Trading 212 vs Interactive Brokers (2026):
which is better in Europe?
Trading 212 is built for commission-free, app-first investing with AutoInvest. Interactive Brokers (IBKR) is built for global access, a wider product range and cheaper currency conversion on larger orders. The two are also connected: Trading 212 uses IBKR as one of its custodians. This guide covers FX costs by order size, commissions, cash interest rules, custody, investor protection, and who each broker fits.
Some of the links on this site are affiliate links, meaning we may earn a commission at no extra cost to you if you sign up through them. This does not affect our reviews or recommendations — we only feature products we genuinely believe are useful for investors. This site provides educational content only, not personalized investment advice. Investments can lose value and past performance does not guarantee future results. You are responsible for your own financial decisions and for confirming the tax and legal rules that apply in your country.
TL;DR
- You want no commission on stocks and ETFs, no custody fee, and automated investing through a Pie or a single-instrument plan.
- You mostly buy assets priced in your account currency, so the 0.15% FX fee rarely applies.
- Your foreign-currency orders are small: below roughly USD 800 to USD 3,300 per order, 0.15% costs less than IBKR’s commission minimum plus conversion (breakeven table).
- You want interest on uninvested cash with no minimum balance (opt-in).
- You place larger foreign-currency orders, where 0.03% automatic conversion (IBKR cash accounts, buy orders) or a spot conversion from 0.20 basis points beats 0.15%.
- You want a wider product range: stocks, ETFs, options, futures, bonds and mutual funds across 170 markets in 40 countries (IBKR counts territories).
- You want a Nasdaq-listed broker that has been an S&P 500 member since August 2025.
- You keep larger cash balances: IBKR pays interest on cash above €10,000, at its full rate once net asset value reaches USD 100,000.
Trading 212 uses Interactive Brokers as one of its custodians
The two brokers are linked on the back end. That link is worth understanding before you compare them, and worth not overstating.
- Trading 212 UK and Trading 212 EU GmbH: custody partners are Interactive Brokers and BNY Mellon.
- Trading 212 Markets Ltd, the Cyprus entity serving Italy, Portugal, Poland, Greece and other markets: Interactive Brokers only.
- Holdings sit in omnibus client accounts, pooled with other clients’ holdings, not in a separate account per client.
- For Trading 212 EU GmbH clients, Trading 212 discloses that your entitlement is a contractual right to delivery of the securities, not direct co-ownership at a German central securities depository.
What the link does not mean: you don’t get IBKR’s pricing, terms or account, and IBKR’s investor compensation scheme is not yours. Your contract is with Trading 212. Its EU terms state it is not liable for the insolvency of third-party custodians it appoints, beyond taking reasonable care in choosing them, and that clients share pro rata in any unreconciled shortfall at a custodian.
Key differences at a glance
| Category | Trading 212 | Interactive Brokers |
|---|---|---|
| Best for | Commission-free app investing; small recurring orders | Global access; larger foreign-currency orders; wider product range |
| Company | Trading 212 states it has been profitable every year since founding 20 years ago, with no debt (its own claim) | Nasdaq-listed (IBKR); S&P 500 member since Aug 2025; USD 22.3B equity capital (end Q2 2026) |
| Commission (EUR stocks and ETFs) | €0 (Invest account) | Fixed: 0.05%, min €3 on most EUR markets (Portugal €6, Baltics €10). Tiered: min €1.25 plus third-party fees |
| FX fee | 0.15% on conversions and on trades in a non-account currency, buys and sells | 0.03% automatic (cash accounts, buy orders); spot conversion from 0.20 bps (0.002%), min USD 2.00 |
| Holding foreign currency | 12 currencies in the Invest account; not inside Pies | Up to 29 currencies (varies by entity) |
| Interest on uninvested cash | Opt-in; no minimum balance; rate varies by entity | Nothing on the first €10,000; full rate only at NAV of USD 100,000+ |
| Recurring investing | AutoInvest through a Pie or a single instrument (Savings Plan) | Recurring Investments for stocks and ETFs IBKR offers fractionally |
| Invest product range | EU entity: shares, fractional shares, ETFs | Stocks, ETFs, options, futures, bonds, mutual funds; 170 markets in 40 countries (incl. territories) |
| Custody | Omnibus accounts at IBKR and BNY Mellon (UK/EU entities); IBKR only (Cyprus entity) | Client money in pooled accounts at banks inside and outside the EEA; certain securities custodied with IBKR’s US entity |
| Regulator (European clients) | BaFin (EU GmbH), CySEC (Markets Ltd), FCA (UK) | Central Bank of Ireland (EU/EEA); FCA (UK and Switzerland, via IBUK) |
| Compensation if the broker fails | EU GmbH: EdW, 90% up to €20,000. Markets Ltd: ICF up to €20,000. UK: FSCS up to £85,000 | EU/EEA: Irish ICS, 90% up to €20,000, private individuals |
| Account minimum | €1 minimum deposit | USD 0 minimum; USD 0 inactivity fee |
| Learning curve | Low: app-first | Higher: several platforms, more settings |
Sources: Trading 212 Terms & Fees and Help Centre; Interactive Brokers Ireland pricing, interest and investor-protection pages. Checked September 2026. Fees and availability change: verify both brokers’ current terms for your country before opening or funding an account.
