Buying shares in the UK has never been cheaper. Several apps now charge no commission on stocks and ETFs, and the main differences come from account fees and the cost of converting pounds into other currencies.
Which is the cheapest stock trading platform in the UK? It depends on what you buy. We compared five FCA-regulated platforms using the prices on their UK websites in October 2026, with worked examples for UK and US shares.
| Broker | Share and ETF trades | FX fee | Account fee |
| Trading 212 | No commission (other fees may apply) | 0.15% | £0 |
| eToro | No commission (other fees may apply) | 0.75% (GBP to USD account) | £0 |
| Freetrade | £0 | 0.99% (Basic) | £0 (Basic) |
| Interactive Brokers | UK £3, US $0.005 per share, min. $1 (fixed) | 0.002%, min. $2 | £0 (£3 minimum monthly activity in the ISA) |
| Interactive Investor | £3.99 (Core plan) | 0.75% (Core plan) | £5.99 a month (Core plan) |
Sources: Trading 212, eToro, Freetrade, Interactive Brokers and Interactive Investor, October 2026.
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results.
How much does a trade really cost?
Commission is only part of the cost. When you buy UK shares, you also pay 0.5% stamp duty, which is the same on every platform. When you buy US shares, the FX fee usually costs more than the commission.
These are the platform costs of a £1,000 purchase in October 2026:
| Broker | £1,000 of UK shares | £1,000 of US shares |
| Trading 212 | £0 | £1.50 |
| eToro | £0 | £7.50 |
| Freetrade (Basic) | £0 | £9.90 |
| Interactive Brokers | £3 | About $3 |
| Interactive Investor (Core) | £3.99 | £11.49 |
UK shares: commission only, plus £5 stamp duty on every platform (not charged on ETFs). US shares: FX fee plus commission. Interactive Brokers: $1 minimum commission plus the $2 minimum FX fee. eToro: 0.75% to move pounds from a GBP account to a USD account. Interactive Investor: £3.99 plus 0.75% FX. Monthly account fees not included.
For US shares, Trading 212 is the cheapest of the five at £1.50 on £1,000. For UK shares, Trading 212, eToro and Freetrade charge no commission. Interactive Brokers becomes the cheapest option for large US trades, because its FX fee is a tiny percentage once you pass the minimum.
Trading 212: cheapest for US shares
Trading 212 charges no commission on stocks and ETFs and no custody fee. Other fees may apply. See terms and fees. Its main charge is the FX fee: 0.15% FX fee applies when converting funds. Other fees may apply.
UK clients can choose between an Invest account, a Stocks and Shares ISA, a Cash ISA and a SIPP, with no account fee on any of them. Deposits by bank transfer are free. Card, Apple Pay and Google Pay deposits are free up to £2,000 in total, then cost 0.7%. Withdrawals are free.
Trading 212 UK Ltd is authorised and regulated by the FCA, with firm reference number 609146. Read our Trading 212 review for the full picture.
| Pros | Cons |
| ✔ No commission on stocks and ETFs (other fees may apply) | ✖ Limited research tools |
| ✔ Lowest FX fee of the five, at 0.15% | ✖ 0.7% on card deposits above £2,000 |
| ✔ ISA, Cash ISA and SIPP with no account fees | ✖ No options, individual bonds or mutual funds |
Sponsored code. To get a free fractional share worth up to £100, you can open an account with Trading 212 using the code FINTECH or this link. The share is worth between £8 and £100, and 80% of rewards are worth £25 or less. Terms apply.
eToro: cheapest for social investing
eToro charges no commission on real stocks and ETFs for UK clients. Other fees may apply. UK clients can hold a GBP account, with no fee on pound deposits and no withdrawal fee. Since 28 May 2026, eToro no longer charges an inactivity fee.
To buy US shares, you move money from the GBP account to the USD account, which costs 0.75%. eToro also offers a Stocks and Shares ISA run on Moneyfarm’s platform, with no commission or custody fee and a 0.70% FX charge on assets not in pounds. The minimum first deposit is $50.
eToro is best known for CopyTrader, which lets you copy the portfolios of other investors automatically.
| Pros | Cons |
| ✔ No commission on stocks and ETFs (other fees may apply) | ✖ 0.75% to convert pounds for US shares |
| ✔ GBP account with free withdrawals | ✖ $50 minimum first deposit |
| ✔ Copy trading and a large investor community | ✖ Company data is less detailed than at specialist brokers |
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 52% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Freetrade: cheapest for UK shares in a simple app
Freetrade offers commission-free trading in more than 8,600 stocks, ETFs, funds and investment trusts. Every plan, including the free Basic plan, includes a Stocks and Shares ISA, a Junior ISA, a SIPP and a general investment account.
