Freetrade Review (2026)
*When you invest, your capital is at risk. The value of your investments can go down as well as up. Freetrade is authorised and regulated by the Financial Conduct Authority (FCA). Protected by the FSCS up to £85,000 for investments.
The Vibe Check
"Backed by IG Group's balance sheet, Freetrade completely restructured its business model to attack legacy UK giants like Hargreaves Lansdown and AJ Bell. Historically, Freetrade forced investors into a £5.99 to £11.99 monthly subscription just to access an ISA or SIPP wrapper. Today, **both the Stocks and Shares ISA and the SIPP pension are 100% free on the Basic plan**. You pay zero commission on UK shares and UK gilts. The catch? They finance this generosity through a **0.99% foreign exchange fee** on overseas shares. If you buy UK-listed dividend stocks or London-listed ETFs, it is remarkably cost-effective; if you frequently trade US mega-caps, that 0.99% FX haircut will quickly add up."
The Fine Print: Freetrade Fee Audit
Freetrade operates with zero trading commissions and zero baseline wrapper account fees. Here is Valerie's forensic breakdown of operational drag:
| Fee Type | Freetrade Pricing | The Wingwoman Audit |
|---|---|---|
| UK Shares & London ETFs | £0.00 commission | True zero ticket fees. Standard UK government Stamp Duty (0.50%) applies to share purchases. |
| Stocks & Shares ISA | £0.00 / month (Free) | Flexible ISA wrapper included free on the Basic plan. Shelter up to £20,000/year tax-free. |
| SIPP Pension Account | £0.00 / month (Free) | Personal pension account included at zero platform cost with standard HMRC tax relief. |
| FX Markup (Basic Plan) | 0.99% Conversion Toll | ⚠️ High retail foreign exchange drag on US and European equity purchases. |
| FX Markup (Plus Plan) | 0.39% (£11.99/mo) | Reduced foreign exchange markup for users subscribing to the top-tier Plus tier. |
| Inactivity Fee | £0.00 | No account maintenance or dormant account penalties. |
The Math: The Free SIPP vs. Percentage Drag
Traditional UK wealth platforms charge an ongoing percentage-of-assets custody toll. For instance, Hargreaves Lansdown charges 0.45% on fund portfolios. On a £100,000 retirement pot, that translates to £450 every single year in platform tolls alone.
By offering a **£0 custody fee SIPP** on the Basic plan, Freetrade allows long-term UK pension accumulators holding London-listed broad market ETFs (such as Vanguard FTSE All-World) to compound wealth with zero ongoing custody friction, completely sidestepping percentage platform drag.
Valerie's Final Verdict
"Freetrade’s transition to offering a genuinely free Stocks & Shares ISA and SIPP makes it one of the most disruptive platforms in the United Kingdom. If your strategy focuses on UK-listed equities, gilts, and London-denominated index ETFs, the platform is essentially cost-free. Just be mindful: if your primary goal is buying US tech stocks, Trading 212's 0.15% FX markup remains mathematically cheaper than Freetrade’s 0.99% rate."
Open An Account If:
You are a UK resident wanting a completely free Stocks and Shares ISA or SIPP to hold UK-listed ETFs and shares.
Skip It If:
You trade US shares frequently, where the 0.99% FX conversion fee erodes capital compared to low-spread alternatives.