Pros and cons of each broker
- €0 commission on stocks and ETFs in the Invest account, and no custody fee.
- AutoInvest through a Pie or on a single instrument (shown as a Savings Plan under the EU entity), with fractional shares from €1.
- Interest on uninvested cash with no minimum balance (opt-in).
- Cheaper than IBKR on small foreign-currency orders: 0.15% with no minimum, against IBKR’s commission minimum plus conversion.
- Multi-currency Invest account (12 currencies) for orders placed outside Pies.
- 212 Card with a free virtual card; cashback under conditions (see Fees).
- 0.15% FX on every buy of a non-base-currency holding inside a Pie; the multi-currency balance can’t be used there.
- The EU-entity Invest account covers shares, fractional shares and ETFs only.
- Custody is omnibus, and for EU-entity clients a contractual right to delivery rather than direct co-ownership.
- In-specie transfers out are not available to Germany-resident EU-entity clients.
- The app makes trading easy, which can pull you away from a long-term plan.
- Lower FX cost on larger orders: 0.03% automatic conversion (cash accounts, buy orders) or a spot conversion from 0.20 basis points with a USD 2.00 minimum.
- Wider product range: stocks, ETFs, options, futures, bonds and mutual funds across 170 markets in 40 countries (incl. territories).
- Nasdaq-listed, S&P 500 member since August 2025, USD 22.3B equity capital (end Q2 2026).
- Holds up to 29 currencies (varies by entity).
- Pays interest on cash above €10,000, which matters at larger balances.
- Several platforms: Client Portal, IBKR Desktop, IBKR Mobile, Trader Workstation and IBKR GlobalTrader.
- Commission minimums make small orders expensive: €3 on Fixed for most EUR markets, €1.25 on Tiered plus exchange and clearing fees. Euronext ETFs add €0.75 per execution on Fixed.
- No interest on the first €10,000, and less than the full rate below a net asset value of USD 100,000.
- Tiered pricing is not available in Spain, the Czech Republic, Romania or Slovenia.
- Recurring Investments only cover stocks and ETFs IBKR offers fractionally.
- More platforms and settings to learn.
Where the real costs live
Trading 212 charges no commission but takes 0.15% on currency conversion. IBKR converts currency more cheaply but charges a commission with a minimum. Which one costs less depends on what you buy and how big each order is.
- €0 commission on stocks and ETFs in the Invest account; no custody fee.
- FX fee: 0.15% on currency conversions and on trades in a currency other than your account’s, buys and sells. Trading 212 states it is never more than 0.15%, weekends included, applied to the live interbank rate.
- Outside Pies you can hold 12 currencies and trade an instrument in its own currency, which avoids the fee on that order; converting into that currency still costs 0.15%. Inside Pies, all orders use your primary currency, so every non-base-currency buy is converted.
- Deposits: bank transfer free. Cards, Google Pay, Apple Pay and similar methods are free up to €2,000 cumulative, then 0.7% on the amount above. Withdrawals free.
- Cash interest: opt-in, no minimum balance, rate varies by entity. Trading 212’s EU terms state that if you don’t opt in, it keeps the interest. Cash held in money market funds is a client asset, not a bank deposit, and is not deposit-guaranteed.
- 212 Card: virtual card free, physical card €4.95. Cashback is 1.5% only with Invest cashback switched on and an eligible subscription paid by card, capped at €15 or £15 a month, and invested into a Pie rather than paid as cash.
