Lightyear vs Trade Republic (2026):
Full Comparison for EU Investors
Both are low-cost neobrokers with free ETF savings plans and cash interest. The decision comes down to three things: how often you trade manually, whether you invest across currencies, and how much ETF choice matters. Trade Republic wins on catalogue size and EUR-native automation. Lightyear wins on FX transparency, always-free ETF trades, and multi-currency flexibility.
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.
Side-by-side at a glance
Key numbers before the detail. All fees sourced from official broker documentation — updated 2026.
| Feature | Lightyear | Trade Republic |
|---|---|---|
| ETF commission | €0 always | €0 (Sparplan) / €1 (manual, Best Price) / €2 (Direct Price) |
| Stock commission (EU) | €1 per trade | €1 per trade |
| Stock commission (US) | 0.1% (min $0.10, max $1) | €1 per trade |
| FX markup | 0.35% (published) | ~0.5–1.0% (embedded in execution spread, est.) |
| Annual custody fee | 0% | 0% |
| Platform fee | €0 | €0 |
| Savings plan / recurring buy | Yes — Repeat Purchases (€0) | Yes — Sparplan (€0) |
| Fractional shares | Yes (stocks and ETFs) | Stocks and ETFs (from €1) |
| Minimum deposit | €1 | €1 |
| UCITS ETF catalogue | ~360 funds | 2,400+ |
| Multi-currency cash | Yes (EUR, GBP, USD) | No (EUR only) |
| Cash interest | Yes (rate varies by currency) | Yes (EUR, variable) |
| UK ISA / SIPP | Yes (ISA available) | No |
| Business accounts | Yes | No |
| Crypto | EU only (not UK) | Yes (most EU countries) |
| Regulated by | Finantsinspektsioon (EU) / FCA (UK) | BaFin + Deutsche Bundesbank |
| Cash protection | €20,000 (EU) / £85,000 (UK FSCS) | €100,000 (German deposit guarantee) |
| Available in UK | Yes | No |
What you actually pay on each broker
The headline numbers look similar. The differences appear in how you invest — manual vs automated, EUR-only vs multi-currency.
- ETFs: Always €0. No conditions, no savings-plan requirement.
- EU stocks: €1 per trade.
- US stocks: 0.1% per trade (min $0.10, max $1).
- FX markup: 0.35% on EU accounts — published and flat.
- Custody / platform: €0.
- Card deposits: 0.6% fee — always use bank transfer.
- Fractional shares: Stocks and ETFs, from €1.
- ETFs (Sparplan): €0 commission for savings plan executions.
- ETFs (manual): €1 per trade under Best Price (default execution), or €2 under Direct Price if you choose the venue.
- Stocks: €1 per trade (EU and US).
- FX: Not separately charged. Embedded in the Best Price/Direct Price execution spread. Estimated 0.5–1.0% for cross-currency assets.
- Custody / platform: €0.
- Card deposits: First deposit free; subsequent card, Apple Pay, and Google Pay deposits: 0.7% fee.
- Fractional shares: Stocks and ETFs from €1 via Best Price execution.
Break-even: when does Trade Republic’s €1 ETF fee matter?
Lightyear charges €0 for all ETF trades, always. Trade Republic charges €1 per manual ETF trade — savings plans are free. The maths is straightforward: if you make 12 manual ETF purchases per year on Trade Republic, you pay €12 you would not pay on Lightyear. At 24 trades per year, that is €24. This gap only matters for investors who trade manually and infrequently — for Sparplan-only investors, both platforms are equal on ETF commission.
| Manual ETF trades / year | Lightyear cost | Trade Republic cost | Lightyear saving |
|---|---|---|---|
| 6 | €0 | €6 | €6 |
| 12 | €0 | €12 | €12 |
| 24 | €0 | €24 | €24 |
The FX gap: where Lightyear has a structural advantage
For EUR-denominated UCITS ETFs on European exchanges, neither broker applies a visible FX charge. The difference emerges when you buy USD-priced assets or when your strategy spans currencies.
Lightyear publishes a flat 0.35% FX markup for EU accounts. Trade Republic executes cross-currency orders under its Best Price model (default) or Direct Price (choose the venue, 30 exchanges available) — this replaced the Lang and Schwarz PFOF arrangement after the EU-wide PFOF ban took effect on 30 June 2026. FX conversion is embedded in the execution spread and not disclosed as a percentage. Third-party estimates place the effective FX cost at 0.5% to 1.0% for cross-currency assets, though no independent execution-quality data exists yet for the new model. This matters most for investors buying US-listed stocks, non-EUR bonds, or holding cash across multiple currencies.
| Amount converted | Lightyear (0.35%) | Trade Republic (est. 0.5%) | Trade Republic (est. 1.0%) |
|---|---|---|---|
| €1,000 | €3.50 | €5.00 | €10.00 |
| €5,000 | €17.50 | €25.00 | €50.00 |
| €10,000 | €35.00 | €50.00 | €100.00 |
Assuming 60 monthly contributions of €500 each with FX applied on each purchase:
- Lightyear (0.35%): €1.75/month — €105 total in FX over 5 years.
