Cheapest Investment App UK (2026)

Last updated: 10 June 2026

By Stiv · Design, technology and personal finance

Foreign exchange fees quietly eat into your returns whenever you buy US or European shares from the UK. So which is the cheapest investment app in 2026, and how do the headline rates actually stack up today? Because the market has moved fast this year, we have rechecked every FX fee, plan price and cash interest rate against each provider's own pricing pages.

Below, we compare the costs and the day-to-day app experience across Lightyear, Robinhood, Trading 212, Freetrade, Monzo and J.P. Morgan Personal Investing. We also share which apps we actually enjoy using.

Affiliate disclosure: This article contains affiliate or referral links. If you click through and sign up I may earn a commission or referral bonus at no extra cost to you. It does not affect my editorial view.

Capital at risk. The value of investments can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results. This is not financial advice, so always do your own research or consider a qualified financial adviser before investing.

What has changed in 2026

First, Lightyear cut its FX fee to 0.10% and scrapped trading commissions in March 2026. Secondly, Robinhood UK launched a Stocks and Shares ISA and now charges 0.10% FX, although that rises on Friday evenings. Thirdly, Freetrade reshuffled its plans and, importantly, opened its SIPP to every tier, including the free Basic plan. As a result, the race for the cheapest investment app is closer than ever, so the small print now matters far more than the headline rate.

How the cheapest investment apps compare on fees

Here is how the main contenders line up right now. Since FX is the biggest recurring cost for most investors, we have led with it.

Platform	FX Fee	Platform / Plan Fee	Commission
Lightyear	0.10%	None	Free
Robinhood (ISA & GIA)	0.10%*	None	Free
Trading 212	0.15%	None	Free
Freetrade (Basic)	0.99%	£0	Free
Freetrade (Standard)	0.59%	£4.99/mo**	Free
Freetrade (Plus)	0.39%	£9.99/mo**	Free
Monzo Invest	In-fund	0.25%/yr***	In-fund
J.P. Morgan Personal Investing	In-fund	From 0.45%/yr***	In-fund

*Robinhood's 0.10% FX applies during FX market hours and rises to 0.30% on Fridays between 5pm and 9pm ET, as confirmed by Robinhood's own FAQ. Both the brokerage account and the ISA use the same FX rate.

**Freetrade's Standard and Plus prices shown are the annual-billing monthly equivalent; on rolling monthly billing they cost £5.99 and £11.99. ***Monzo and J.P. Morgan are managed services, so FX is handled inside the funds. Monzo charges 0.20% on a paid Monzo plan; J.P. Morgan's Fixed Allocation is 0.45% and its Managed style 0.75%, plus fund charges.

Cheapest for FX: Lightyear and Robinhood

On the headline FX rate, Lightyear and Robinhood are now level at 0.10%. However, the detail separates them. Lightyear charges a flat 0.10% on any day, with no platform fee, no commissions and access to UK, US and EU markets. Robinhood, by contrast, matches that 0.10% only during FX market hours and then adds a 0.30% surcharge on Friday evenings (5pm to 9pm ET), as its own FAQ confirms.

There is a second consideration with Robinhood. It only offers US-listed stocks and ADRs, around 5,000 instruments, so there are no UK or European shares. Its brokerage assets are held in the US by Robinhood Securities, rather than under standard UK FSCS investment protection, although cash in the ISA is FSCS-protected. Therefore, Robinhood suits dedicated US investors, whereas Lightyear works better as an everyday all-rounder.

Lightyear is authorised by the Financial Conduct Authority (FRN 987226) and offers more than 6,000 stocks, ETFs and money market funds, plus multi-currency accounts in GBP, USD and EUR. Consequently, you can hold foreign currency and avoid repeated conversions entirely. Investments are protected up to £85,000 by the FSCS.

Trading 212: the widest range

Trading 212 sits just behind on cost, with a 0.15% FX fee and no platform or commission charges, as set out on its help centre. In return, you get the widest catalogue here, with more than 12,000 stocks and ETFs, plus its popular auto-invest feature, Pies. On a £1,000 US trade you would pay £1.50 in FX with Trading 212, versus £1 with Lightyear, so the gap is small but real over time. Trading 212 UK Limited is authorised by the FCA (FRN 609146).

