Trading 212 vs Freetrade: Which Investing App Is Better?

The Trading 212 vs Freetrade decision has become closer than it used to be. Both are commission-free UK investing apps, both now give you a Stocks and Shares ISA with no platform fee, and both let you start with a few pounds. The differences that remain are about pension access, foreign exchange costs, choice of investments and how the two apps feel to use day to day. This guide compares them the way you would actually use them, so you can pick one and open it in an afternoon.

The short answer

If you want the lowest running costs and the widest choice of shares and funds, Trading 212 is the stronger pick. It has no platform fee on its ISA, one of the cheapest currency conversion charges on the market, and more than 13,000 instruments to buy.

If a pension matters to you, Freetrade is the easier home for everything in one place. After a 2026 pricing overhaul, its free Basic plan now includes a Stocks and Shares ISA, a self-invested personal pension (SIPP) and a general account, so you can hold retirement money and taxable investments in the same app without a subscription.

Accounts: the big change in 2026

For years the headline gap was that Freetrade put its ISA behind a paid tier. That is no longer true. Freetrade rebuilt its plans in 2026 and its free Basic plan now covers an ISA, a SIPP, funds and gilts with no monthly fee.

Trading 212 offers a free Stocks and Shares ISA, a general investment account and a separate Cash ISA, but it does not offer a personal pension at all. If you specifically want to consolidate old pension pots or pay into a SIPP, Freetrade is the only one of the two that can do it. For a straight ISA comparison, see our guide to the best Stocks and Shares ISA apps.

Fees

Both charge no commission to buy or sell UK and US shares, and neither charges a platform fee on the free tiers. The costs that separate them are subscriptions and foreign exchange.

Trading 212 has no subscription. Its currency conversion fee is 0.15% when you buy an investment priced in another currency, such as a US stock. That is one of the lowest FX charges among UK apps.

Freetrade’s Basic plan is also free, but its FX fee is 0.99%. Paying £4.99 a month for Standard cuts that to 0.59%, and £9.99 a month for Plus cuts it to 0.39%. If you mostly buy US shares, that gap adds up: on a £1,000 US purchase, Trading 212 charges about £1.50 in FX and Freetrade Basic about £9.90.

Choice of investments

Trading 212 lists more than 13,000 stocks and exchange-traded funds and lets you build automated “pies” of investments that rebalance for you. It does not offer traditional mutual (index) funds.

Freetrade carries a smaller universe, roughly 7,000 instruments, but it does include mutual funds and gilts, which some long-term investors prefer for simple, low-cost tracking. It also supports in-specie transfers, meaning you can move existing holdings in from another provider without selling them first. Trading 212 accepts cash transfers only, so an existing portfolio has to be sold and rebought, which can crystallise gains.

Interest on cash and Cash ISAs

Trading 212 pays interest on uninvested cash and runs a separate flexible Cash ISA. Its standard Cash ISA rate was 3.60% AER variable in mid-2026, set to track the Bank of England base rate minus 0.15 percentage points, with new customers sometimes eligible for a higher promotional rate for the first year. Rates move with the base rate, so always check the live figure before you rely on it. If a savings pot is your priority rather than shares, compare the best Cash ISA apps first.

Freetrade also pays interest on cash held in the app, with the rate rising on its paid plans. It does not run a standalone Cash ISA in the way Trading 212 does.

Which should you choose?

Pick Trading 212 if you want the cheapest way to buy shares and funds, the widest choice, the lowest FX fee, and a Cash ISA under the same roof, and you do not need a pension.

Pick Freetrade if you want a free SIPP alongside your ISA, prefer access to mutual funds and gilts, or want to transfer existing investments in without selling them.

Plenty of investors open both: Trading 212 for a low-cost ISA and general account, Freetrade for the pension. Neither charges to keep an account open, so there is little downside to trying both before you commit. New to this entirely? Start with 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 rules depend on your circumstances and can change.

Frequently asked questions

Is Trading 212 or Freetrade cheaper? Both are free to open with no platform fee and no dealing commission. Trading 212 is cheaper for anyone buying overseas shares, because its 0.15% foreign exchange fee is far below Freetrade Basic’s 0.99%. Freetrade only matches lower FX fees on its paid Standard and Plus plans.

Does Freetrade offer a pension and does Trading 212? Freetrade offers a self-invested personal pension (SIPP), and since its 2026 pricing change it is included free on the Basic plan. Trading 212 does not offer a pension of any kind, so a SIPP is a clear point in Freetrade’s favour.

Are Trading 212 and Freetrade safe? Both are authorised and regulated by the Financial Conduct Authority, and investments held with either are covered by the Financial Services Compensation Scheme up to £85,000 if the provider fails. That protects you against the firm failing, not against your investments losing value.

Can I move my ISA from one to the other? Yes, you can transfer a Stocks and Shares ISA between providers without losing its tax status, as long as you use the provider’s official ISA transfer process rather than withdrawing the cash. Freetrade can accept some holdings in specie (without selling), while Trading 212 transfers are cash only, meaning your holdings are sold and rebought.

Can I use both apps at once? Yes. Many UK investors run a Trading 212 ISA for low-cost share dealing and a Freetrade SIPP for their pension. You can only pay new money into one Stocks and Shares ISA per tax year, so keep your ISA subscriptions in one place even if you hold accounts with both.