Best Investment Platforms UK 2026: 8 Platforms Tested & Compared

There is no single best investment platform in the UK. The right one depends on what you buy, how often you trade, and whether you hold it in an ISA, a SIPP or a general account. I tested eight platforms with funded UK accounts in September 2026, placing 16 trades and reading the fees off every order ticket before confirming.

eToro was the easiest place to make a first investment. XTB paired commission-free dealing with the strongest research tools among the app-first brokers, and Trading 212 was the cheapest all-rounder. IG, Freetrade, InvestEngine, Lightyear and interactive investor each fit a narrower case, set out below.

How I Tested the Investment Platforms

I tested each platform with a funded UK account in September 2026. I bought UK and US shares and ETFs, set up recurring investments and checked the costs shown before confirming each order.

• 8 funded UK accounts
• £8,250 deposited
• 16 trades placed
• 6 recurring plans set up
• 8 withdrawals tested
• Tested on iPhone and Android

I then weighted costs 25%, ISA/SIPP 20%, app workflow 20%, automation 15%, investment choice 10% and research 10%. FCA authorisation was a must, not a scoring factor.

Best Investment Platforms UK at a Glance

Six of the eight platforms charge no platform fee and no dealing commission, so the real differences are FX, pensions and what you can buy. Fees are each platform’s standard published rate, checked in October 2026.

Platform	Best for	Platform fee	Dealing fee	FX fee	Stocks & Shares ISA	SIPP	Fractional shares	ETFs	Funds	Investment trusts	Recurring investing	Research and tools	Key differentiator
eToro	Beginners and social investing	£0	Shares $1–$2; ETFs £0	0.75%	Yes, via Moneyfarm	No	Yes	About 750	In the ISA	Yes	Yes, from $25	CopyTrader filters, public portfolios	Copying other investors
XTB	Low-cost investing with research tools	£0	£0 up to €100,000 a month	0.5%	Yes, flexible	No	Yes, from £1	Yes	No	Yes	Investment Plans	xStation charts, ETF scanner	Research depth with £0 dealing
Trading 212	Low-cost mobile investing	£0	£0	0.15%	Yes	Yes	Yes	About 2,000	No	Yes	Pies and AutoInvest	Basic; no comparison screener	Pies with AutoInvest
IG	Research and analysis	£0; SIPP £210 a year	£0	0.7%	Yes	Yes	Shares only	3,000+	No	Yes	Not tested	Fundamentals, broker sentiment, ETF screener, price alerts	Research on the dealing platform
Freetrade	Simplicity	£0 Basic; £4.99–£9.99 a month paid	£0	0.99% Basic; 0.39–0.59% paid	Yes	Yes	US shares only	Yes	Yes	Yes	Paid plans, in my test	Analyst data on paid plans	Four-tap purchase
InvestEngine	ETF investing	£0 DIY; 0.25% Managed	£0	None on sterling ETFs	Yes	Yes	Yes	700+	No	No	Savings Plans, AutoInvest	ETF filters	Target-weight ETF portfolios
Lightyear	International investing	£0	£0	0.1%	Yes	No	Yes	Yes	No	Yes	Repeat Orders, Plans	Moderate	Multi-currency account
interactive investor	Larger portfolios and SIPPs	£5.99 a month (Core)	£3.99; regular investing free	0.75% (Core)	Yes	Yes	No	Yes	Yes	Yes	Free, from £25 a month	Search across funds, trusts, shares and ETFs	Fixed fee, widest range

Which Investment Platform Is Right for You?

The right platform depends on what you want it to do, so this is a set of matches, not a ranking. Each row gives the evidence from my test and the trade-off that comes with it.

If you want	Platform	Why, from my test	Trade-offs
A simple first investment	eToro	£800 arrived in about two minutes. The ticket showed every cost before I confirmed. CopyTrader filters for risk score, drawdown and holding period.	$1–$2 per share trade; 0.75% FX; no SIPP; CFDs sit beside real investments
Low-cost DIY investing	Trading 212	£0 dealing, £0 platform fee, 0.15% FX. A three-ETF Pie with AutoInvest took under four minutes. ISA and SIPP.	Thin research; no company-comparison screener
Research with low-cost dealing	XTB	The xStation scanner found all five test ETFs. 0% commission up to €100,000 a month and 0.5% FX. A 70/30 Investment Plan took about four minutes.	No SIPP; real shares and CFDs listed together; currency easy to miss in ETF results
Research and analysis	IG	Fundamentals, broker sentiment and news on one page. The web ETF screener cut the list to 38. Watchlists, price alerts and a SIPP.	0.7% FX; £210 a year for the SIPP; my £50 ETF order was rejected as whole units only
ETFs	InvestEngine	ETFs only, with target weights, AutoInvest, Savings Plans and one-tap rebalancing. £0 DIY platform and dealing fees.	No individual shares; orders wait for a trading window; my withdrawal took three working days
International investing	Lightyear	0.1% FX and £0 dealing. Pound, dollar and euro balances in the general investment account.	No SIPP; multi-currency balances not in the ISA; 0.6% on card and wallet deposits
A larger portfolio or SIPP	interactive investor	One fixed fee covers the ISA, SIPP and Trading Account. Funds, investment trusts, shares and ETFs. Regular investing is free.	£71.88 a year is 2.4% of £3,000 but 0.07% of £100,000; £3.99 per one-off trade; no fractional shares
Simplicity	Freetrade	Four taps from the home screen to a share purchase. ISA and SIPP on the free plan. No CFDs.	0.99% FX on Basic; recurring investing and analyst data on paid plans; fractions on US shares only

If two rows fit you, cost usually decides it. The modelled costs further down show what each platform charges at £10,000, £50,000 and £100,000.

Investment Platform Reviews

Each review is headed by what the platform is best for. The order is not a ranking from best to worst.

1. eToro — best for beginners and social investing

eToro is the easiest platform here for a first investment, and the only one where you can study and copy other investors’ portfolios. It suits beginners who are still learning how to invest and want shares, ETFs and CopyTrader in one app.

The trade-off is a more complicated cost structure than the low-cost brokers: $1–$2 per share trade, 0.75% on dollar conversions, and CFDs sitting beside real investments.

eToro key information

Field	Details
Best for	Beginners, social and copy investing
UK entity	eToro (UK) Ltd
FCA status	Authorised and regulated, FRN 583263
Account types	Investment account (GBP and USD); Stocks & Shares ISA powered by Moneyfarm
Platform fee	£0 on the investment account; £0 on the ISA since 29 July 2026
Share dealing	$1–$2 per trade to open and to close, depending on the exchange
ETF dealing	£0 commission; market spread applies
FX fee	0.75% between GBP and USD; 20–80% lower with eToro Club
Minimum investment	$50 first deposit; recurring investments from $25
Investment range	About 750 ETFs; 1,000+ shares, ETFs, bonds and funds in the ISA
Fractional investing	Yes
Automated investing	Recurring investments, CopyTrader, Smart Portfolios
ISA	Yes
SIPP	No
FSCS	Eligible investments, subject to FSCS rules
App ratings	iOS 4.3, Android 4.2 (September 2026)
Key differentiator	CopyTrader and public investor portfolios

