How much does it cost to invest
EUR 10,000 in Europe?
Broker comparisons usually stop at the headline commission. But the true cost of buying a UCITS ETF in Europe has three components: the broker’s trade commission, the FX conversion fee, and the bid-ask spread embedded in the market price. This study calculates each from verified July 2026 fee schedules across five major European brokers — in both EUR and USD scenarios.
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What the real fee data shows
Single EUR 10,000 UCITS ETF purchase. Fee data verified against official broker pricing pages, July 2026. Two scenarios: EUR-listed ETF (no FX needed) and USD-listed ETF (FX conversion required).
Without currency conversion, total entry cost ranges from EUR 7 (Trading 212) to EUR 13 (Saxo). The differences are small enough that fund TER matters far more than broker choice for EUR-only investors.
Among the four brokers with a published FX rate, the range explodes: EUR 11.85 (IBKR) to EUR 38.00 (Saxo). A zero-commission broker with a high FX fee is not zero-cost — it is often one of the most expensive options. Trade Republic no longer publishes an FX percentage under its new Best Price model, so it’s addressed separately below.
How the study is structured
A single EUR 10,000 purchase across five brokers, in two scenarios: a EUR-denominated ETF (e.g. VWCE on XETRA, no FX needed) and a USD-denominated ETF (e.g. CSPX on LSE, EUR/USD conversion required).
| Cost component | Description | Applies when |
|---|---|---|
| Commission | The broker’s stated trade fee — flat, percentage, or tiered | Every trade |
| FX conversion | The cost of converting EUR to USD at the broker’s rate | Non-EUR ETF listings only |
| Bid-ask spread | The market maker’s spread between buy and sell price — a real cost that never appears on fee statements | Every trade |
| Broker | Commission | FX rate | FX cost on EUR 10k | Spread assumption |
|---|---|---|---|---|
| IBKR | EUR 5.00 (0.05%, tiered) | 0.002% + $2 min | EUR 1.85 | 0.05% / EUR 5 |
| DEGIRO | EUR 3.00 (Xetra: EUR 2 transaction + EUR 1 handling) | 0.25% (Auto FX) | EUR 25.00 | 0.05% / EUR 5 |
| Trading 212 | EUR 0.00 | 0.15% | EUR 15.00 | 0.07% / EUR 7 |
| Trade Republic | EUR 1.00 (Best Price, default) | Not published | n/a — embedded in spread | 0.10% / EUR 10 |
| Saxo (Classic) | EUR 8.00 (0.08%, min varies by exchange) | mid-spot ±0.25% max | EUR 25.00 | 0.05% / EUR 5 |
Scenario 1: EUR-denominated ETF (no FX conversion)
Buying VWCE or a similar EUR-listed UCITS ETF on XETRA. No currency conversion needed. The only cost components are commission and the market bid-ask spread. Total range: EUR 7 to EUR 13.
| Broker | Commission | FX cost | Spread | Total entry cost | As % of EUR 10k |
|---|---|---|---|---|---|
| Trading 212 | EUR 0.00 | EUR 0.00 | EUR 7.00 | EUR 7.00 | 0.070% |
| DEGIRO | EUR 3.00 | EUR 0.00 | EUR 5.00 | EUR 8.00 | 0.080% |
| IBKR | EUR 5.00 | EUR 0.00 | EUR 5.00 | EUR 10.00 | 0.100% |
| Trade Republic | EUR 1.00 | EUR 0.00 | EUR 10.00 | EUR 11.00 | 0.110% |
| Saxo (Classic) | EUR 8.00 | EUR 0.00 | EUR 5.00 | EUR 13.00 | 0.130% |
Scenario 2: USD-denominated ETF (FX conversion required)
Buying CSPX or a similar USD-listed UCITS ETF on LSE. Requires converting EUR to USD at the broker’s rate before the purchase. Figures below cover the four brokers with a published FX rate — IBKR, Trading 212, DEGIRO, and Saxo. Trade Republic’s new FX model is covered in the callout below.
