Commission-free is not cost-free
Last updated: 21 June 2026
By Stiv · Design, technology and personal finance
Looking for the cheapest investment app in 2026? The headline says "zero commission". Yet the foreign exchange (FX) fee on every US share quietly adds up. So we rechecked the live pricing for Lightyear, Robinhood, Trading 212, Freetrade, InvestEngine, Hargreaves Lansdown and J.P. Morgan. Then we worked out the real cost of buying a US share on each.
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.
Not financial advice. This piece reflects what works for us, not a personal recommendation, so please do your own research or speak to a qualified adviser before 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.
See the lowest flat FX fee in our comparison
Of the apps below, Lightyear currently has the lowest flat FX fee on US shares. The latest sign-up steps are kept up to date on our referral page.
Section 01 / The 2026 reset
What changed this year
The race for the cheapest investment app has tightened. So the small print now matters more than the headline rate.
First, Lightyear cut its FX fee to 0.10% and dropped trading commissions in March 2026. Secondly, Robinhood UK launched a Stocks and Shares ISA and charges 0.10% FX, though that rises on Friday evenings. Thirdly, Trading 212 finally added a SIPP after FCA approval in early 2026. Freetrade, meanwhile, opened its SIPP to every plan, including free Basic. Hargreaves Lansdown also cut its share dealing charge to £6.95 from 1 March 2026. As a result, picking the cheapest investment app is now less about the brand. It is about the FX line on each trade.
At a glance: the cheapest investment apps for FX
Section 02 / The numbers
FX fees compared, side by side
Here is how the main contenders line up right now. Since FX is the biggest recurring cost, we have led with it.
| Platform | FX fee on US shares | Platform / plan fee | Cost to buy £1,000 of US shares |
|---|---|---|---|
| Lightyear | 0.10% | None | £1.00 |
| Robinhood UK | 0.10% (0.30% Fri 5–9pm ET) | None | £1.00 (£3.00 Fri eve) |
| Trading 212 | 0.15% | None | £1.50 |
| Freetrade (Plus) | 0.39% | £9.99/mo* | £3.90 |
| Freetrade (Basic) | 0.99% | £0 | £9.90 |
| InvestEngine | 0% (ETFs only) | £0 DIY | n/a, no single shares |
| Hargreaves Lansdown | 0.99% (tiered) | 0.35%/yr to hold shares** | £16.85*** |
| J.P. Morgan Personal Investing | In-fund | From 0.45%/yr | n/a, managed |
Fees verified June 2026 against each provider's own pricing pages. *Freetrade Plus is £9.99/mo on annual billing or £11.99/mo monthly; Standard is £4.99 or £5.99. **Hargreaves Lansdown also charges 0.35% a year to hold shares, capped at £12.50 a month. ***HL cost is 0.99% FX (£9.90) plus the £6.95 online dealing charge. Robinhood holds US shares under US custody, not UK FSCS protection.
How we worked out the real cost
To compare like with like, we used one simple trade. It is buying £1,000 of a US-listed share, such as Apple or Nvidia. For the app-based brokers, the only cost is the FX fee. So the maths is simply a percentage of £1,000. For example, Lightyear's 0.10% works out at £1. Freetrade's 0.99% Basic plan costs £9.90 on the very same trade. Hargreaves Lansdown then adds a flat dealing charge on top, which is why it lands so much higher. In short, the percentage looks tiny, yet it scales with every pound you invest.
Lightyear referral steps Trading 212 referral steps Freetrade referral steps Robinhood referral steps
Section 03 / The picks
Seven apps, ranked by what they cost
We rank seven apps from the lowest flat FX fee to the full-service option. Each entry shows who it suits and what a US trade really costs.
The Lightyear app: the lowest flat FX fee in our comparison.
01 For the low-FX all-rounderLightyear
On the headline rate, Lightyear is the cheapest investment app for FX in our comparison. Notably, it charges a flat 0.10% on any day. In addition, there is no platform fee, no commission and access to UK, US and EU markets. Crucially, its multi-currency account holds GBP, USD and EUR, so you can sidestep repeat conversions. Indeed, more than 6,000 stocks, ETFs and money market funds are on offer. Eligible investments also sit under UK FSCS protection.
for the investor who wants one tidy app across UK, US and EU
£1.00 to buy £1,000 of US shares
Lightyear U.K. Ltd is authorised by the Financial Conduct Authority (FRN 987226). Eligible investments are protected up to £85,000 per person per FCA-authorised firm by the FSCS. One caveat applies. If you trade a stock priced in a currency other than the cash you hold, the FX fee rises to 0.35%. So the multi-currency wallet matters. Our full Lightyear review digs into the day-to-day experience.
The Robinhood UK app: US shares only, with a 0.10% FX fee.
