Trade Republic Review (2026):
€1 trades, free savings plans, debit card, and who it fits
Fees verified July 2026 against official pricing pages — see our methodology
Trade Republic is Europe’s largest neobroker by client count — 10 million users, €150 billion in assets, ECB-licensed since 2023. For monthly ETF investors staying in EUR-denominated funds, it is one of the lowest-cost ways to invest in Europe. For investors who need multi-currency accounts, a desktop platform, or broad market access, it runs out of road fast. This review covers what it actually costs, what makes it different from other neobrokers, and when IBKR is the better long-term choice.
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TL;DR
- European investors who want automated savings plans into UCITS ETFs.
- Beginners who need a clean, low-friction mobile experience across 18 EU countries.
- Investors who want cash interest on idle balances without moving to a separate savings account.
- German residents who want automatic Abgeltungsteuer handling with no manual filing on broker gains.
- Anyone who wants a Visa debit card and personal IBAN alongside their brokerage account.
- Investors contributing small regular amounts — free savings plans eliminate the €1 fee entirely.
- FX cost on non-EUR assets is embedded in the Lang & Schwarz spread (~0.5–1%) — not published as a clean percentage, which makes it harder to track.
- No native desktop application — mobile app plus a browser-based web terminal (launched July 2026) with charting and screeners.
- Limited product range: no options, no futures, limited bond depth.
- Best Price orders execute against Trade Republic as counterparty on its own system — choosing a specific exchange (Direct Price) costs €2 per order.
- Portfolio transfer fee of €25 per position line if you ever move to another broker.
- Behavioural risk: the app is designed to encourage engagement, which works against a passive strategy if you check it too often.
- When IBKR wins: multi-currency accounts, lower FX costs at scale, broader market and product access.
Trade Republic at a glance
What Trade Republic actually is
Trade Republic is a Berlin-based neobroker with a German banking licence, operating across 18 EU countries. It is built around one core workflow: set up a savings plan, automate it, leave it alone. Everything else — card, IBAN, cash interest — is built on top of that.
- Securities account: stocks, ETFs, bonds, and crypto ETPs.
- Automated savings plans — free, starting from €1/month.
- Fractional shares from €1 via market orders.
- Cash interest on uninvested balances (ECB-linked, variable).
- Visa debit card + personal IBAN — basic current account functionality.
- Mobile-first: iOS and Android, plus a web terminal with professional charting, screeners, and live market data — no native desktop application.
- Not a full-service broker — limited market and product depth.
- No CFDs, no options, no futures.
- Browser-based web terminal only — no native desktop application.
- Not designed for multi-currency or large-scale portfolio management.
- Best Price orders execute against Trade Republic’s own system by default — venue choice via Direct Price costs €2 per order.
Trade Republic holds a German banking licence and is regulated by BaFin. Securities are held in segregated accounts in your name — covered by the German Investor Compensation Scheme up to €20,000 in cases of fraud or broker insolvency. Cash deposits are separately protected up to €100,000 under the German statutory deposit guarantee. Trade Republic does not engage in securities lending. The banking licence is the same framework as Scalable Capital — both are full banks under BaFin supervision, not just broker wrappers.
What Trade Republic actually costs
The headline is simple: €1 per manual trade, savings plans free. The full cost picture adds FX drag and how the exchange execution structure works — both of which matter more than the €1 for long-term investors.
| Fee type | How it appears | Impact |
|---|---|---|
| Manual trade commission | Free | No per-trade commission charge |
| Trade settlement fee | €1.00 per manual trade (stocks, ETFs, bonds) | Low — irrelevant for buy-and-hold investors |
| Savings plan executions | Free — no per-execution charge | Zero cost for the core automation workflow |
| FX — execution spread (purchases) | Embedded in the execution spread | ~0.5–1% effective drag — not shown as a separate line item |
| FX — income conversion (dividends/proceeds) | Published margin above interbank rate: USD 0.14%, GBP 0.11%, AUD 0.18%, CHF 0.14% | Transparent and competitive for major currencies |
| Cash interest | Paid on uninvested cash up to a threshold (ECB-linked) | Positive — reduces cash drag on idle balances |
| Custody / account fee | €0 | Not an issue |
| Deposit / withdrawal | Free via SEPA | Not an issue |
| Card / digital wallet deposit | First deposit free; subsequent card, Apple Pay, Google Pay deposits: 0.7% fee | Worth knowing if you top up via card rather than bank transfer |
| Portfolio transfer out | €25 per position line + external costs | Lock-in risk — see note below |
| Crypto spread | Embedded in execution spread | Higher effective cost than equity — check before trading crypto |
| Inactivity fee | None | Not an issue |
If you ever want to move your holdings to another broker, Trade Republic charges €25 per position line for outgoing in-kind transfers, plus unspecified external costs. A portfolio with 5 ETFs and 5 stocks could cost over €250 to move out.
