How much does it cost to invest
EUR 10,000 in Europe?
Broker comparisons usually stop at the headline commission. But the true cost of buying a UCITS ETF in Europe has three components: the broker’s trade commission, the FX conversion fee, and the bid-ask spread embedded in the market price. This study calculates each from published 2026 fee schedules across five major European brokers — in both EUR and USD scenarios.
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What the real fee data shows
Single EUR 10,000 UCITS ETF purchase. Fee data from public broker pricing pages, March 2026. Two scenarios: EUR-listed ETF (no FX needed) and USD-listed ETF (FX conversion required).
Without currency conversion, total entry cost ranges from EUR 7 (Trading 212) to EUR 13 (Saxo). The differences are small enough that fund TER matters far more than broker choice for EUR-only investors.
Once FX conversion enters the picture, the range explodes: EUR 11.85 (IBKR) to EUR 110 (Trade Republic). A zero-commission broker with a high FX fee is not zero-cost — it is often the most expensive option.
How the study is structured
A single EUR 10,000 purchase across five brokers, in two scenarios: a EUR-denominated ETF (e.g. VWCE on XETRA, no FX needed) and a USD-denominated ETF (e.g. CSPX on LSE, EUR/USD conversion required).
| Cost component | Description | Applies when |
|---|---|---|
| Commission | The broker’s stated trade fee — flat, percentage, or tiered | Every trade |
| FX conversion | The cost of converting EUR to USD at the broker’s rate | Non-EUR ETF listings only |
| Bid-ask spread | The market maker’s spread between buy and sell price — a real cost that never appears on fee statements | Every trade |
| Broker | Commission | FX rate | FX cost on EUR 10k | Spread assumption |
|---|---|---|---|---|
| IBKR | EUR 5.00 (0.05%, tiered) | 0.002% + $2 min | EUR 1.85 | 0.05% / EUR 5 |
| DEGIRO | EUR 3.90 (flat, Xetra) | 0.10% | EUR 10.00 | 0.05% / EUR 5 |
| Trading 212 | EUR 0.00 | 0.15% | EUR 15.00 | 0.07% / EUR 7 |
| Trade Republic | EUR 1.00 (flat) | 0.99% | EUR 99.00 | 0.10% / EUR 10 |
| Saxo (Classic) | EUR 8.00 (0.08%, min EUR 3) | 0.50% | EUR 50.00 | 0.05% / EUR 5 |
Scenario 1: EUR-denominated ETF (no FX conversion)
Buying VWCE or a similar EUR-listed UCITS ETF on XETRA. No currency conversion needed. The only cost components are commission and the market bid-ask spread. Total range: EUR 7 to EUR 13.
| Broker | Commission | FX cost | Spread | Total entry cost | As % of EUR 10k |
|---|---|---|---|---|---|
| Trading 212 | EUR 0.00 | EUR 0.00 | EUR 7.00 | EUR 7.00 | 0.070% |
| DEGIRO | EUR 3.90 | EUR 0.00 | EUR 5.00 | EUR 8.90 | 0.089% |
| IBKR | EUR 5.00 | EUR 0.00 | EUR 5.00 | EUR 10.00 | 0.100% |
| Trade Republic | EUR 1.00 | EUR 0.00 | EUR 10.00 | EUR 11.00 | 0.110% |
| Saxo (Classic) | EUR 8.00 | EUR 0.00 | EUR 5.00 | EUR 13.00 | 0.130% |
Scenario 2: USD-denominated ETF (FX conversion required)
Buying CSPX or a similar USD-listed UCITS ETF on LSE. Requires converting EUR to USD at the broker’s rate before the purchase. This is where broker choice has a dramatic effect on total cost.
