Trade Republic vs Trading 212 (2026):
Which is better for European investors?
Both target the same investor: cost-conscious Europeans who want commission-free ETFs, automated savings plans, and interest on idle cash. The differences lie in the details — FX fees, regulation, cash interest, and where each broker quietly charges more.
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TL;DR
Best for EUR-first investors
- BaFin-regulated, €100k deposit protection
- No FX fee on EUR-denominated ETFs
- ~3.75% interest on uninvested cash
- Free savings plans from €1
- 1% cashback debit card
Best for flexibility & stock range
- CySEC (EU) + FCA (UK) regulation
- Zero commission, 0.15% FX on conversion
- 10,000+ stocks & ETFs
- Pies / Auto Invest for multi-fund allocation
- UK Stocks & Shares ISA available
Side-by-side breakdown
The features that matter most to European ETF investors, in one table.
| Feature | Trade Republic | Trading 212 |
|---|---|---|
| Regulation | BaFin (Germany) | CySEC (EU) · FCA (UK) |
| Deposit protection | €100,000 | €20,000 EU · £85,000 UK |
| Trading commissions | €0 + €1 settlement fee | €0 |
| FX conversion fee | None on EUR ETFs | 0.15% |
| Savings plans | Free · from €1 · no €1 fee | Free · from €1 (Pies) |
| Interest on EUR cash | ~3.75% p.a. | ~3.5–3.7% p.a. |
| Fractional shares | Yes | Yes |
| ETFs available | ~2,500+ UCITS | ~2,000+ UCITS |
| Stocks available | ~8,000+ | ~10,000+ |
| Minimum deposit | €1 | €1 |
| Debit card | Yes (1% cashback) | No |
| ISA wrapper | No | UK only |
| Web platform | Basic | Full-featured |
| Countries | 17 EU countries | EU + UK + others |
Rates and fees correct as of March 2026. Always verify on each broker’s website before opening an account.
Where each broker actually charges you
“Commission-free” doesn’t tell the whole story. Here’s where the real costs sit for each platform.
€1 flat fee per manual trade — a settlement cost, not a commission. It scales in your favour on larger orders (€1 on a €5,000 buy = 0.02%) but hurts on very small trades. Savings plan orders are exempt.
No platform fee, no custody fee, no inactivity fee.
Zero commission, no €1 fee. A 0.15% FX conversion charge applies when you buy assets in a different currency from your account. For EUR investors buying EUR-denominated UCITS ETFs, this fee won’t apply in practice.
No platform fee, no custody fee, no inactivity fee.
See the full breakdown: Trade Republic pricing · Trading 212 pricing
Savings plans: automated investing for long-term builders
This is where both brokers genuinely shine — and where European investors have historically been underserved by traditional platforms.
- Free — €1 settlement fee does not apply.
- Weekly, bi-weekly, or monthly frequency.
- Fractional execution so every euro is invested.
- Simple to set up, easy to pause or change.
- Best for: one-fund investors who want zero friction.
- Free — zero commission on Auto Invest orders.
- Slice-based: split contributions across multiple ETFs by %.
- Auto-rebalance option built in.
- Fractional execution on all positions.
- Best for: investors who want to maintain a target allocation across 3–5 funds.
Interest on uninvested cash
Both brokers pay interest on cash sitting in your account — a meaningful differentiator from traditional platforms that leave idle money earning nothing.
p.a. on EUR balances up to €50,000. Interest paid daily. Rate tracks the ECB deposit rate and adjusts accordingly.
p.a. on EUR cash (varies by account type). Rates updated regularly. Check the current rate before depositing.
UCITS ETF access for European investors
As a European investor, you need UCITS-compliant ETFs — US-domiciled tickers like VOO or SPY are off-limits under PRIIPs/MiFID II rules. Both brokers are built around UCITS from the ground up.
The bread-and-butter funds — iShares MSCI World, Vanguard FTSE All-World, Xtrackers S&P 500, Amundi MSCI Emerging Markets — are on both platforms. If you’re building a standard two- or three-fund portfolio, either broker covers you completely. Trade Republic lists ~2,500+ UCITS ETFs; Trading 212 has a comparable range with a higher total instrument count due to more individual stock listings.
Where Trading 212 has an edge: wider stock universe and a more complete web research platform. Where Trade Republic has an edge: slightly deeper UCITS ETF catalogue and simpler filtering for savings plan ETFs.
