Freetrade
Best for cost-conscious UK investors who want a free ISA and SIPP for index funds, ETFs, and UK stocks — unbeatable on price for small to medium portfolios
Fees & Charges
| Platform fee | Basic: £0/month (free). Standard: £4.99/month (annual) or £5.99/month (rolling). Plus: £9.99/month (annual) or £11.99/month (rolling). |
| Dealing fee | £0 — commission-free on all plans. FX fee: Basic 0.99%, Standard 0.59%, Plus 0.39%. |
| Fund fee | No additional platform charge. Cash interest: Basic 1% (up to £1k), Standard 2.5% (up to £2k), Plus 3.5% (up to £3k). |
| Min investment | No minimum — £0 to open any account |
Pros
Cons
Account Types
Key Features
Freetrade Review 2026: Genuinely Free ISA and SIPP — But the FX Fee Is the Price You Pay
Published 13 February 2026
Freetrade charges nothing for an ISA. Nothing for a SIPP. Nothing per trade. For 1.6 million users — and a growing number of Which? and Boring Money award voters — that proposition has proved irresistible.
The catch is a single line item: a 0.99% foreign exchange fee on non-GBP trades. Buy £5,000 of Apple or Microsoft on the free plan and you hand over £49.50 before the share price moves. Sell and you pay again. The commission-free headline is real, but if your portfolio tilts towards US stocks, Freetrade's revenue model is tilting towards you.
Six consecutive British Bank Awards for best online trading platform, a Which? Recommended Provider badge for 2026, and Boring Money Best Buy wins for low-cost ISA, share traders, low-cost SIPP, and value for money. Freetrade has graduated from fintech upstart to serious contender. The question isn't whether the platform works — it does. The question is whether its cost structure works for *your* portfolio.
Three Plans, One Hidden Cost
Three subscription tiers, all verified from Freetrade's pricing page as of March 2026:
Basic — Free
- Dealing commission: £0
- Platform/account fee: £0 (ISA, SIPP, and GIA all included)
- FX fee: 0.99% on non-GBP trades
- Interest on cash: 1% AER on up to £1,000
- Automated orders: not available
Standard — £4.99/month (annual billing, £59.88/year) or £5.99/month rolling
- Dealing commission: £0
- FX fee: 0.59% on non-GBP trades
- Interest on cash: 2.5% AER on up to £2,000
- Automated orders: recurring, limit, and stop-loss
- Save 17% with annual billing
Plus — £9.99/month (annual billing, £119.88/year) or £11.99/month rolling
- Dealing commission: £0
- FX fee: 0.39% on non-GBP trades
- Interest on cash: 3.5% AER on up to £3,000
- Automated orders: recurring, limit, and stop-loss
- Extended hours trading and priority support
The FX fee is the business model. Buy £5,000 of US stocks on Basic: £49.50 in, £49.50 out. On Plus: £19.50 each way. For heavy US traders, Plus pays for itself within a few trades. For UK-only investors buying FTSE trackers, gilts, or Vanguard ETFs? Basic costs literally nothing.
Other charges:
- ISA transfer out: £0 for cash, £17 per US holding
- SIPP withdrawals (UFPLS): £240 per withdrawal — significant if you plan multiple small drawdowns
- Stamp duty: 0.5% on UK share purchases (government tax, not a Freetrade fee)
- Mutual fund holding charge: £0 — rare among UK platforms
- Gilts and UK Treasury bills: no extra charge on any plan
Source: Freetrade pricing | FCA Register entry 771281
Accounts and Investment Range
Three account types, all on every plan including the free Basic tier:
Stocks & Shares ISA — Flexible, meaning you can withdraw and replace within the tax year without losing your £20,000 allowance. Most platforms don't offer flexible ISAs — this is a genuine differentiator. See our ISA hub for full rules. Freetrade is currently running a cashback offer: 1% up to £5,000 when you top up or transfer £10,000+ before 5 April 2026.
Self-Invested Personal Pension (SIPP) — Now included on all plans, including Basic. This changed in late 2025 — previously the SIPP required a paid subscription. HMRC basic rate tax relief (20%) is claimed automatically and typically lands in 6-11 weeks. Annual contribution limit: £60,000 or 100% of earnings, whichever is lower. Access from age 55, rising to 57 in 2028. Withdrawal is UFPLS only — no flexi-access drawdown. Each UFPLS withdrawal costs £240.