| Broker | Commission | FX cost | Spread | Total entry cost | As % of EUR 10k |
|---|---|---|---|---|---|
| IBKR | EUR 5.00 | EUR 1.85 | EUR 5.00 | EUR 11.85 | 0.119% |
| DEGIRO | EUR 3.90 | EUR 10.00 | EUR 5.00 | EUR 18.90 | 0.189% |
| Trading 212 | EUR 0.00 | EUR 15.00 | EUR 7.00 | EUR 22.00 | 0.220% |
| Saxo (Classic) | EUR 8.00 | EUR 50.00 | EUR 5.00 | EUR 63.00 | 0.630% |
| Trade Republic | EUR 1.00 | EUR 99.00 | EUR 10.00 | EUR 110.00 | 1.100% |
EUR vs USD: how rankings change completely
Across both scenarios, the rankings shift dramatically once FX enters the picture. Trading 212 goes from cheapest to third most expensive. IBKR goes from mid-table to first. This reversal is driven entirely by FX policy.
| Broker | EUR ETF total | EUR rank | USD ETF total | USD rank |
|---|---|---|---|---|
| Trading 212 | EUR 7.00 | #1 | EUR 22.00 | #3 |
| DEGIRO | EUR 8.90 | #2 | EUR 18.90 | #2 |
| IBKR | EUR 10.00 | #3 | EUR 11.85 | #1 |
| Trade Republic | EUR 11.00 | #4 | EUR 110.00 | #5 |
| Saxo (Classic) | EUR 13.00 | #5 | EUR 63.00 | #4 |
Trading 212 is the cheapest broker for EUR ETF purchases and the third most expensive for USD ETF purchases. Trade Republic jumps from fourth to last. IBKR is mid-table for EUR ETFs and the clear winner for USD ETFs. This reversal is driven entirely by FX policy — a cost that most broker comparison sites either ignore or bury in footnotes.
Why entry costs are less important than you think (mostly)
Before drawing strong conclusions about broker choice from entry costs alone, it is worth putting these numbers in context against the fund’s own TER.
| Cost type | Cost on EUR 10,000 over 10 years | % of initial investment |
|---|---|---|
| ETF TER (0.20%/yr, compounded) | ~EUR 190 | 1.90% |
| Entry cost — IBKR (EUR ETF) | EUR 10.00 | 0.10% |
| Entry cost — Trading 212 (EUR ETF) | EUR 7.00 | 0.07% |
| Entry cost — Trade Republic (USD ETF) | EUR 110.00 | 1.10% |
- You buy EUR-denominated UCITS ETFs
- You invest infrequently or in large amounts
- You hold for 10+ years (TER dominates)
- You buy USD-denominated ETFs at a high-FX broker
- You invest frequently in small amounts
- You invest large amounts with % commissions
For the typical European long-term investor making monthly purchases of EUR-denominated UCITS ETFs, broker entry cost is not the deciding factor. Platform stability, regulatory standing, fund selection, and annual custody fees matter more. However, for anyone buying USD-listed UCITS ETFs or any non-EUR security, FX fees make IBKR the structurally superior choice by a wide margin.
What this means for each broker
Near-institutional FX rate makes it the clear winner for USD-denominated UCITS ETFs. Commission of 0.05% (min EUR 1.25) is mid-table — not the cheapest for small EUR ETF purchases but competitive across all position sizes. No custody fee. Regulated by multiple EU authorities via IBKR Ireland.
EUR 3.90 flat commission on Xetra makes it efficient for EUR ETF purchases at the EUR 10k level. The 0.10% FX fee is reasonable but significantly higher than IBKR. Its free ETF list (one transaction per month per ETF, fee of EUR 1) can reduce commission further. Regulated by AFM/DNB in the Netherlands.
Zero commission is genuinely zero on ETF purchases. Its 0.15% FX fee is more than IBKR but less than Saxo or Trade Republic. The slightly wider bid-ask spread on its OTC model partially offsets the zero commission. A strong choice for investors exclusively buying EUR-denominated UCITS ETFs, especially for smaller and fractional share purchases.