What I tested on eToro

• Device: Samsung Galaxy S25, Android 16, eToro app v612.0.1; order ticket re-checked on desktop
• Account: GBP investment account, plus the DIY ISA sign-up journey
• Deposit: £800 by Open Banking
• Investments: £300 of Lloyds, £150 in an S&P 500 ETF and a £200 Amazon order preview
• Automation: $25 recurring investment; CopyTrader filters for risk score, drawdown and holding period
• Safety check: CFD label at 1x and 2x leverage
• Withdrawal: £100
• Test date: September 2026

My eToro test results

Test	Result
Account opening	About seven minutes, including the ID check and appropriateness questions
Deposit speed	£800 by Open Banking arrived in about two minutes
UK share order	£300 Lloyds: £1 commission and £1.50 stamp duty on the ticket, no FX
US share preview	£200 Amazon: $1 commission and a £1.50 conversion charge (0.75%) shown before confirming
ETF order	£150 S&P 500 ETF: £0 commission, market spread only
ETF search	VWRP appeared first, labelled LSE/GBP; spread about 0.08%
CFD label	Appeared when I moved the ticket from 1x to 2x; gone again at 1x
CopyTrader minimum	$200 to copy an investor
ISA set-up	Separate Moneyfarm journey, about nine extra minutes
Withdrawal	£100 arrived the next working day
Key friction	ISA sits outside the main app; real assets and CFDs share one ticket
Strongest feature	CopyTrader filters built into the main app

What is eToro like for buying shares and ETFs?

eToro makes a first purchase quick, and the order ticket shows each cost before you confirm. I deposited £800 by Open Banking and it arrived in about two minutes. My £300 Lloyds order showed a £1 commission, £1.50 of stamp duty and no currency conversion, because the account and the share are both in sterling.

Dollar investments cost more. My £200 Amazon preview showed a $1 commission plus a £1.50 conversion charge, which is 0.75% of £200. A £150 S&P 500 ETF order carried no commission. When I searched for VWRP, the London listing came up first, labelled LSE/GBP, at a spread of about 0.08%.

The check I’d ask every beginner to repeat is the CFD label. When I switched the ticket from 1x to 2x leverage, a CFD label appeared. Back at 1x it disappeared. eToro says some non-leveraged buys can also execute as CFDs, so read the ticket every time.

The ISA was the slowest part of my test. It runs on Moneyfarm’s platform, so opening it was a separate journey that took about nine extra minutes. My £100 withdrawal from the GBP account arrived the next working day.

Is CopyTrader useful for long-term investors?

CopyTrader, the feature that puts eToro among the leading copy trading platforms, is useful as a research tool, and it sits inside the main app instead of a separate product. I filtered investors by risk score, drawdown and holding period, which narrowed the list to steadier, longer-term portfolios.

The minimum to copy an investor was $200. Copying replicates the whole portfolio, so check whether that investor holds CFDs before you commit.

How much does eToro cost?

eToro charges £0 commission on ETFs, $1–$2 per share trade and 0.75% to convert between pounds and dollars. There is no platform, custody or inactivity fee, and withdrawals from the GBP account are free. On a £1,000 US share purchase, 0.75% is £7.50 each way before any Club discount. UK share purchases also carry 0.5% stamp duty, as they do on every platform.

Who is eToro best for?

eToro is best for beginners who want to buy their first shares and ETFs in sterling and learn from how other investors build portfolios.

Who should avoid eToro?

Avoid eToro if you need a SIPP, buy US shares often, or want an account where CFDs never appear on the order ticket.

Bottom line

eToro is the investment platform I’d point a first-time investor to if they want to see how other people invest before choosing for themselves. When you compare eToro with Trading 212 or Lightyear, it costs more once you buy US shares, and pension savers need to look elsewhere.

Read the complete eToro review here.

2. XTB — best for low-cost investing with research tools

XTB pairs commission-free shares and ETFs with xStation, the strongest charting and screening among the app-first brokers on this page. It suits cost-conscious investors who want research tools and a flexible ISA that pays interest on cash. The trade-offs are a 0.5% FX fee on non-sterling investments, no SIPP, and CFDs that appear next to real shares in search.

XTB key information

Field	Details
Best for	Low-cost investing with stronger charts and research
UK entity	XTB Limited
FCA status	Authorised and regulated, FRN 522157
Account types	General investment account; Flexible Stocks & Shares ISA; Cash ISA
Platform fee	£0 for active clients; no custody fee up to €250,000
Dealing fee	0% on real shares and ETFs up to €100,000 monthly turnover, then 0.2% (minimum £10)
FX fee	0.5%
Minimum investment	£0 deposit; £1 per order
Investment range	9,100+ shares and ETFs in the ISA
Fractional investing	Yes, from £1
Automated investing	Investment Plans
ISA	Yes, flexible
SIPP	No
Cash interest	4% AER variable on uninvested ISA cash
FSCS	Eligible investments up to £85,000
Key differentiator	xStation charts, research and ETF scanner

What I tested on XTB

• Device: Google Pixel 9, Android 16, XTB app v2.84.0; xStation on desktop for research
• Account: General investment account and Flexible Stocks & Shares ISA
• Deposit: £1,000 in the app test; £2,000 by Faster Payments in the ETF test
• Investments: £400 of Nvidia as a fractional real share; VWRP, CSPX and the EUR listing of SWDA
• Search: Nvidia real share against the Nvidia CFD; ETF scanner
• Automation: 70/30 Investment Plan with a £200 first allocation
• Withdrawal: £50
• Test date: September 2026

My XTB test results

Test	Result
Account opening	About 10 minutes, including ID verification
Deposit speed	£2,000 by Faster Payments arrived in 11 minutes
Share search	Nvidia returned the real share and the CFD next to each other, both labelled
Share order	£400 of Nvidia bought as a fractional real share: £0 commission, £2 FX
ETF search	Scanner found all five standard test ETFs; ‘iShares Core S&P 500’ returned four listings in GBP, USD and EUR
ETF cost	VWRP in GBP: £0 commission, about 0.06% spread. USD and EUR listings: about £5 FX per £1,000
Plan set-up	70/30 Investment Plan built in about four minutes; £200 split exactly £140/£60
Withdrawal	£50 requested before 1pm arrived the same day
Key friction	CFDs listed beside real shares; currency easy to miss in ETF results
Strongest feature	xStation ETF scanner

How easy is it to buy real shares on XTB, not CFDs?

Buying a real share on XTB takes one extra check, because the CFD version appears right beside it. When I searched for Nvidia, the real share and the CFD came back close together. Both were labelled, but a beginner tapping the first result could open the wrong one. I picked the real share and bought £400 as a fraction, with no commission and £2 of FX at 0.5%.

That distinction matters more on XTB than anywhere else on this page except eToro. CFDs cannot be held in a Stocks & Shares ISA, so the mix-up can only cost you in the general investment account.

Is XTB good for researching ETFs?

XTB is the best of the app-first brokers for finding ETFs. The xStation scanner found all five of my standard test ETFs. The catch is currency: searching ‘iShares Core S&P 500’ returned four listings across GBP, USD and EUR, and the currency is easy to miss in the results.

Picking the wrong line costs money. VWRP in sterling cost me £0 commission plus a spread of about 0.06%. A USD or EUR listing added about £5 of FX to a £1,000 order.

Automation was quicker than I expected from a platform built for traders. I built a 70/30 Investment Plan in about four minutes, and my first £200 split exactly £140 and £60.

How much does XTB cost?

