Best Broker for French Investors (2026): PEA, IFU and CTO
This guide ranks brokers for French tax residents on two questions: does the broker offer a PEA, and how does it deliver the IFU? Commission comes second, and the comparison table shows it for each broker.
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.
Five brokers, ranked on the PEA and the IFU
The order below follows PEA availability first and IFU delivery second. Commission figures sit inside each card and in the comparison table.
Saxo Banque
Saxo is the only broker on this page offering PEA Classique, PEA-PME and PEA Jeune. Its IFU is generated automatically across the CTO, PEA and PEA-PME. Saxo Banque is the French branch of Saxo Bank A/S.
Euronext equity and ETF orders cost 0.08% on the Classic tier, 0.05% on Platinum and 0.03% on VIP, each with a minimum of €2 per order. Inside a PEA or PEA-PME, a regulatory ceiling of 0.5% of the order value applies to orders placed online, and 1.2% to orders transmitted by any other means.
Costs to know: Custody is €0 except for unlisted securities in a PEA, which carry 0.4% of plan value + €25 per line per year. Moving a PEA or PEA-PME out of Saxo costs €15 per line, up to a maximum of €150.
Trade Republic
Trade Republic has offered a PEA in France since January 2025, including PEA Jeune. It provides a French-compliant tax report. Incoming PEA transfers are accepted at €0 on Trade Republic’s side.
Costs to know: Trade Republic’s German pricing charges a €1.00 settlement fee per trade, and choosing an exchange with Direct Price costs €2.00 per trade. Trade Republic Bank GmbH is a CRR credit institution supervised by BaFin.
Interactive Brokers
Interactive Brokers Ireland offers PEA accounts for French tax residents. The PEA Classique has been available since July 2024, with the PEA and a CTO in one account. An IFU is issued for the PEA.
Costs to know: On Euronext Paris, Fixed pricing is 0.05% of trade value with a €3 minimum. ETF orders on Euronext also carry a €0.75 per-execution exchange fee. IBKR states that it charges no custody fees and that custody fees may be charged by third parties.
XTB
XTB launched its PEA in 2025. XTB does not accept adults still attached to their parents’ tax household. Incoming PEA transfers are not yet available. XTB’s guide says it issues an IFU when a PEA withdrawal creates taxable gains.
The PEA carries no opening, account-keeping, custody, inactivity or closing fee. XTB’s PEA FAQ lists 1,250+ eligible shares and 185 eligible ETFs. The PEA cash account earns no interest. Funding takes two steps: fund the main XTB account, then transfer internally to the PEA cash account.
Costs to know: On the standard account, commission is 0% up to €100,000 of cumulative turnover in a calendar month, then 0.2%, minimum €10. XTB serves France through the French branch of XTB S.A., controlled by the AMF.
DEGIRO
DEGIRO does not offer a PEA in France and holds a CTO only. DEGIRO issues an annual statement for tax purposes, available in the platform under Documents. DEGIRO describes itself as an execution-only broker.
Costs to know: Euronext Paris stock orders cost €1.00 commission plus the €1.00 handling fee. ETFs outside the Core Selection cost €2.00 + €1.00 handling = €3.00. Core Selection products, all ETFs, ETCs and ETNs listed on Tradegate Exchange, cost €1 per transaction. Currency or external product and spread costs may apply.
PEA, tax document and order cost
The order-cost column prices one Euronext Paris ETF order on a standard account (CTO).
| Broker | PEA | Tax document | Euronext Paris ETF order (CTO) |
|---|---|---|---|
| Saxo Banque | PEA Classique, PEA-PME, PEA Jeune | IFU, generated automatically | 0.08% (min. €2), Classic tier |
| Trade Republic | PEA since January 2025, PEA Jeune | French-compliant tax report | €1.00 settlement fee per trade (German pricing) |
| Interactive Brokers | PEA Classique since July 2024 | IFU for the PEA | 0.05% (min. €3), Fixed pricing, plus €0.75 Euronext ETF exchange fee |
| XTB | PEA launched in 2025 | IFU when a PEA withdrawal creates taxable gains | 0% up to €100,000 a month, then 0.2% (min. €10) |
| DEGIRO | CTO only | Annual statement for tax purposes | €2.00 + €1.00 handling = €3.00 |
Sources: Saxo Tarifs 2026, applicable from 5 May 2026. Trade Republic German web pricing box, read 24 September 2026. Interactive Brokers European commissions page, read 5 August 2026. XTB pricing pages, read September 2026. DEGIRO Grille Tarifaire, tarifs au 1 January 2026. PEA and tax-document columns: our French country research of 23 August 2026 and the same files.