Two practical exit options: (1) sell everything on Trade Republic and rebuy at your new broker — transaction costs plus any applicable taxes may be lower than the transfer fee; (2) ask your new broker to cover the transfer cost — some do this to acquire you as a customer. Factor this into your decision before opening an account if you expect to switch brokers within a few years.
Until 30 June 2026, all Trade Republic equity and ETF orders executed on Lang & Schwarz Exchange under a Payment for Order Flow (PFOF) model. The EU-wide PFOF ban ended that arrangement. Trade Republic now runs execution on its own BaFin-authorised infrastructure with two order types.
Best Price (€1, default): orders execute against Trade Republic as counterparty at the best available price from an aggregated order book across relevant liquid exchanges, for any order size. Direct Price (€2): you pick the execution venue yourself from 30 exchanges — including Xetra, Euronext, NYSE, and Nasdaq — with live order book data shown free in the app.
What hasn’t changed: FX conversion for non-EUR assets is still embedded in the execution spread rather than shown as a separate fee, and Best Price orders still execute against a single counterparty — Trade Republic itself — so execution transparency depends on how the aggregated pricing performs in practice. The model is weeks old; independent execution-quality data does not exist yet. For savings plan investors, the practical impact is minimal.
Savings plans: the reason most people should consider Trade Republic
Automated savings plans are Trade Republic’s defining feature. Free, flexible, and available across a wide UCITS ETF catalogue — they turn monthly investing into a zero-friction habit. This is the only workflow that fully eliminates the €1 trade fee.
- Free — no execution fee on any savings plan order.
- From €1 minimum per execution.
- Weekly, biweekly, or monthly frequency.
- Fractional amounts available — invest exactly what you want regardless of share price.
- Set up once, runs automatically until you pause or cancel.
- 1–2 broad UCITS ETFs (e.g. MSCI World, FTSE All-World, or S&P 500 tracker).
- Fixed monthly amount, automated — set and forget.
- No manual intervention between contributions.
- Rebalance once per year at most by adjusting plan amounts.
- Setting up 10+ savings plans across thematic ETFs.
- Adjusting allocations based on market news or short-term performance.
- Monitoring positions daily inside the app.
- Mixing savings plans with active manual trading in the same account.
- Trade Republic: ~1,500+ ETFs on savings plans, weekly/biweekly/monthly.
- Scalable Capital: 2,700+ ETFs, nine execution dates per month.
- Both are free — the difference is catalogue depth and date flexibility.
- For most investors using 1–3 ETFs, either works equally well.
Visa debit card and personal IBAN
Trade Republic goes beyond brokerage. Every account includes a personal IBAN and a Visa debit card — effectively turning it into a basic current account alongside your investments. This is a meaningful differentiator from every other broker on this list.
- Personal IBAN — receive salary, set up direct debits, make transfers like a bank account.
- Visa debit card — spend directly from your Trade Republic balance anywhere Visa is accepted.
- Cash in your account earns interest while sitting idle — even between investments.
- No separate savings account needed to earn yield on cash.
- Roundup feature available — automatically invest spare change from card purchases.
- Saveback: earn up to 1% back on card purchases (capped at €15/month) when you invest at least €50/month via savings plans — credited directly to your savings plan.
- Not a full current account — limited functionality versus a bank like N26 or Revolut.
- No overdraft, no credit features.
- Card spending draws from your broker cash balance — not a separate protected account.
- Not a replacement for a primary bank account for most users.
Interest on uninvested cash
Trade Republic pays interest on uninvested cash — relevant if contributions sit idle between plan executions, or if you hold cash while deciding when to invest.