XTB charges 0% commission on real shares and ETFs up to €100,000 of monthly turnover, and 0.5% on currency conversion. There is no platform fee for active clients and no custody fee below €250,000. Withdrawals are free: my £50 request before 1pm reached my bank the same day. Uninvested cash in the ISA earns 4% AER variable.

Who is XTB best for?

XTB is best for investors who want commission-free dealing with proper charts and an ETF scanner, and who will stick to sterling-listed funds where they can.

Who should avoid XTB?

Avoid XTB if you want a pension, since there is no SIPP, or if you would rather never see a CFD in your search results.

Bottom line

XTB bridges a simple investing app and a serious research platform. It is close to free for sterling investments, but you need to read the label on every search result and the currency on every ETF.

Read the complete XTB review here.

3. Trading 212 — best for low-cost mobile investing

Trading 212 is the cheapest all-rounder among the top investment apps here and the cleanest way to automate a portfolio from a phone. It suits DIY investors who want shares and ETFs in an ISA or SIPP with no dealing or platform fee. The trade-off is research: there is no proper company-comparison screener, so you will choose investments elsewhere.

Trading 212 key information

Field	Details
Best for	Low-cost, mobile-first DIY investing
UK entity	Trading 212 UK Ltd
FCA status	Authorised and regulated, FRN 609146
Account types	Invest, Stocks & Shares ISA, Cash ISA, SIPP; CFD account kept separate
Platform fee	£0
Dealing fee	£0
FX fee	0.15%
Minimum investment	£1
Investment range	About 2,000 ETFs plus thousands of shares
Fractional investing	Yes
Automated investing	Pies and AutoInvest; automatic dividend reinvestment
ISA	Yes
SIPP	Yes
FSCS	Eligible investments up to £85,000
App ratings	iOS 4.7, Android 4.6
Key differentiator	Pies and AutoInvest

What I tested on Trading 212

• Device: iPhone 16 Pro, iOS 26.6, Trading 212 app v26.9.2
• Account: Stocks & Shares ISA; separate CFD account opened for the trading test
• Deposit: £500 by bank transfer; a further £100 in the ETF test
• Investments: £250 of Microsoft as a fractional share; a £1,000 CSPX order preview
• Automation: Three-ETF Pie with £100 a month AutoInvest; an 80/20 Pie in the ETF test; dividend reinvestment
• Research: Stock pages and screening
• Withdrawal: £100, then £50 in the ETF test
• Test date: September 2026

My Trading 212 test results

Test	Result
Account opening	About five minutes, including the ID check
Deposit speed	£500 into the ISA arrived in about two minutes; £100 in about three
US share order	£250 of Microsoft: £0 commission, 37p FX shown before confirming
Dollar-priced ETF preview	£1,000 of CSPX previewed: £1.50 FX shown; not placed, as it exceeded my £500 balance
Pie set-up	60% VWRP, 25% VUAG, 15% ISF built in just under four minutes
Second Pie	80/20 Pie built in 1 minute 40 seconds
AutoInvest	First £100 invested as £60, £25 and £15; £100 a month scheduled
Withdrawal	£100 and £50 both arrived the next working day
Key friction	Research weaker than XTB and IG; no company-comparison screener
Strongest feature	Pie weight sliders that always total 100%

How well does Trading 212 automate investing?

Trading 212 automates a portfolio faster than any other app I tested. I built a three-ETF Pie of 60% VWRP, 25% VUAG and 15% ISF in just under four minutes. The weight sliders totalled 100% automatically, so I never had to do the sums myself. I then put a first £100 into the Pie, scheduled £100 a month through AutoInvest and switched on automatic dividend reinvestment.

A second, simpler Pie split 80/20 took 1 minute 40 seconds. For a monthly investor that is the whole job done: after set-up, the only thing left is funding the account.

What does Trading 212 charge when you buy US shares?

Trading 212 charges 0.15% on currency conversion and nothing else on a US share. My £500 ISA deposit arrived in about two minutes. I bought £250 of Microsoft as a fractional share, and the order showed £0 commission and 37p of FX before I confirmed. A £1,000 CSPX order preview showed £1.50; I didn’t place it, because it was larger than my £500 deposit.

Where it fell short was research. Stock pages were materially thinner than XTB’s or IG’s, and there is no screener for comparing companies side by side. I’d decide what to buy on another site, then execute here.

How much does Trading 212 cost?

Trading 212 charges no dealing commission, no platform fee and 0.15% FX. That applies across the Invest account, the Stocks & Shares ISA and the SIPP. On a £1,000 US purchase the FX is £1.50, against £5 at XTB, £7 at IG and £7.50 at eToro. Stamp duty of 0.5% still applies to UK shares.

Who is Trading 212 best for?

Trading 212 is best for investors who want to build a portfolio once, fund it monthly from their phone, and pay as little as possible to do it.

Who should avoid Trading 212?

Avoid Trading 212 if you rely on your platform for company research, analyst data or screening.

Bottom line

For low-cost DIY investing from a phone, Trading 212 is the strongest all-rounder on this page. Its weakness is helping you decide what to buy.

Read the complete Trading 212 review here.

4. IG — best for research and analysis

IG is the platform on this page for investors who want to research an investment before buying it, with fundamentals, broker sentiment, news and a web ETF screener in one place. It suits research-led investors who want a GIA, ISA and SIPP under one login. The trade-offs are a 0.7% FX fee, a flat £210-a-year SIPP charge and a mobile search that mixes leveraged products in with ordinary funds.

IG key information

Field	Details
Best for	Research, analysis and advanced tools
UK entity	IG Trading and Investments Ltd (share dealing accounts)
FCA status	Authorised and regulated, FRN 944492
Account types	General investment account, Stocks & Shares ISA, SIPP
Platform fee	£0 on the GIA and ISA; SIPP £210 a year, paid to administrator Options UK
Dealing fee	£0 on shares and ETFs with instant currency conversion
FX fee	0.7%
Minimum investment	No minimum bank deposit
Investment range	3,000+ ETFs published, plus UK and international shares
Fractional investing	Yes on eligible shares; ETFs were whole-unit in my test
ISA	Yes
SIPP	Yes
FSCS	Eligible investments up to £85,000
Key differentiator	Research depth and web ETF screener

What I tested on IG

• Device: iPhone 15 on iOS 26.6 for the app; MacBook Pro for the web platform
• Account: General investment account and Stocks & Shares ISA; SIPP fee journey
• Deposit: £2,000 by bank transfer; a further £1,500 by debit card in the ETF test
• Investments: £800 UK share, £700 of Alphabet, £50 of Nvidia as a fraction, and a £50 VWRP order attempt
• Research: Unilever fundamentals, broker sentiment and news; price alerts and watchlists
• Search: Web ETF screener; S&P 500 search in the app
• Withdrawal: £200
• Test date: September 2026

My IG test results

Test	Result
Account opening	About 12 minutes, including the investor questionnaire
Deposit speed	£2,000 by bank transfer arrived in about 10 minutes; £1,500 by debit card credited instantly
UK share order	£800: £0 commission, £4 stamp duty
US share order	£700 of Alphabet: £0 commission, £4.90 FX
Fractional order	£50 of Nvidia went through, with 35p FX
ETF order	£50 of VWRP rejected: whole units only on that route, and one unit was about £125
ETF screener (web)	ISA-eligible global accumulating ETFs narrowed to 38
S&P 500 search (app)	Three leveraged or inverse ETPs among the first 10 results
SIPP fee	£210 a year displayed in the SIPP journey
Withdrawal	£200 arrived the next working day
Key friction	Leveraged ETPs in mobile search; no fractional ETFs on the tested route
Strongest feature	Fundamentals, sentiment and news on one share page

How good is IG’s research?