- Fixed pricing: 0.05% of trade value, minimum €3 on most EUR markets. Not a Europe-wide default: Portugal is €6, the Baltics €10. Euronext Paris, Amsterdam and Brussels ETFs add €0.75 per execution.
- Tiered pricing: 0.05%, minimum €1.25, plus exchange, clearing and regulatory fees passed through. Not available in Spain, the Czech Republic, Romania or Slovenia.
- Recurring Investments: stocks and ETFs IBKR offers fractionally. IBKR states standard Fixed commissions apply: 0.05%, €1.25 minimum on fractional orders.
- US-listed stocks (Fixed): USD 0.005 per share, minimum USD 1.00, maximum 1% of trade value.
- FX: automatic conversion adds 0.03%, which IBKR states applies to cash accounts and buy orders. A manual spot conversion costs from 0.20 basis points (0.002%), minimum USD 2.00 per order. Below about USD 6,667 per conversion, automatic is cheaper; above it, manual is.
- Custody: IBKR charges no custody fees; custody fees may be charged by third parties.
- Withdrawals: two free per calendar month, then €1 per SEPA withdrawal.
- Cash interest: nothing on the first €10,000 of EUR cash. Above it, the rate is scaled by net asset value, with the full rate only from USD 100,000. IBKR’s own EUR examples, as of 18 September 2026: NAV €20,000 with €5,000 cash earns 0.000%; NAV €80,000 with €20,000 cash, 0.773%; NAV €320,000 with €80,000 cash, 1.495%.
| Cost type | Trading 212 | IBKR | Who it affects most |
|---|---|---|---|
| Commission (EUR stocks and ETFs) | €0 (Invest account) | Fixed: min €3 (most EUR markets). Tiered: min €1.25 plus third-party fees | Small orders at IBKR |
| Euronext ETF exchange fee | Not on Trading 212’s price list | +€0.75 per execution on Fixed (Paris, Amsterdam, Brussels) | IBKR buyers of Euronext-listed ETFs |
| FX conversion | 0.15%, buys and sells in a non-account currency | 0.03% automatic (cash accounts, buys); spot from 0.20 bps, min USD 2.00 | Small orders favour Trading 212; large orders favour IBKR |
| Interest on cash | Opt-in; no minimum balance | None on the first €10,000; full rate from NAV USD 100,000 | Smaller balances favour Trading 212’s structure |
| Custody fee | €0 | None from IBKR; third parties may charge | Rarely relevant for mainstream ETFs |
| Withdrawals | Free | 2 free per calendar month, then €1 per SEPA withdrawal | Frequent withdrawers at IBKR |
| Spreads | Market and execution dependent | Market and execution dependent | Infrequent traders less exposed |
FX plus commission: where the crossover sits
For a EUR investor buying something priced in USD, Trading 212 charges 0.15% and nothing else. IBKR charges less for conversion but adds a commission minimum. Per buy order, the two cost the same at these sizes:
| What you buy | IBKR route | IBKR cost per order | Breakeven vs Trading 212 |
|---|---|---|---|
| US-listed stock (up to 200 shares) | Fixed, USD 1.00 min + automatic conversion | USD 1.00 + 0.03% | About USD 833 |
| US-listed stock (up to 200 shares) | Fixed, USD 1.00 min + manual spot conversion | USD 1.00 + USD 2.00 | About USD 2,000 |
| USD-line UCITS ETF, London | Fixed 0.05%, USD 4.00 min + automatic conversion | USD 4.00 + 0.03% | About USD 3,333 |
| USD-line UCITS ETF, London, fractional order | Fixed fractional, USD 1.70 min + automatic conversion | USD 1.70 + 0.03% | About USD 1,417 |
QuantRoutine arithmetic from each broker’s published schedules, checked September 2026. Buy side only, per order, spreads excluded. Below the breakeven, Trading 212’s 0.15% costs less; above it, IBKR costs less. Selling adds a comparable cost at both brokers. Assumes an IBKR cash account, since IBKR states automatic conversion applies to cash accounts and buy orders. For EUR-priced ETFs bought from a EUR account there is no FX at either broker, so Trading 212’s €0 commission is cheaper at every order size.
ETF access, automation, and investing workflow
Both brokers offer UCITS ETFs to European investors. The differences are in how automation works, how many platforms you deal with, and what else sits beyond stocks and ETFs.