Freetrade: pricier FX, but a free SIPP

Freetrade charges more on FX, yet it has changed in a big way. According to its plan comparison, FX is 0.99% on the free Basic plan, 0.59% on Standard (£4.99 a month billed annually) and 0.39% on Plus (£9.99 a month billed annually). Crucially, Freetrade now includes a SIPP on every plan, including free Basic, alongside the Stocks and Shares ISA and a general account. Freetrade Limited is authorised by the FCA (FRN 783189).

Therefore, if you want commission-free UK investing with a free pension wrapper, Freetrade is hard to beat, even though its FX rate is higher. For frequent buyers of US stocks, though, that FX gap still adds up. Eligible investments are protected up to £85,000 per person by the FSCS.

Which app feels best to use? Our opinion

The ranking below reflects our own opinion from hands-on use, not a recommendation.

Fees are only half the story, so here is how these apps actually feel day to day. In our opinion, Freetrade is the best of the bunch for app experience. It is clean, fast and beginner-friendly, and the move to put a free SIPP on every plan makes it even more appealing. Lightyear follows closely behind; in our view, its tidy multi-currency design makes it the most polished of the low-FX options.

Trading 212, meanwhile, is the one we enjoy using least. It is powerful and packed with features, yet we find the interface busier and more cluttered than the other two, which can feel overwhelming if you simply want to buy and hold. To be fair, that is a matter of taste rather than a fault, and plenty of investors love its depth, its Pies and its huge range. You can read our fuller thoughts in our Freetrade review, Lightyear review and Trading 212 review.

Capital at risk. The value of investments can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results.

Lightyear referral steps Freetrade referral steps Trading 212 referral steps Robinhood referral steps

Interest on cash: the rates people forget

Beyond FX, the interest you earn on uninvested cash is an investment rate worth checking, especially while base rates remain high. Lightyear pays up to 3.75% AER (variable) on its Cash ISA and money market Vaults, tracking the Bank of England base rate. Freetrade, on the other hand, pays tiered interest on uninvested cash: 1% on up to £1,000 (Basic), 2.5% on up to £2,000 (Standard) and 3.5% on up to £3,000 (Plus).

Trading 212 also runs a Cash ISA with a competitive variable rate that tracks the base rate, frequently boosted by a 12-month promotional bonus. Robinhood, meanwhile, pays variable interest on uninvested cash in both GBP and USD. Since all of these rates are variable, they can change whenever the base rate moves, so always check the live figure before you open an account.

Tax treatment depends on your individual circumstances. ISA allowances and SIPP rules apply. Always check the current tax position with a qualified adviser.

Managed alternatives: Monzo and J.P. Morgan

Monzo Invest

Monzo Invest lets you invest from £1 into BlackRock managed funds. According to Monzo's fees page, it charges a 0.25% yearly platform fee, or 0.20% on a paid Monzo plan such as Plus, Premium, Perks or Max, capped at £250 a year, with BlackRock's fund charges on top. However, you cannot pick individual shares, and currency conversion sits inside the funds, so there is no separate FX fee. Monzo Bank Limited is authorised by the FCA (FRN 730427). For background, see our piece on what Monzo's investment fee cut means.

J.P. Morgan Personal Investing

J.P. Morgan Personal Investing (formerly Nutmeg, rebranded in November 2025) is a managed service from one of the world's largest banks. Its Fixed Allocation style costs 0.45% a year on the first £100,000 (0.25% above), while fully Managed portfolios cost 0.75% (0.35% above), with fund charges of roughly 0.64% to 1.13% on top. Moreover, it offers ISAs, Lifetime ISAs, Junior ISAs, pensions and a general account. J.P. Morgan Personal Investing Limited is authorised by the FCA (FRN 552016).

J.P. Morgan Personal Investing runs new-customer offers periodically. At the time of writing, new customers get 6 months of investing with no management fees when they sign up via the link on our J.P. Morgan referral page, where we always keep the live terms and latest offer. Underlying fund charges still apply during the fee-free period. Capital at risk. Terms and conditions apply. For a fuller comparison of sign-up offers, see our best investment referral deals in the UK.

So which is the cheapest investment app in 2026?

For most people who want low FX across UK, US and EU markets, Lightyear is the cheapest all-rounder, with a flat 0.10% fee, no platform charge and no Friday surcharge. Robinhood matches that 0.10% headline for US stocks, yet it adds a Friday-evening premium and only covers US-listed shares, so it suits committed US investors rather than everyone. Trading 212 sits just behind at 0.15%, and it remains our pick for the widest range and auto-investing Pies.