IG’s research is significantly deeper than any of the simpler apps I tested. I started with Unilever and found fundamentals, broker sentiment and news on the same page, without leaving the platform. I also tested watchlists and set a price alert 5% below the current price, which helps if you would rather wait for a better entry point than buy today.

The web ETF screener was the other highlight. Filtering for ISA-eligible, global, accumulating funds cut the list to 38, a shortlist small enough to compare by cost.

What went wrong when I invested with IG?

Two things caught me out, both on ETFs. When I looked for a way to invest in the S&P 500, searching for a tracker in the app returned three leveraged or inverse ETPs among the first 10 results. Then my £50 VWRP order was rejected, because ETFs are whole-unit on that route and one unit cost about £125. A £50 fractional Nvidia order went through without a problem, so the limit applies to funds, not shares.

For anyone investing in ETFs in small monthly amounts, that whole-unit rule is the single biggest reason to choose InvestEngine or Trading 212 instead.

How much does IG cost?

IG charges £0 commission on shares and ETFs and 0.7% on currency conversion. My £800 UK share order cost £4 in stamp duty and nothing in commission. My £700 Alphabet order cost £4.90 in FX. That FX rate is in line with eToro and interactive investor, and well above Trading 212 at 0.15% or Lightyear at 0.1%.

The SIPP costs a flat £210 a year. On a £20,000 pension that is 1.05%. On £200,000 it is about 0.1%.

Who is IG best for?

IG is best for investors who want to research shares and screen ETFs on the same platform they buy on, and for larger SIPPs where a flat fee works in your favour.

Who should avoid IG?

Avoid IG if you invest small monthly amounts in ETFs, buy US shares frequently, or have a small pension pot.

Bottom line

IG is the one I’d pick to research an investment properly before buying it. It is not the cheapest place to buy US shares or to hold a small pension, and ETF investors should use the web screener, not mobile search.

Read the complete IG review here.

5. Freetrade — best for simplicity

Freetrade strips investing down to the fewest steps of any platform here: four taps took me from the home screen to a completed share purchase. It suits investors who want UK shares, ETFs and investment trusts in a free ISA or SIPP without learning a trading platform. The trade-off is that the free Basic plan charges 0.99% FX and holds back features, including recurring investments in my test.

Freetrade key information

Field	Details
Best for	Simple UK share and ETF investing
UK entity	Freetrade Limited
FCA status	Authorised and regulated, FRN 783189
Account types	General investment account, Stocks & Shares ISA, Junior ISA, SIPP
Platform fee	Basic £0; Standard £4.99 a month; Plus £9.99 a month, billed annually
Dealing fee	£0
FX fee	0.99% on Basic, 0.59% on Standard, 0.39% on Plus
Minimum investment	£0.10
Investment range	8,600+ shares, ETFs and investment trusts
Fractional investing	US shares only
Automated investing	Recurring orders on Standard and Plus
ISA	Yes
SIPP	Yes
FSCS	Eligible investments up to £85,000
App ratings	iOS 4.6, Android 4.4
Key differentiator	Simple interface with a SIPP

What I tested on Freetrade

• Device: iPhone 15, iOS 26.6, Freetrade app v4.112.0
• Account: Stocks & Shares ISA on the Basic plan; SIPP journey
• Deposit: £400 by bank transfer
• Investments: £150 of Rolls-Royce and £150 of Apple as a fractional share
• Automation: £100 a month recurring investment
• Research: Analyst ratings and EPS estimates; investment trust and ETF range
• Withdrawal: £100
• Test date: September 2026

My Freetrade test results

Test	Result
Account opening	About six minutes, including the ID check
Deposit speed	£400 by bank transfer arrived in about three minutes
UK share order	£150 of Rolls-Royce in four taps from the home screen; 75p stamp duty
US share order	£150 of Apple as a fraction: £1.49 FX shown on the Basic plan
Recurring investment	£100 a month prompted an upgrade to Standard
Research	Analyst ratings and EPS estimates locked on Basic
Withdrawal	£100 arrived after two working days
Key friction	Recurring investing and research sit behind the paid plans
Strongest feature	Four-tap share purchase

How simple is Freetrade to use?

Freetrade is the quickest platform I tested for a one-off share purchase. My £400 bank transfer reached the ISA in about three minutes, and I bought £150 of Rolls-Royce in four taps from the home screen. Unlike eToro, XTB and IG, Freetrade has no CFD products, so there is no risky version of the share to tap by mistake.

A £150 fractional Apple purchase was just as quick, but it showed where the Basic plan costs money: £1.49 of FX on the order. Fractions are limited to US shares, so UK shares and ETFs are bought in whole units.

What does the free Freetrade plan leave out?

The Basic plan left out two things I wanted in testing: recurring investments and deeper research. When I tried to set up £100 a month, the app prompted me to upgrade to Standard. Analyst ratings and EPS estimates were also locked on Basic.

That changes the maths for a monthly investor. Standard costs £59.88 a year, which is about 5% of £1,200 in yearly contributions. Set Freetrade against Trading 212 or InvestEngine, and both automate the same habit for nothing. Fees came out of each £150 order, which left exactly £100 of my deposit. Withdrawing it took two working days, slower than eToro, Trading 212 and IG, which all paid out the next working day.

How much does Freetrade cost?

Freetrade charges £0 commission on every plan and 0.99% FX on the free Basic plan. Standard costs £4.99 a month and cuts FX to 0.59%. Plus costs £9.99 a month billed annually and cuts it to 0.39%. On a £1,000 US share purchase that is £9.90, £5.90 or £3.90.

Upgrading for the FX rate alone rarely pays. Standard saves 0.4% per conversion, so you would need to convert about £15,000 a year before the saving covers the £59.88 fee.

Who is Freetrade best for?

Freetrade is best for investors who mainly buy UK shares, sterling ETFs and investment trusts, and who value a free ISA and SIPP in an app with nothing to configure.

Who should avoid Freetrade?

Avoid Freetrade if you buy US shares regularly or want free automated monthly investing.

Bottom line

Freetrade’s selling point is removing friction from basic investing, and for sterling investments on the Basic plan it does that at no cost. It gets expensive quickly once you add US shares or want automation.

Read the complete Freetrade review here.

6. InvestEngine — best for ETF investing

InvestEngine does one thing: automated ETF portfolios with no platform or dealing fee on the DIY service. It suits passive investors who are investing in index funds through ETFs and want to set target weights, pay in regularly and let the platform keep the portfolio balanced. The trade-off is range and speed: there are no individual shares, orders wait for a trading window, and my withdrawal took three working days.

