Manage Freetrade

How to cancel freetrade and close your investment account

Why you might want to cancel freetrade

Deciding to close your investment account is a significant financial decision, and we understand it doesn't happen lightly. Whether you're consolidating your investments elsewhere, stepping back from active trading, or simply reassessing your financial strategy, cancelling Freetrade requires you to follow clear steps and understand your rights as a UK consumer.

Freetrade operates as a Financial Conduct Authority (FCA) regulated investment platform (registration number 744540), which means your account closure is governed by strict regulatory frameworks. Before you proceed, it's worth understanding what happens to your holdings, when you might face charges, and what protections UK consumer law affords you. At Stopee, we've helped thousands of consumers navigate cancellations with confidence and clarity.

Common reasons for cancelling freetrade

You might cancel because trading costs elsewhere feel lower, your investment strategy has changed, or you prefer a different platform's features. Perhaps you're unhappy with Freetrade's app interface, or you've found better ISA options elsewhere. Some investors consolidate multiple accounts to simplify management. Others decide self-directed investing isn't right for them and want professional guidance instead.

Whatever your reason, cancelling is your right as a consumer, and Stopee is here to ensure you do it correctly without leaving money on the table.

What you need to know before starting

Your cancellation timeline depends on whether you hold a paid subscription (Standard at £4.99 monthly or Plus at £9.99 monthly) or use the free Basic tier. Paid subscriptions are subject to the Consumer Rights Act 2015, which entitles you to cancel at any time, though notice periods apply. Importantly, closing your Freetrade account does not automatically liquidate your investments, so you must plan how to transfer or sell your holdings before formal closure.

Freetrade's pricing structure and subscription tiers

Understanding Freetrade's costs is essential because your subscription level determines both your cancellation rights and notice periods.

Subscription tiers and monthly charges

Additional charges beyond subscriptions

Beyond subscription fees, you'll encounter foreign exchange charges of 0.59% when trading non-GBP denominated securities. These are transaction-based fees, not recurring charges, and they apply regardless of your subscription tier. If you hold positions in US stocks, European equities, or other foreign securities, you'll face this cost when you eventually sell or transfer holdings before account closure. Knowing this upfront helps you budget for the full cost of exit.

Your consumer rights under UK law

The Consumer Rights Act 2015 protects you when you cancel a paid subscription service like Freetrade's Standard or Plus tiers.

What the consumer rights act 2015 means for you

You have the right to cancel any continuing contract within 14 calendar days from the date you first enter into the agreement, without providing a reason. This is your "cooling-off period," and it applies whether you sign up online or via the app. After the 14-day window closes, you retain the right to cancel at any time by giving notice, though cancellation takes effect at the end of your current billing cycle rather than immediately.

If Freetrade charges you after you've submitted a valid cancellation request, you have grounds to dispute the charge with your bank or card issuer. The Financial Conduct Authority oversees Freetrade's compliance with these protections, and if the company refuses to honour your rights, you can escalate to the Financial Ombudsman Service.

Your FCA protections as an investor

Because Freetrade holds FCA authorisation, your cash held within the platform is protected under the Financial Services Compensation Scheme (FSCS) up to £85,000 per person per firm. Your securities (stocks, ETFs, ISAs) are held in segregated accounts and belong to you, not to Freetrade. This means closing your account does not put your investments at risk, provided you've arranged to transfer or liquidate them properly.

How to cancel your freetrade account

Cancellation happens in stages: first you cancel your subscription, then you handle your holdings, and finally you request formal account closure.

Cancelling through the freetrade app (fastest method)

1. Open the Freetrade app and log in with your credentials.
   • If you've forgotten your password, use the "Forgot password" option on the login screen.
2. Navigate to the Settings menu (usually a gear icon in the bottom right corner).
   • Look for "Account" or "My account" options.
3. Select "Subscription" or "Billing" from the Settings menu.
   • This section displays your current tier and next billing date.
4. Find the "Cancel subscription" or "Downgrade" option and select it.
   • If you're on Plus, you can downgrade to Standard or Basic instead of cancelling entirely.
   • If you're on Standard, you can downgrade to Basic (free tier) or cancel outright.
5. Follow the prompts to confirm your cancellation.
   • Freetrade may offer incentives or ask why you're leaving. You're under no obligation to accept retention offers.
   • Confirm your decision by tapping "Cancel subscription" or equivalent.
6. Check your email for a cancellation confirmation message.
   • This confirms your paid subscription ends at the close of your current billing cycle.
   • Save this email as proof of cancellation.

Pro tip: cancel on the first day of your billing cycle to avoid being charged for the next month. If you've already been charged after submitting your cancellation request, contact Freetrade support immediately to request a refund.

