Why doesn't freemium work?

Why is it that the freemium model, which allows users to access a basic version of a product or service for free and then upgrades to premium features for a fee, doesn't always succeed in the world of cryptocurrency and finance? Could it be that users are hesitant to trust their financial data and transactions to a platform that they haven't fully invested in financially? Or is it that the premium features offered don't provide enough value to justify the cost? Additionally, could it be that the market is already saturated with free and low-cost options, making it difficult for freemium products to stand out? It's a question worth exploring as the cryptocurrency and finance industries continue to evolve.