EUR 1 flat commission and EUR-focused ETF range make it competitive for its target audience. Its 0.99% FX fee is punishing for non-EUR securities, but most Trade Republic investors never encounter this — the platform’s ETF range is built around EUR-denominated UCITS funds on XETRA. Do not use it for USD-listed ETFs or currency-converted purchases.
Classic account charges 0.08% commission (min EUR 3) and a 0.50% FX fee — the most expensive broker in this comparison across both scenarios. Saxo’s Platinum and VIP tiers offer lower rates for larger portfolios. At the EUR 10,000 level on Classic tier, the cost premium over IBKR or DEGIRO is not justified for the typical passive ETF investor.
Open an account with the right broker for your ETF strategy
For regular EUR-denominated UCITS ETF purchases, Trading 212 or DEGIRO are strong low-cost options. If you buy USD-listed securities or want institutional-grade FX rates, IBKR is the clear structural choice — its FX advantage alone often recovers the cost difference within a single trade.
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Frequently asked questions
Which broker is cheapest for buying UCITS ETFs in Europe?
For a EUR-denominated ETF (no currency conversion needed), Trading 212 has the lowest total entry cost at EUR 7.00 on a EUR 10,000 purchase. For a USD-denominated ETF requiring FX conversion, IBKR is the clear winner at EUR 11.85 total — versus EUR 110.00 at Trade Republic. The answer depends entirely on whether you need currency conversion.
What is the FX cost when buying a USD ETF in Europe?
On a EUR 10,000 purchase: IBKR charges approximately EUR 1.85 (0.002% plus a $2 minimum), DEGIRO charges EUR 10 (0.10%), Trading 212 charges EUR 15 (0.15%), Saxo charges EUR 50 (0.50%), and Trade Republic charges EUR 99 (0.99%). This single variable can turn a zero-commission broker into the most expensive option for USD ETF purchases.
Does the bid-ask spread count as a cost when buying ETFs?
Yes. The bid-ask spread is a real transaction cost that does not appear on fee statements. It represents the difference between the price at which market makers sell ETF units and the price at which they buy them back. For liquid UCITS ETFs on major European exchanges it is typically 0.05% to 0.10% of trade value — on a EUR 10,000 purchase that is EUR 5 to EUR 10, often more than the headline commission itself.
Is it better to buy EUR-denominated or USD-denominated UCITS ETFs?
For investors at brokers with high FX fees (above 0.2%), buying the EUR-denominated listing of the same UCITS ETF eliminates the currency conversion cost entirely. The underlying fund holds the same assets regardless of the listing currency — currency denomination is a convenience choice, not a return driver. IBKR users with its near-zero FX rate can comfortably buy USD-listed UCITS ETFs without a meaningful cost penalty.
Why does Trade Republic charge so much for FX conversion?
Trade Republic’s 0.99% FX conversion fee reflects its positioning as a EUR-focused platform. Most of its users buy EUR-denominated UCITS ETFs on XETRA and never incur FX costs. The 0.99% rate makes it expensive for the minority of trades requiring currency conversion, but this is rarely the typical use case for its target audience.
How does IBKR’s FX cost compare to other European brokers?
IBKR’s FX conversion rate of 0.002% (minimum $2) is close to institutional level and far below any other mainstream European retail broker. On a EUR 10,000 EUR/USD conversion, IBKR charges approximately EUR 1.85 versus EUR 10 at DEGIRO, EUR 15 at Trading 212, EUR 50 at Saxo, and EUR 99 at Trade Republic. For investors who regularly buy USD-denominated securities, IBKR’s FX advantage alone often justifies the choice of broker.
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.
Fee data sourced from public broker pricing pages, March 2026. Bid-ask spread estimates use observed typical spreads for liquid UCITS ETFs on major European exchanges. All figures represent one-way entry cost only — not round-trip. This study is for educational purposes only.