Robinhood UK
Robinhood matches Lightyear at 0.10% FX, but only during FX market hours. On Friday evenings (5pm to 9pm ET) it adds a 0.30% surcharge, as its own FAQ confirms. It also offers US-listed shares and ADRs only, roughly 5,000 instruments. In addition, there are no UK or European stocks.
for the investor who buys US shares and nothing else
£1.00 (or £3.00 on a Friday evening)
Importantly, Robinhood holds your shares in the US through Robinhood Securities. That is not standard UK FSCS investment protection. So do not assume the £85,000 cover applies to your holdings. Robinhood U.K. Ltd is authorised by the FCA (FRN 823590). Therefore, it suits committed US investors, whereas Lightyear works better as an everyday all-rounder.
The Trading 212 app, with Pies and a 0.15% FX fee.
Trading 212
Trading 212 sits just behind on cost. It charges a 0.15% FX fee, with no platform or commission charge, as its help centre sets out. In return, you get more than 13,000 stocks and ETFs, plus the popular Pies auto-invest feature. Moreover, since early 2026 there is also a SIPP alongside the Invest account and ISA.
for the tinkerer who wants range and auto-investing
£1.50 to buy £1,000 of US shares
On a £1,000 US trade you would pay £1.50 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). Eligible investments are FSCS protected up to £85,000. New customers can also receive a free fractional share. Qualifying conditions apply and most awards are small, so check the live terms in our Trading 212 review.
The Freetrade app, which now bundles a free SIPP.
Freetrade
Freetrade charges more on FX, yet it has changed in a big way. Its plan comparison shows the FX rates: 0.99% on Basic, 0.59% on Standard and 0.39% on Plus. Standard costs £4.99/mo annually, while Plus is £9.99/mo. Crucially, the SIPP is now free on every plan, alongside the ISA, Junior ISA and general account.
for the UK-focused investor who wants a free pension wrapper
£3.90 on Plus, up to £9.90 on Basic
Therefore, if you want commission-free UK investing with a free pension, Freetrade is hard to beat. Its FX rate is simply higher than the leaders. Freetrade Limited is authorised by the FCA (FRN 783189), with eligible investments protected up to £85,000. Freetrade also runs a refer-a-friend free share worth between £10 and £100. The award is random and conditions apply, as our Freetrade review explains.
InvestEngine: pound-priced ETFs, so no FX fee at all.
InvestEngine
InvestEngine takes a different tack. It only offers ETFs, all priced in pounds. So there is no currency conversion, and therefore no FX fee at all. Its DIY accounts (ISA, SIPP and general) carry a 0% platform fee. Meanwhile, the Managed option costs 0.25% a year. Overall, you pay only the underlying ETF charges, which start from around 0.03%, as its costs page shows.
for the hands-off investor happy with funds, not single shares
£0 FX, but no individual US shares
In other words, you might only want broad US or global exposure. A pound-priced S&P 500 ETF on InvestEngine then avoids FX entirely. However, you cannot buy a single Apple or Tesla share here. InvestEngine (UK) Limited is authorised by the FCA (FRN 801128), and eligible investments are protected up to £85,000.
Hargreaves Lansdown: full service, at a higher FX cost.
06 For the full-service investorHargreaves Lansdown
Hargreaves Lansdown shows what FX really costs at a traditional platform. Its overseas FX charge is tiered: 0.99% on the first £10,000, then 0.50%, then 0.20% over £25,000. On top, there is a £6.95 online dealing charge per trade. A 0.35% yearly charge to hold shares also applies, capped at £150. So a single £1,000 US trade costs £16.85 before any holding fee. That is far more than the app-based brokers.
for the investor who values research, breadth and a UK institution
£16.85 to buy £1,000 of US shares
To be fair, HL gives you deep research and thousands of funds. Its SIPP also pays US dividends free of withholding tax once a W-8BEN form is filed. Even so, for simple US share buying it is the priciest option here. Hargreaves Lansdown Asset Management Limited is authorised by the FCA (FRN 115248). Eligible investments are protected up to £85,000.
J.P. Morgan Personal Investing: hands-off, managed portfolios.
J.P. Morgan Personal Investing
If picking shares is not your thing, J.P. Morgan Personal Investing (formerly Nutmeg) runs ready-made portfolios. Its fees start at 0.45% a year for Fixed Allocation. Fully Managed styles cost 0.75% on the first £100,000, plus fund charges. FX sits inside the funds, so there is no separate per-trade FX fee.
for the investor who would rather not pick stocks at all
No per-trade FX, managed fee from 0.45%/yr
J.P. Morgan Personal Investing Limited is authorised by the FCA (FRN 552016). Eligible investments are protected up to £85,000. At the time of writing, new customers get 6 months with no management fees. The offer is via our J.P. Morgan referral page, where we keep the live terms. Underlying fund charges still apply. For a fuller view, see our J.P. Morgan Personal Investing review.
Commission-free is the headline. The FX fee is the bill you never see on the screen.
