Freetrade

Pricing unchanged since IG Group closed the acquisition. Source: Freetrade's pricing page, verified 24 June 2026.

Basic — £0/month

• Accounts: ISA, Junior ISA, SIPP, GIA — all at £0
• Dealing: £0 commission on all trades
• FX fee: 0.99% on non-GBP trades
• Cash interest: 1% AER on up to £1,000 uninvested cash
• Customer service: Standard

Standard — £4.99/month (annual, £59.88/year) or £5.99/month (rolling)

• Same accounts as Basic
• FX fee: 0.59%
• Cash interest: 2.5% AER on up to £2,000
• Customer service: Standard

Plus — £9.99/month (annual, £119.88/year) or £11.99/month (rolling)

• Same accounts as Basic
• FX fee: 0.39%
• Cash interest: 3.5% AER on up to £3,000
• Customer service: Priority
• Enhanced stock fundamentals
• Free same-day withdrawals
• Early access to beta features

All plans include commission-free access to 8,200+ stocks, ETFs, investment trusts, mutual funds, gilts, and UK Treasury bills. US fractional shares are available across all tiers. Extended hours trading is included. Automated order types — recurring orders, limit orders, and stop losses — are standard.

The Standard and Plus plans make sense if you trade US stocks regularly. A £10,000 US equity portfolio rebalanced twice a year costs £198/year in FX on Basic (0.99%), £118 on Standard (0.59%), and £78 on Plus (0.39%). Standard's £59.88 annual subscription is cheaper than the £80 FX saving it generates over Basic — so if your annual FX bill on Basic exceeds £60, you should upgrade. The break-even is roughly £3,000 of US trades per year.

One pricing quirk worth knowing: the Standard and Plus annual plans save 17% over monthly billing. If you commit to a year, Standard is effectively £4.99/month and Plus £9.99/month. That's a small saving but it compounds across multiple years.

Three platforms. All claim to be free. All three are FCA-authorised and FSCS-protected. The difference is where each one actually makes money — and that difference determines which platform is cheapest for your portfolio.

Source: Platform websites, verified June 2026.

Who wins at what:

UK-only, multi-account investor: Freetrade wins hands-down. A £0 ISA + £0 SIPP + £0 JISA combination with zero fund-holding charges and direct gilt access has no equivalent on any other platform. Trading 212 has no SIPP or JISA. InvestEngine has a SIPP but no JISA and no mutual funds.

US stock trader: Trading 212 wins. The 0.15% FX fee is 6.6× cheaper than Freetrade Basic's 0.99%. On a £20,000 US portfolio traded quarterly, that's £120/year on Trading 212 vs £792 on Freetrade Basic. Even Freetrade Plus at 0.39% costs £312 — still 2.6× Trading 212. If US stocks are more than 20% of your portfolio, Freetrade's FX economics don't work.

ETF-only, long-term holder: InvestEngine wins on pure cost, but the trade-off is real. Zero fees, zero FX drag — because all 630+ ETFs are GBP-denominated, so there's no currency conversion. You can build a globally diversified portfolio entirely within GBP ETFs. But you give up individual stocks, mutual funds, and direct gilt access. For a five-fund ETF portfolio held for 20 years, InvestEngine's cost advantage is meaningful.

All-rounder who wants everything in one place: Freetrade wins as the only platform offering stocks, ETFs, mutual funds, gilts, T-bills, fractional US shares, a SIPP, a JISA, and a flexible ISA — all on a free tier. Trading 212 offers more stocks but no SIPP, no mutual funds, and no gilts. InvestEngine is ETFs only.

Annual cost for a £50,000 portfolio (UK-only, 12 trades/year, no FX):

Annual cost for a £50,000 portfolio (60% UK, 40% US, 24 trades/year):

The maths is unambiguous: if you hold US stocks, Trading 212 is cheaper. If you don't, Freetrade Basic is genuinely free.

IG Group Holdings plc, a FTSE 250 constituent with over £1.12 billion in annual revenue, paid £160m all-cash for Freetrade. The deal was announced January 2025 and completed mid-2025. Freetrade had been loss-making — £39.8m loss on £15.6m revenue in FY2022 — and only reached EBITDA-positive shortly before the acquisition. IG's balance sheet transformed the risk profile overnight.

For Freetrade users, the acquisition changes three things:

Safety: Freetrade Limited (FCA reference 771281) is now a wholly-owned subsidiary of a publicly traded FTSE 250 company. That's a fundamentally different risk profile from a venture-backed startup. FSCS investment protection covers claims up to £85,000 per person — separate from the £120,000 deposit protection at banks, and unchanged since the acquisition.

