Freetrade vs Trading 212 (2026): Which UK Investing App Wins?

If you just want the short answer: for most UK beginners in 2026, Trading 212 is the cheaper, simpler place to start — mainly because its FX fee is far lower and you earn interest on spare cash without paying a subscription. Freetrade wins if you want a SIPP for your pension, plus access to mutual funds and gilts in one tidy app.

We compared both apps in depth against their current pricing pages, help-centre documentation and independent reviews. Here's what actually matters, and who each one suits.

TL;DR

• Cheapest for everyday investing: Trading 212 (0.15% FX fee, no subscription needed).
• Best for a pension (SIPP) and fund choice: Freetrade.
• Best for interest on idle cash: Trading 212 (paid without a paid plan).
• Both give you a free, flexible Stocks and Shares ISA and commission-free shares and ETFs.

The honest verdict first

Both apps do the main job well: commission-free investing in shares and ETFs, wrapped in a free Stocks and Shares ISA. You won't go wrong with either for buying a global index fund every month.

The difference is in the details that quietly cost you money — the FX fee on overseas shares, what you pay to unlock perks, and whether your spare cash earns anything. On those, Trading 212 edges it for the typical beginner. But if a pension matters to you, Freetrade pulls ahead, because that's something Trading 212 has only recently moved into.

Fees — where the real gap is

Both charge £0 commission to buy and sell shares and ETFs, and neither charges a platform fee or ISA fee. So far, identical.

The gap shows up when you buy anything priced in another currency — say a US stock or a US-listed ETF. That triggers an FX (foreign exchange) fee, which is just a small cut taken when your pounds are converted.

• Trading 212: 0.15% FX fee — one of the lowest in the UK market (as of 2026).
• Freetrade: 0.99% FX fee on the free Basic plan. You can lower it to 0.59% on Standard (£4.99/month billed annually) or 0.39% on Plus (£9.99/month billed annually).

That sounds tiny, but it adds up if you regularly buy US shares. On a £1,000 US purchase, Trading 212 takes about £1.50; Freetrade Basic takes about £9.90. If you mostly buy UK-listed funds, the FX fee barely touches you and this gap shrinks.

ISAs — both free, both flexible

Each app gives you a Stocks and Shares ISA (your £20,000-a-year tax-free allowance) at no charge, and both are flexible — meaning you can take money out and put it back in the same tax year without losing allowance. There's genuinely little between them here.

Trading 212 also offers a separate Cash ISA paying a competitive rate (around 4.7–4.8% AER for new savers as of June 2026, including a 12-month bonus; the standard rate is ~4.1%, paid daily). Freetrade doesn't have a Cash ISA, so if you want savings and investments under one roof, that's a point for Trading 212.

SIPP (pension) — Freetrade's clear advantage

If you want to invest for retirement in a SIPP (a Self-Invested Personal Pension, where the government tops up contributions with 20%–45% tax relief), this is the biggest real difference.

• Freetrade offers a SIPP on all plans, including free Basic, and as of January 2026 also gives you mutual funds and gilts across 7,000+ investments — handy for a long-term pension pot.
• Trading 212 launched its SIPP in February 2026 after FCA approval. It's live in the app but behind a waitlist, with Gaudi Regulated Services as the SIPP administrator — reported admin fee of roughly £75–£100 a year for active accounts, on top of Trading 212's £0 platform fee and 0.15% FX.

For now, if a pension is on your list, Freetrade is the more established pick: its SIPP is free on every plan and battle-tested, while Trading 212's is brand new, waitlisted, and carries that admin fee.

Interest on spare cash

Got cash sitting in your account between investments? It can earn interest.

• Trading 212: variable rate that tracks the Bank of England base rate (set ~0.15% below it — roughly 3.6%–4.1% AER as of June 2026 depending on account type), with no paid plan required.
• Freetrade: tiered by plan — 1% up to £1,000 on Basic, 2.5% up to £2,000 on Standard, 3.5% up to £3,000 on Plus. Even maxed out, Plus earns about £105 a year in interest while costing £119.88 — so never buy a plan for the interest alone.

For most people, Trading 212's no-strings interest is the better deal.

Freetrade vs Trading 212: side-by-side comparison (2026)

Figures fact-checked 11 June 2026 — always confirm current terms on each provider's site before signing up, as rates and fees change frequently.

Who should pick which

Pick Trading 212 if you:

• Are starting out and want the lowest running costs.
• Buy US or overseas shares and care about that FX fee.
• Want spare cash to earn interest without paying for a plan.
• Like extras such as auto-investing into a ready-made "pie" of holdings.

Pick Freetrade if you:

• Want a SIPP to invest for your pension with tax relief.
• Want mutual funds and gilts alongside shares and ETFs.
• Prefer a clean, calm app built for buy-and-hold investing.

Honest note: if you only ever buy a single UK-listed global index fund inside an ISA and never touch overseas shares, the cost difference between them is small. At that point, pick whichever app feels nicer to use — both are solid.

How to get started (either app)

1. Download the app and sign up with your email and UK details.
2. Verify your identity (passport or driving licence — takes a few minutes).
3. Open the Stocks and Shares ISA unless you've already used this year's allowance elsewhere.
4. Add money by bank transfer or debit card.
5. Start small — many people begin with a single low-cost global index fund and add to it monthly.

If you'd like to try them, you can sign up to Freetrade here or Trading 212 here. (Affiliate links — see disclosure above.)

FAQ

Is Freetrade or Trading 212 safer? Both are authorised and regulated by the FCA, and eligible investments are protected by the FSCS up to £85,000 if the provider fails. Your money isn't protected from normal investment losses, though — markets go up and down.

Which has lower fees overall? For most beginners, Trading 212, thanks to its 0.15% FX fee and no-subscription interest on cash. Freetrade can be cheaper-feeling only if you stick to UK funds and don't pay for a plan.

Can I move my ISA from one to the other? Yes — you can transfer a Stocks and Shares ISA between providers. Start the transfer from the receiving app rather than withdrawing the cash yourself, so you keep the tax-free wrapper.

Do I have to pay for a subscription? No. Both let you invest commission-free for free. Freetrade's paid plans mainly lower the FX fee and add interest; Trading 212's core features are free.

Which is better for a pension? Freetrade, for now — its SIPP is free on all plans and established. Trading 212's SIPP only launched in February 2026, sits behind a waitlist, and carries a ~£75–£100 annual admin fee via its administrator Gaudi.

This is general information, not financial advice. Fees and features are current as of 2026 and can change — always check each provider's website before you sign up. Investing puts your capital at risk; you may get back less than you put in. Do your own research and consider speaking to a qualified adviser about your situation.

Last updated: 11 June 2026.