General Investment Account (GIA) — For anything beyond ISA/SIPP allowances. Subject to capital gains tax on profits above the £3,000 annual exemption (2025/26).
Notably missing: no Lifetime ISA, no Junior ISA, no Cash ISA.
Investment universe:
- 6,500+ stocks and ETFs across LSE, NYSE, NASDAQ, and European exchanges
- Mutual funds from Vanguard, Legal & General, BlackRock — with zero platform holding charge
- UK gilts and UK Treasury bills
- Investment trusts and REITs
- US fractional shares (from £2)
- Ready-made portfolios (three risk-graded options)
The range has expanded massively. Mutual funds, gilts, and T-bills are recent additions that close what were once obvious gaps. Still can't match the 20,000+ instruments at Hargreaves Lansdown or Fidelity, but 6,500+ covers every mainstream ETF, tracker, and blue chip.
Source: Freetrade ISA page | Freetrade SIPP page
What Freetrade Gets Right
The free tier is genuinely free. ISA, SIPP, GIA, unlimited trades, no account fees, no custody charges. For a UK-focused investor buying a handful of Vanguard ETFs each month, this is the cheapest way to invest in Britain. Full stop.
No fund holding charges. Most platforms charge 0.25%–0.45% annually just to hold funds. On a £50,000 fund portfolio, that's £125–£225 per year you keep. Over a decade of compounding, that difference buys you a holiday.
The app is best-in-class. Six consecutive British Bank Awards confirm what anyone who's used it knows: Freetrade's mobile interface is cleaner and faster than anything from the traditional brokers. The web platform is competent too, though less polished. Which? gave it a Recommended Provider badge for Stocks & Shares ISAs in March 2026.
Flexible ISA. Withdraw £5,000 in June, replace it by March — your allowance is intact. Most platforms offer non-flexible ISAs where that £5,000 is gone for the year. Our guide to flexible ISAs explains why this matters more than you think.
Automated investing (Standard and Plus). Recurring orders, limit orders, stop losses, Direct Debit funding. Set up a monthly £500 into VWRL and never think about it again. The automation gap on the Basic plan is the main reason to upgrade.
Gilts, T-bills, and mutual funds with no extra charge. With gilt yields above 4%, direct access to government bonds through a commission-free platform is a genuine selling point. Our gilts hub tracks current yields.
Where Freetrade Falls Short
The FX fee is expensive for US stock investors. At 0.99% on Basic, a round trip on US stocks costs nearly 2% in currency conversion alone. Even Plus at 0.39% is more than ten times what Interactive Brokers charges (~0.03%). If your portfolio is 50%+ US equities, do the maths — we broke this down in our Freetrade pricing deep dive.
No Lifetime ISA or Junior ISA. The LISA's 25% government bonus on up to £4,000/year is unmatched for first-time buyers under 40 or retirement savers under 50. If you need one, AJ Bell or Moneybox offer LISAs.
SIPP withdrawals cost £240 each and are UFPLS only. No flexi-access drawdown means you can't set up a regular income from your pension through Freetrade. Each lump sum withdrawal triggers the Money Purchase Annual Allowance, reducing future pension contributions to £10,000/year. If you're within five years of retirement, this is a dealbreaker — transfer to a platform with proper drawdown before you need it.
Cash interest caps are stingy. Even on Plus, 3.5% AER applies to just £3,000 — that's a maximum of £105/year. A dedicated savings account paying 4.5%+ on £85,000 is a different universe.
No automated orders on the free plan. Recurring orders, limit orders, and stop losses all require Standard (£4.99/month) or above. If you want to drip-feed a monthly ISA contribution automatically, you're paying at least £59.88/year.
Research tools are thin. Enhanced fundamentals on paid plans are a step up from nothing, but the platform doesn't offer analyst reports, fund screeners, or the research depth you get at HL or interactive investor. Freetrade assumes you do your homework elsewhere.
Transfer-out fees for US holdings. Moving US stock positions out costs £17 per holding. Twenty US positions = £340 exit cost. Build awareness of this before accumulating a large US portfolio here.