Saxo’s PEPS savings plan is not a PEA
Saxo’s recurring-investment product sits outside the PEA, and some of its fund names suggest otherwise.
How the Plan Épargne Programmé Saxo works
PEPS has a €0 purchase commission, no monthly fee, no minimum deposit and no minimum or maximum monthly amount. It executes on the 5th of each month, or the next banking day if that falls on a weekend or holiday. Each sub-account holds up to 10 instruments, with up to 10 sub-accounts.
An insufficient balance skips the whole cycle rather than investing partially. Disposals flow into the IFU.
PFU, PEA and form 3916 after the 2026 changes
The wrapper decides the tax rate more than the broker does.
CTO: the PFU
From 1 January 2026, the PFU on a CTO is 31.4%: 12.8% income tax plus 18.6% social charges. The CSG on capital income rose from 9.2% to 10.6% under the LFSS 2026.
PEA: income tax exempt, social charges due
After 5 years, PEA gains are exempt from income tax and only the 18.6% social charges are due. The rate applied is the one in force at the date of withdrawal, on all gains including those accrued before 2026. Before 5 years, a withdrawal generally closes the plan and the gain is taxed at 12.8% income tax plus 18.6% social charges, with exceptions.
Inside the plan, dividends and trades are untaxed while no withdrawal is made. Contributions are capped at €150,000; growth is uncapped.
Form 3916: declaring accounts abroad
Form 3916 / 3916-bis penalties are €1,500 per undeclared account, or €750 where the account is under €50,000. Foreign income is declared on form 2047.
Sources disagree on Trade Republic: one source claims French clients have been exempt from form 3916-bis since 2025 via EU passporting, while others still treat foreign brokers as 3916 territory. Confirm the requirement for each account with the French tax administration before filing.
Other brokers French investors ask about
No PEA: Trading 212, Scalable Capital, Lightyear, eToro
Trading 212, Scalable Capital, Lightyear and eToro do not offer a PEA. Trading 212’s EU entity serves France and the French overseas departments: French Guiana, Guadeloupe, Martinique, Mayotte and Réunion.
French brokers: BoursoBank, Fortuneo, Bourse Direct
BoursoBank, Fortuneo and Bourse Direct are French brokers that offer a PEA. They are not affiliates of this site and are not priced on this page.
Compare the PEA terms before you open an account
Fees and PEA conditions change. Check each broker’s current terms on its own site before opening or funding an account. This is not investment advice. Investing involves risk of loss.
Go deeper
Frequently asked questions
Which brokers offer a PEA in France?
Saxo Banque, Trade Republic and Interactive Brokers offer a PEA, as do the French brokers BoursoBank, Fortuneo and Bourse Direct. XTB launched its PEA in 2025. DEGIRO does not offer a PEA in France and holds a CTO only.
What is the PFU rate in France in 2026?
From 1 January 2026, the PFU on a CTO is 31.4%: 12.8% income tax plus 18.6% social charges. The CSG on capital income rose from 9.2% to 10.6% under the LFSS 2026.
How are PEA gains taxed after five years?
After 5 years, PEA gains are exempt from income tax and only the 18.6% social charges are due. The rate applied is the one in force at the date of withdrawal, on all gains including those accrued before 2026. Before 5 years, a withdrawal generally closes the plan and the gain is taxed at 12.8% income tax plus 18.6% social charges, with exceptions.
Which brokers provide an IFU in France?
Saxo generates the IFU automatically across the CTO, PEA and PEA-PME. Interactive Brokers issues an IFU for the PEA. XTB’s guide says it issues an IFU when a PEA withdrawal creates taxable gains. Trade Republic provides a French-compliant tax report. DEGIRO issues an annual statement for tax purposes, available in the platform under Documents.
Can I use Saxo’s PEPS savings plan inside a PEA?
No. The Plan Épargne Programmé Saxo is not available inside a PEA, even though six of its twenty eligible ETFs carry PEA in the fund name. PEPS has a €0 purchase commission and executes on the 5th of each month.
Can I transfer an existing PEA to XTB or Trade Republic?
XTB does not yet accept incoming PEA transfers. Trade Republic accepts incoming PEA transfers at €0 on its side.
What is the penalty for not declaring a foreign account on form 3916?
Form 3916 / 3916-bis penalties are €1,500 per undeclared account, or €750 where the account is under €50,000. Foreign income is declared on form 2047.
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.