Cancelling via the freetrade website

1. Visit Freetrade's official website and log into your account.
   • Use the same email and password as your app account.
2. Go to "Account settings" or "Profile" (usually accessible from a user icon or menu in the top right).
   • Look for a dropdown menu or sidebar navigation.
3. Select "Subscription management" or "Billing."
   • This page shows your current plan, payment method, and next renewal date.
4. Click "Cancel subscription" or "Downgrade plan."
   • You may see a survey asking why you're cancelling. Completing it helps Freetrade improve, but it's optional.
5. Confirm your cancellation by clicking the final confirmation button.
   • Do not close the page until you see a success message.
6. Check your registered email for a confirmation receipt.
   • Screenshot or save this email.

Cancelling by post (formal notice method)

Warning: use this method only if you cannot access the app or website, or if Freetrade fails to respond to your in-app cancellation request within 5 business days.

1. Write a letter on plain paper or your organisation's letterhead.
   • Include your full name, email address, and Freetrade account number (found in the app under Settings > Account).
   • State clearly: "I request cancellation of my Freetrade subscription with immediate effect" or "I request account closure."
   • Include the date of the letter.
   • Sign the letter by hand if posting a paper original.
2. Address the letter to Freetrade's registered office:
   • Freetrade Limited, 5th Floor, 30 Stamford Street, London, SE1 9LQ.
3. Send the letter via Royal Mail Special Delivery Guaranteed Next Working Day.
   • Keep your receipt as proof of posting and delivery.
   • Allow 5-7 working days for Freetrade to process your request.
4. If you don't receive written confirmation within 7 days, follow up with Freetrade support via email or the app.
   • Reference your Special Delivery receipt number.

Pro tip: the app or website method is far quicker and provides instant confirmation. Only resort to post if digital channels are unavailable.

Managing your investments before closure

Cancelling your subscription does not automatically liquidate or transfer your holdings, so you must take action yourself.

Deciding what to do with your stocks and ETFs

You have three options: sell all holdings within Freetrade and withdraw cash, transfer securities to another platform using the CREST system (if the receiving broker supports it), or leave holdings in place and request that Freetrade convert your account to a view-only or dormant status.

If you sell, you'll crystallise any capital gains or losses. This triggers a tax event, so check whether you've used your annual capital gains allowance (£3,000 for the 2024/25 tax year in the UK). If you transfer, notify your new broker in advance, as they'll need Freetrade's details to initiate the transfer. If you leave holdings in place, Freetrade may continue to charge minimal maintenance fees or may eventually close the account after a period of inactivity, potentially forcing a sale at unfavourable prices.

Handling ISA and SIPP accounts

If you hold a Freetrade ISA or Self-Invested Personal Pension (SIPP), closure requires additional steps. ISA transfers to another provider must follow FCA rules-contact your new provider first, and they'll handle the transfer request. SIPP closures are more complex and may trigger tax liabilities, especially if you've not yet reached retirement age. Consult a tax professional before closing a SIPP.

What happens after you cancel

Cancellation is not instantaneous, and several things happen in sequence over days or weeks.

Timeline after you submit cancellation

On the day you cancel via the app or website, your request is logged immediately, and you receive a confirmation email. Your paid subscription ends at the close of your current billing cycle (between 1 and 28 days from now, depending on when you were originally charged). No further subscription charges appear after that date. Your account remains accessible for at least 30 days, allowing you to manage or transfer holdings. After 60 to 90 days of inactivity, Freetrade may send a final notice and may eventually close the account automatically if you take no action.

Warning: do not assume your account is closed just because your subscription has stopped. Check periodically that your holdings have been disposed of as you intended, or contact support if you're unsure of your account status.

Accessing your account after cancellation

You retain login access to view your holdings, sell securities, and withdraw cash for several weeks or months after cancelling your subscription. This grace period lets you tidy up your portfolio without pressure. However, once Freetrade formally closes the account (usually after written request or extended inactivity), you'll lose app access entirely.

Refunds and charges

You may be eligible for a refund depending on when you cancel relative to your billing date.

When you qualify for a refund

If you cancel within 14 days of first subscribing to a paid tier, you qualify for a full refund under the Consumer Rights Act 2015. If you cancel after the 14-day cooling-off period, refunds depend on Freetrade's terms: most platforms do not refund subscription fees for the month in which you cancel, but you won't be charged again. Some companies offer a pro-rata refund if you cancel mid-month; check your cancellation confirmation email or contact support to clarify.

