We tested and ranked the cheapest trading platforms available to UK retail investors in 2026, focusing on commission structures, custody fees, FX conversion charges, and platform fees. Most platforms advertise zero commission, but the full cost picture only emerges when you account for the fees beneath that headline.
XTB leads this ranking on overall cost transparency, followed by four platforms each with a competitive fee structure suited to different investor profiles.
Capital at risk. This article is for informational purposes only and does not constitute financial advice. Always do your own research before investing.
TL;DR:
- The cheapest trading platforms in the UK go beyond zero commission: FX fees, custody charges, and platform fees all affect the real cost of investing
- XTB leads this ranking with zero-commission trading up to €100,000/month, no custody fee up to €250,000, and 4.00% GBP p.a. interest on uninvested cash
- Account type availability varies across platforms: ISA, SIPP, and GIA access differs significantly depending on which platform you choose
- Minimum deposit thresholds range from £1 to £50, with some platforms better suited to investors starting with a smaller sum
Review Methodology
We evaluated five trading platforms available to UK retail investors, focusing on the fee structures that determine real-world cost. Our assessment combined hands-on platform testing, analysis of published fee schedules, and third-party data from sources including Forbes Advisor, The Investor’s Chronicle, and Boring Money.
Platforms were scored against the following criteria:
- Commission structure on stocks and ETFs
- Custody and platform fees
- FX conversion charges
- Account types available (ISA, SIPP, GIA)
- Interest on uninvested cash
- Minimum investment threshold
- Regulatory standing and investor protections
Comparison Table
To better understand how these platforms compare on the factors that matter most to cost-conscious UK investors, here is a side-by-side breakdown:
| Platform | Commission | Custody Fee | FX Fee | Account Types | Min. Deposit |
|---|---|---|---|---|---|
| XTB | 0% up to €100,000/month | 0% up to €250,000 | 0.5% weekdays; 0.8% weekends | GIA, ISA, Cash ISA | £0 |
| IG | 0% on all global shares and ETFs | None | 0.70% | GIA, ISA, SIPP | £50 |
| Trading 212 | 0% on Invest and ISA accounts | None | 0.15% | GIA, ISA, Cash ISA | £1 |
| eToro | 0% on stocks and ETFs | None | Varies by account and Club tier | GIA, ISA (DIY, Managed, Cash) | $50 (~£37) |
| Interactive Investor | Per-trade fee (from £2.99 to £3.99) | Included in monthly plan | 0.25% to 0.75% | GIA, ISA, SIPP, JISA | £0 |
1. XTB
XTB is the leading commission-free trading platform for UK retail investors, offering zero-commission trades on stocks and ETFs up to €100,000 per month with no custody fee on portfolios up to €250,000. Founded in 2002 and FCA authorised (FRN 522157), XTB operates across Europe, Latin America, the Middle East, and Asia, serving over 2 million investors with access to 11,500 instruments via its xStation 5 platform.
The platform covers both a Flexible Stocks and Shares ISA and a Flexible Cash ISA, pays 4.00% GBP p.a. interest on uninvested cash, and has earned the Boring Money Best for Low Cost ISA 2025 award, making XTB the cheapest trading platform in the UK for 2026.
LinkedIn: https://www.linkedin.com/company/xtb
Advantages:
- Zero commission on stocks and ETFs up to €100,000/month
- No custody fee on portfolios up to €250,000
- Both Flexible Stocks and Shares ISA and Flexible Cash ISA available
- 4.00% GBP p.a. interest on uninvested cash
- FSCS protection up to £120,000
- Free demo account for beginners
- 24/5 customer support
- Boring Money Best for Low Cost ISA 2025
Disadvantages:
- No SIPP available
- 0.5% FX conversion fee on non-GBP weekday trades; 0.8% on weekends and holidays
- Custody fee applies above €250,000 portfolio value
Why We Chose XTB: Zero-commission trading up to €100,000/month with no custody fee up to €250,000 and a Boring Money award for low cost.
Min. Deposit: £0
Capital at risk. Investment values can rise or fall. 0% commission up to €100k/month. Other fees may apply.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% 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.
2. IG
IG is a FTSE 250-listed share dealing platform founded in 1974 and FCA authorised (FRN 195355), offering zero-commission trading on all global shares and ETFs across a GIA, Flexible ISA, and SIPP with no platform, custody, inactivity, deposit, or withdrawal fees. Operating across 18 countries, it provides access to 13,000+ shares and ETFs and pays 3.75% AER variable interest on uninvested GBP cash in its GIA. Advanced charting tools and IG Academy educational content round out a platform built for investors who want broad market access and account flexibility in one place.
LinkedIn: https://www.linkedin.com/company/iggroup
Advantages:
- Zero commission on all global shares and ETFs
- GIA, Flexible ISA, and SIPP available with no extra platform charge
- No platform, custody, inactivity, deposit, or withdrawal fees
- 3.75% AER interest on uninvested GBP cash in GIA
- 13,000+ shares and ETFs
- FTSE 250 listed
Disadvantages:
- SIPP carries a £205/year third-party administration fee (Options Pensions)
- FX fee of 0.7% on non-GBP trades
- No fractional shares
- Minimum investment of £50
- Platform complexity may overwhelm beginners
Why We Chose It: Zero commission across a GIA, ISA, and SIPP with no platform or custody fee and a wide instrument range.
Min. Deposit: £50
3. Trading 212
Trading 212 is a London-based commission-free trading platform founded in 2004 and FCA authorised, offering zero trading and platform fees on its Invest and ISA accounts across 13,000+ shares, investment trusts, and ETFs. Its FX fee of 0.15% on non-GBP trades is among the most competitive of any platform reviewed, and a multi-currency account supports trading in 12 global currencies. Fractional shares are available from £1, and a SIPP is currently in gradual rollout via waitlist for eligible clients.