InvestEngine key information

Field	Details
Best for	DIY ETF portfolios and passive investing
UK entity	InvestEngine (UK) Limited
FCA status	Authorised and regulated, FRN 801128
Account types	General investment account, Stocks & Shares ISA, SIPP
Platform fee	£0 on DIY portfolios; 0.25% a year on Managed portfolios
Dealing fee	£0
FX fee	None on sterling-listed ETFs
Minimum investment	£100 per portfolio
Investment range	700+ ETFs; no individual shares, funds or investment trusts
Fractional investing	Yes
Automated investing	Savings Plans, AutoInvest, one-tap rebalancing
ISA	Yes
SIPP	Yes; personal contributions only
FSCS	Eligible investments up to £85,000
Key differentiator	Automated target-weight ETF portfolios

What I tested on InvestEngine

• Device: iPhone 16 for the app; MacBook Air for the web platform
• Account: DIY Stocks & Shares ISA; Managed portfolio journey
• Deposit: £300 by instant bank transfer in the app test; £1,000 in the ETF test
• Investments: Four-ETF portfolio with target weights; VWRP, CSP1 and AGBP in the ETF test
• Automation: £25 weekly Savings Plan, AutoInvest and one-tap rebalancing
• Search: ETF filters for provider, region, asset class and cost
• Withdrawal: £50
• Test date: September 2026

My InvestEngine test results

Test	Result
Account opening	About eight minutes, including the ID check
Deposit speed	£300 by instant bank transfer arrived in about five minutes
Portfolio build	50% MSCI World, 20% Vanguard Emerging Markets, 20% Vanguard FTSE 250, 10% UK gilts
Fractional investing	The full £300 was invested, with no cash left over
Savings Plan	£25 a week set up
AutoInvest	New money directed towards underweight holdings
Rebalancing	One tap
Order execution	Order placed mid-morning executed that afternoon
Withdrawal	£50 took three working days, after selling £50 of the portfolio to raise the cash
Key friction	Orders wait for a trading window; slowest withdrawal I recorded
Strongest feature	Target weights with AutoInvest and one-tap rebalancing

How does InvestEngine build and manage an ETF portfolio?

InvestEngine treats your account as one portfolio with target weights, not a list of separate holdings. I opened a DIY ISA with £300 and set four targets: 50% MSCI World, 20% Vanguard Emerging Markets, 20% Vanguard FTSE 250 and 10% UK gilts. Fractional units meant the full £300 went into the market, split £150, £60, £60 and £30.

I then added a £25 weekly Savings Plan. AutoInvest sends each new payment towards whichever holding is underweight, so regular contributions do most of the rebalancing for you. When the weights still drift, one tap on Rebalance puts them back.

The ETF filters were useful too. I could narrow the range by provider, region, asset class and cost.

What are InvestEngine’s limits?

InvestEngine is slower than the share-dealing apps by design. Orders execute in a trading window, not instantly: the order I placed mid-morning went through that afternoon. That is irrelevant for a monthly investor and a deal-breaker for anyone who wants to pick a price.

Getting money out was slower too. With everything invested, I had to sell £50 of the portfolio first, and the cash took three working days to reach my bank, against same-day at XTB and next-day at eToro, Trading 212 and IG. And if you want a single company share, you need a second platform.

How much does InvestEngine cost?

InvestEngine charges £0 in platform and dealing fees on DIY portfolios, and there is no FX because the ETFs are sterling-listed. The only ongoing cost is each ETF’s own fund charge, which every platform passes on. The Managed service adds 0.25% a year, or £25 per £10,000.

Who is InvestEngine best for?

InvestEngine is best for investors who do not want individual shares and want an automated ETF portfolio in an ISA or SIPP at no platform cost.

Who should avoid InvestEngine?

Avoid InvestEngine if you want shares, funds or investment trusts, instant execution, or fast access to your cash.

Bottom line

If you only want an automated ETF portfolio, InvestEngine is a different proposition from the multi-asset apps, with no platform or dealing cost on a DIY portfolio. Anyone who wants to own individual companies should pair it with another platform or choose Trading 212.

Read the complete InvestEngine review here.

7. Lightyear — best for low-FX international investing

Lightyear has the lowest currency conversion fee on this page at 0.1%, with £0 dealing on UK, US and EU shares and ETFs. It suits investors who regularly buy overseas shares and want to hold pounds, dollars and euros in one account. The trade-offs are no SIPP, a 0.6% fee on card deposits, and a multi-currency feature that only works in the general investment account.

Lightyear key information

Field	Details
Best for	Low-cost international investing
UK entity	Lightyear UK Ltd
FCA status	Authorised and regulated, FRN 987226
Account types	General investment account (multi-currency), Stocks & Shares ISA, Cash ISA
Platform fee	£0
Dealing fee	£0 on UK, US and EU shares and on ETFs
FX fee	0.1% at the interbank rate
Deposit fee	Bank transfer free; debit card, Apple Pay and Google Pay 0.6%
Minimum investment	£1
Investment range	About 6,000 shares and ETFs
Fractional investing	Yes
Automated investing	Repeat Orders and Plans
ISA	Yes
SIPP	No
FSCS	Eligible investments up to £85,000
Key differentiator	Multi-currency account with 0.1% FX

What I tested on Lightyear

• Device: iPhone 17 Pro, iOS 26.6, Lightyear app v5.22.0
• Account: Multi-currency general investment account and Stocks & Shares ISA
• Deposit: £250 by bank transfer
• Investments: £60 of Lloyds, £100 of Microsoft as a fractional share and £50 of Lufthansa
• Automation: £25 monthly Repeat Order; a Plan on a fortnightly schedule
• Withdrawal: £25
• Test date: September 2026

My Lightyear test results

Test	Result
Account opening	About five minutes, including the ID check
Deposit speed	£250 by bank transfer arrived in about three minutes, with no fee
UK share order	£60 of Lloyds: £0 dealing, 30p stamp duty
US share order	£100 of Microsoft as a fraction: £0 dealing, 10p FX
EU share order	£50 of Lufthansa: £0 dealing, 5p FX
Multi-currency	GBP, USD and EUR balances available in the GIA
Repeat Order	£25 a month into Microsoft set up in about a minute
Plans	Fortnightly Plan set up in about three minutes; weekly and monthly schedules also offered
Withdrawal	£25 arrived the next working day
Key friction	No SIPP; 0.6% on card and wallet deposits
Strongest feature	0.1% FX with a multi-currency balance

How cheap is Lightyear for buying overseas shares?

Lightyear is the cheapest platform I tested for buying shares outside the UK. I deposited £250 by bank transfer, which was free and arrived in about three minutes. In the multi-currency account I bought £60 of Lloyds, £100 of Microsoft as a fractional share and £50 of Lufthansa. Dealing cost £0 in every market, and conversion cost 0.1%: 10p on Microsoft and 5p on Lufthansa. The Lloyds order carried only 30p of stamp duty.

The gap widens with size. On a £1,000 US share purchase, FX costs £1.00 at Lightyear, £1.50 at Trading 212, £5.00 at XTB and £9.90 on Freetrade’s Basic plan. The full table is in the costs section below.

Why does the multi-currency account matter?

The multi-currency account lets you convert once and trade many times. In the general investment account you can hold pounds, dollars and euros side by side. Sell a US share and the proceeds can stay in dollars for the next purchase, so you avoid paying FX twice on every round trip.

There is a catch for tax-wrapper investors. Lightyear lists the multi-currency account as available in the GIA only, so ISA trades in US shares convert each time.

For regular investing, I set up a £25 monthly Repeat Order into Microsoft in about a minute, then a Plan on a fortnightly schedule in about three. Plans can run weekly, fortnightly or monthly, which is more flexible than a single monthly date. Neither the Repeat Order nor the Plan had taken a payment by the end of the test, so £39.55 of my deposit was still in cash. My £25 withdrawal reached my bank the next working day.

