UK investors no longer pay £9.99 per trade. Modern apps let you buy FTSE 100 shares, US stocks, ETFs, and crypto with zero commission, but charges still exist in the form of FX markup, withdrawal fees, or spreads. Use this guide to choose the right platform for your ISA, SIPP, or general account.
Quick Comparison – FCA-Regulated Platforms
| Platform | Regulation | Commission | FX/Other Fees | Best For |
|---|---|---|---|---|
| Trading 212 | FCA (FRN 609146) | £0 stock & ETFs | 0.15% FX, 0.7% card deposit | Fractional shares + ISA |
| Freetrade | FCA (FRN 783189) | £0 on GIA, £11.99/mo for SIPP | 0.39% FX, £3 withdrawal (basic) | Simple mobile investing |
| eToro UK | FCA (FRN 583263) | £0 commission | 1% crypto spread, $5 withdrawal | Multi-asset + copy trading |
| Lightyear | FCA (FRN 955739) | £0 core pricing | 0.35% FX (first £3k free/month) | Low FX costs + multi-currency accounts |
Top 5 Commission-Free Apps (Detailed Reviews)
1. Trading 212 – Best Overall Free Trading + ISA
Trading 212 offers commission-free trades across 12,000+ stocks/ETFs, fractional shares, and a Stocks & Shares ISA. New features include auto-invest pies and 5% interest on uninvested cash.
- £0 commission on stocks/ETFs, CFDs available separately.
- 0.15% FX fee on non-GBP trades, waived inside multi-currency accounts.
- ISA transfers accepted; FSCS protection up to £85,000.
2. Freetrade – Best Beginner Mobile App
Freetrade keeps the UI minimal and charges zero commission on General Investment Accounts. Upgrade to Plus (£11.99/mo) for more shares, an ISA, and 3% interest on cash balances.
- 0.39% FX fee on US orders, no custody fees.
- Instant deposits up to £1,000 free; bank transfer recommended for higher amounts.
- Community forum and learn center great for UK beginners.
3. Lightyear – Lowest FX Fees
Lightyear gives you multi-currency accounts (GBP, USD, EUR), cheap FX (first £3k per month free, then 0.35%), and access to 3,000+ stocks/ETFs. Great for frequent US stock traders.
4. eToro UK – Multi-Asset & Copy Trading
eToro lets you trade stocks, ETFs, crypto, and commodities with zero commission. CopyTrading lets you mirror top investors. FCA client funds are held in segregated accounts.
- $5 withdrawal fee, 1% crypto spread, 0.5% FX.
- Great for diversified portfolios and social investing.
5. Revolut Trading – Best for Travelers
If you already bank with Revolut, their trading add-on offers commission-free trades (limits vary by plan), crypto, and commodities. Ideal for casual investors who want banking + trading in a single app.
Limitations: no ISA, limited order types, and FX markup once you exceed plan quota.
Hidden Costs to Watch
- FX conversion: Even “free” brokers charge 0.15%–0.5% when you buy US stocks in GBP.
- Spreads: Commission-free market makers widen the spread. Compare quotes before executing.
- Premium plans: Some brokers lock ISA/SIPP access behind monthly fees.
- Transfer fees: Moving to another broker can cost £15–£25 per line.
Checklist Before Opening an Account
- Confirm FCA regulation and FSCS protection.
- Check if the platform supports ISA/LISA/SIPP for tax efficiency.
- Review FX and withdrawal fees if you plan to trade US/EU shares.
- Ensure fractional shares and auto-invest options if you dollar-cost average.
- Read community reviews about outages during high volatility.
UK Trading FAQ
Are commission-free brokers really free?
You pay zero explicit commission, but platforms earn via FX markups, spreads, premium subscriptions, or securities lending. Always review all fees.
Which broker offers an ISA?
Trading 212, Freetrade, and eToro Money (via Moneyfarm) support Stocks & Shares ISAs. Lightyear is working on ISA support.
Can I hold USD to avoid FX fees?
Lightyear and Interactive Brokers let you maintain multi-currency balances. You can convert once and trade multiple times without repeated FX charges.