The rate is ECB-linked, variable, and country-specific. Germany currently pays 2.25% p.a.; most other EU markets pay around 3% p.a. — Spain and Luxembourg show 3%+ on Trade Republic’s official pages as of July 2026. Always verify the current rate on Trade Republic’s pricing page for your country before treating any figure as fixed.
Interest is paid directly on your broker cash balance — no separate product or transfer needed. Cash is covered by the €100,000 German statutory deposit guarantee as a regulated bank deposit. For investors with large cash balances, note that Scalable Capital offers a higher rate and a multi-bank stacking structure — if cash yield is a priority, that is worth comparing directly.
| Broker | Cash rate | Structure | Coverage |
|---|---|---|---|
| Trade Republic | 2–3%+ p.a. (variable, country-specific) | Deposit (single bank) | €100k |
| Scalable Capital | 2%+ p.a. (variable) | Deposit (multi-bank) | €100k × multiple banks |
| Trading 212 | Variable | Money market fund | Not deposit-guaranteed |
| DEGIRO | None | — | €20k investor protection |
Automatic Abgeltungsteuer for German investors
One of Trade Republic’s most practically useful features for German residents — and one that’s rarely mentioned in broker comparisons.
- Trade Republic automatically withholds and remits Abgeltungsteuer (25% capital gains tax) plus the solidarity surcharge directly to the Finanzamt.
- In most standard cases, German investors do not need to declare broker gains separately on their annual tax return.
- Exemption orders (Freistellungsauftrag) up to the €1,000 annual allowance can be submitted directly through the app and are applied automatically.
- Annual tax certificates (Steuerbescheinigungen) are issued — allow extra time during peak tax season.
- Automatic tax handling applies to German tax residents only.
- If you are resident in France, Italy, Spain, the Netherlands, or elsewhere, you are responsible for declaring your own gains under local rules.
- Trade Republic does not currently offer country-specific automated tax handling outside Germany.
- Check the relevant country tax guide: Germany · France · Italy · Spain.
UCITS ETFs and what’s available
EU retail investors must use UCITS-compliant ETFs instead of US-domiciled tickers due to PRIIPs/KID regulations. Trade Republic’s catalogue covers the major indices — that is all most long-term investors need.
- MSCI World, MSCI Emerging Markets, S&P 500, FTSE All-World trackers.
- Accumulating and distributing UCITS ETFs from iShares, Vanguard, Amundi, SPDR, Xtrackers.
- Sector and thematic ETFs.
- A selection of bond ETFs and individual bonds.
- Fractional shares from €1 via market orders.
- Savings plans on 1,500+ ETFs.
- Niche factor or smart-beta ETFs may not be listed.
- Smaller or less-liquid UCITS ETFs are often absent.
- No US-domiciled ETFs (PRIIPs/KID regulatory restriction for EU retail investors).
- Less fixed-income depth than IBKR or DEGIRO for active bond strategies.
- Shallower savings plan catalogue than Scalable Capital (1,500 vs 2,700+).
Where Trade Republic is available
Trade Republic’s pan-European reach is one of its strongest differentiators. With 18 countries, it is one of the most widely available neobrokers in Europe — though specific features such as savings plan depth and cash interest terms can vary by country.
