Freedom Finance
Good for CIS investors who want US/EU stocks plus IPOs from a NASDAQ-listed broker (KASE/AIFC). Skip if you're EU-only — Interactive Brokers offers wider markets at lower friction.
Good · below median (83)
Affiliate link · doesn't change your terms
Freedom Finance (Freedom24 in EU, FRHC Kazakhstan in CIS) is unique in offering retail IPO allocation — rare among non-institutional brokers. Best for KZ residents (local AIFC regulation + RU language) and IPO-allocation seekers. Skip if you're a US resident (not eligible) or want top-tier EU/UK regulatory protection. Note: the parent group has faced regulatory scrutiny over alleged sanctions-compliance, but neither it nor its founder is on the OFAC sanctions list (see cons).
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Take the 2-min quiz →About Freedom Finance
Freedom Holding Corp. (NASDAQ: FRHC) is a NASDAQ-listed parent of Freedom Finance, a brokerage group operating across Kazakhstan (AFSA), Cyprus (CySEC), the United States (SEC/FINRA, as Freedom Capital Markets) and Germany. The Cyprus entity holds CIF licence 275/15 and is covered by ICF up to €20,000.
Its retail proposition centres on direct access to US IPOs at the offering price — historically a hard-to-reach allocation for non-US retail — alongside US, EU and KZX-listed stocks, ETFs and bonds. Minimum deposit is around $200 depending on entity; the proprietary Tradernet platform handles equities and IPO bookbuilding.
The trade-offs are real: CFDs are not a focus, fees are higher than at execution-only brokers like IBKR, and the holding company has a thinner US compliance track record than legacy US brokers. It is a good fit for investors who specifically want IPO access and don't mind paying for it.
FOUNDED
2008
18 years operating
HEADQUARTERS
Almaty, Kazakhstan
Almaty, Kazakhstan
MIN. DEPOSIT
$500
Above industry median
COMPENSATION
—
Not covered
What you'll actually pay
Estimated all-in annual cost on a $10,000 portfolio with 24 stock trades and one $10k FX conversion. Inactivity and custody not included unless you trigger them.
- Stock commissions
- Free
- FX markup
- $5.00
- Custody
- Free
- Stock commissions
- Free
- FX markup
- $50.00
- Custody
- Free
- Stock commissions
- Free
- FX markup
- $500.00
- Custody
- Free
Interest on uninvested cash
What the broker pays on money sitting in your account between trades. Rates are variable and verified against the broker's own page.
Pays interest on cash — rate varies
The broker pays interest on uninvested cash, but the live rate changes frequently. Check the current figure on the broker's page before relying on it.
Not automatic on brokerage cash — an opt-in "D-account" savings placement. USD tracks SOFR, EUR tracks EURIBOR, accrued daily (min 150 USD/EUR). The rate floats; check the live D-account page for the current figure.
Verified 2026-07-01 · broker source →
Why this broker scores 75/100
Full methodology →⚠ 1 axis accounts for 15 of 25 lost points
How safe is your money
Segregated client accounts
Client funds held separately from operating capital. Required by regulator.
No compensation scheme disclosed
Broker has not disclosed an investor compensation scheme.
Publicly traded company
Listed on a regulated exchange — financials are public.
18 years of operations
Founded 2008. No major regulatory actions on record.
Negative balance protection
You cannot lose more than your account balance.
What you can trade
Real assets you own
Stocks
NYSE · NASDAQ · LSE · XETRA
ETFs
0% commission on most US/EU listed ETFs
Options
US options on stocks & indices
Bonds
Government & corporate bonds
Ipo
Where you trade
Freedom24 Web
Freedom24 Mobile
How to open + where you can
ACCOUNT TYPES
Individual
BASE CURRENCIES
USD · EUR · KZT
DEMO ACCOUNT
Unlimited · $10k virtual
KYC VERIFICATION
2-5 days typical
WITHDRAWAL SPEED
Wire 2-5 days · Card 1-3 days
CUSTOMER SUPPORT
Extended hours · EN · RU · KK · DE · UK
Available
EASY · 7Restricted / blocked
READ FIRST · 411 jurisdictions · grouped by friction
Retail IPO allocation — rare feature for accounts under $100k
Most brokers offer IPO access only to institutional / private-bank clients. Freedom24 allocates IPO shares to retail accounts (subject to lock-up and minimum). Hit-rate varies but the access itself is unusual; track record of post-IPO returns published quarterly.