- AutoInvest runs through a Pie (up to 50 holdings) or on a single instrument. Under the EU entity, the single-instrument version is shown as a Savings Plan (Sparplan).
- Pie schedules: daily, weekly, every two weeks, monthly, every two months or every six months.
- Pies route new money either Self-Balancing (underweight slices first) or By Targets. Neither sells holdings, so rebalancing an existing Pie is a manual step.
- Pie orders use your primary currency and execute during regular market hours only.
- Fractional shares from €1, with a €1 minimum per Pie slice.
- Web platform and mobile apps. Order types: market, limit, stop and stop-limit.
- Client Portal: browser-based trading and account management.
- IBKR Desktop: IBKR’s newest streamlined, high-speed platform.
- IBKR Mobile: trading on iOS and Android.
- Trader Workstation (TWS): professional trading platform.
- IBKR GlobalTrader: simplified mobile trading.
- 100+ order types; balances in up to 29 currencies (varies by entity).
- Recurring Investments for stocks and ETFs IBKR offers fractionally, on a schedule you set.
Which broker is safer?
Both are regulated investment firms, and neither is a bank. What differs is which entity you contract with and what each compensation scheme covers.
- Trading 212 EU GmbH (BaFin) serves Germany, France, the Netherlands, Spain, Austria, Ireland, the Nordic countries, Switzerland and others. Trading 212 Markets Ltd (CySEC) serves Italy, Portugal, Poland, Greece and other markets. Trading 212 UK Ltd (FCA) serves the UK.
- EU GmbH: if Trading 212 fails, the German EdW covers 90% of the claim, up to €20,000 per client. Separately, cash at partner banks is protected up to €100,000 per person per partner bank.
- Markets Ltd: the Cyprus ICF covers up to €20,000. Trading 212’s protection pages state no per-bank deposit protection for Markets Ltd clients.
- UK: the FSCS covers up to £85,000 if Trading 212 fails, for cash and investments combined. Separately, up to £120,000 per banking group if a partner bank fails.
- Custody: omnibus accounts at IBKR and BNY Mellon (UK and EU entities), IBKR only (Cyprus entity).
- Share lending: UK and Markets Ltd clients only, and only if enabled. EU GmbH clients (Germany, France, the Netherlands, Spain, Austria and others) can’t take part. Lent shares are not held under client-asset rules; collateral of at least 102% of their value, adjusted daily, replaces that protection.
- EU and EEA clients contract with Interactive Brokers Ireland, regulated by the Central Bank of Ireland. UK and Swiss clients contract with Interactive Brokers (U.K.), regulated by the FCA. Other group affiliates are supervised in the US (SEC, CFTC), Australia, Singapore, Hong Kong, India and elsewhere; that is group-level, not the EU client’s regulator.
- Irish Investor Compensation Scheme: 90% of the amount lost, up to €20,000 per investor, private individuals only. It covers failure of the firm, not market losses.
- SIPC applies only to the extent securities are custodied at IBKR’s US entity. It is never the headline cover for an EU client.
- Client money sits in pooled accounts at a range of banks inside and outside the EEA, segregated from IBKR’s own money.
- Nasdaq-listed; S&P 500 member since August 2025; USD 22.3B equity capital, with 73.5% held by employees and affiliates (end Q2 2026). In its 49th year as a broker-dealer in 2026.
- Stock Yield Enhancement Program (opt-in): IBKR pays 50% of a market-based lending rate as interest on cash collateral. Loaned shares may not be protected by the Investor Compensation Scheme. In Ireland, eligibility requires an approved margin account, or a cash account with liquid net worth above USD 25,000.
Who each broker actually fits
Monthly UCITS ETF buys in EUR. There is no FX at either broker, so Trading 212’s €0 commission beats IBKR’s minimum (€1.25 fractional or €3 whole-share on Fixed) at every order size.
Buys USD-priced stocks or USD-line ETFs. The pick depends on order size: below roughly USD 800 to USD 3,300 per order, Trading 212’s 0.15% costs less; above it, IBKR’s conversion plus commission does (breakeven table).
Wants options, futures, bonds, more markets, or holds cash balances large enough to clear IBKR’s €10,000 zero-interest tier.
