Updated September 29, 2026 · BrokerCue Editorial Team
Freetrade vs SoFi
What sets them apart
| Compare |  Freetrade |  SoFi |
|---|---|---|
| Minimum deposit | £1 | $0 |
| Stock trade fee | £0 | $0 |
| Account fee | £0 | $0 |
| Markets | Stocks, ETFs, Bonds, Funds | Stocks, ETFs, Options, Crypto |
| Regulators | Financial Conduct Authority (FCA) | SIPC, FDIC |
| Investor protection | FSCS up to GBP 85,000 | SIPC up to USD 500,000 |
| Account types | ISA, SIPP, Jisa | IRA, Roth IRA, Joint |
| Inactivity fee | Not confirmed | $0 |
| Currency conversion fee | 0.99% | Not confirmed |
| Platforms | App, Web | Not confirmed |
| Interest on cash | 1% | Not confirmed |
We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings.
Key differences
- SoFi scores higher overall: 9.3 vs 8.8.
- Regulators: only Freetrade offers Financial Conduct Authority (FCA).
- Regulators: only SoFi offers SIPC, FDIC.
- Founded is lower at SoFi: 2011 vs 2016.
- Markets: only Freetrade offers Bonds, Funds.
- Markets: only SoFi offers Options, Crypto.
- Account types: only Freetrade offers ISA, SIPP, Jisa.
- Account types: only SoFi offers IRA, Roth IRA, Joint.
- Features: only Freetrade offers Demo account.
- Features: only SoFi offers Crypto.
Our verdict on each
Freetrade
Freetrade suits UK beginners who want to buy shares, ETFs, bonds and funds without paying a dealing charge or an annual account fee. Regulation sits with the Financial Conduct Authority and holdings are covered by the FSCS, though a currency conversion fee of 0.99% applies and support runs on email, chat and help centre only.
SoFi
SoFi suits retirement savers in the US, with a stock trade fee of $0, an account fee of $0 and a minimum deposit of $0. The named licences are US registrations, so readers outside the US should check the account types and terms first.
Score breakdown
| Area | Freetrade | SoFi |
|---|---|---|
| Cost | 9.0Stock trade fees of £0 and an account fee of £0 sit alongside a 0.99% currency conversion charge. | 9.5HigherRanks 1 of 161 on stock trade fee, 1 of 138 on account fee, 1 of 56 on inactivity fee. |
| Offer | 9.1A UK platform with isa, sipp and jisa accounts, plus a demo account, fractional shares and stocks, etfs and bonds. | 9.4Higher |
| Trust | 8.5 | 9.2Higher |
How they place
| Ranking | Freetrade | SoFi |
|---|---|---|
| Stock and ETF brokers | 179 of 471 | 80 of 471 |
| Investment platforms and apps | 37 of 86 | 18 of 86 |
| Brokers for beginners | 49 of 88 | 26 of 88 |
Where these facts come from
Freetrade
- freetrade.io: 14 facts, checked September 26, 2026
- en.wikipedia.org: 3 facts, checked September 26, 2026
SoFi
- en.wikipedia.org: 5 facts, checked September 26, 2026
- sofi.com: 5 facts, checked September 26, 2026
- sipc.org: 3 facts, checked September 26, 2026
- banks.data.fdic.gov: 1 fact, checked September 26, 2026
Every fact side by side
| Fact | Freetrade | SoFi |
|---|---|---|
| Features | Fractional shares, Mobile app, Demo account | Crypto, Fractional shares, Mobile app |
| Pricing model | Commission free | Commission free |
| Audience | Beginners | Beginners |
| Legal entity | Freetrade Limited | SOFI SECURITIES LLC |
| Headquarters | United Kingdom | United States |
| Founded | 2016 | 2011Lower |
| Support channels | Email, Chat, Help centre | Not confirmed |
Robo-advisors
| Fact | Freetrade | SoFi |
|---|---|---|
| Portfolio types | Not confirmed | ETF, Cash, Crypto |
Where each stands against the rest
| Fact | Freetrade | SoFi | Median |
|---|---|---|---|
| Inactivity fee | Not confirmed | $0at the median | $0 |
| Currency conversion fee | 0.99%highest quarter | Not confirmed | 0.45% |
| Interest on cash | 1%lowest quarter | Not confirmed | 3% |
Median across 43 listed brokers.
Pros and cons
Freetrade
Pros
- Dealing commission of £0 and an account fee of £0 keep the running cost of an ISA, SIPP or Junior ISA low.