| Broker | Commission | FX cost | Spread | Total entry cost | As % of EUR 10k |
|---|---|---|---|---|---|
| IBKR | EUR 5.00 | EUR 1.85 | EUR 5.00 | EUR 11.85 | 0.119% |
| Trading 212 | EUR 0.00 | EUR 15.00 | EUR 7.00 | EUR 22.00 | 0.220% |
| DEGIRO | EUR 3.00 | EUR 25.00 | EUR 5.00 | EUR 33.00 | 0.330% |
| Saxo (Classic) | EUR 8.00 | EUR 25.00 | EUR 5.00 | EUR 38.00 | 0.380% |
EUR vs USD: how rankings change
Across both scenarios, the rankings shift once FX enters the picture. Trading 212 goes from cheapest to second cheapest. DEGIRO drops from second to third. IBKR goes from mid-table to first. Saxo stays the most expensive broker in both scenarios. Trade Republic isn’t part of the USD ranking — see the callout above.
| Broker | EUR ETF total | EUR rank | USD ETF total | USD rank |
|---|---|---|---|---|
| Trading 212 | EUR 7.00 | #1 | EUR 22.00 | #2 |
| DEGIRO | EUR 8.00 | #2 | EUR 33.00 | #3 |
| IBKR | EUR 10.00 | #3 | EUR 11.85 | #1 |
| Trade Republic | EUR 11.00 | #4 | n/a — no FX % published | n/a |
| Saxo (Classic) | EUR 13.00 | #5 | EUR 38.00 | #4 |
Why entry costs are less important than you think (mostly)
Before drawing strong conclusions about broker choice from entry costs alone, it is worth putting these numbers in context against the fund’s own TER.
| Cost type | Cost on EUR 10,000 over 10 years | % of initial investment |
|---|---|---|
| ETF TER (0.20%/yr, compounded) | ~EUR 190 | 1.90% |
| Entry cost — IBKR (EUR ETF) | EUR 10.00 | 0.10% |
| Entry cost — Trading 212 (EUR ETF) | EUR 7.00 | 0.07% |
| Entry cost — Saxo (USD ETF) | EUR 38.00 | 0.38% |
- You buy EUR-denominated UCITS ETFs
- You invest infrequently or in large amounts
- You hold for 10+ years (TER dominates)
- You buy USD-denominated ETFs at a high-FX broker
- You invest frequently in small amounts
- You invest large amounts with % commissions
For the typical European long-term investor making monthly purchases of EUR-denominated UCITS ETFs, broker entry cost is not the deciding factor. Platform stability, regulatory standing, fund selection, and annual custody fees matter more. However, for anyone buying USD-listed UCITS ETFs or any non-EUR security, FX fees make IBKR the structurally superior choice by a wide margin.
What this means for each broker
Near-institutional FX rate makes it the clear winner for USD-denominated UCITS ETFs. Commission of 0.05% (min EUR 1.25) is mid-table — not the cheapest for small EUR ETF purchases but competitive across all position sizes. No custody fee. Regulated by multiple EU authorities via IBKR Ireland.
Following its October 2025 fee restructure, standard Xetra trades cost EUR 3.00 total (EUR 2.00 transaction plus EUR 1.00 handling) — still efficient for EUR ETF purchases at the EUR 10k level. Its Core Selection tier now drops to EUR 1.00 total, but only on Tradegate listings. The 0.25% Auto FX fee is on par with Saxo and noticeably higher than IBKR, so DEGIRO is a weaker pick for USD-denominated purchases. Note a separate EUR 2.50/year per-exchange connectivity fee applies outside the entry-cost scope of this study. Operated by flatexDEGIRO Bank SE (BaFin-regulated), with its Dutch branch supervised by AFM/DNB.
Zero commission is genuinely zero on ETF purchases. Its 0.15% FX fee is more than IBKR but less than DEGIRO or Saxo. The slightly wider bid-ask spread on its OTC model partially offsets the zero commission. A strong choice for investors exclusively buying EUR-denominated UCITS ETFs, especially for smaller and fractional share purchases.
Since its move away from PFOF, Trade Republic runs on a “Best Price” model by default (EUR 1.00 per trade, scanning 30 exchanges) with an optional “Direct Price” mode (EUR 2.00) for choosing the execution venue directly. It no longer publishes a stated FX percentage — conversion for non-EUR trades is embedded in spreads rather than a named rate, and no independent data on that spread exists yet. EUR-focused investors buying UCITS ETFs on XETRA are unaffected either way; anyone converting currency should wait for clearer published data before assuming a cost.