Pricing stability: IG has not changed Freetrade's pricing since acquiring it. The £0 Basic tier, the FX fee structure, and the plan tiers are all unchanged. IG runs its own commission-free platform (IG Trading) with a different model — the two brands operate separately, targeting different customer segments. IG's self-directed clients have been migrated onto the Freetrade brand, bringing the total user base past 1.6 million.

Product direction: IG's resources have accelerated Freetrade's product development. Since the acquisition, Freetrade has added mutual funds, gilts, UK Treasury bills, a Junior ISA, and ready-made portfolios — all on the free tier. The product roadmap is now backed by a FTSE 250 parent with deep capital markets infrastructure. The one gap IG hasn't filled: a Lifetime ISA. IG Group has not committed to launching one.

If the acquisition creates a long-term risk, it's that IG eventually harmonises pricing across its platforms. But in June 2026, there is no sign of that. Freetrade's pricing is identical to what it was under independent ownership — and IG's public statements frame Freetrade as its mass-market growth brand, not a cost-synergy target.

All four account types are available on every plan, including Basic at £0.

Stocks & Shares ISA. Flexible — you can withdraw and replace within the tax year without losing your £20,000 ISA allowance. Most platforms don't offer flexibility. InvestEngine and Trading 212 ISAs are non-flexible. That matters if you might need to access cash temporarily — with a flexible ISA, you can take money out and put it back without burning your allowance. The ISA holds 8,200+ investments including stocks, ETFs, funds, trusts, gilts, and T-bills.

Self-Invested Personal Pension (SIPP). £0 account fee on Basic. Tax relief at 20% is claimed automatically from HMRC — higher-rate taxpayers claim the additional relief through self-assessment. The SIPP supports the full investment universe. However, withdrawals are a genuine weakness: Freetrade only supports Uncrystallised Funds Pension Lump Sum (UFPLS) withdrawals at £240 each. There is no flexi-access drawdown. If you're approaching retirement — the normal minimum pension age is 55, rising to 57 in 2028 — you should plan to transfer your SIPP to a provider that offers full drawdown before you need income. For accumulation, the zero-cost structure is excellent.

Junior ISA (JISA). Launched post-acquisition. Available on all plans including Basic. The JISA has the same investment universe as the adult ISA. The £9,000 annual JISA allowance applies for 2026/27. No other zero-fee platform offers a Junior ISA alongside a free ISA and SIPP.

General Investment Account (GIA). £0 account fee, £0 dealing commission. Useful for investments above the ISA allowance or for holding assets not eligible for an ISA wrapper. Remember that capital gains tax applies on gains above the annual exempt amount in a GIA — currently £3,000 for 2026/27.

The Lifetime ISA gap. Freetrade does not offer a Lifetime ISA. If you're saving for a first home or retirement with the 25% government bonus on up to £4,000/year, you need a different provider. Dodl by AJ Bell offers a LISA at 0.15% platform fee. No fee saving compensates for missing a 25% government bonus.

On 23 June 2026, HMRC announced a 22% tax on cash interest held within Stocks & Shares ISAs, effective from the 2026/27 tax year. This changes the platform selection calculus for anyone holding significant uninvested cash.

Here's what it means in practice:

• Freetrade Basic: 1% AER on up to £1,000. After 22% tax: 0.78% net. On £1,000: £7.80/year (down from £10).
• Freetrade Standard: 2.5% AER on up to £2,000. After 22% tax: 1.95% net. On £2,000: £39/year (down from £50).
• Freetrade Plus: 3.5% AER on up to £3,000. After 22% tax: 2.73% net. On £3,000: £81.90/year (down from £105).
• Trading 212 Cash ISA: BoE base rate minus 0.15% — but this is a Cash ISA, not an S&S ISA, so the 22% tax doesn't apply. At a 3.75% base rate: 3.60% tax-free on all cash.

The practical impact for most investors is small — Freetrade's cash interest caps are low (£1k–£3k) and the tax only applies to interest earned within an S&S ISA wrapper. But it reinforces a point that was already true: if you hold large cash balances, a dedicated Cash ISA or high-interest savings account beats keeping cash on an investment platform. For platform comparison, Trading 212's separate Cash ISA product (tax-free, BoE base rate −0.15%) becomes marginally more attractive for investors who hold cash alongside their investments.

The HMRC change doesn't affect the core platform decision for most investors — but it removes one small advantage Freetrade Plus had over the competition. A £3,000 cash balance on Plus now earns £81.90 net of tax, down from £105. The difference isn't life-changing, but it's a reminder that platform cash interest rates are a secondary feature, not a reason to pick a platform.

