Lightyear vs Trading 212 (2026):
FX costs, savings plans, and who wins
Both are low-cost, app-first EU brokers — but they solve different problems. Lightyear is built for multi-currency flexibility. Trading 212 is built for automation. This comparison cuts through the noise to show which one fits your investing style.
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TL;DR
- You hold or earn in multiple currencies (USD, GBP, EUR) and want to minimise FX conversion.
- You buy USD-denominated ETFs and want wallet-matching to skip the FX fee entirely.
- You’re comfortable placing trades manually — no automation needed.
- You’re in a country where Trading 212 isn’t available.
- You want automated savings plans (Pies) that invest on a schedule without any manual effort.
- You want fractional shares so every euro of a monthly contribution is deployed.
- You want the broadest ETF and stock universe in one app.
- You’re a beginner who wants the most guided, frictionless experience.
Feature comparison
| Feature | Lightyear | Trading 212 |
|---|---|---|
| Regulation | FCA (UK) · CySEC (EU) | FCA · CySEC · FSC (Bulgaria) |
| Investor protection | €20,000 ICF / £85,000 FSCS | €20,000 ICF + €1M Lloyd’s / £85,000 FSCS |
| ETF commission | €0 | €0 |
| FX fee | 0.35% (explicit) | 0.15% (explicit) |
| Multi-currency account | Yes — 10 currencies, wallet routing | Yes — 13 currencies |
| Fractional shares | Select instruments | Broad coverage |
| Savings plans / Pies | No | Yes — fully automated recurring investing |
| ETF universe | ~3,500 ETFs | ~3,000+ ETFs (larger stock universe overall) |
| US-listed ETFs | Yes | UCITS only for EU clients |
| Interest on cash | Yes (~3.5–4.5% EUR/USD) | Yes — up to 5.1% p.a. (EUR) |
| Minimum deposit | None | None |
| Countries | 31 EU/EEA + UK | EU/EEA + UK (wider coverage) |
Automation vs multi-currency: the real distinction
These two brokers are not competing for the same investor. The right choice depends almost entirely on which of these matters more to you.
You hold up to 10 currencies in separate wallets (EUR, USD, GBP, SEK, DKK, NOK, CHF, CZK, PLN, HUF). When you buy a USD-denominated ETF from your USD wallet, you pay zero FX. The 0.35% fee only applies when you explicitly exchange currencies.
Best for: investors who receive income in multiple currencies, hold USD/GBP assets, or want to batch FX conversion instead of paying it on every trade.
Pies let you build a portfolio of up to 50 instruments with set percentage allocations, then automate a recurring contribution — daily, weekly, or monthly. Trading 212 splits the deposit, buys fractional shares, and optionally rebalances. Zero extra effort after setup.
Best for: investors who want a set-and-forget system for monthly ETF contributions and don’t need multi-currency complexity.
Which broker is cheaper for currency conversion?
The “€0 commission” headline is irrelevant if you’re paying 0.5–1% in FX markup on every non-EUR trade. Here’s how the two brokers actually compare scenario by scenario.
| Scenario | Lightyear | Trading 212 |
|---|---|---|
| Buying VWCE (EUR) from EUR wallet | €0 FX | €0 FX |
| Buying CSPX (USD) from EUR wallet | 0.35% conversion fee | 0.15% conversion fee |
| Buying CSPX (USD) from USD wallet | €0 FX (wallet match) | 0.15% (unless USD wallet funded) |
| Converting €500 EUR → USD (one-off) | 0.35% = €1.75 | 0.15% = €0.75 |
| Annual drag: €500/mo CSPX from EUR | ~€21/year | ~€9/year |
What’s available on each broker
For a European investor building a UCITS portfolio, both brokers cover the essentials. The differences are at the margins.
- ~3,500 ETFs across European and US exchanges.
- All core UCITS ETFs: VWCE, IWDA, CSPX, EIMI, AGGH.
- US-listed ETFs available (unusual for an EU broker).
- Multiple exchange listings per ETF — useful for wallet-matching.
- No leveraged or inverse ETFs.
- ~3,000+ ETFs within a 10,000+ instrument universe.
- All core UCITS ETFs covered, plus hundreds of sector/thematic funds.
- Fractional ETF shares — deploy every euro of a €100 contribution.
- No US-listed ETFs in the Invest account (UCITS-only for EU clients).
- CFD account separate — not relevant for long-term investing.
For a standard 2–3 ETF portfolio, both brokers have everything you need. Trading 212’s fractional share support is the practical edge for small monthly contributions. Lightyear’s edge is access to US-listed tickers if your strategy requires them. See: UCITS vs US ETFs — full guide.
Savings plans: Trading 212 Pies vs Lightyear’s manual approach
This is the biggest functional difference between the two brokers — and it matters more than any fee difference for most long-term investors.
You build a Pie — a portfolio of up to 50 instruments with defined percentage weights — and set a recurring deposit schedule (daily, weekly, or monthly). Trading 212 splits the contribution automatically, buys fractional shares of each position, and optionally rebalances. For someone contributing €200/month into a 3-ETF portfolio, setup takes 15 minutes and subsequent effort is zero.
The research on automating ETF investing consistently shows that automation beats manual discipline over the long run — not because the math is different, but because most people don’t execute manually with the same consistency.