How much does Lightyear cost?

Lightyear charges £0 for dealing, £0 for the account and 0.1% for currency conversion. The fee to watch is on deposits: bank transfers are free, but debit card, Apple Pay and Google Pay deposits cost 0.6%. On £250 that is £1.50, more than the FX on a £1,000 US trade. Fund by bank transfer.

Who is Lightyear best for?

Lightyear is best for investors who move between currencies and markets often and want the lowest conversion cost.

Who should avoid Lightyear?

Avoid Lightyear if you need a SIPP, or if you want deep research and screening tools alongside low fees.

Bottom line

Lightyear is the specialist choice on this page for international investing. If most of what you buy is listed in dollars or euros, nothing else here converts your money as cheaply.

Read the complete Lightyear review here.

8. interactive investor — best for larger portfolios and SIPPs

interactive investor (ii) charges a fixed monthly fee instead of a percentage, which makes it cheaper the more you hold. It suits investors with a substantial ISA or SIPP who want funds, investment trusts, shares and ETFs under one roof. The trade-off is small pots: £5.99 a month plus £3.99 a trade is poor value on a few thousand pounds, and there are no fractional shares.

interactive investor key information

Field	Details
Best for	Larger portfolios, pensions and fund investors
UK entity	Interactive Investor Services Limited
FCA status	Authorised and regulated, FRN 141282
Account types	Trading Account, Stocks & Shares ISA, SIPP; one plan covers all three
Platform fee	Core £5.99 a month up to £100,000; Plus £14.99 a month; Premium £39.99 a month
Dealing fee	£3.99 per trade on Core; regular investing free
FX fee	0.75% on Core
Minimum investment	£1 to fund; regular investing from £25 a month
Investment range	About 17,800 shares, funds, ETFs and investment trusts
Fractional investing	No
Automated investing	Free regular investing
ISA	Yes
SIPP	Yes
FSCS	Eligible investments up to £85,000
Key differentiator	Broad investment universe on a fixed fee

What I tested on interactive investor

• Device: Samsung Galaxy S24, Android 16, ii app v8.3.1
• Account: Stocks & Shares ISA on the Core plan
• Deposit: £3,000 by debit card
• Search: Vanguard LifeStrategy 80% Equity, Scottish Mortgage, Shell and VWRP
• Orders: £1,000 of VWRP
• Automation: £100 a month regular investment
• Withdrawal: £50
• Test date: September 2026

My interactive investor test results

Test	Result
Account opening	About 15 minutes for the ISA on the Core plan
Deposit speed	£3,000 by debit card credited instantly
Fee on my test balance	£5.99 a month is £71.88 a year, or 2.4% of £3,000
Search	A fund, an investment trust, a share and an ETF all found, each labelled by type
ETF order	£1,000 of VWRP: £3.99 commission shown before confirming; seven whole units bought, about £121 of the £1,000 left uninvested
Regular investing	£100 a month set up in about three minutes, £0 dealing
Withdrawal	£50 arrived the next working day
Key friction	Fixed fee is heavy on a small balance; no fractional shares
Strongest feature	Funds, trusts, shares and ETFs under one fixed fee

What is interactive investor like to use?

ii is built for breadth of choice more than speed. I opened the Core plan, paid £3,000 into the ISA and worked through the app: navigation, the dealing flow, a regular investment and a £50 withdrawal. I searched across funds, shares and ETFs, which is the point of ii. It lists about 17,800 investments, including funds and investment trusts alongside shares and ETFs.

My searches showed that breadth. Vanguard LifeStrategy 80% Equity (a fund), Scottish Mortgage (an investment trust), Shell (a share) and VWRP (an ETF) all came up, each labelled by type. I then placed a £1,000 order for VWRP. The ticket showed the £3.99 commission before I confirmed. Because ii has no fractional dealing, the order bought seven whole units at about £125 each and left about £121 of the £1,000 uninvested.

Regular investing was simpler than one-off dealing. I set up £100 a month into the LifeStrategy fund in about three minutes, with no dealing charge. My £3,000 debit card deposit had credited instantly, and my £50 withdrawal arrived the next working day.

How much does interactive investor cost?

interactive investor charges £5.99 a month on the Core plan, £3.99 per trade and 0.75% FX. Regular investing is free from £25 a month. The fee is the same whatever you hold, so the percentage cost falls as the portfolio grows:

Portfolio on Core	Annual plan fee	As a share of the portfolio
£3,000 (my test deposit)	£71.88	2.40%
£25,000	£71.88	0.29%
£50,000	£71.88	0.14%
£100,000	£71.88	0.07%

Above £100,000 you move to Plus at £14.99 a month, or £179.88 a year. On £250,000 that is still about 0.07%. One plan covers the ISA, SIPP and Trading Account together, so adding a pension does not add a second fee.

FX is the weak point. At 0.75% on Core, a £1,000 US share purchase costs £7.50 to convert, plus the £3.99 trade.

Who is interactive investor best for?

interactive investor is best for investors with a large ISA or SIPP, or both, who want funds and investment trusts as well as shares and ETFs.

Who should avoid interactive investor?

Avoid interactive investor if your portfolio is small, you want fractional shares, or you trade US shares often.

interactive investor pros and cons

Pros

• Fixed fee: 0.07% a year on £100,000
• About 17,800 investments, including funds and investment trusts
• One plan covers ISA, SIPP and Trading Account; regular investing is free

Cons

• £71.88 a year is 2.4% of a £3,000 portfolio
• £3.99 per one-off trade and 0.75% FX on Core
• No fractional shares

Bottom line

interactive investor is the opposite of the commission-free apps, and that is why it belongs on this page. It is poor value for a small pot, but once you are managing a substantial ISA and SIPP it becomes one of the cheapest ways to hold a wide mix of investments.

Read the complete interactive investor review here.

How I tested and scored the best investment platforms in the UK

I start from the same review process I use for every platform on psyfi money, then weight it for this page: a UK investor choosing one place to buy shares and ETFs, usually inside an ISA or SIPP. That weighting decides what I say each platform is best for. It is separate from any rating a platform holds in its full psyfi money review.

Scoring factor	Weight	What I assessed
Costs	25%	Platform fee, dealing commission and FX fee, read from the order ticket and checked against published pricing; stamp duty and deposit fees where they applied
ISA and SIPP	20%	Whether a Stocks & Shares ISA and a SIPP are offered, what each costs, and whether they sit inside the main app
App workflow	20%	Steps and time from deposit to a completed order; how clearly fees and currency show before confirming; whether CFDs or leveraged products appear beside ordinary investments
Automation	15%	Recurring investments, target-weight portfolios, rebalancing and dividend reinvestment, and whether they need a paid plan
Investment choice	10%	Shares, ETFs, funds and investment trusts available; fractional dealing; access to UK, US and EU markets
Research	10%	Fundamentals, screeners, analyst data, charts and price alerts

The comparison that separated platforms most was one ordinary job: buying £1,000 of a US share. I modelled it from each platform’s standard FX rate and checked it against the order tickets from my eight test accounts. It ran from £1.00 at Lightyear and £1.50 at Trading 212 to £7.50 at eToro and £9.90 on Freetrade’s Basic plan. I also modelled interactive investor’s £5.99 monthly fee, which is 2.4% a year on £3,000 but 0.07% on £100,000.