1. Zero fund-holding charges across all accounts. Most platforms charge 0.25%–0.45% per year just to hold mutual funds — on top of the fund's own OCF. On a £50,000 fund portfolio, that's £125–£225/year extracted in perpetuity. Over 20 years at 7%, a 0.35% platform fee on funds reduces terminal wealth by roughly 7%. Freetrade charges nothing. Zero. On any plan, including Basic. No competitor combines this with a free ISA, SIPP, and JISA.

2. Direct gilt and Treasury bill access at zero cost. Freetrade is the only zero-fee platform offering direct gilt and UK Treasury bill purchases. You can buy individual gilts — not just gilt ETFs — at no dealing commission and no custody charge. For investors who want to build a gilt ladder or hold government bonds to maturity with a known yield, this is unique at the free price point. Trading 212 and InvestEngine don't offer direct gilt access at all.

3. The flexible ISA as standard. Most platform ISAs are non-flexible: withdraw £5,000 mid-year and you've permanently lost £5,000 of your £20,000 allowance. Freetrade's ISA is flexible by default — withdraw and replace within the same tax year with no penalty to your allowance. This is genuinely useful for investors who might need short-term access to cash. Among the three free platforms, only Freetrade offers this.

Two additional points worth noting: Freetrade was named Which? Recommended Provider for March 2026 and won Best for Low-Cost ISA, Best for Share Traders, and Best for Value for Money at the 2026 Boring Money Best Buy Awards. Awards aren't a reason to pick a platform, but they confirm that the product has matured significantly.

1. The 0.99% FX fee on Basic. This is the structural issue. For a UK-only investor it's irrelevant. For anyone with US or European exposure it's a meaningful drag. Trading 212 charges 0.15% — 6.6× less. Even Freetrade Plus at 0.39% is 2.6× Trading 212. The break-even calculation: if your annual FX bill on Basic exceeds the cost of upgrading to Standard (£59.88/year), upgrade. That happens at roughly £6,000 of annual US/European trading volume.

2. SIPP withdrawal: UFPLS only, £240 per withdrawal. The SIPP is excellent for accumulation — £0 custody, £0 dealing, full investment universe, automatic basic-rate tax relief. But at retirement it becomes expensive. Each UFPLS withdrawal costs £240. If you take monthly income in retirement, that's £2,880/year just in withdrawal charges. No flexi-access drawdown. Plan to transfer your SIPP to a provider offering full drawdown (AJ Bell or Interactive Investor) before you need retirement income.

3. Transfer-out charges for US holdings. ISA transfers out are free for cash and UK holdings, but £17 per US position. If you hold 15 individual US stocks and want to transfer your ISA to another platform, that's £255. Trading 212 and InvestEngine charge nothing for transfers. If you might switch platforms, consolidate US holdings into GBP-denominated ETFs before transferring.

4. No Lifetime ISA. The 25% government bonus on up to £4,000/year is worth up to £1,000/year free money for first-home buyers and retirement savers under 40. No fee saving compensates for missing it. If a LISA fits your goals, see our Dodl review for the cheapest LISA option at 0.15%.

5. Basic research tools. Freetrade's stock fundamentals and analysis lag behind Hargreaves Lansdown and AJ Bell. Plus plan users get enhanced stock fundamentals, but even those are basic by full-service broker standards. If you do your own research elsewhere (Morningstar, company reports, financial news) this gap doesn't matter. If you rely on platform-provided research, Freetrade isn't the right platform.

A £0/month headline masks where costs accumulate. The model below assumes a 20-year hold on a UK-focused diversified portfolio at 7% gross annual return, £50,000 starting balance, £500/month contribution. Platform fees deducted annually. No FX — assume GBP-hedged or UK-only exposure.

For UK-only investors, the three free platforms deliver identical zero-cost outcomes. The gap between free and percentage-fee platforms is enormous: HL's 0.35% platform fee on a £50,000 starting portfolio with £500/month contributions extracts over £15,000 across 20 years — roughly one year of retirement spending.

Now the same model with a 60/40 UK/US split. The FX drag changes everything:

With 40% US exposure, Freetrade Basic costs £10,200 more than Trading 212 over 20 years. Freetrade Plus narrows the gap to £2,930 — still material, but the Plus subscription (£119.88/year) buys you a lot more than a reduced FX rate (priority support, enhanced fundamentals, same-day withdrawals).

The conclusion is consistent: Freetrade is genuinely the cheapest platform in Britain for UK-only investors. Add US stocks and the cost advantage evaporates fast.