We’ve put together a series of reviews on stock market trading platforms. We’ve asked professional Muslims to review the stock trading platform they use. Each review has been done in an interview style.
Freetrade is a UK based mobile-only trading platform founded in 2016. It is one of the smallest platforms, with a user base of around 250,000 investors.
Our thanks goes to Masuma Jahan for her review of Freetrade. Masuma is a primary school teacher in London. She graduated from the London School of Economics with a BA History in 2008 . In In 2017 she completed her PGCE and embarked on a new career as a primary school teacher. When Masuma isn’t trading on the stock markets, she has her hands full raising her two children and working full time .
1) How and why did you get into trading?
I wanted to supplement my incoe
2) Why do you use Freetrade over another trading platform?
At the time,my husband was using it (and he usually researches into these things), so I just went with that. Also, it’s free.
3) When did you sign up for Freetrade?
June 2020.
4) How did you find the sign-up process?
Easy. Very simple and straightforward.
5) What are the three best things about Freetrade?
Easy to use
It’s free
I like how there isn’t too much going on in the app- it keeps things simple.
6) What are the three worst things about Freetrade?
When you’re trying to sell shares, but the sale executes at a different price to what you intended
No information as to which stocks are halal
The app does not help me with researching any stocks.
7) How reliable is Freetrade?
Apart from trade executions not going through all the time, the app is otherwise glitch-free. But it's very frustrating when you try to sell a stock and it doesn't go through successfully. Also very frustrating that there's no way to know the ultimate price you'll be paying or receiving for a share.
8) What is the Freetrade customer service like?
I’ve never had to use the customer service, so I'm not sure. However, every now and then they’ll send me a message, so I know a human is on the other side of the app. It’s nice to see some faces from the customer service team.
9) Do you have any trading tips for fellow investors?
Research before you trade in stocks! Also, see what other platforms are available- don’t just jump onto the first platform you see. Finally, try to find a platform that caters to Muslims to make your life easier.
11) Does Freetrade in any way help you be shariah compliant?
No.
12) Would you recommend Freetrade to anyone else?
No. Unless you have someone to guide you (or are willing to put the time into researching stocks), the app will be of limited help to you.
Comments