⚡ Freetrade in a nutshell
- 🆓
Commission-free trades on 6,000+ stocks and ETFs. No commission on any trade. FX conversion (0.99%) is the main trading cost for foreign assets.
- 📱
Clean mobile-first investment app. One of the cleanest UK investment interfaces — designed for investors who find HL overwhelming.
- 🛡️
Stocks & Shares ISA from £5.99/month. Flat subscription cheaper than percentage-fee platforms for smaller portfolios (break-even ~£28,750 vs. AJ Bell).
- ⚠️
No active funds — stocks and ETFs only. No unit trusts, no OEICs. ETF-only investors are well served; fund investors should look elsewhere.
- 💱
0.99% FX conversion on non-GBP assets. Applies on US and EU share purchases/sales. Competitive at smaller sizes but adds up for frequent US stock traders.
⚠️ What to watch out for
- ⚠ ISA requires £5.99/month subscription (£71.88/year)
- ⚠ 0.99% FX conversion on non-GBP assets
- ⚠ No active funds — stocks and ETFs only
- ⚠ Minimal research tools
- ⚠ SIPP available but newer than AJ Bell/HL
- ⚠ No phone customer support — chat only
WhichBrokr Category Ratings
Freetrade Overview
Freetrade was founded in 2016 in London and launched commission-free stock trading in the UK in 2018 — the first UK platform to do so. FCA authorised, it has grown to over 1 million users and raised £100m+ in VC funding.
The core product: buy and sell shares and ETFs with no commission. A flat ISA subscription (£5.99/month) covers all ISA gains tax-free. For GBP-denominated assets, total cost is effectively zero beyond the subscription.
Freetrade targets simplicity — no active funds, minimal research tools, mobile-only focus. For investors who know what they want to buy and want to buy it cheaply, Freetrade delivers.
Freetrade: Pros & Cons
✅ Pros
- Commission-free trades — no per-trade charge
- Cleanest mobile investment app in UK market
- ISA from £5.99/month — predictable flat cost
- 6,000+ stocks and ETFs including UK/US equities
- No minimum deposit
- Fractional US shares from £2
❌ Cons
- £5.99/month ISA — expensive for very small portfolios
- 0.99% FX conversion on non-GBP assets
- No active funds or investment trusts
- Minimal research tools
- Chat-only support — no phone
- SIPP newer and less battle-tested than AJ Bell/HL
🔍 Freetrade Audit Report
A structured assessment across 5 pillars — regulation, tax/legal, costs, features and platform accessibility. Updated July 2026.
🛡️
1. Legal Entity & Capital Protection
Freetrade's FCA authorisation
Licensed Entity
Freetrade Limited — FCA authorised (FRN 677344)
FSCS Protection
£85,000 per client on qualifying investments
Company
Private — VC-backed. £100m+ raised. Annual accounts at Companies House.
💼
2. Tax — ISA and SIPP
Subscription-priced tax accounts
Stocks & Shares ISA
✅ Tax-free. £20,000 annual allowance. £5.99/month subscription. Commission-free dealing.
SIPP
✅ Tax relief. £9.99/month. 20% basic rate relief applied automatically. Launched 2022.
GIA (Free tier)
Free account — shares and ETFs only. CGT and dividend tax rules apply.
No LISA / Junior ISA
Not available on Freetrade.
💶
3. Total Cost of Ownership
Subscription + FX model
Trading Commission
£0 — no commission on any trade.
ISA Subscription
£5.99/month (£71.88/year). SIPP: £9.99/month (£119.88/year). Free GIA: no subscription.
FX Conversion
0.99% on all non-GBP trades (US shares, EU ETFs etc).
Break-even vs AJ Bell
Below ~£28,750 portfolio value, Freetrade ISA (£71.88/year) is cheaper than AJ Bell (0.25%). Above this level AJ Bell costs more — Freetrade wins on shares/ETFs due to zero dealing fee.