Classic account charges 0.08% commission (minimum varies by exchange — roughly EUR 2 on Euronext, EUR 3 on Xetra) and a 0.25% FX fee — the most expensive broker in this comparison across both scenarios. Custody fees have been removed across Saxo’s core EU markets, which helps holding costs but doesn’t change this entry-cost picture. Saxo’s Platinum and VIP tiers offer lower rates for larger portfolios. At the EUR 10,000 level on Classic tier, the cost premium over IBKR or Trading 212 is not justified for the typical passive ETF investor.
Open an account with the right broker for your ETF strategy
For regular EUR-denominated UCITS ETF purchases, Trading 212 or DEGIRO are strong low-cost options. If you buy USD-listed securities or want institutional-grade FX rates, IBKR is the clear structural choice — its FX advantage alone often recovers the cost difference within a single trade.
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Frequently asked questions
Which broker is cheapest for buying UCITS ETFs in Europe?
For a EUR-denominated ETF (no currency conversion needed), Trading 212 has the lowest total entry cost at EUR 7.00 on a EUR 10,000 purchase. For a USD-denominated ETF requiring FX conversion, IBKR is the clear winner at EUR 11.85 total, against EUR 38.00 at Saxo, the most expensive of the four brokers with a published FX rate. Trade Republic’s new Best Price model does not publish a stated FX percentage, so it is not included in this direct USD comparison. The answer depends entirely on whether you need currency conversion.
What is the FX cost when buying a USD ETF in Europe?
On a EUR 10,000 purchase: IBKR charges approximately EUR 1.85 (0.002% plus a $2 minimum), Trading 212 charges EUR 15 (0.15%), and DEGIRO and Saxo each charge EUR 25 (0.25%). Trade Republic does not publish an FX percentage under its new Best Price model — conversion costs are embedded in spreads rather than charged as a stated rate. This variable alone can turn a zero-commission broker into one of the most expensive options for USD ETF purchases.
Does the bid-ask spread count as a cost when buying ETFs?
Yes. The bid-ask spread is a real transaction cost that does not appear on fee statements. It represents the difference between the price at which market makers sell ETF units and the price at which they buy them back. For liquid UCITS ETFs on major European exchanges it is typically 0.05% to 0.10% of trade value — on a EUR 10,000 purchase that is EUR 5 to EUR 10, often more than the headline commission itself.
Is it better to buy EUR-denominated or USD-denominated UCITS ETFs?
For investors at brokers with high FX fees (above 0.2%), buying the EUR-denominated listing of the same UCITS ETF eliminates the currency conversion cost entirely. The underlying fund holds the same assets regardless of the listing currency — currency denomination is a convenience choice, not a return driver. IBKR users with its near-zero FX rate can comfortably buy USD-listed UCITS ETFs without a meaningful cost penalty.
Does Trade Republic charge a currency conversion fee?
Trade Republic no longer publishes a stated FX percentage. Since its shift to the Best Price execution model in mid-2026, currency conversion for non-EUR trades is embedded in spreads via external reference rates rather than charged as a named rate. Most Trade Republic users buy EUR-denominated UCITS ETFs on XETRA and never encounter this cost. No independent data on execution quality or effective spread exists yet for the new model, since it has only been in place for a few weeks.
How does IBKR’s FX cost compare to other European brokers?
IBKR’s FX conversion rate of 0.002% (minimum $2) is close to institutional level and far below other mainstream European retail brokers. On a EUR 10,000 EUR/USD conversion, IBKR charges approximately EUR 1.85 versus EUR 15 at Trading 212 and EUR 25 each at DEGIRO and Saxo. Trade Republic does not publish a comparable FX percentage under its current execution model. For investors who regularly buy USD-denominated securities, IBKR’s FX advantage alone often justifies the choice of broker.
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.
Fee data sourced from public broker pricing pages, July 2026. Bid-ask spread estimates use observed typical spreads for liquid UCITS ETFs on major European exchanges. Figures represent one-way entry cost only, not round-trip, and exclude ongoing account fees such as DEGIRO’s EUR 2.50/year per-exchange connectivity fee. This study is for educational purposes only.