If Freetrade charges you after you've cancelled, immediately dispute the charge with your bank or card issuer. Most card networks will reverse unauthorised charges within 30 days. Contact Freetrade support simultaneously to flag the error-this creates a paper trail if the dispute escalates.

Withdrawal of cash after account closure

Any cash balance in your Freetrade account remains yours after cancellation. Request a withdrawal through the app or website by selecting your payment method and amount. Transfers to a UK bank account usually complete within 2-5 business days. If you've linked a different card or account since opening Freetrade, update your payment details before requesting a withdrawal to ensure funds reach the correct destination.

Common mistakes to avoid when cancelling

We know cancellation can feel like a slog, especially if you're juggling multiple holdings and payment dates. Here are the pitfalls we see most often.

Mistake 1: cancelling without first moving your holdings

The biggest error is closing your account before you've sold, transferred, or explicitly decided what to do with your stocks and ETFs. Once the account closes, accessing those holdings becomes far more difficult or impossible. Always liquidate or arrange transfers first, then cancel your subscription.

Mistake 2: ignoring the billing cycle

Cancelling on the 28th of a month when your subscription renews on the 1st means you'll be charged for the next month, and then your cancellation takes effect. To avoid an unwanted charge, cancel on the first day of your billing cycle or immediately after being charged. If you're unsure when your next charge is due, check the Subscription section of the app-it displays the exact date.

Mistake 3: assuming your account is closed after subscription cancellation

Stopping your subscription and closing your account are different things. Your account remains open and accessible after your paid tier ends, sometimes for months. If you want a completely closed account (with no access or data retention by Freetrade), send a formal closure request by post or email after cancelling your subscription.

Mistake 4: failing to save cancellation confirmations

Screenshots and saved emails are your only proof of cancellation if a dispute arises. If Freetrade charges you again after you've cancelled, your confirmation email is evidence that you followed the correct process. Store these documents in a safe place for at least one year.

Checklist for cancelling freetrade

Comparing freetrade to alternatives

If you're cancelling because another broker offers better features or lower costs, here's how Freetrade stacks up against common alternatives.

Freetrade versus other UK investment platforms

If lower foreign exchange fees are your reason for cancelling, Trading 212 or AJ Bell Youinvest may suit you better. If you want a free platform with excellent app design, Freetrade and Trading 212 are equally strong. If you're looking for professional guidance or more advanced tools, you might prefer Interactive Investor or Charles Stanley.

Your consumer rights summary and escalation path

Remember: UK consumer law is on your side when cancelling a subscription service.

What to do if freetrade refuses to cancel

If Freetrade ignores your cancellation request after 14 days, or if it continues to charge you after you've submitted a valid cancellation, you have formal escalation options. First, contact Freetrade support in writing (via email) and quote the Consumer Rights Act 2015. Request a formal response within 10 business days. If Freetrade fails to respond or refuses to honour your rights, escalate to the Financial Ombudsman Service (FOS), which arbitrates disputes between consumers and FCA-regulated firms.

The FOS is free to use, and the service investigates your complaint at no cost. You can file a complaint online at financial-ombudsman.org.uk or by post. Keep all evidence: cancellation confirmations, billing statements, screenshots, and correspondence with Freetrade. The FOS typically resolves complaints within 8 weeks.

Protecting yourself during and after cancellation

Do not provide Freetrade with payment card details after you've cancelled-if you need to withdraw cash, use your original linked bank account. Monitor your bank statements for at least two billing cycles after cancellation to ensure no further charges appear. If an unauthorised charge does appear, report it to your bank immediately; most UK banks will reverse charges incurred after a cancellation request.

Final steps and support

Cancelling your Freetrade account is straightforward once you know the process and understand your rights. The key is to plan ahead: decide what happens to your holdings, time your cancellation to avoid unwanted charges, and save all confirmation emails. At Stopee, we've guided thousands of UK consumers through platform cancellations with confidence, and we're here to help you every step of the way.

If you have questions during the process, use the in-app help centre or email Freetrade support directly. If you encounter barriers or unfair terms, remember that the Consumer Rights Act 2015 and the Financial Ombudsman Service protect your interests. Stopee has helped thousands of consumers cancel subscriptions, dispute unauthorised charges, and reclaim refunds-and we're ready to support you too.

Freetrade's registered address for formal notices

For cancellation by post or formal complaints:

Freetrade Limited
5th Floor, 30 Stamford Street
London, SE1 9LQ
United Kingdom

Use this address only for postal cancellations or formal legal notices. For routine support, use the in-app chat or email support. When you're ready to close your account with confidence, Stopee is your trusted guide to cancellation and consumer rights. Visit stopee.com to explore guides for hundreds of other services and subscriptions you may want to cancel.