions is to ensure that it’s not just random ‘strangers’ who are looking after your money.

3 Likes