⚡ 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
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.
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
🔍 Broker 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
Community voice — strengths & concerns
Most praised
- Commission-free trading universally praised — "no excuse not to invest"
- Mobile app UX praised for accessibility by first-time investors
- Fractional shares allow US market access from £2
- £5.99/month ISA predictable and simple
Common complaints
- £5.99/month feels expensive when not actively investing
- 0.99% FX conversion frustrates US stock investors
- No research tools — "have to research elsewhere then come to Freetrade to buy"
- Chat-only support is slow for complex queries
Based on user reviews on Trustpilot, Reddit, App Store and Google Play ratings. Data collected Jan–Jun 2026.
Verdict
WhichBrokr'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.
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. |
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Commission-free trades · UK and US shares · ISA from £5.99/month · 6,000+ assets
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