- Regulated by the Financial Conduct Authority in the UK, with protection stated as FSCS up to GBP 85,000.
- Fractional shares and a demo account let you size positions in small amounts and practise before committing money.
Cons
- A currency conversion fee of 0.99% applies whenever you hold investments in more than one currency.
- Support runs on email, chat and help centre only, with no phone line listed for account or transfer questions.
- The account range is limited to isa, sipp and jisa, so there is no general investment account for shares outside a wrapper.
SoFi
Pros
- A stock trade costs $0 on a commission free model, so cost does not decide which shares you can hold.
- The account fee is $0 and the inactivity fee is $0, so extra accounts and balances left untouched are not billed.
- The minimum deposit is $0 where Vantage asks $5, so a small amount can start an account.
Cons
- The account types listed are ira, roth ira and joint, retirement and joint accounts, and a general taxable account is not among them.
- Markets stop at stocks, etfs and options, while eToro lists stocks, etfs and forex, so forex, CFDs and futures are out of reach here.
- The group sits in US and its registrations are SIPC member 68389 and FDIC cert 26881, with no UK or EU regulator named.
Who each suits
Freetrade
Who it suits
- UK beginners opening a stocks and shares ISA or Junior ISA with small monthly amounts
- Long-term investors who want to hold a simple share and ETF portfolio without a dealing charge
- SIPP holders who prefer an app and web platform to a phone-only service
Who should look elsewhere
- People who need a general investment account outside a tax wrapper
- Investors who trade frequently in several currencies, because the 0.99% conversion fee applies each time
- Anyone who wants to speak to support by phone, as support runs on email, chat and help centre only
SoFi
Who it suits
- Beginners, which the audience fact lists as beginners, who want to start small with a $0 minimum deposit.
- Retirement savers who want an IRA, a Roth IRA or a joint account at $0 in account fees.
- Fractional share buyers who want crypto and equities in the same app, as the feature list crypto, fractional shares and mobile app shows.
Who should look elsewhere
- Traders after forex, CFDs or futures, since eToro lists stocks, etfs and forex and SoFi lists stocks, etfs and options.
- Investors who want a broader spread of instruments than shares, ETFs, options and crypto, since CFI lists stocks, etfs and forex.
- Readers who need a UK or EU regulated provider, because the licences named are SIPC member 68389 and FDIC cert 26881.
Country by country
| Country | Freetrade | SoFi |
|---|---|---|
| United Kingdom | Yes | No |
| United States | No | Yes |
Questions about each
Freetrade
How much does it cost to buy shares on Freetrade?+
The dealing charge is £0 and the account fee is £0. Those two cover the trading and holding side of a stocks and shares ISA, SIPP or Junior ISA. The charge that appears is currency conversion at 0.99%, which only shows up if part of your portfolio sits in another currency.
Who regulates Freetrade and is my money protected?+
Freetrade Limited is regulated in the UK by the Financial Conduct Authority, with register reference 783189. Protection for eligible holdings is stated as FSCS up to GBP 85,000, which is the ceiling the scheme pays if the firm cannot return your money. It covers firm failure rather than market losses.
SoFi
What does it cost to open and hold a SoFi account?+
The published minimum deposit is $0, the account fee is $0 and the inactivity fee is $0, so opening and holding an account adds no charge on the listed terms. Those are account level figures, which is the first thing to check before you choose a wrapper or leave a balance untouched.
What does a stock trade cost?+
A stock trade costs $0 and the pricing model is commission free, so commission does not decide which shares you can hold. Other brands on the site charge a stock trade fee as high as €17.54, and the account fee of $0 and inactivity fee of $0 add nothing on top.
Other options to compare
Other matchups
- Freetrade vs Vanguard
- Freetrade vs eOption
- Freetrade vs Dodl
- Freetrade vs AJ Bell
- Freetrade vs M1
- Freetrade vs GO Markets
- Freetrade vs Smartbroker
- Freetrade vs TradeZero
- Freetrade vs Nutmeg
- Freetrade vs Markets.com
- Freetrade vs Tradier
- Freetrade vs Wealthfront
- Freetrade vs XTB
- Freetrade vs NAGA
- Freetrade vs eToro
- SoFi vs Mintos
- Freetrade vs Bitpanda
- Freetrade vs Kraken
- Freetrade vs EBC Financial Group
- Freetrade vs CapTrader
- SoFi vs Lightyear