How much does it cost to invest
EUR 10,000 in Europe?
By Francesco Cipolli · Updated September 2026 · Five brokers · Two scenarios · Fee schedules read individually, dated per broker below · See our methodology
Broker comparisons usually stop at the headline commission. The true cost of buying a UCITS ETF in Europe has three components: the broker’s trade commission, the cost of converting currency, and the bid-ask spread embedded in the market price. This study prices each across five major European brokers, in both a EUR and a USD scenario — and, for the first time, prices each broker’s alternative conversion route alongside its default one.
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What the real fee data shows
A single EUR 10,000 UCITS ETF purchase, in two scenarios: a EUR-listed ETF where no conversion is needed, and a USD-listed ETF where it is. Every broker is priced on its default route first.
Without currency conversion, total entry cost runs from EUR 7 (Trading 212) to EUR 13 (Saxo). The differences are small enough that the fund’s TER matters far more than broker choice for EUR-only investors.
Among the four brokers with a published conversion rate for purchases, the range widens sharply: EUR 13.00 (IBKR) to EUR 38.00 (Saxo). A zero-commission broker with a high conversion rate is not a zero-cost broker.
How the study is structured
A single EUR 10,000 purchase across five brokers, in two scenarios: a EUR-denominated ETF on XETRA, where no conversion is needed, and a USD-denominated ETF on the London Stock Exchange, where EUR must be converted to USD first. Our general approach to sourcing and verifying fee data is set out on our methodology page.
| Cost component | Description | Applies when |
|---|---|---|
| Commission | The broker’s stated trade fee — flat, percentage or tiered. At Trade Republic the equivalent line is a settlement cost flat rate rather than a commission; its commission line is separately priced at zero. | Every trade |
| Currency conversion | The cost of converting EUR to USD at the broker’s rate. Most brokers publish more than one route at more than one price. | 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 a fee statement | Every trade |
| Broker | Commission on EUR 10k | Default conversion rate | Conversion cost on EUR 10k | Modelled spread |
|---|---|---|---|---|
| IBKR | EUR 5.00 (0.05%, Fixed) | 0.03% automatic conversion | EUR 3.00 | 0.05% / EUR 5 |
| DEGIRO | EUR 3.00 (XETRA: EUR 2.00 transaction + EUR 1.00 handling) | 0.25% Auto FX | EUR 25.00 | 0.05% / EUR 5 |
| Trading 212 | EUR 0.00 | 0.15% | EUR 15.00 | 0.07% / EUR 7 |
| Trade Republic | EUR 1.00 settlement flat rate (commission line is zero) | Margins published as absolute amounts; scope stated as foreign-currency income | Not stated for purchases | 0.10% / EUR 10 |
| Saxo | EUR 8.00 (0.08%, entry tier) | 0.25% | EUR 25.00 | 0.05% / EUR 5 |
| Broker | Source document | Read on |
|---|---|---|
| IBKR | European stock commission schedule and impact pricing pages, both undated live documents | 4 Sep 2026 |
| DEGIRO | Six entity fee schedules, all “Rates from 01-01-2026”, plus the ETF Core Selection page | 12 Aug 2026 |
| Trading 212 | Terms & Fees, four regional price lists | 31 Aug 2026 |
| Trade Republic | Preis- und Leistungsverzeichnis v11.2025 and the published currency-conversion margin table | 4 Sep 2026 |
| Saxo | French tariff schedule (from 5 May 2026), Dutch and Belgian Zelf Beleggen schedules | 3 Sep 2026 |
Scenario 1: EUR-denominated ETF, no conversion
Buying a EUR-listed UCITS ETF on XETRA. No conversion needed, so the only components are the commission (or, at Trade Republic, the settlement flat rate) and the market bid-ask spread. Total range: EUR 7 to EUR 13.
| Broker | Commission | Conversion | 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 3.00 | EUR 0.00 | EUR 5.00 | EUR 8.00 | 0.080% |
| IBKR | EUR 5.00 | EUR 0.00 | EUR 5.00 | EUR 10.00 | 0.100% |
| Trade Republic | EUR 1.00 (settlement) | EUR 0.00 | EUR 10.00 | EUR 11.00 | 0.110% |
| Saxo | EUR 8.00 | EUR 0.00 | EUR 5.00 | EUR 13.00 | 0.130% |
Scenario 2: USD-denominated ETF, conversion required
Buying a USD-listed UCITS ETF on the London Stock Exchange. EUR must be converted to USD first. Figures below use each broker’s default conversion route and cover the four brokers that publish one for purchases. Trade Republic is addressed in the callout beneath.
| Broker | Commission | Conversion | Spread | Total entry cost | As % of EUR 10k |
|---|---|---|---|---|---|
| IBKR | EUR 5.00 | EUR 3.00 | EUR 5.00 | EUR 13.00 | 0.130% |
| Trading 212 | EUR 0.00 | EUR 15.00 | EUR 7.00 | EUR 22.00 | 0.220% |
| DEGIRO | EUR 3.00 | EUR 25.00 | EUR 5.00 | EUR 33.00 | 0.330% |
| Saxo | EUR 8.00 | EUR 25.00 | EUR 5.00 | EUR 38.00 | 0.380% |
Should you convert the currency yourself?
