Freetrade Review: Free ISA and SIPP, but a 0.99% FX Fee
Freetrade review: since January 2026 the free Basic plan includes an ISA and a SIPP. The catch is a 0.99% FX fee on US shares, and when paying for Plus wins.
This Freetrade review starts with the change that matters most: since 22 January 2026, Freetrade’s free Basic plan includes a Stocks and Shares ISA, a Junior ISA, a self-invested personal pension (SIPP) and a general investment account, with no monthly fee and no dealing commission. Before that, the ISA sat behind a paid plan and the SIPP cost extra on top. The question now is not whether Freetrade is affordable, but whether its currency conversion fee and cash interest make one of the paid plans worth having for the way you invest.
The short verdict
Freetrade is one of the cheapest ways in the UK to hold UK shares, funds and gilts in an ISA and a pension side by side, all in one app, without paying a platform fee. Its weak point is the 0.99% foreign exchange (FX) fee on the free plan, which makes buying US shares noticeably dearer than on Trading 212. If most of what you buy is priced in dollars, either pay for Standard or Plus, or use a cheaper app for that part of your portfolio.
Freetrade plans and prices
There are three plans. All three include the same four account types and commission-free trading; the differences are FX fees, cash interest and a few extra features.
| Plan | Price | FX fee on non-GBP trades | Interest on uninvested cash |
|---|---|---|---|
| Basic | Free | 0.99% | 1% AER on up to £1,000 |
| Standard | £5.99 a month, or £59.88 a year | 0.59% | 2.5% AER on up to £2,000 |
| Plus | £11.99 a month, or £119.88 a year | 0.39% | 3.5% AER on up to £3,000 |
Paying annually works out at £4.99 a month for Standard and £9.99 a month for Plus, about 17% less than the rolling monthly price. Plus also gets priority customer service. Figures are from Freetrade’s pricing page in October 2026; Freetrade can change them, so check before you subscribe.
What you can hold
Freetrade lists more than 9,000 stocks, ETFs, funds and investment trusts. Since the January 2026 overhaul, every plan can also buy mutual funds, UK gilts, UK Treasury bills and ready-made portfolios, and US shares can be bought in fractions. That mix is wider than it looks: Trading 212 has more individual shares but no traditional mutual funds or gilts, which some long-term investors want for simple, low-cost tracking.
You also get recurring orders, limit orders and stop losses, and the app runs on both mobile and a web platform, which helps if you prefer to review a pension on a bigger screen.
The SIPP
The SIPP is the main reason to choose Freetrade over rival free apps, because Trading 212 does not offer a pension at all. A free SIPP alongside a free ISA is unusual: many platforms charge a percentage of your pension pot each year, which grows as your pot does.
Pension rules still apply. You normally cannot take money out until age 55 (rising to 57 from April 2028), and tax relief depends on your earnings. If you have old workplace pensions scattered about, our guide to tracking pensions in one app explains how to find them before you think about consolidating into a SIPP. Check whether an old scheme has valuable guarantees before you move it.
The FX fee in real money
This is the cost that catches people out. On every purchase or sale priced in another currency, mostly US shares, Freetrade converts your pounds and charges a percentage.
On a £1,000 purchase of a US share:
- Basic: £9.90 in FX
- Standard: £5.90
- Plus: £3.90
You pay it again when you sell, because the proceeds convert back to pounds. If you put £200 a month into US shares, Basic costs you about £23.76 a year in FX on the way in, while Standard would cost £14.16: a saving of under £10, against a £59.88 subscription. On FX alone, Standard only pays for itself once you trade about £15,000 a year in other currencies (buys and sells added together), and Plus at about £20,000. The cash interest narrows that gap, as the next section shows. For UK shares and sterling funds there is no FX fee on any plan.
Interest on uninvested cash
Freetrade pays interest on cash waiting to be invested, but the caps are low: £1,000 on Basic, £2,000 on Standard and £3,000 on Plus. The most you could earn is £10 a year on Basic, £50 on Standard or £105 on Plus, before the subscription. On Plus that means the interest alone almost covers the £119.88 annual fee if you keep £3,000 in cash in the app.
For a larger cash pot, a dedicated savings or Cash ISA app will usually pay more on the whole balance. Compare the best Cash ISA apps if that is your priority.
Which plan should you pick?
- Basic if you mainly buy UK shares, sterling ETFs, funds or gilts, or invest small amounts monthly. You get the ISA and SIPP free.
- Standard if you trade over £10,000 of US shares a year and keep about £2,000 of cash in the app, where the lower FX fee and the extra interest together cover the subscription.
- Plus if you trade US shares regularly and keep around £3,000 of cash in the app, where the 3.5% interest and 0.39% FX fee can cover most of the cost.
Is Freetrade safe?
Freetrade Limited is authorised and regulated by the Financial Conduct Authority, and since 1 April 2025 it has been owned by IG Group, the London-listed trading company, while still running as a separate app. Your investments are held separately from the company’s own money. If Freetrade failed and your assets could not be returned, the Financial Services Compensation Scheme can pay eligible investment claims up to £85,000 per person. FSCS protection does not cover losses when your investments simply fall in value.
Moving to or from Freetrade
Freetrade accepts ISA and SIPP transfers in, including transfers of existing holdings without selling them (in specie), which avoids being out of the market while the transfer goes through. Always use the receiving provider’s transfer process rather than withdrawing the cash yourself, or an ISA loses its tax-free wrapper. Our walkthrough on how to transfer an ISA between apps covers the steps.
For a wider comparison, see the best Stocks and Shares ISA apps and our roundup of the best investment apps for beginners.
Investing puts your capital at risk. The value of investments can fall as well as rise and you may get back less than you put in. Tax and pension rules depend on your circumstances and can change.
Frequently asked questions
Is Freetrade really free? The Basic plan has no monthly fee and no dealing commission, and since 22 January 2026 it includes an ISA, a Junior ISA, a SIPP and a general account. You still pay a 0.99% FX fee on shares priced in other currencies, and funds carry their own ongoing charges set by the fund manager.
Does Freetrade charge for the SIPP? Not any more. From 22 January 2026 the SIPP is included in every plan, including the free Basic plan, with no separate account fee listed on Freetrade’s pricing page.
How much is Freetrade Plus? Plus costs £11.99 a month on a rolling basis or £119.88 a year paid upfront, which is £9.99 a month. It cuts the FX fee to 0.39% and pays 3.5% AER on up to £3,000 of uninvested cash.
Who owns Freetrade? IG Group completed its takeover of Freetrade on 1 April 2025. Freetrade still operates under its own brand and app, and it is regulated by the FCA.
Is Freetrade or Trading 212 better? Trading 212 is cheaper for US shares because of its 0.15% FX fee, but it has no pension. Freetrade suits people who want an ISA and a SIPP in one free app, plus mutual funds and gilts. Our Trading 212 vs Freetrade comparison goes through it line by line.
Can I transfer my ISA to Freetrade without selling? Yes. Freetrade accepts in-specie ISA transfers, so eligible holdings move across as they are. Start the transfer from the Freetrade app so the money keeps its ISA status.