📈
4. Asset Catalogue
Stocks and ETFs only
UK Shares
All major LSE-listed equities including AIM
US Shares
NYSE and NASDAQ — fractional from £2
EU Shares
Major European equities (limited)
Investment Trusts
Available (trade like shares)
Active Funds
❌ Not available
🖥️
5. Platform
Mobile-first simplicity
Mobile App
✅ iOS 4.6★ / Android 4.4★ — top-rated UK investment app for simplicity
Web Platform
✅ Basic web platform available
Research Tools
⚠ Minimal — basic price charts only
Regular Investing
✅ Auto-invest for recurring purchases
Customer Support
Chat and email only — no phone
Fees 4.1 / 5
Freetrade is cheapest for buy-and-hold UK equity investors. The FX fee matters for frequent US stock buyers. Compare the ISA subscription vs. percentage fees at your portfolio size.
| Fee type | Freetrade | Market Average |
|---|
| Trading commission | £0 | £0–£12 |
| ISA subscription | £5.99/month (£71.88/year) | £0–£45/month |
| FX conversion | 0.99% | 0.15–1.25% |
| Fractional US shares | ✅ From £2 | Available on some platforms |
| SIPP subscription | £9.99/month | £0–£120/year |
Safety & Regulation 3.9 / 5
| Regulator | FCA (UK) — FRN 677344 |
| FSCS Protection | £85,000 |
| Company type | Private (VC-backed) |
| Funding raised | £100m+ |
| Operating since | 2016 |
| Users | 1 million+ |
Products & Asset Catalogue 3.4 / 5
| UK shares | All LSE (incl. AIM) |
| US shares | NYSE + NASDAQ (incl. fractional) |
| ETFs | 1,000+ |
| Active funds | ❌ |
| Crypto | ❌ |
What investors say about Freetrade
👍 What investors praise
41%
Commission-free trading universally praised
"no excuse not to invest"
28%
Mobile app UX praised for accessibility by
first-time investors
18%
Fractional shares allow US market access from
£2
13%
£5.99/month ISA predictable and simple
👎 Common complaints
44%
£5.99/month feels expensive when not actively investing
28%
0.99% FX conversion frustrates US stock investors
17%
No research tools
"have to research elsewhere then come to Freetrade to buy"
11%
Chat-only support is slow for complex queries
ⓘ Percentages reflect share of mentions across 5k+ Trustpilot reviews and Reddit threads analysed in Aug 2026. This is user-reported sentiment, separate from our editorial findings above.
Our Freetrade Verdict
WhichBroker's Take
Freetrade has genuinely democratised UK investing — commission-free trading and a flat-fee ISA make it the entry point for millions of new investors. For buy-and-hold ETF investors building a UK/US portfolio, £5.99/month for an ISA is compelling.
The limitations are real: no active funds, minimal research, 0.99% FX conversion. As portfolios grow past £50,000–£100,000, AJ Bell or Interactive Brokers often become more suitable.
Best for: First-time UK investors, buy-and-hold ETF investors wanting a flat-fee ISA. Not ideal for: Active traders, fund investors, large portfolios (>£100,000), or investors needing research tools.
Freetrade: Frequently Asked Questions
| Is Freetrade safe? | Yes — FCA authorised (FRN 677344), FSCS protected up to £85,000. 1 million+ users. |
| How much does a Freetrade ISA cost? | £5.99/month (£71.88/year). Trades commission-free. FX conversion 0.99% on non-GBP assets. |
| Does Freetrade offer a SIPP? | Yes — launched 2022. £9.99/month. 20% basic rate tax relief applied automatically. |
| Can I buy US shares on Freetrade? | Yes — NYSE and NASDAQ, including fractional shares from £2. 0.99% FX conversion applies. |
| Does Freetrade offer funds? | No — stocks and ETFs only. No active funds or unit trusts. |
Ready to open a Freetrade account?
Commission-free trades · UK and US shares · ISA from £5.99/month · 6,000+ assets
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