The paid plans lower the FX fee and pay more interest on cash:
| Plan | Price | FX fee | Interest on cash |
| Basic | £0 | 0.99% | 1% AER up to £1,000 |
| Standard | £5.99 a month (£4.99 if paid yearly) | 0.59% | 2.5% AER up to £2,000 |
| Plus | £11.99 a month (£9.99 if paid yearly) | 0.39% | 3.5% AER up to £3,000 |
Source: Freetrade pricing, October 2026.
| Pros | Cons |
| ✔ £0 commission and £0 account fee on the Basic plan | ✖ 0.99% FX fee on the Basic plan |
| ✔ ISA, Junior ISA and SIPP on every plan | ✖ Limited research tools |
| ✔ Fractional shares and a simple app | ✖ No ready-made portfolios |
Interactive Brokers: cheapest for large and global trades
Interactive Brokers (IBKR) charges a commission on every trade but adds no spread, and its FX fee is only 0.002% of the amount, with a $2 minimum. It gives access to stocks, ETFs, bonds, funds, options and futures on more than 150 exchanges.
IBKR has two pricing plans for UK shares:
- Fixed: £3 per trade up to £6,000, then 0.05% of the trade value.
- Tiered: 0.05% of the trade value, with a minimum of £1 per order, plus exchange and clearing fees.
US shares cost $0.005 per share, with a $1 minimum, on fixed pricing. There is no account minimum and no custody fee. The Stocks and Shares ISA has a £3 minimum monthly activity fee. Interactive Brokers (U.K.) Limited is authorised and regulated by the FCA, with reference number 208159.
| Pros | Cons |
| ✔ Lowest FX costs on large trades | ✖ Commission on every trade |
| ✔ Widest range of markets and products | ✖ Complex platform and fee structure |
| ✔ No account minimum or custody fee | ✖ £3 minimum monthly activity in the ISA |
Interactive Investor: cheapest flat fee for large portfolios
Interactive Investor (ii) charges a flat monthly fee instead of a percentage of your portfolio. Each plan includes a Stocks and Shares ISA, a SIPP and a Trading Account.
| Plan | Monthly fee | Share and ETF trades | FX fee |
| Core (up to £100,000) | £5.99 | £3.99 | 0.75% |
| Plus | £14.99 | £3.99, 1 free trade a month | 0.75% on the first £50,000, 0.25% above |
| Premium | £39.99 | £2.99, 10 free trades a month | 0.25% |
Source: Interactive Investor charges, October 2026. Regular investing is free on every plan.
A flat fee weighs heavily on a small portfolio: £71.88 a year on the Core plan is 0.72% of £10,000. On £100,000 it falls to about 0.07%, which is where ii becomes good value compared with platforms that charge a percentage.
| Pros | Cons |
| ✔ Flat fee that gets cheaper as your portfolio grows | ✖ Expensive for small portfolios |
| ✔ ISA, SIPP and Trading Account for one fee | ✖ 0.75% FX fee on Core |
| ✔ Free regular investing and good research | ✖ £3.99 per trade on Core and Plus |
Conclusion
| # | Broker | Cheapest for |
| 1 | Trading 212 | US shares and low FX |
| 2 | eToro | Social investing |
| 3 | Freetrade | UK shares in a simple app |
| 4 | Interactive Brokers | Large and global trades |
| 5 | Interactive Investor | Large portfolios |
For most UK investors buying shares and ETFs, Trading 212 is the cheapest of the five: no commission, no account fee and a 0.15% FX fee, so £1,000 of US shares costs £1.50. Other fees may apply. eToro and Freetrade also charge no commission, but their FX fees are higher. Interactive Brokers wins on large and international trades, and Interactive Investor’s flat fee pays off once your portfolio passes about £50,000 to £100,000.
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results.
FAQs
Which trading platform is the cheapest in the UK?
For most trades in stocks and ETFs, Trading 212 had the lowest costs of the platforms we compared in October 2026, with no commission and a 0.15% FX fee. Other fees may apply. For large international trades, Interactive Brokers can be cheaper.
Do I pay stamp duty on UK shares?
Yes. Stamp Duty Reserve Tax of 0.5% applies when you buy shares in most UK companies, whichever platform you use. ETFs and most AIM shares are exempt.
Why does the FX fee matter?
Whenever you buy shares priced in another currency, such as US dollars, the platform converts your pounds. You pay the fee when you buy and again when you sell, so on a US portfolio it can cost more than any commission.
How much do I need to start investing?
Not much. Trading 212, Freetrade and Interactive Brokers have no minimum deposit, and all of them offer fractional shares or low trade minimums. eToro asks for a $50 first deposit.
Is my money protected with these platforms?
All five platforms are regulated by the Financial Conduct Authority (FCA) and must keep client investments separate from their own money. If a firm fails and assets are missing, the Financial Services Compensation Scheme (FSCS) may cover eligible investors up to £85,000. The FSCS does not cover falls in the value of your investments.