I gave costs the most weight because FX and fixed fees are where UK platforms differ now that six of the eight charge no dealing commission. ISA and SIPP access and app workflow each got 20% because most readers here invest through a tax wrapper, from a phone. FCA authorisation was an entry requirement, and all eight meet it. These weights decide the ‘best for’ verdicts in this guide only; any wider psyfi money platform rating stays separate.

The weights do not set the order of the reviews, and that order is not a ranking from best to worst. psyfi money may earn a commission from some of the platforms on this page, and that can influence the order in which they appear. It does not change my test results or what I say each platform is best for.

How Much Do Investment Platforms Cost?

For a portfolio of sterling ETFs, seven of these eight platforms can cost nothing a year in platform and dealing fees, so the gap only opens when you buy overseas shares or pay a fixed fee. I modelled three investors from each platform’s published rates. These are modelled figures, not test results.

Platform	A: £10,000 passive ETF investor	B: £50,000 DIY investor	C: £100,000 investor
InvestEngine	£0	£0; ETFs only, no US shares	£0; ETFs only, no US shares
Lightyear	£0	£4.00	£10.00
Trading 212	£0	£6.00	£15.00
XTB	£0	£20.00	£50.00
IG	£0	£28.00	£70.00
eToro	£0	£30.00, plus $4–$8 commission	£75.00, plus $4–$8 commission
Freetrade Basic	£0, placing orders by hand	£39.60	£99.00
Freetrade Standard	£59.88	£83.48	£118.88
interactive investor	£71.88	£117.84	£162.84 on Core; £254.88 on Plus

The assumptions behind each column:

• A: £10,000 in an ISA, £200 a month into sterling-listed ETFs, no one-off trades and no currency conversion.
• B: £50,000 in an ISA, £500 a month into sterling ETFs, plus four £1,000 US share purchases a year.
• C: £100,000 across an ISA and a general account, £1,000 a month into sterling ETFs, plus four £2,500 US share purchases a year.
• All three: standard rates with no loyalty or club discounts, nothing sold during the year, and fund charges, spreads and stamp duty left out because they apply on every platform.

Three details change the reading. Freetrade Basic is free only if you place each monthly order yourself, because recurring orders needed the Standard plan in my test. interactive investor’s Core plan covers portfolios up to £100,000, so growth past that moves you to Plus, where one free trade a month covers the four US purchases. eToro’s figures use its main investment account rates; its ISA runs on Moneyfarm and may be priced differently.

What does a £1,000 US share purchase cost in FX?

Lightyear charges the least to convert £1,000 into dollars, at £1.00, and Freetrade’s Basic plan the most, at £9.90.

Platform	FX on £1,000
Lightyear	£1.00
Trading 212	£1.50
XTB	£5.00
IG	£7.00
eToro	£7.50
interactive investor (Core)	£7.50
Freetrade (Basic)	£9.90

This is the FX charge alone, not the full cost of the trade. eToro adds $1–$2 commission and interactive investor adds £3.99. Selling and converting back to pounds costs the same percentage again, unless you hold the dollars in Lightyear’s general investment account.

Which investment platform is cheapest?

No platform is cheapest for every investor. The answer turns on four things:

• Asset and currency: for sterling ETFs, the six £0 platforms and eToro all cost nothing, so choose on features. For US shares, Lightyear and Trading 212 are far ahead.
• Trading frequency: each extra £1,000 US purchase adds £1.00 at Lightyear and £9.90 on Freetrade Basic. Freetrade Standard only beats Basic once you convert about £15,000 a year.
• Portfolio size: interactive investor is the dearest in pounds in all three scenarios, but its fee falls from 0.72% of £10,000 to 0.24% of £50,000 and 0.16% of £100,000. What the fee buys is funds and investment trusts, and one charge for ISA, SIPP and Trading Account.
• Account type: a SIPP costs £0 at Trading 212, Freetrade and InvestEngine, is included in interactive investor’s plan, and costs £210 a year at IG. Lightyear’s multi-currency saving applies in the general account, not the ISA.

How to invest using a UK investment platform?

1. Log in to the platform

First sign up or log in to the platform. If prompted, complete 2FA by entering the code sent via push notification, SMS, or phone call.

2. Deposit funds into your account

Head to your dashboard and choose to add funds. Select your currency, enter the amount you want to deposit, tap Continue, then choose a payment method.

3. Confirm your funds are available

Check your dashboard to make sure your deposit has landed in your Investment Account before you start investing.

4. Find the investment you want

Search for the stock, ETF, or asset you want to invest in and open its overview page to check the price and performance before you commit.

5. Set up and confirm your investment

Choose Buy, enter the amount you want to invest, optionally set a Stop Loss and Take Profit, then tap Buy to confirm.

GIA vs Stocks & Shares ISA vs SIPP

The account you choose decides how your gains are taxed and when you can take the money out, which can matter more than the platform. All eight platforms offer a general investment account and a Stocks & Shares ISA. Five offer a SIPP.

What is a General Investment Account?

A general investment account (GIA) is a standard taxable account with no limit on what you pay in. In 2026/27, gains above the £3,000 capital gains allowance and dividends above the £500 dividend allowance can be taxed. Investors typically use one after filling their ISA, or for features an ISA lacks: Lightyear’s pound, dollar and euro balances work in the GIA only.

What is a Stocks & Shares ISA?

A Stocks & Shares ISA lets you invest up to £20,000 a tax year, shared across all your ISAs, with no UK tax on gains or dividends. You can withdraw at any time. All eight platforms offer one, though eToro’s runs on Moneyfarm’s platform and took me about nine extra minutes to open.

What is a SIPP?

A SIPP (self-invested personal pension) is a pension you manage yourself. Contributions get tax relief within an annual allowance of up to £60,000 or 100% of earnings, and the money is locked away until age 55, rising to 57 from April 2028. Fees differ sharply: £0 at Trading 212, Freetrade and InvestEngine, included in interactive investor’s £5.99 monthly plan, and £210 a year at IG. eToro, XTB and Lightyear have no SIPP.

Platform	GIA	Stocks & Shares ISA	SIPP	Important fee or feature
eToro	Yes	Yes, via Moneyfarm	No	ISA is a separate sign-up from the main app
XTB	Yes	Yes, flexible	No	4% AER variable on uninvested ISA cash
Trading 212	Yes	Yes	Yes	£0 platform and dealing fees in all three
IG	Yes	Yes	Yes	SIPP costs £210 a year, paid to Options UK
Freetrade	Yes	Yes	Yes	All three on the free Basic plan; Junior ISA too
InvestEngine	Yes	Yes	Yes	£0 on DIY portfolios; ETFs only
Lightyear	Yes, multi-currency	Yes	No	Multi-currency balances in the GIA only
interactive investor	Yes (Trading Account)	Yes	Yes	One £5.99 monthly plan covers all three, up to £100,000

Four common situations:

• If you are investing long term and can use an ISA, it is usually the first account people fill, because gains and dividends stay free of UK tax. All eight platforms offer one.
• If you are investing specifically for retirement, a SIPP adds tax relief on what you pay in, in exchange for no access until 55. Trading 212, Freetrade, InvestEngine, interactive investor and IG offer one.
• If you have already used your ISA allowance, a GIA takes the overflow, with gains and dividends taxable above the annual allowances.
• If you need both ISA and SIPP under one provider, the pair costs £0 a year at Trading 212, Freetrade and InvestEngine, £71.88 at interactive investor and £210 at IG.

