Is Trading 212 or Freetrade cheaper?

Trading 212 is cheaper overall. It has a completely free ISA, while Freetrade charges £4.99/month for ISA access. Trading 212 also has a much lower FX fee (0.15% vs 0.99%). For most investors, Trading 212 is the lower-cost option.

Which has more investments available?

Trading 212 has significantly more — over 10,000 instruments including more stocks, ETFs, and international options. Freetrade has around 6,000 with some stocks locked behind paid tiers. For choice, Trading 212 wins.

Can I have an ISA with both Trading 212 and Freetrade?

You can only contribute to one Stocks & Shares ISA per tax year. So while you can have accounts with both, you can only add money to one ISA. You could use Trading 212 for your ISA and Freetrade for a General account, or vice versa.

Which app is better designed?

Freetrade generally has a cleaner, more intuitive design — it's often praised for its simple interface. Trading 212 has more features but can feel busier. For pure user experience, Freetrade has a slight edge.

Trading 212 vs Freetrade — Which Free Investing App Is Best? | PocketWise

Two apps both claiming “free” investing. But which one is actually better for UK investors?

Quick Verdict

Category	Winner
Overall cost	Trading 212
Free ISA	Trading 212
Investment range	Trading 212
App design	Freetrade
Simplicity	Freetrade
Interest on cash	Trading 212
SIPP availability	Freetrade
Fractional shares	Tie
Overall winner	Trading 212

Fee Comparison

Account Fees

Fee	Trading 212	Freetrade
General account	Free	Free
ISA	Free	£4.99/month
SIPP	Not available	£9.99/month
Annual ISA cost	£0	£59.88

Trading Fees

Fee	Trading 212	Freetrade
UK shares	Free	Free
US shares	Free	Free
ETFs	Free	Free
Funds	N/A	N/A
Limit orders	Free	Free

Other Fees

Fee	Trading 212	Freetrade
FX (currency conversion)	0.15%	0.99%
Withdrawal	Free	Free
Inactivity	None	None

Real Cost: Buying £1,000 of US Stock

Platform	Trading Fee	FX Fee	Total
Trading 212	£0	£1.50	£1.50
Freetrade	£0	£9.90	£9.90

Trading 212’s FX fee is 85% cheaper.

Annual Cost: £10,000 ISA

Platform	Annual Fee
Trading 212	£0
Freetrade	£59.88

Investment Range

Category	Trading 212	Freetrade
UK shares	1,700+	1,000+
US shares	5,000+	4,000+
European shares	1,200+	Limited
ETFs	200+	400+
Investment trusts	Some	Some
Total instruments	10,000+	~6,000

Tiered Access (Freetrade)

Tier	Access
Basic (free)	~3,000 stocks
Plus (£4.99/mo)	+ “Plus” stocks

Some popular stocks on Freetrade require the Plus subscription.

Winner: Trading 212 — more choice, no restrictions.

Feature Comparison

Core Features

Feature	Trading 212	Freetrade
Fractional shares	✅	✅
Limit orders	✅	✅
Recurring investments	✅ (Pies)	✅
Dividend reinvestment	✅	✅
Price alerts	✅	✅

Unique to Trading 212

Feature	Details
AutoInvest (Pies)	Build custom portfolios
Interest on cash	Competitive rate
Securities lending opt-out	Transparent
Web platform	Full featured

Unique to Freetrade

Feature	Details
SIPP	Pension available
Cleaner design	More intuitive
Community/social	Some features

App Design & Experience

Aspect	Trading 212	Freetrade
Interface design	Good	Excellent
Ease of use	Good	Excellent
Onboarding	Simple	Simpler
Information density	More features = busier	Clean/minimal
Stock pages	Detailed	Streamlined

Winner: Freetrade — widely considered the better-designed app.

ISA Comparison

Feature	Trading 212	Freetrade
ISA fee	Free	£4.99/month
ISA allowance	£20,000	£20,000
Same investments	Yes	Yes
Transfers in	Yes	Yes
Transfers out	Yes	Yes

Winner: Trading 212 — free beats £60/year.

SIPP (Pension) Comparison

Feature	Trading 212	Freetrade
SIPP available	No	Yes
SIPP fee	N/A	£9.99/month
Tax relief	N/A	Automatic

Winner: Freetrade — it’s the only option.

Interest on Cash

Feature	Trading 212	Freetrade
Interest on uninvested cash	Yes	No
Rate	Competitive	N/A
Currencies	GBP, EUR, USD	N/A

Winner: Trading 212 — useful for cash between investments.

Research & Tools

Feature	Trading 212	Freetrade
Company info	Basic	Basic
Analyst ratings	No	No
News	Limited	Limited
Charting	Basic	Basic

Winner: Tie — both are basic. Do research elsewhere.

Safety & Regulation

Protection	Trading 212	Freetrade
FCA regulated	✅	✅
FSCS protection	£85,000	£85,000
Client segregation	Yes	Yes

Both are equally regulated and protected.

Securities Lending

Feature	Trading 212	Freetrade
Securities lending	Yes (opt-out available)	Yes
Your control	Can disable	Less clear

Trading 212 is more transparent about lending.

Who Should Choose Which?

Choose Trading 212 If:

Priority	Why
Lowest cost	Free ISA, low FX
Free ISA	No monthly fee
More investments	Wider range
Interest on cash	Useful feature
AutoInvest (Pies)	Great for automation
US/international stocks	Much cheaper FX

Choose Freetrade If:

Priority	Why
App design	Cleaner interface
Simplicity	Less overwhelming
SIPP needed	Trading 212 doesn’t have one
UK-focused	Good UK selection
Don’t mind paying	ISA fee isn’t a concern

Portfolio Size: Does It Matter?

Cost as % of Portfolio

Portfolio	T212 Cost (% pa)	Freetrade Cost (% pa)
£1,000	0%	6%
£5,000	0%	1.2%
£10,000	0%	0.6%
£20,000	0%	0.3%
£50,000	0%	0.12%

For small portfolios, Freetrade’s fee is proportionally large.

Use Case Scenarios

Scenario 1: Beginner with £100/month

Factor	Recommendation
Best choice	Trading 212
Why	Free ISA, don’t pay fees on small amounts

Scenario 2: US Stock Enthusiast

Factor	Recommendation
Best choice	Trading 212
Why	0.15% FX vs 0.99% = significant savings

Scenario 3: Simplicity-First

Factor	Recommendation
Best choice	Freetrade
Why	Cleaner design, less confusing

Scenario 4: Need Pension + ISA

Factor	Recommendation
Best choice	Freetrade
Why	Only one with SIPP

Scenario 5: Passive ETF Investor

Factor	Recommendation
Best choice	Either (or Vanguard)
Why	Similar for basic ETF investing

Migration: Switching Between Them

ISA Transfer

From	To	Process
Freetrade	Trading 212	In-specie or cash transfer
Trading 212	Freetrade	In-specie or cash transfer

Both support ISA transfers, though in-specie (keeping investments) can take weeks.

The Bottom Line

Verdict	Trading 212	Freetrade
Best for	Cost-conscious, international	Design-focused, SIPP needed
Monthly cost	£0	£4.99-9.99
FX cost	0.15%	0.99%
Overall	Better value	Better design

Our recommendation:

For most people: Trading 212 — the free ISA and lower FX fee make it better value.
For SIPP/pension: Freetrade — it’s your only option between these two.
For design purists: Freetrade — if the app experience matters most.