| Country | Broker access | Savings plans | Auto tax handling |
|---|---|---|---|
| 🇩🇪 Germany | Yes — full | Yes | Yes — automatic |
| 🇦🇹 Austria | Yes | Yes | Partial — verify |
| 🇫🇷 France | Yes | Yes | Not automatic |
| 🇮🇹 Italy | Yes | Yes | Not automatic |
| 🇪🇸 Spain | Yes | Yes | Not automatic |
| 🇳🇱 Netherlands | Yes | Yes | Not automatic |
| 🇧🇪 Belgium | Yes | Yes | Not automatic |
| 🇵🇹 Portugal | Yes | Yes | Not automatic |
| Other EU | Many markets — verify | Varies by country | Not automatic |
Trade Republic vs Scalable Capital vs DEGIRO vs IBKR
| Feature | Trade Republic | Scalable Capital | DEGIRO | IBKR |
|---|---|---|---|---|
| ETF trade fee | €1 flat | Free (PRIME ETFs ≥€250) / €0.99 | €1 + handling | €1.25 min (Fixed) |
| ETF savings plans | Free — 1,500+ ETFs | Free — 2,700+ ETFs | Not available | Not available |
| Fractional shares | Yes (from €1) | Via savings plans only | No | Yes (stocks and ETFs) |
| Cash interest | 2–3%+ p.a. (variable, country-specific) | 2%+ p.a. | None | Variable (USD balances) |
| Debit card + IBAN | Yes (Visa) | No | No | No |
| Auto German tax | Yes | Yes | No | No |
| Banking licence | Yes (BaFin) | Yes (BaFin / CRR) | No | No |
| Deposit protection | €100k | €100k per bank (multi-bank) | €20k | SIPC / regulatory coverage |
| FX costs | Embedded in spread (~0.5–1%) | Embedded in spread (not published) | 0.25% AutoFX | ~0.002% — best in class |
| Multi-currency | No (EUR only) | No (EUR only) | No | Yes — best in class |
| Desktop platform | Web terminal (charting, screeners) — no native desktop app | Yes (limited) | Yes | Yes — full platform |
| Exchange access | Best Price (own system) or 30 exchanges via Direct Price (€2) | EIX, gettex, Xetra | 15+ European exchanges | 150+ global exchanges |
| Countries available | 18 European | DE, AT + FR, IT, ES, NL (broker only) | 18+ European | Pan-European, global |
Trade Republic wins on debit card, IBAN, fractional shares, and pan-European reach. Scalable Capital beats it on savings plan catalogue depth, cash interest rate, and exchange flexibility. DEGIRO wins on multi-exchange access but has no savings plans. IBKR wins on FX workflow, multi-currency, and global access — at the cost of complexity. See the full Scalable Capital vs Trade Republic comparison →
Support: in-app chat only, mostly automated
Customer support is one of Trade Republic’s known weaknesses. Worth understanding before you open an account, particularly if you anticipate needing help with account issues or withdrawals.
- In-app chat only — no phone line, no email support.
- First responses are almost entirely automated (bot loops before reaching a human).
- Response times for account issues or withdrawal queries can be slow — days in some reported cases.
- No dedicated account manager at any tier.
- For routine use — savings plans running automatically, dividends arriving, card spending — support is rarely needed.
- The friction shows when something goes wrong: account verification delays, withdrawal holds, or unexpected transaction flags.
- If you expect to need frequent or urgent support, IBKR’s multi-channel support (phone, chat, email) is a meaningful advantage.
Who Trade Republic fits — and who it doesn’t
- European beginners starting with a simple, automated UCITS ETF strategy.
- Investors across 18 countries who want a single platform for savings plans and card spending.
- German residents who want automatic Abgeltungsteuer handling without touching their tax return.
- Anyone who wants fractional shares from €1 alongside free savings plans.
- Investors building small-to-medium portfolios where the €1 flat fee is proportionally low.
- Users who want a Visa debit card and personal IBAN bundled with their brokerage.
- Investors who need a dedicated desktop platform for analysis, portfolio review, or placing larger orders.
- Anyone investing significant amounts in non-EUR assets where embedded FX costs compound at scale.
- Portfolios requiring niche ETFs, options, bonds, or fixed-income depth beyond the core catalogue.
- Investors who will outgrow the platform and face the €25/line switching cost later — IBKR is the safer long-term home.
- Active traders who need exchange choice, limit order complexity, or a full analytics environment.
Interactive Brokers wins on multi-currency accounts (deposit EUR, convert once at institutional FX rates, hold USD), significantly lower FX drag at scale, access to global markets and instruments, and a platform that grows with your portfolio without forcing a broker switch. The FX advantage alone can outweigh all other costs as portfolio size increases.
The trade-off is a steeper setup process and a less polished mobile experience. If you are starting out with small monthly contributions into 1–2 ETFs, Trade Republic is the better on-ramp. As the portfolio scales, IBKR becomes the more cost-efficient long-term home. See: How to open an IBKR account.
Ready to open an account?
Set up a savings plan into 1–2 broad UCITS ETFs, automate it, and leave it running. That is the workflow Trade Republic is built for. If you need multi-currency access or a platform to scale into, IBKR is the natural next step.
Go deeper
Frequently asked questions
Is Trade Republic good for long-term investing?