Freetrade vs the Competition
For a £50,000 portfolio (£40,000 ISA + £10,000 GIA), two trades per month (one UK stock at £250, one US stock at £250):
| Platform | Monthly Cost | Notes |
|---|---|---|
| Freetrade Basic | ~£2.48 | FX fee on US trade only |
| Freetrade Standard | ~£6.47 | Subscription + lower FX |
| Freetrade Plus | ~£10.97 | Subscription + lowest FX |
| Trading 212 | ~£0 | Zero FX spread, but smaller fund range |
| InvestEngine | ~£0 | ETFs only — no individual shares |
| AJ Bell | ~£17.46 | 0.25% platform fee + £5/trade + FX |
| interactive investor | ~£16.72 | £4.99 subscription + £3.99/trade + FX |
| Hargreaves Lansdown | ~£30.15 | 0.45% ISA fee + £11.95/trade + FX |
Freetrade is the cheapest traditional option (i.e., one that offers shares, funds, and a SIPP). Trading 212 beats it on pure cost but lacks mutual funds, gilts, and has a weaker SIPP offering. InvestEngine is free but ETF-only — no individual shares, no gilts, no funds.
For UK-only ETF investors, all three zero-cost platforms work. The differentiator is breadth: Freetrade's mutual fund access with no holding charge is unique at this price point. For someone wanting a one-stop ISA + SIPP with the lowest possible fees, Freetrade's Standard plan at £59.88/year is hard to beat.
For a detailed comparison of how "commission-free" actually works across platforms, see our analysis of Freetrade's subscription tiers.
Source: Freetrade pricing comparison | MoneyHelper investing guidance
Who Should Use Freetrade
Best for:
- Cost-conscious UK investors buying index funds, domestic stocks, or ETFs — Basic is unbeatable
- Younger investors building a first portfolio where zero fees compound to real savings over decades. Our beginner's ISA guide is a good starting point
- Regular investors who want automated monthly ISA or SIPP contributions (Standard plan)
- Fund investors avoiding the 0.25%–0.45% annual platform charges at traditional brokers
- Gilt and T-bill buyers wanting commission-free access to government bonds
- Anyone consolidating old pension pots into one low-cost SIPP
Not for:
- Heavy US/international stock traders — the FX fee adds up; consider Trading 212 or Interactive Brokers
- Retirees needing pension drawdown — UFPLS-only with £240/withdrawal is inadequate
- Anyone needing a Lifetime ISA or Junior ISA
- Research-dependent investors wanting analyst reports and fund screeners
- Investors who demand automated orders without paying a subscription
FCA Regulation and Protection
Freetrade Limited is authorised and regulated by the Financial Conduct Authority (FRN 771281). Registered in England and Wales (company no. 09797821). Member of the London Stock Exchange.
Your investments are held in a nominee account separate from Freetrade's own assets. If the company fails, client investments are ring-fenced. The Financial Services Compensation Scheme protects up to £85,000 per eligible person for investment claims.
Capital at risk. This article is for informational purposes only and does not constitute financial advice. The value of investments can go down as well as up, and you may get back less than you invest. Past performance is not a reliable indicator of future results. You should seek independent financial advice before making any investment decisions.
Conclusion
Freetrade has earned its awards. The free ISA and SIPP — genuinely free, with no account fees on the Basic plan — represent the cheapest entry point for UK investors. The mutual fund access without holding charges is a standout feature that even most paid platforms can't match. For the core use case of buying a few index funds each month inside a tax wrapper, nothing beats it on price.
The trade-off is straightforward: you sacrifice research tools, LISA/JISA availability, and pension withdrawal flexibility. The FX fee structure means US-heavy investors subsidise UK-only investors — and if you're in the former camp, you need the Plus plan or a different platform entirely.
Would I use it? For a core UK equity and ETF portfolio inside an ISA, the Basic plan is the obvious choice. For anything involving significant US exposure, I'd want Plus at minimum — and I'd still compare the total FX cost against Trading 212's zero-fee model. For pension drawdown, I'd look elsewhere entirely. Freetrade is excellent at what it does. Just make sure what it does is what you need.
Sources
Frequently Asked Questions
This review is based on publicly available information from the platform's website. Fees and features may change — always verify on the platform's website before making investment decisions. GiltEdge is not authorised or regulated by the Financial Conduct Authority (FCA). This is not regulated financial advice. Past performance is not a reliable indicator of future results.