This is general information, not personal advice. Tax treatment depends on your circumstances and can change.

How Safe Are Investment Platforms?

All eight platforms are authorised by the Financial Conduct Authority (FCA). That governs how the firm handles your money. It does nothing to stop your investments falling in value.

What does FCA authorisation mean?

FCA authorisation means the firm has permission to carry out regulated investment business in the UK and must follow the regulator’s rules on conduct, complaints and the handling of client money and assets. I treated it as a requirement for inclusion on this page. It does not guarantee how your investments perform, and it does not mean a firm can never fail. You can check any firm on the FCA Register using its firm reference number (FRN).

What does the FSCS cover?

The Financial Services Compensation Scheme (FSCS) can pay up to £85,000 per eligible person, per firm, if an authorised investment firm fails and cannot return your money or investments. Whether you can claim depends on the circumstances and the type of claim. The FSCS does not cover losses because an investment went down. The separate £120,000 limit applies to bank deposits, not investments.

Why do client assets matter?

FCA rules require a platform to keep clients’ cash and investments separate from the firm’s own money. If the platform fails, your holdings should be identifiable and returned or transferred, with the FSCS as a backstop for an eligible shortfall. When comparing platforms, check which firm holds your assets: eToro’s ISA is run by Moneyfarm and IG’s SIPP is administered by Options UK.

Platform failure vs investment loss

These are different risks, and only one of them has a safety net.

Risk	What happens	What protects you
Platform failure	The firm becomes insolvent	Segregated client assets; FSCS up to £85,000 on an eligible claim
Investment falling in value	The price of your shares or ETFs drops	Nothing. Neither the FCA nor the FSCS covers market losses

CFDs carry a further risk. eToro, XTB and IG offer them alongside ordinary investing, and the firms’ own disclosures say 51%, 74% and 70% of retail accounts lose money trading CFDs with them. All three offer a practice account as well, and comparing demo trading accounts is a lower-risk way to see how leverage behaves before real money is involved.

Platform	UK entity	FCA FRN	ISA	SIPP	Protection note
eToro	eToro (UK) Ltd	583263	Yes	No	Eligible investments, subject to FSCS rules; ISA run by Moneyfarm
XTB	XTB Limited	522157	Yes	No	Eligible investments up to £85,000
Trading 212	Trading 212 UK Ltd	609146	Yes	Yes	Eligible investments up to £85,000
IG	IG Trading and Investments Ltd	944492	Yes	Yes	Eligible investments up to £85,000; SIPP administered by Options UK
Freetrade	Freetrade Limited	783189	Yes	Yes	Eligible investments up to £85,000
InvestEngine	InvestEngine (UK) Limited	801128	Yes	Yes	Eligible investments up to £85,000
Lightyear	Lightyear UK Ltd	987226	Yes	No	Eligible investments up to £85,000
interactive investor	Interactive Investor Services Limited	141282	Yes	Yes	Eligible investments up to £85,000

The test in numbers

I tested eight UK investment platforms with funded accounts in September 2026, running the same checks on each: deposit, search, live order ticket, recurring investment and withdrawal.

Test measure	Result
Funded UK accounts	8
Total deposited	£8,250
Trades placed	16
Recurring plans tested	6
Withdrawals tested	8
Devices	iPhone and Android, plus desktop where the platform has one
Cost check	Fees read from the order ticket before confirming

These totals cover the main test on each platform. Separate ETF tests on XTB, IG, InvestEngine and Trading 212, run to compare the top ETF platforms, added a further £4,600 of deposits and are not included.

Platforms I considered but did not include

I considered a wider group of UK investment platforms before settling on the eight in this comparison.

I chose platforms with a distinct proposition that I could test in the same way. Each had a funded UK account, live order-ticket checks and a comparable set of account, investing and withdrawal tests.

I did not include every established UK platform simply because it offers shares and funds. That would make the comparison broader, but not more useful.

Hargreaves Lansdown, AJ Bell, Vanguard Investor, Fidelity, Charles Stanley Direct, Saxo and Halifax Share Dealing were outside this eight-platform test.

That does not make them unsuitable: I assess three of them separately in my AJ Bell review, Hargreaves Lansdown review and Saxo review. I left them out because I wanted a focused group with clearly different strengths: low-cost mobile investing, research, ETF portfolios, international investing, social investing and larger portfolios.

If a platform is not listed above, do not read that as a negative verdict. This is a tested comparison of eight platforms, not a directory of every UK provider.

My verdict: which investment platform should you choose?

There is no single best investment platform for every UK investor. The right choice depends on what you invest in, how often you trade, the size of your portfolio and whether you need an ISA, a SIPP or a general investment account.

From my testing, these are the eight platforms I would shortlist, and the job each one does best:

• eToro is best for beginners who want a simple first investment and CopyTrader alongside shares and ETFs. The trade-offs are $1–$2 share commissions, 0.75% FX and no SIPP.
• XTB is best for investors who want low-cost dealing with stronger charts, research and ETF screening. The trade-offs are 0.5% FX, no SIPP and CFDs listed beside real shares.
• Trading 212 is best for low-cost mobile investing and automated portfolios. £0 dealing, 0.15% FX, Pies and AutoInvest suit regular investors, but its research is thin.
• IG is best for investors who want fundamentals, broker sentiment and an ETF screener before they buy. The trade-offs are 0.7% FX and a £210-a-year SIPP.
• Freetrade is best for simple investing in UK shares, ETFs and investment trusts. The Basic plan is free, but 0.99% FX and paid-plan features change the maths for US shares and monthly investing.
• InvestEngine is best for investors who want an automated ETF portfolio, not individual shares. Target weights, AutoInvest and one-tap rebalancing do most of the work.
• Lightyear is best for investors who regularly buy overseas shares. Its 0.1% FX and multi-currency general account stood out in my test, but there is no SIPP.
• interactive investor is best for larger portfolios, pensions and investors who want funds and investment trusts alongside shares and ETFs. Its fixed fee falls as a share of the portfolio the more you hold.

For most investors, the headline dealing fee is not the biggest decision. FX, account fees, portfolio size, tax wrapper and what you actually buy can change the result. A platform that is cheap for a £10,000 sterling ETF portfolio can be expensive for frequent US share purchases, and a fixed-fee platform becomes more competitive as a portfolio grows.

That is why I would choose from the comparison table and cost examples above, not from a ‘cheapest’ label.

My testing also showed that the platforms differ most in what happens around the trade. Trading 212 and InvestEngine make recurring investing easy. XTB and IG offer more research. eToro adds CopyTrader, Lightyear is built around low-cost international investing, and interactive investor has the widest range of funds, trusts, shares and ETFs.

The best platform is the one whose costs, account types and workflow match the way you invest.

FAQs

References

• https://www.fca.org.uk/publications/market-studies/ms17-1-investment-platforms-market-study
• https://www.fca.org.uk/firms/investment-platforms-consumers-investment-costs-good-poor-practice
• londonstockexchange.com/resources/equities-trading-resources
• https://commonslibrary.parliament.uk/the-rise-of-armchair-retail-trading-risks-and-regulation