Freetrade costs more on FX, but its free SIPP, tiered cash interest and, in our opinion, the nicest app make it a strong all-round home, particularly for UK-focused and pension investors. Finally, if you would rather not pick stocks, Monzo Invest is the simplest entry point, while J.P. Morgan offers a more premium managed experience.

Quick summary: which platform may suit you?

You want...	Worth looking at
Lowest flat FX across UK, US and EU	Lightyear
Cheapest for US stocks only (mind the Friday rate)	Robinhood UK
Widest range plus auto-invest Pies	Trading 212
Best app experience and a free SIPP (our opinion)	Freetrade
Hands-off, in-app investing	Monzo Invest
Managed portfolio with a pension	J.P. Morgan Personal Investing

Capital at risk. The value of investments can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results. Tax treatment depends on the individual circumstances of each client and may be subject to change in future.

Frequently Asked Questions

Which investment app has the lowest FX fees in the UK?

As of June 2026, Lightyear and Robinhood both charge 0.10%, followed by Trading 212 at 0.15%. In practice, Lightyear is the cheaper of the two because it charges a flat rate with no Friday surcharge and covers far more markets. All three are FCA-regulated and charge no platform fees or commissions.

Is Robinhood really cheaper than Lightyear?

Not quite. Both charge 0.10% FX on the headline, but Robinhood adds a 0.30% surcharge on Friday evenings (5pm to 9pm ET) and only offers US-listed shares. Lightyear, by contrast, charges a flat 0.10% on any day and covers UK, US and EU markets, so it usually works out cheaper overall.

Does Freetrade still charge extra for a SIPP?

No. Freetrade now includes a SIPP on every plan, including the free Basic tier, alongside the Stocks and Shares ISA and a general account. Previously, the pension was limited to paid plans, so this is a recent and welcome change.

Is Lightyear cheaper than Freetrade?

For buying US or European stocks, yes. Lightyear charges 0.10% on currency conversions with no subscription fee. Freetrade's FX fee, on the other hand, ranges from 0.39% to 0.99% depending on your plan, and the lower rates require a paid subscription.

Which investment app is best to use day to day?

In our opinion, Freetrade has the nicest, most beginner-friendly app, with Lightyear a close second for its clean multi-currency design. Trading 212 is the most feature-rich, yet we also find it the busiest to navigate. Ultimately, app preference is subjective, so it is worth trying a couple before settling.

Do I need to pay FX fees if I only buy UK shares?

No. FX fees only apply when you buy shares or ETFs priced in a foreign currency, such as US dollars or euros. If you stick to UK-listed shares priced in GBP, you will not pay any FX conversion charge on any of these platforms.

Can I get a sign-up bonus with these apps?

Yes, several run referral rewards, and qualifying conditions such as a minimum deposit or holding period usually apply. J.P. Morgan Personal Investing and other platforms run offers periodically; always check the current terms. See our best investment referral deals UK page for the latest offers.

Does Trading 212 offer a SIPP?

No, not currently. If you need a self-invested personal pension alongside your ISA, Freetrade (now free on every plan) or J.P. Morgan Personal Investing are better options. For more on ISA choices, see our best investment ISA 2026 guide.

Important information and disclaimer

Capital at risk. The value of investments can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results.

FX fees, platform charges, interest rates and promotional offers can change or be withdrawn at any time, so always check the provider's current terms before you sign up. Eligible investments are protected up to £85,000 per person per FCA-authorised firm by the FSCS, although Robinhood's brokerage assets are held under US custody rather than standard UK FSCS protection. Tax treatment depends on the individual circumstances of each client and may be subject to change in future.

This article is for information only and is not financial advice. It reflects what works for us rather than a personal recommendation, so please do your own research or consider speaking to a qualified financial adviser before making any investment decision. CoolCuration is not authorised by the Financial Conduct Authority.

This article contains affiliate or referral links. If you click through and sign up I may earn a commission or referral bonus at no extra cost to you. It does not affect my editorial view.

What's trending

Exhale Coffee Review UK - Is It Worth the Hype?

Best Father's Day Tech Gifts UK 2026: The Beyond-Obvious Edit

What Is Sprive, and How Does the App Work? (UK Guide 2026)

TrainPal vs Trainline: Which Train App Saves More? (2026)

Autopilot App Review UK: 9 Months of Copy Trading Tested (2026)

Back Market Review UK: Honest Verdict on Refurbished Tech