Section 04 / The detail people forget
Interest on cash and tax wrappers
Beyond FX, two things shape the true cost of an investment app. They are the interest on your spare cash and the tax wrapper around it.
While base rates stay high, the interest on uninvested cash matters. For instance, Lightyear pays variable interest that tracks the Bank of England base rate. For context, its Cash ISA pays around 3.75% AER at the time of writing. Freetrade, by contrast, pays tiered cash rates by plan. For example, Basic pays 1% on up to £1,000. Standard and Plus pay 2.5% and 3.5%, on up to £2,000 and £3,000. Trading 212 also runs a competitive Cash ISA that tracks the base rate. Because these rates are variable, always check the live figure before opening an account.
On wrappers, most of these apps offer a Stocks and Shares ISA, and several now include a SIPP. Choosing the right account first? Our guide to the best investment ISA for 2026 walks through the options. Our how to start investing in the UK piece covers the basics. Tax treatment depends on the individual circumstances of each client and may be subject to change in future.
Section 05 / The verdict
So which is the cheapest investment app?
There is no single winner, because the cheapest investment app depends on what you actually buy.
For low FX across UK, US and EU markets, Lightyear is the cheapest all-rounder. It charges a flat 0.10% fee and no platform charge. Robinhood matches that headline for US shares, yet it adds a Friday-evening premium and covers US stocks only. Trading 212 sits just behind at 0.15%, and it remains our pick for range and Pies. Freetrade costs more on FX. Even so, its free SIPP and, in our opinion, the nicest app make it a strong UK-focused home. InvestEngine skips FX entirely if you are happy with pound-priced ETFs. J.P. Morgan suits anyone who would rather not pick stocks. Finally, Hargreaves Lansdown is the full-service option, though you pay for it.
Which platform may suit you?
| You want… | Worth a look |
|---|---|
| Lowest flat FX across UK, US and EU | Lightyear |
| US shares only (mind the Friday rate) | Robinhood UK |
| Widest range plus auto-invest Pies | Trading 212 |
| Best app experience and a free SIPP | Freetrade |
| No FX, pound-priced ETFs only | InvestEngine |
| A hands-off managed portfolio | J.P. Morgan Personal Investing |
For a wider look at sign-up rewards, see our best investment referral deals in the UK page. It keeps the live offers in one place.
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
What is the cheapest investment app in the UK?
As of June 2026, Lightyear is the cheapest investment app on a flat FX basis. In fact, it charges 0.10%, with no platform fee and no Friday surcharge. Robinhood matches the 0.10% headline for US shares, but adds 0.30% on Friday evenings. Meanwhile, Trading 212 follows at 0.15%. In practice, the cheapest app depends on whether you want single shares, ETFs or a managed portfolio.
Do investment apps charge FX fees?
Yes, most do. The fee applies whenever you buy a share or ETF priced in a foreign currency, like US dollars or euros. Commission-free does not mean cost-free, because the FX fee still applies on each conversion. However, you can stick to UK-listed shares in pounds. You might also choose pound-priced ETFs on a platform like InvestEngine. Either way, you pay no FX.
Is Trading 212 or Freetrade cheaper?
For buying US shares, Trading 212 is cheaper on FX at 0.15%. Freetrade charges 0.39% to 0.99%, depending on your plan. That said, Freetrade includes a free SIPP on every plan and, in our opinion, has the nicer app. So the cheapest option depends on what you value: the lower FX, or the free pension wrapper.
Are these investment apps FSCS protected?
Lightyear, Trading 212, Freetrade, InvestEngine, Hargreaves Lansdown and J.P. Morgan are all FCA-authorised. Eligible investments are protected up to £85,000 per person per FCA-authorised firm by the FSCS. Robinhood UK is different. It holds your shares in the US through Robinhood Securities. They are not covered by standard UK FSCS protection. Always check the current terms before you invest.
Does Trading 212 offer a SIPP now?
Yes. After FCA approval in early 2026, Trading 212 launched a SIPP. It sits alongside the Invest account and ISA, all commission-free with the same 0.15% FX fee. Previously it offered no pension, so this is a recent change. Freetrade and J.P. Morgan also offer pensions if you want one bundled with your investing.
Does commission-free mean the app is free to use?
Not quite. Commission-free removes the per-trade dealing charge. Yet FX fees, plan subscriptions, fund charges and spreads can all still apply. As a result, the cheapest investment app is the one with the lowest total cost for how you invest. It is not the one shouting "zero commission" loudest.
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 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. Robinhood's shares, however, 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 you invest. You can also read the FCA's guidance for consumers on investing costs and risks. 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.
Sources
- Lightyear pricing and its FX fee cut announcement
- Robinhood UK FAQ (FX fee and custody)
- Trading 212 fees (Invest, ISAs and SIPP)
- Freetrade plan comparison and FX fees
- InvestEngine costs
- Hargreaves Lansdown overseas share dealing charges
- J.P. Morgan Personal Investing fees
- FSCS and the FCA
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