FX: what happens when currencies don’t match
FX costs are one of the most overlooked long-term drags. For most EU investors buying EUR-denominated UCITS ETFs, this is a non-issue on both brokers — but it’s worth understanding when it does apply.
| Scenario | Trade Republic | Trading 212 |
|---|---|---|
| Buy EUR-denominated UCITS ETF | €1 flat, no FX fee | €0, no FX fee |
| Buy USD-listed stock | Spread applies | 0.15% FX conversion |
| Buy GBP-denominated ETF | Spread applies | 0.15% FX conversion |
| Regular savings plan (EUR ETFs) | Free, no FX fee | Free, no FX fee |
For a full analysis of how FX drag compounds over time, see the FX drag on European investor returns study.
Regulation and deposit protection
Both brokers are regulated and hold client securities in segregated accounts — your ETF holdings sit in your name, separate from the broker’s own assets.
- Regulated by BaFin — Germany’s top-tier financial regulator.
- Client securities held in segregated accounts at HSBC Germany.
- Cash deposit protection: €100,000 per client via the German Investor Compensation Scheme.
- EU entity regulated by CySEC (Cyprus); UK entity regulated by FCA.
- Client assets held separately from the company’s own funds.
- EU cash protection: €20,000 per client · UK: £85,000 FSCS.
Who should choose which broker?
- You want BaFin regulation and €100k deposit protection.
- You invest primarily via savings plans (no €1 fee).
- You want an integrated cashback debit card.
- You prefer a focused, clean app with minimal noise.
- You’re in Germany, France, Italy, Spain, or another supported EU country.
- You want a wider stock universe alongside ETFs.
- You use or want a UK Stocks & Shares ISA wrapper.
- You want Pies for automatic multi-fund allocation.
- You prefer a full web platform alongside mobile.
- You make larger one-off trades where the TR €1 fee is irrelevant.
Ready to open an account?
Both brokers open in minutes, fully digital, no minimum deposit. Pick the one that fits your workflow and start a savings plan.
Go deeper
Frequently asked questions
Is Trade Republic or Trading 212 better for European investors?
It depends on your priorities. Trade Republic is better if you want a EUR-native experience with no FX fees and BaFin regulation with higher deposit protection (€100k). Trading 212 is stronger if you want a wider stock universe, multi-asset Pies, or a UK ISA wrapper. For pure ETF savings plan investors, both are excellent choices — pick the interface you’ll actually stick with.
Which pays more interest on uninvested cash?
As of early 2026, Trade Republic pays approximately 3.75% p.a. on EUR balances up to €50,000. Trading 212’s EUR rate is in the 3.5–3.7% range. Both adjust in line with the ECB deposit rate, so the gap can shift. Always check the current rate on each broker’s website before making decisions based on cash interest.
Do both brokers offer free savings plans?
Yes. Both Trade Republic (Sparplan) and Trading 212 (Pies / Auto Invest) offer automated recurring investment plans with zero commission and minimum contributions from €1. Importantly, Trade Republic’s €1 settlement fee does not apply to savings plan executions — only to manual one-off trades.
Which broker has lower FX fees for non-EUR ETFs?
For EUR-denominated UCITS ETFs — which covers nearly all popular options — both brokers charge no FX conversion fee. Trade Republic charges a flat €1 settlement per trade (not a currency fee). Trading 212 charges 0.15% on actual currency conversions. For a standard EU index ETF investor, the FX impact on both platforms is minimal to zero.
Are Trade Republic and Trading 212 safe?
Both are regulated with segregated client assets. Trade Republic is BaFin-regulated and offers €100,000 in cash deposit protection. Trading 212’s EU entity is CySEC-regulated with €20,000 investor compensation; its UK entity is FCA-regulated with £85,000 FSCS coverage. Your ETF holdings are held in your name and are not at risk if either broker fails — only uninvested cash up to those limits is insured.
Which broker has more ETFs available?
Trade Republic lists approximately 2,500+ UCITS ETFs; Trading 212 has a comparable range. Both cover all the major index ETFs from iShares, Vanguard, Xtrackers, and Amundi. Trading 212 has a broader total instrument count overall due to more individual stock listings — relevant if you want individual equities alongside your ETF portfolio.
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.