Some investors use Trading 212 for small recurring contributions and IBKR as a core account for larger foreign-currency orders. If you go this route, keep the roles separate: short-term activity in one account should never leak into the long-term plan in the other.
If you later consolidate, Trading 212 supports in-specie transfers out of whole shares, except for Germany-resident EU-entity clients; fractional shares are sold first. Confirm with IBKR that it will accept the positions before you start.
For most investors starting out: pick one, keep it simple, and don’t split until the workflow genuinely justifies it.
Ready to open an account?
Trading 212 for commission-free investing, AutoInvest and small foreign-currency orders. IBKR for cheaper conversion on larger orders, a wider product range and more markets. Pick the one that matches how you actually invest.
Go deeper
Frequently asked questions
Does Trading 212 use Interactive Brokers as a custodian?
Yes, as one of them. Trading 212 names Interactive Brokers and BNY Mellon as custody partners for its UK and EU entities, and Interactive Brokers only for Trading 212 Markets Ltd, its Cyprus entity. Holdings sit in omnibus accounts, pooled with other clients’ holdings. This does not make you an IBKR client: your contract, pricing and investor protection are Trading 212’s, and Trading 212’s EU terms state it is not liable for the insolvency of the custodians it appoints, beyond taking reasonable care in choosing them.
Can I transfer my portfolio from Trading 212 to IBKR?
Trading 212 supports in-specie transfers out to another provider with no Trading 212 fee; the receiving provider may charge and has to cooperate. Only whole shares move, so fractional shares must be sold first, and the service is not available to Trading 212 EU clients resident in Germany. Trading 212 aims to complete transfers within 21 calendar days for EU-entity clients and 30 for UK clients. IBKR describes a free-of-payment route (delivery without a payment leg) for positions arriving from European institutions; confirm eligibility and any cost with IBKR before you start.
Is Trading 212 really free?
There is no commission on stocks and ETFs in the Invest account and no custody fee. The costs that remain are the 0.15% FX fee on currency conversions and on trades in a currency other than your account’s, the spread at execution, and a 0.7% charge on card and wallet deposits above EUR 2,000 cumulative (GBP 2,000 in the UK). Bank transfer deposits and withdrawals are free. Inside a Pie, every buy of a holding priced outside your primary currency is converted at 0.15%. Buying EUR-priced UCITS ETFs from a EUR account avoids the FX fee entirely.
Which is cheaper for EUR investors buying USD assets?
It depends on order size: IBKR converts currency more cheaply, but its commission has a minimum. Per buy order, against Trading 212’s 0.15%, a US-listed stock at IBKR (Fixed pricing, USD 1.00 minimum, plus 0.03% automatic conversion) breaks even at about USD 833, and a USD-line UCITS ETF in London (Fixed, USD 4.00 minimum, plus 0.03%) at about USD 3,333. Below those sizes Trading 212 costs less; above them IBKR does. IBKR states automatic conversion applies to cash accounts and buy orders; a manual spot conversion costs from 0.20 basis points with a USD 2.00 minimum per order.
Which broker is safer — Trading 212 or Interactive Brokers?
Both are regulated investment firms and neither is a bank, so the useful question is which scheme covers you. Trading 212 EU GmbH clients are covered by the German EdW at 90% of the claim up to EUR 20,000 if the firm fails, plus deposit protection up to EUR 100,000 per person per partner bank. Trading 212 Markets Ltd clients are covered by the Cyprus ICF up to EUR 20,000. UK clients are covered by the FSCS up to GBP 85,000 for cash and investments combined. IBKR’s EU clients contract with Interactive Brokers Ireland, regulated by the Central Bank of Ireland, and are covered by the Irish Investor Compensation Scheme at 90% of the loss up to EUR 20,000, for private individuals. IBKR is Nasdaq-listed and an S&P 500 member. Both hold client assets in pooled structures.
Get the free toolkit sample
A working broker cost calculator — IBKR vs DEGIRO vs Trading 212, with verified September 2026 fees. You’ll also get 4 short emails on cutting your investing costs. Unsubscribe anytime.
Some of the links on this site are affiliate links, meaning we may earn a commission at no extra cost to you if you sign up through them. This does not affect our reviews or recommendations — we only feature products we genuinely believe are useful for investors. This site provides educational content only, not personalized investment advice. Investments can lose value and past performance does not guarantee future results. You are responsible for your own financial decisions and for confirming the tax and legal rules that apply in your country.