There’s a brand new investing app on the block and it’s called Orca! If you’re looking for a Trading 212 alternative and you’re wondering if Freetrade has competition, read on for my Orca app review.
Before I continue, please note that this post includes affiliate links. This means that if you sign up to the Orca app after clicking a link in this post, I’ll receive a free share at no extra cost to you.
How to get a free Orca App share worth up to £200
I’ll start off this Orca app review by explaining how you can get your hands on a free share worth up to £200, as these have proven extremely popular over the last couple of years.
- Click this link: https://orca.app/rbn5j2 and copy the code BN5J2 to your clipboard. Clicking the referral link and following the instructions below was enough for me to get my free share. But it’s worth copying the code just in case.
- Enter your phone number to receive an invite from Orca.
- Create an Orca General Investment Account (GIA) and verify your identity.
- Purchase 3 different stocks. As I explain in more detail later, there is a £1 fee for each trade.
- You’ll receive a notification revealing your free share. I got mine straight away.
How much do you need to deposit to get your free Orca share?
I’ve checked Orca’s Terms and Conditions to see if there is a minimum amount you need to deposit to be eligible for the free share. It doesn’t say anything about a minimum deposit. Instead, it says you must purchase 3 different assets before you can get your free Orca share.
How easy is it to create an Orca Investment account?
Of all the investing apps I’ve tried (Trading 212, Freetrade, Moneybox and Orca), Orca’s sign up process was easily my favourite. It’s set up like an instant messaging service so rather than having to fill in a form, it feels more like a friend is asking you questions and you’re just answering them. I was all set up and ready to invest with Orca within a matter of minutes.
What are Orca Investment App fees?
Unlike free trading apps like Trading 212 and Freetrade, Orca does come with fees per trade.
You’ll be charged £1 per trade, unless you’re spending £1,000 or more.
Is Orca safe?
Orca App Limited (t/a “Orca”) is a company registered in England and Wales (company number 12376651), with its registered office at Wework, 120 Moorgate, London, England, EC2M 6UR.
Before depositing your money with a new investing app, it’s important to check two things:
Is your money protected?
Yes! Your money is protected up to £85,000 by the FSCS scheme. If Orca App Ltd cannot meet its obligations, you may be able to claim compensation. The FSCS doesn’t cover losses in the event the value of your investments go down and, as with any other trading app or investing account, your capital is at risk.
Is it regulated?
Orca App Ltd is an appointed representative of RiskSave Technologies Ltd which is authorised and regulated by the Financial Conduct Authority.
How much money do I need to invest?
You can invest through Orca with as little as £1. However, since you’ll get charged £1 per trade, I don’t think it’s the best option for those looking to make very small trades.
How easy is it to build a diversified portfolio with the Orca app?
The Orca website makes it easy to diversify your portfolio by offering ‘collections’ which are diversified bundles of stocks from different markets.
The website explains: “Users can hedge risks and get started with a well-balanced portfolio of assets.”
Is Orca good for beginners?
Orca is designed to help beginners get into the world of investing. On the Orca homepage it says: “Think investment is complicated and just for the experts? Think again. With Orca, anyone can start investing with ease. You can build your first collection of assets with our helpful tips and hints.”
If you’re looking for an investing app that allows you to buy and hold shares for a long period of time, Orca could be perfect for you. However, it’s important to take the £1 trade charge into account before purchasing any stocks. If you buy a series of very cheap stocks with a number of different companies, the charge will eat away at your profits. If you use it to buy dozens of shares in one go, it might work out cheaper than other investment platforms which charge a fee.
If you’d like to try a free trading app for beginners, it might be worth looking at Freetrade. Trading 212 also offers free shares to new customers but is temporarily closed to new customers due to a surge in applications.
Is Orca good for day traders?
Orca could be worth it for day traders buying large quantities of stocks but for those dipping in and out with small amounts, the £1 charge per trade will likely impact their profits too much.
Orca App Review verdict:
No Orca app review would be complete without a summary of my thoughts, so here goes…
I love the Orca app. It was really easy to create my account and finding my way around the app is seamless too.
If you have any questions, the website chat function is extremely quick to reply. I got in touch to ask them a question and they got back to me within a couple of minutes.
The only thing I don’t like about Orca is the £1 charge per trade. Orca says it’s designed for beginners but I do think the £1 charge penalises those who are only starting out with a very small amount of money.
Nevertheless, I’m going to keep the Orca app on my phone and see how it changes over time. I’m more than happy to update this Orca app review as new features are added in the months ahead. I really like Orca’s transparency when it comes to its growth and taking on feedback, so I’m looking forward to seeing what it does next.
I hope you’ve found this Orca app review helpful. If you have, you might also like my Trading 212 and Freetrade reviews.
Click the image below to get your free Orca share worth up to £200.