- Trade Republic (est. 0.5%): €2.50/month — €150 total in FX over 5 years.
- Trade Republic (est. 1.0%): €5.00/month — €300 total in FX over 5 years.
- Lightyear saving vs conservative TR estimate: €45 to €195 over 5 years.
ETF catalogue, savings plans, and recurring investing
This is the biggest structural difference between the two platforms.
- UCITS ETF count: ~360 funds (smaller catalogue than Trade Republic).
- ETF commission: €0, always — no savings-plan requirement.
- Recurring investing: Repeat Purchases — weekly, bi-weekly, monthly. Min €1/contribution.
- Fractional shares: Yes — stocks and ETFs.
- ETF research: Fundamentals, analyst ratings, news, earnings access.
- UCITS ETF count: 2,400+ — the largest catalogue of the two.
- ETF commission (Sparplan): €0 — zero commission on all savings plan executions.
- ETF commission (manual): €1 per trade.
- Recurring investing: Sparplan — weekly, bi-weekly, or monthly. Min €1/contribution.
- Fractional ETFs: Yes, via savings plans and Best Price manual execution. From €1.
- ETF research: Basic — buy/sell/hold consensus, analyst price targets, dividend data.
If you need a niche UCITS ETF — sector, factor, emerging markets, bond ladder, or a specific regional exposure — Trade Republic’s 2,400+ catalogue is the decisive advantage. Lightyear’s ~360 funds cover the most widely used world, regional, and bond ETFs but will not have everything. For mainstream passive portfolios built around VWCE, IWDA, FWRA, or AGGH equivalents, both catalogues are sufficient.
Interest on uninvested cash
Both brokers pay interest on cash held in the account. The key difference is currency flexibility.
- Currencies: EUR, GBP, and USD simultaneously.
- Rate: Variable by currency — approximately 1.97% APY (EUR), 3.77% APY (GBP), 3.63% APY (USD) as of June 2026. Always verify current rates on Lightyear.
- How paid: Accrued daily, paid monthly on the first business day.
- Cap: No maximum cash limit on interest earnings.
- How held: Qualifying Money Market Funds or omnibus bank accounts.
- Currency: EUR only.
- Rate: Variable, ECB-linked and country-specific — Germany 2.25% p.a., most other EU markets ~3%+ p.a. (Spain and Luxembourg 3%+), as of July 2026. Always verify on Trade Republic’s pricing page for your country.
- How paid: Calculated daily, paid monthly.
- Cap: Unlimited on cash held with the Trade Republic IBAN. Up to €50,000 for non-Trade Republic IBAN users.
- How held: Distributed across partner banks (Citibank Europe, Deutsche Bank, J.P. Morgan SE).
How your money is protected
Both platforms segregate client securities from company assets. The key difference is the cash protection ceiling and the regulatory licence type.
- EU entity: Lightyear Europe AS — regulated by the Estonian Financial Supervision Authority (Finantsinspektsioon). Licence 4.1-1/31.
- UK entity: Lightyear Financial Ltd — authorised and regulated by the FCA (FRN 987226).
- Investor protection (EU): Up to €20,000 under the Estonian Tagatisfond.
- Investor protection (UK): Up to £85,000 via the FSCS.
- Securities: Held in segregated client accounts with partner custodians including Interactive Brokers and BlackRock MMFs.
- Licence type: Investment firm (not a bank).
- Entity: Trade Republic Bank GmbH — full CRR credit institution.
- Regulators: BaFin and Deutsche Bundesbank (Germany). French branch under ACPR/AMF.
- Cash protection: Up to €100,000 per escrow bank under the German deposit guarantee scheme (EdB).
- Securities protection: Up to 90% of claims, max €20,000 under the EdW scheme.
- Securities: Physically segregated from company assets, held in omnibus accounts with custodian partners including HSBC Germany.
- Licence type: Full banking licence.
Account types, availability, and practical details
| Feature | Lightyear | Trade Republic |
|---|---|---|
| Account types | Personal, Business, UK ISA | Retail custody account only |
| Joint accounts | No | No |
| Demo account | No | No |
| EU availability | 24 EU countries + UK (25 total) | 18 EU countries (no UK) |
| Crypto | EU only (not UK) | Most EU countries (varies) |
| CFDs / options | No | No (derivatives and warrants via partner issuers) |
| Debit card | No | Yes — Trade Republic Visa with Saveback |
| Customer support | Email + in-app help centre (no live chat) | In-app live chat + phone (24/7) |
| Platform | App (iOS/Android) + web | App (iOS/Android) + web |
Who each broker actually fits
- Investors who buy ETFs manually rather than exclusively via savings plans — €0 per trade versus €1 (Best Price) or €2 (Direct Price) on Trade Republic.