AIFC (Kazakhstan) local regulation for KZ residents
AIFC (Astana International Financial Centre) is a special economic zone with English common law and dedicated regulator (AFSA). For KZ-based investors this means local-jurisdiction recourse, KZ Tenge funding, and ИИН-based KYC — friction-free vs EU brokers.
Multi-product account: brokerage + savings + IPO + EU equities
Single login for cash USD/EUR savings (~2-4% yield), real-share trading, IPO allocation requests. Compare to typical retail broker offering only stocks — Freedom24 wraps banking-like features around brokerage.
Wide instrument selection (1.0M+)
Single account covers stocks, ETFs and major derivatives
Negative balance protection
Even with leverage, you cannot owe the broker more than you deposited
Regulatory scrutiny over alleged sanctions-compliance — but not sanctioned
Short-seller Hindenburg Research (2023) alleged sanctions-evasion and accounting problems at parent Freedom Holding, and the group has reportedly faced SEC/DOJ scrutiny. Often misreported: neither Freedom nor founder Timur Turlov is on the US OFAC sanctions list — we re-checked the OFAC SDN search and it returns no match (verified 2026-06-23). The company denies wrongdoing. The practical effect today is heavier KYC on some payment rails and that US residents cannot open accounts — not a freeze on EU/CIS clients.
AIFC regulatory protection weaker than EU/UK/US schemes
No €20k ICF equivalent for KZ-residents accounts. AFSA register exists but practical recourse if Freedom Finance Kazakhstan fails is unclear vs FSCS (£85k) / SIPC ($500k) / ICF (€20k). EU clients trade via Freedom24 with CySEC license — better protection but consumes the 'local broker' advantage.
Mid-tier custody and FX charges — adds up on inactive accounts
Custody is free in active accounts but charged for inactive periods; FX conversion (USD↔EUR↔KZT) is 0.5% per leg. For a buy-and-hold portfolio doing one trade per year, custody+FX silently eats 1-2% annually.
Mobile app rating 3.9 (Google Play, 5330 reviews) — below industry norm
Reviews flag latency on order entry, occasional KYC document upload loops, and confused account-funding flows amid tighter compliance checks. iOS rating 4.4 is healthier but on smaller sample.
Trustpilot removed this broker's rating over a guidelines breach (1293 reviews)
- ✓Kazakhstan resident wanting local AIFC-regulated broker
- ✓Retail investor seeking IPO allocation access (rare feature)
- ✓RU-speaking user wanting multi-currency savings + brokerage
- ×US residents or US persons (not eligible to open an account)
- ×Anyone prioritising top-tier regulatory protection (AIFC is weaker than FCA/SEC/CySEC)
- ×Long-term passive investors (custody fees on inactive accounts add up)
How to open a Freedom Finance account
- 1
Visit Freedom Finance
Click the button below to open Freedom Finance's registration page. The link is affiliate — no extra cost to you.
- 2
Provide personal info
Enter your legal name (as in passport), residential address, date of birth, and tax residency country. Use the exact spelling from your ID — mismatches delay verification.
- 3
Submit verification documents
Upload passport or national ID + proof of address (utility bill or bank statement, dated within the last 3 months). Freedom Finance typically completes KYC verification in 2-5 days.
- 4
Fund the account
Make your first deposit. Freedom Finance's minimum is $500. Wire transfers usually clear in 2-5 days; card deposits are instant where supported.
- 5
Start trading
Log into the platform — Freedom24 Web, Freedom24 Mobile — and place your first order. Start small to confirm execution and fees match expectations before scaling up.
Frequently asked questions
Is Freedom Finance safe and regulated?
What is the minimum deposit on Freedom Finance?
What fees does Freedom Finance charge?
What can I trade on Freedom Finance?
Does Freedom Finance offer negative balance protection?
How long does it take to open an account at Freedom Finance?
Can I withdraw to a bank card on Freedom Finance?
Does Freedom Finance support W-8BEN forms for US stock trading?
Does Freedom Finance have a demo account?
What is Freedom Finance's Trustpilot rating?
Can I get IPO allocations with Freedom Finance?
Is Freedom Finance trustworthy? I heard about regulatory concerns.
Freedom Finance vs alternatives
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How we verified this review
Every fact below is verified against primary sources. We refresh on a schedule and on reader feedback.