Bigger brokers like IG are now charging zero commission for trades. How does this affect Freetrade
I think it’s only if you’ve made 3 trades in the previous months which costs £24-£30…
It might mean other brokers start to do something similar for their frequent traders to keep them there
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More importantly IG has a quarterly custody fee of 24 quid, less any commissions paid during said quarter. Meaning one will pay £96 a year or £8 a month whether one doesn’t execute any trades at all the whole year, or executes one UK share trade a month.
The fee covers both general, and ISA account together.
To compare like for like, freetrade’s general + ISA account with 12 instant UK trades are £48 a year, or £4 a month. Additional instant orders are cheaper, and one can do bulk orders for free thus potentially lowering cost to £36 a year with unlimited free bulk trades.
IG does have access to a few more exchanges though, so depending on the investor type it still might be useful for professional investors.
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Thanks for responses. Look Forward to more shares being traded on free trade . I’m nowhere near professional but have been understanding how this works since I started with Freetrade.