As of 2026, Lightyear has no savings plans or recurring investment functionality. All investing is manual: open the app, choose your instrument, place the order. This works fine for investors who are comfortable setting a monthly calendar reminder and executing manually — but if automation is a priority, Lightyear cannot match Trading 212’s Pies.
Interest on uninvested cash
| Lightyear | Trading 212 | |
|---|---|---|
| EUR rate (approx.) | ~3.5–4.0% p.a. | Up to 5.1% p.a. |
| USD rate (approx.) | ~4.0–4.5% p.a. | Available (check current rate) |
| Mechanism | Money market funds | Money market funds |
| Currencies covered | Multiple (EUR, USD, GBP + others) | EUR, GBP, USD + others |
| Minimum balance | None | None |
Rates as of March 2026. Both brokers adjust rates in line with ECB/Fed policy. Always verify current rates on official pages. See: Trading 212 current interest rates →
Account safety and regulation
Both brokers are regulated by the FCA (UK) and CySEC (EU), which requires client assets to be segregated from the broker’s own funds. If either broker became insolvent, your securities should be returned or liquidated and the cash returned.
- FCA-authorised (UK): FSCS up to £85,000
- CySEC-licensed (EU): ICF compensation up to €20,000
- Founded 2020, headquartered in Tallinn + London
- Smaller but growing — well-regulated, fully licensed
- FCA-authorised (UK): FSCS up to £85,000
- CySEC-licensed (EU): ICF up to €20,000 + €1M Lloyd’s supplemental insurance
- Founded 2004; 2.5M+ clients
- Longer track record, more stress-tested operations
Who each broker actually fits
- You earn in USD or GBP and want to invest without converting every time.
- You actively buy USD-denominated ETFs and want wallet-matching to eliminate FX.
- You want access to US-listed ETF tickers alongside UCITS.
- You’re already experienced and don’t need automation or guidance.
- You contribute monthly in EUR and want Pies to handle everything automatically.
- You want fractional shares so every euro of every contribution is deployed.
- You’re a beginner who wants the most guided, frictionless experience.
- You want slightly lower FX rates and a larger cash interest yield on EUR.
Some investors do: use Trading 212 Pies for the core automated EUR contribution into VWCE, and use Lightyear for any USD/GBP-denominated positions where wallet-matching eliminates FX. There is no rule requiring you to consolidate with one broker — and the accounts are free to open and maintain on both.
Ready to open an account?
Both brokers have no minimum deposit and digital onboarding takes roughly 10–15 minutes. Pick the one that matches your workflow — or open both and use each for what it’s best at.
Go deeper
Frequently asked questions
Which broker has lower FX fees — Lightyear or Trading 212?
Trading 212 charges 0.15% on currency conversion vs Lightyear’s 0.35%. However, Lightyear’s multi-currency wallet system lets you avoid conversion entirely by matching your wallet currency to the instrument’s trading currency — buying USD-priced CSPX from a USD wallet costs zero. For most EU investors buying EUR-priced UCITS ETFs, neither broker charges any FX fee at all.
Does Lightyear have savings plans like Trading 212 Pies?
No. As of 2026, Lightyear has no automated savings plan functionality. All investing is done manually. If recurring, automated investing is a priority for you, Trading 212 Pies are one of the best implementations available to EU retail investors at no extra cost.
Is Lightyear available across the EU?
Yes — Lightyear is available in 31 EU/EEA countries plus the UK as of 2026. It launched in Estonia and expanded across Europe. Not all features are available in every country; check the Lightyear website for specifics in your country.
Which broker is safer — Lightyear or Trading 212?
Both are regulated by the FCA (UK) and CySEC (EU), which means client assets are legally segregated. Trading 212 has a longer operating history (founded 2004 vs Lightyear’s 2020) and adds supplemental insurance through Lloyd’s of London on top of standard ICF/FSCS protection. Both are considered safe options for retail investors — Lightyear is not unsafe, it simply has a shorter track record.
Can I use both Lightyear and Trading 212 at the same time?
Yes, and it’s a reasonable split for some investors: use Trading 212 Pies for your core automated monthly contribution into a EUR-priced ETF, and use Lightyear for any USD or GBP-denominated positions where wallet-matching eliminates FX. There’s no rule requiring you to consolidate with one broker, and both are free to maintain.
Does Trading 212 have fractional shares on ETFs?
Yes. Trading 212 supports fractional shares on a broad range of ETFs and stocks, so you can invest exact euro amounts — a €200 monthly contribution is fully deployed without leaving any cash idle waiting for a whole ETF unit. Lightyear also supports fractional shares on select instruments, but with narrower coverage.
Which broker should a beginner in Europe choose?
Trading 212 is the stronger pick for most beginners. The Pies feature removes the discipline problem by automating contributions, fractional shares mean every euro is deployed, and the app has the best guided onboarding experience of the two. Lightyear is a better fit once you’re comfortable managing your own trades and want multi-currency flexibility that Trading 212 doesn’t fully replicate.
QuantRoutine provides educational content only. Nothing on this page is an offer, solicitation, or recommendation to buy or sell any security or to open an account with any specific broker. Investments can lose value, and past performance does not guarantee future results. You are responsible for your own investment, tax, and legal decisions. Always review each broker’s current terms, fees, and eligibility on their official website before opening or funding an account.