- Anyone regularly converting between EUR, GBP, and USD who wants a published, transparent FX rate.
- UK investors — Lightyear is the only option here; Trade Republic is not available in the UK.
- Investors who need a business account.
- Investors who value direct-to-exchange order routing — Trade Republic’s own PFOF/Lang and Schwarz model ended 30 June 2026 under the EU-wide PFOF ban, replaced by its own Best Price/Direct Price execution.
- Investors who want the broadest UCITS ETF catalogue — 2,400+ versus Lightyear’s 400+.
- EUR-only passive investors using automated Sparplans with no need for cross-currency investing.
- Investors who want an integrated debit card and personal IBAN alongside their brokerage — Lightyear has no equivalent.
- Investors who want a banking-grade deposit guarantee — €100,000 cash protection versus Lightyear’s €20,000 (EU).
- Anyone who wants an integrated debit card with automatic Saveback investing on every purchase.
If you are a EUR-only investor running a simple three-ETF portfolio via monthly savings plans, both platforms deliver nearly identical outcomes. The fee difference per year will likely be under €20. In that case, decide on secondary factors: Trade Republic if you want fractional ETF investing, a broader catalogue, or the debit card. Lightyear if you prefer always-free manual trades, a more transparent FX rate, or you need a business account. Pick the platform that keeps you consistent. Consistent beats optimised.
Ready to start investing?
Both brokers have a €1 minimum deposit and no custody or platform fee. Account opening takes under 10 minutes on either platform.
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Related guides and comparisons
Lightyear vs Trade Republic — common questions
Is Trade Republic or Lightyear better for EU ETF investing?
Trade Republic is stronger if you want a large UCITS ETF catalogue (2,400+ ETFs), automated Sparplan investing at zero commission, and integrated cash interest on EUR. Lightyear is stronger if you buy ETFs manually across currencies — ETF trades are always free (versus €1 under Trade Republic’s default Best Price execution, or €2 under Direct Price), FX markup is a published 0.35%, and multi-currency cash lets you hold EUR, GBP, and USD simultaneously. For passive EUR-only ETF investors using savings plans, Trade Republic is hard to beat. For active manual buyers or multi-currency investors, Lightyear has a structural cost advantage.
Which broker has lower FX costs — Lightyear or Trade Republic?
Lightyear publishes its FX markup at 0.35% for EU accounts. Trade Republic does not publish a clean FX rate — currency conversion is embedded in the execution spread under its Best Price/Direct Price model, which replaced the Lang and Schwarz PFOF arrangement after the EU-wide PFOF ban took effect on 30 June 2026. Independent sources estimate the effective FX cost at roughly 0.5% to 1.0% for cross-currency assets, though no independent execution-quality data exists yet for the new model. On €10,000 converted, Lightyear costs approximately €35 versus €50 to €100 at Trade Republic. If you regularly buy USD-priced assets or hold multi-currency cash, the difference compounds meaningfully over time. For EUR-denominated UCITS ETFs on European exchanges, the FX cost on both platforms is effectively zero.
Are savings plans free on both Lightyear and Trade Republic?
Trade Republic Sparplans execute at €0 commission — manual trades cost €1 under the default Best Price execution, or €2 under Direct Price. Lightyear’s Repeat Purchases feature is also commission-free for ETFs. Both platforms support weekly, bi-weekly, or monthly frequency. The key difference is fractional access: Trade Republic supports fractional ETF investing via savings plans and Best Price manual execution from €1. Lightyear now also supports fractional investing on both stocks and ETFs. Both support a €1 minimum contribution.
Is my money safer with Trade Republic or Lightyear?
Trade Republic Bank GmbH holds a full German banking licence regulated by BaFin and Deutsche Bundesbank. Cash deposits are protected up to €100,000 per escrow bank under the German deposit guarantee. Securities are protected up to 90% of claims (max €20,000) under the EdW scheme. Lightyear Europe AS is an investment firm regulated by the Estonian Financial Supervision Authority — EU investor protection applies up to €20,000 under the Tagatisfond. UK clients of Lightyear Financial Ltd are covered up to £85,000 by the FSCS. Trade Republic’s banking licence gives it a stronger cash protection ceiling for EUR deposits. Both segregate client securities from company assets.
Can UK investors use Trade Republic?
No. Trade Republic is not available to UK residents. It operates in 18 EU markets: Austria, Belgium, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Poland, Portugal, Slovakia, Slovenia, and Spain. UK investors should use Lightyear, which offers a Stocks and Shares ISA, a Cash ISA, and a fully FCA-regulated account under Lightyear Financial Ltd (FRN 987226).
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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.