Yes, if used correctly. Set up automated savings plans into broad UCITS ETFs, leave them running, and ignore the app’s other features. The €1 flat fee per manual trade becomes irrelevant when you automate — savings plans are free. The risk is behavioural: the app is designed to encourage engagement, which actively works against a passive buy-and-hold strategy if you check it daily or trade based on market movements.
How much does Trade Republic charge per trade?
€1 flat per manual Best Price trade for stocks, ETFs, and bonds — or €2 if you choose your own execution venue via Direct Price. Automated savings plans are completely free. There is also an FX cost on non-EUR assets — embedded in the execution spread rather than shown as a separate line item. The effective FX drag is roughly 0.5–1% on currency conversions, though it is not published as a precise percentage. See the Trade Republic fees explained guide for the full breakdown.
Does Trade Republic have a debit card and personal IBAN?
Yes. Trade Republic issues a Visa debit card and a personal IBAN to account holders, effectively functioning as a basic current account alongside the brokerage. You can receive salary, make purchases, and earn interest on idle cash — all from the same account. The card draws from your broker cash balance. This is a meaningful differentiator from other neobrokers and traditional brokers that are securities-only.
Does Trade Republic handle German taxes automatically?
Yes, for German tax residents. Trade Republic automatically calculates, withholds, and remits Abgeltungsteuer (25% capital gains tax plus solidarity surcharge) directly to the Finanzamt. In most standard cases, German investors do not need to declare broker gains manually on their annual tax return. You can submit an exemption order (Freistellungsauftrag) up to the €1,000 annual allowance directly through the app. This applies to German residents only — investors in other countries are responsible for their own local tax filings.
Does Trade Republic pay interest on cash?
Yes. Trade Republic pays interest on uninvested cash balances. The rate is ECB-linked, variable, and country-specific — Germany currently pays 2.25% p.a. while most other EU markets pay around 3% p.a. Always verify the current rate on Trade Republic’s pricing page for your country before treating any figure as fixed. Cash is covered by the €100,000 German deposit guarantee as a regulated bank deposit.
What is Lang & Schwarz and how does it affect Trade Republic trades?
Lang & Schwarz Exchange (LSX) is where all Trade Republic equity and ETF orders executed until 30 June 2026, under a Payment for Order Flow (PFOF) model. The EU-wide PFOF ban ended that arrangement. Since July 2026, Trade Republic executes orders on its own BaFin-authorised infrastructure: Best Price orders (€1) execute against Trade Republic as counterparty at the best available price from an aggregated order book across relevant exchanges, while Direct Price orders (€2) let you choose the venue yourself from 30 exchanges including Xetra, Euronext, NYSE, and Nasdaq. FX conversion for non-EUR assets remains embedded in the execution spread rather than charged as a separate line item. The practical impact for savings plan investors is minimal.
Can EU investors buy UCITS ETFs on Trade Republic?
Yes. Trade Republic offers a broad UCITS ETF catalogue covering major indices including MSCI World, S&P 500, and FTSE All-World. US-domiciled ETFs are not accessible to EU retail investors due to PRIIPs/KID regulations — UCITS equivalents track the same indices without the regulatory restriction. For most long-term investors, the UCITS catalogue covers everything needed. The gap is primarily in niche, factor, or less-liquid ETFs.
What countries is Trade Republic available in?
Trade Republic is available in 18 European countries including Germany, Austria, France, Italy, Spain, the Netherlands, Belgium, Portugal, Poland, and others. Feature availability — including savings plan catalogue depth and cash interest terms — can vary by country. Automatic tax handling applies to German residents only. Always verify current eligibility and available features on Trade Republic’s official website before opening an account.
When does Interactive Brokers make more sense than Trade Republic?
IBKR is better when you need multi-currency accounts (deposit EUR, convert once at institutional FX rates, hold USD), broader market and product access, a desktop platform for analysis, or a broker you won’t outgrow as your portfolio grows. The FX advantage compounds significantly at larger portfolio sizes — investors holding meaningful USD-priced assets eventually pay a real price for Trade Republic’s embedded spread model. Trade Republic is the better starting point; IBKR is the better long-term home for larger or more complex portfolios.
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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. Fee data and interest rates are subject to change — always verify current terms on each broker’s official website before opening or funding an account. You are responsible for your own investment, tax, and legal decisions.