Trading 212 Review 2026: Free ISA, Free SIPP, One Fee, One Big Exclusion
Score: 81/100. Rank 2 of 10. Verified 19 September 2026.
Cost 30% | Accounts 15% | Range 15% | Research 10% | App 10% | Cash 10% | Trust 10% |
9.8 | 6 | 7 | 6 | 9 | 10 | 7 |
Verdict in one paragraph
Imagine a 26-year-old putting £300 a month into a global ETF for the next thirty years. At Trading 212 the platform will take, in total, a few hundred pounds. At a percentage-fee platform it will take several thousand, and the gap compounds. That single fact is why Trading 212 has passed five million funded accounts and why it ranks second here. The only fee it charges on its Invest, ISA and SIPP accounts is 0.15% on currency conversion. Everything else, custody, commission, transfers, withdrawals, is free. The two reasons it is not first: it does not offer OEIC funds, and it does not accept US persons on any account.
Who it is for
First-time and cost-focused investors building an ISA or SIPP from ETFs and shares, particularly anyone who values interest on idle cash. Not for investors who want unit trusts, telephone support, or who have a US passport.
Fees
Item | Charge |
Platform, custody, ISA or SIPP fee | £0 |
Commission on shares and ETFs | £0 |
FX on non-GBP trades | 0.15% each way |
Deposits by bank transfer | Free; debit card 0.7% above £2,000 cumulative |
Withdrawals, transfers in | Free |
Interest on uninvested cash | Variable, broadly tracks Bank Rate; paid daily on GBP, EUR and USD in all accounts |
In our 20-year model a £100,000 SIPP with £1,000 a month added costs £335 in true terms at Trading 212, against £8,100 to £10,800 at Interactive Investor, AJ Bell and Hargreaves Lansdown.
Accounts
Invest (general account), flexible Stocks and Shares ISA, flexible Cash ISA, and a SIPP launched in 2026 with no account, custody, dealing or transfer fee. The SIPP accepts personal contributions only, no employer contributions or third-party payments yet, which matters if you want to consolidate a workplace pension with a live employer match. No Junior ISA or Lifetime ISA.
Investment range
Thousands of UK, US and European shares and ETFs, fractional shares from £1, and "Pies" that let you build and auto-invest into a weighted basket. No OEIC or unit trust funds, no investment trusts on some lists, no bonds. For a passive ETF investor this is not a limitation; for a fund investor it is disqualifying.
Research and tools
Adequate rather than deep. A screener, basic fundamentals, news, and the Pies feature, which is the best auto-invest tool on this list. Serious analysis happens elsewhere.
App and execution
The app is fast, clean and consistently rated among the best in UK retail investing. Onboarding takes minutes. Trading 212 also runs a CFD business; keep to the Invest and ISA accounts and you will never see it.
The catches
No OEIC funds. If your plan involves Fundsmith, Vanguard LifeStrategy or any active unit trust, this is not your platform.
No US persons. Trading 212 does not accept US citizens, green card holders or US tax residents on any account type, even if resident in the UK. Its SIPP help page states the same for UK providers generally.
Support is chat-based. No phone line.
The business model. Trading 212 makes money from FX, CFDs, securities lending and interest spread. That is legitimate, but it is why the "free" side is free.
Trust
Trading 212 UK Ltd is FCA-authorised; client money is held with banks and qualifying money market funds and FSCS investment cover of £85,000 applies. It has over 100,000 Trustpilot reviews with an Excellent rating, the largest review base of any platform here. It is privately owned and profitable.
Pros and cons
Pros: effectively free for ETFs and shares; 0.15% FX is the lowest mainstream rate; free SIPP; high interest on cash; fractional shares and Pies; superb app. Cons: no OEIC funds; no US persons; no JISA or LISA; SIPP takes personal contributions only; chat-only support.
Frequently asked questions
Is Trading 212 safe? It is FCA-regulated with FSCS cover and segregates client assets. It has operated in the UK since 2016 and holds one of the largest customer bases of any UK broker.
Does Trading 212 charge for its ISA? No. There is no ISA, custody or dealing fee. The only charge is 0.15% FX when you buy or sell a non-GBP asset.
Can I hold funds in Trading 212? Only ETFs. It does not offer OEIC or unit trust funds.
Sources
Fees in Invest, ISA and SIPP: https://helpcentre.trading212.com/hc/en-us/articles/11471996799517-What-are-the-fees-in-the-Invest-ISAs-and-SIPP
FX fee: https://helpcentre.trading212.com/hc/en-us/articles/360018909758-What-is-the-FX-fee-Invest-Stocks-ISA
SIPP details and eligibility: https://helpcentre.trading212.com/hc/en-us/articles/30767684244637-What-is-a-SIPP-Account
Interest on cash: https://www.trading212.com/interest-on-cash
US-person policy: https://cameronjamesusa.com/trading-212-us-citizens/
Third-party review confirming 2026 SIPP launch and rates: https://gilt-edge.uk/platforms/trading-212
Trustpilot: https://uk.trustpilot.com/review/trading212.com
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