LinkedIn: https://www.linkedin.com/company/trading212
Advantages:
- No trading or platform fees on Invest and ISA accounts
- FX fee of 0.15% on non-GBP trades
- Fractional shares available from £1
- Multi-currency account in 12 currencies
- Flexible ISA and Cash ISA available at no cost
Disadvantages:
- SIPP not yet universally available; gradual rollout, clients must join waitlist
- Limited company research and information on the app
- FCA compliance issue around crypto ETNs (October 2025 to January 2026, now resolved
Why We Chose It: Zero-cost Invest and ISA accounts with a 0.15% FX fee and fractional shares from £1.
Min. Deposit: £1
4. eToro
eToro is a globally recognised trading platform founded in 2007, FCA authorised, and Nasdaq-listed (ETOR) since May 2025, offering zero-commission trading on stocks and ETFs alongside social and copy trading functionality for approximately 40 million customers worldwide. UK investors can access three ISA types (DIY, Managed, and Cash), all powered by Moneyfarm, as well as a GBP local currency account that eliminates FX conversion on eligible transactions. Fractional shares are available from $10.
LinkedIn: https://www.linkedin.com/company/etoro
Advantages:
- No trading or platform fees on stocks and ETFs
- Three ISA types available (DIY, Managed, Cash)
- Social and copy trading functionality
- GBP local account removes FX conversion cost on eligible transactions
- Free withdrawal from GBP local account
- Fractional shares from $10
Disadvantages:
- All ISA products powered by Moneyfarm (third party); Moneyfarm fees may apply within the ISA wrapper
- No SIPP available
- $5 withdrawal fee from USD account
- $10/month inactivity fee after 12 months with no login
- FX conversion fee applies on non-local-currency trades
Why We Chose It: Three ISA types and social copy trading on a zero-commission platform, with a GBP local account that removes FX friction for UK investors.
Min. Deposit: $10
5. Interactive Investor
Interactive Investor is a Manchester-based execution-only platform founded in 1995 and FCA authorised (FRN 141282), operating as a subsidiary of abrdn and serving 500,000+ customers with £55 billion in AUM. Its flat monthly fee model covers a Flexible ISA, SIPP, JISA, and GIA under one subscription across three plans: Core at £5.99/month, Plus at £14.99/month, and Premium at £39.99/month, effective 1 February 2026. Free regular investing with no dealing fee is available on all plans, alongside a wide investment range covering funds, investment trusts, bonds, and gilts.
LinkedIn: https://www.linkedin.com/company/interactive-investor
Advantages:
- ISA, SIPP, JISA, and GIA all included in flat monthly fee
- Free regular investing with no dealing fee on any plan
- FX fees significantly reduced in February 2026 repricing
- JISA available
- Fee-free family member accounts on Plus and Premium plans
- Wide investment range including funds, investment trusts, bonds, and gilts
Disadvantages:
- Monthly subscription required on all plans; no free tier
- Core plan starts at £5.99/month
- Standard UK/US trades cost £3.99 on Core and Plus plans outside free monthly allowance
- Fixed fee model less cost-effective for portfolios below approximately £10,000
Why We Chose It: Flat monthly fee covering ISA, SIPP, JISA, and GIA under one subscription, with free regular investing and a wide investment range including funds and gilts.
Min. Deposit: No stated minimum
Conclusion
XTB stands out as the most cost-transparent trading platform for UK retail investors in 2026, combining zero-commission trading on stocks and ETFs up to €100,000 per month, no custody fee on portfolios up to €250,000, and interest on uninvested cash at 4.00% GBP p.a.
Its Boring Money Best for Low Cost ISA 2025 award provides independent validation of its cost proposition, and the availability of both a Flexible Stocks and Shares ISA and a Flexible Cash ISA makes it a strong all-round choice for cost-focused investors.
Key Takeaways:
- XTB offers zero-commission trading on stocks and ETFs up to €100,000/month with no custody fee up to €250,000
- The full cost of any platform extends beyond headline commission rates: FX fees, custody charges, and platform fees all affect the real cost of investing
- Account type availability varies significantly across platforms: not all offer an ISA, SIPP, and GIA under one roof
- Minimum deposit thresholds range from £1 to £50, making some platforms more accessible than others for investors starting with a smaller sum
FAQ
What makes a trading platform genuinely cheap?
A genuinely cheap platform keeps total costs low across commission, custody fees, FX conversion charges, and platform fees, not just headline trading commission. Investors should calculate the combined cost based on how frequently they trade, whether they hold non-GBP assets, and the size of their portfolio.
What is the cheapest way to invest in an ISA in the UK?
Several platforms offer a Stocks and Shares ISA with no platform or custody fee, making them cost-effective for investors who stay within their annual ISA allowance. The most cost-effective option depends on portfolio size, trading frequency, and whether you also want a Cash ISA or SIPP in the same place.
Are zero-commission trading platforms safe?
FCA-authorised platforms are subject to UK regulatory oversight, and most offer FSCS protection covering client assets up to £85,000 or £120,000 depending on the platform. Regulatory status and protection limits should always be verified before opening an account.
How do FX fees affect the cost of investing?
FX fees apply when you buy or sell assets denominated in a currency different from your account currency, and can range from 0.15% to 0.99% depending on the platform. For investors who regularly buy US or European shares, FX fees can represent a material cost even on a zero-commission platform.