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.
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) |
| 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, est.) |
| Annual custody fee | 0% | 0% |
| Platform fee | €0 | €0 |
| Savings plan / recurring buy | Yes — Repeat Purchases (€0) | Yes — Sparplan (€0) |
| Fractional shares | US stocks only | Stocks and ETFs (from €1) |
| Minimum deposit | €1 | €1 |
| UCITS ETF catalogue | 400+ | 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.
- Fractional shares: US stocks only, from €1.
- ETFs (Sparplan): €0 commission for savings plan executions.
- ETFs (manual): €1 external settlement fee per trade.
- Stocks: €1 per trade (EU and US).
- FX: Not separately charged. Embedded in Lang and Schwarz spread. Estimated 0.5–1.0% for cross-currency assets.
- Custody / platform: €0.
- Fractional shares: Stocks and ETFs from €1 via market orders on LSX.
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 routes cross-currency orders through the Lang and Schwarz exchange — FX conversion is embedded in the 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. 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: 400+ (dynamic count; 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 ETFs: Not available for ETFs — full shares only.
- 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, monthly, quarterly. Min €1/contribution.
- Fractional ETFs: Yes, via savings plans and market orders on LSX. 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 400+ covers 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 and country of residence — check current rates directly 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, tracks the ECB deposit facility rate. Check current rate on Trade Republic — rates differ by 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 | 25 EU countries + UK | 17 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 | In-app live chat + email | 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 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.
- Those who prioritise a responsive human support channel via live chat.
- 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.
- Those who want fractional ETF investing without a savings plan restriction.
- 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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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 per manual trade on Trade Republic), 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 Lang and Schwarz exchange spread, which independent sources estimate at roughly 0.5% to 1.0% for cross-currency assets. 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 — the €1 settlement fee applies only to manual trades. Lightyear’s Repeat Purchases feature is also commission-free for ETFs. The key difference is frequency and fractional access: Trade Republic savings plans run weekly, bi-weekly, monthly, or quarterly and support fractional ETF investing. Lightyear’s Repeat Purchases run weekly, bi-weekly, or monthly, but ETFs must be purchased in full shares. 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 17 EU markets only: Austria, Belgium, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, 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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