Most brokers offer more than one way to turn EUR into USD, at more than one price. The usual advice is that converting manually saves money. Across these five brokers that turns out to be true at one, false at another, unavailable at a third, and undocumented at a fourth.
| Broker | Default route | On EUR 10k | Alternative route | On EUR 10k |
|---|---|---|---|---|
| IBKR | Automatic conversion, 0.03% of trade value | EUR 3.00 | Spot currency order, from 0.20 basis points, minimum USD 2.00 per order | EUR 1.72 |
| DEGIRO | Auto FX, 0.25%, included in the transaction price | EUR 25.00 | Manual FX, EUR 10.00 plus 0.25% — on the Dutch, German, French, Irish and Swiss schedules | EUR 35.00 |
| Trading 212 | 0.15% on conversion | EUR 15.00 | Place the order in the instrument currency from an existing USD balance — see the caveat below | EUR 0.00 on the order |
| Saxo | 0.25%, all tiers | EUR 25.00 | None documented in the French, Dutch or Belgian schedules | — |
| Trade Republic | Not stated for purchases | — | Not stated | — |
At IBKR, placing a spot currency order rather than letting the platform convert automatically takes the cost from EUR 3.00 to EUR 1.72 on a EUR 10,000 conversion — the USD 2.00 minimum binds, since 0.20 basis points on EUR 10,000 is only EUR 0.20. These are two different mechanisms at two different prices, and the gap between them is the single largest structural cost difference in this study.
At DEGIRO, Manual FX costs EUR 10.00 plus the same 0.25% the automatic route charges. On a EUR 10,000 conversion that is EUR 35.00 against EUR 25.00 — you pay EUR 10 for the privilege of choosing when to convert. Manual FX buys control and the ability to hold foreign currency; it does not buy a cheaper rate. Note there is no Manual FX line at all on the UK schedule.
EUR vs USD: how the rankings change
Once conversion enters the picture the order reshuffles. Trading 212 goes from cheapest to second. DEGIRO drops from second to third. IBKR moves from mid-table to first. Saxo stays the most expensive in both. Trade Republic is not ranked in the USD column — see the callout above.
| Broker | EUR ETF total | EUR rank | USD ETF total | USD rank |
|---|---|---|---|---|
| Trading 212 | EUR 7.00 | #1 | EUR 22.00 | #2 |
| DEGIRO | EUR 8.00 | #2 | EUR 33.00 | #3 |
| IBKR | EUR 10.00 | #3 | EUR 13.00 | #1 |
| Trade Republic | EUR 11.00 | #4 | Not ranked | — |
| Saxo | EUR 13.00 | #5 | EUR 38.00 | #4 |
Why entry costs matter less than you think (mostly)
Before drawing hard conclusions about broker choice from entry costs alone, it is worth setting these numbers against the fund’s own ongoing charge.
| 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 — Saxo (USD ETF) | EUR 38.00 | 0.38% |
- You buy EUR-denominated UCITS ETFs
- You invest infrequently or in large amounts
- You hold for 10+ years, where the TER dominates
- You buy USD-denominated ETFs at a 0.25% conversion broker
- You invest frequently in small amounts
- You invest large amounts under a percentage commission
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 ongoing account charges matter more. For anyone buying USD-listed UCITS ETFs or any non-EUR security, conversion pricing makes IBKR the structurally cheaper choice by a wide margin — on either of its two routes.
What this means for each broker
Automatic conversion at three basis points is far below any other mainstream European retail broker, and the manual spot currency order is cheaper again. Commission at 0.05% is mid-table — not the cheapest for small EUR ETF purchases, but competitive across position sizes. No custody fee. Two things to check before assuming a headline figure applies to you: the Tiered model itemises exchange, clearing and regulatory costs on top of the commission while Fixed bundles them, and Tiered is not offered at all in Spain, the Czech Republic, Romania or Slovenia. EU and EEA clients are served by Interactive Brokers Ireland, regulated by the Central Bank of Ireland.
Standard XETRA ETF trades cost EUR 3.00 all-in — EUR 2.00 transaction plus the EUR 1.00 handling fee — which is efficient at the EUR 10k level. Every ETF, ETC and ETN listed on Tradegate Exchange trades at EUR 1.00 per transaction instead, the cheapest route anywhere in this study; currency or external product and spread costs may apply. The 0.25% Auto FX charge is level with Saxo and far above IBKR, so DEGIRO is a weak pick for USD-denominated buying, and its Manual FX alternative costs more rather than less. Outside the entry-cost scope of this study there is a connectivity fee of EUR 2.50 per exchange per calendar year, capped at 0.25% of total account value, with the client paying whichever is lower — Tradegate ETFs are exempt from it. Operated by flatexDEGIRO Bank SE under BaFin supervision, with the Dutch branch registered with DNB and supervised by AFM and DNB.
Zero commission is genuinely zero on ETF purchases, on all four regional price lists. The 0.15% conversion charge is higher than IBKR but below DEGIRO and Saxo, and it is never more than 0.15% including at weekends. It also does not apply to dividends or other corporate action proceeds, which are credited after conversion at the interbank rate. Multi-currency lets you place an order in the instrument currency and skip the charge, provided you already hold that currency — with no automatic conversion if you do not. Orders are forwarded to Trading 212 IE, which may route to regulated markets, MTFs, market makers, systematic internalisers and other liquidity providers. A strong choice for investors buying EUR-denominated UCITS ETFs, particularly in smaller and fractional amounts.
The commission line is priced at zero; what you pay is a EUR 1.00 settlement cost flat rate per trade, and on partial fills it is charged once per trading day rather than per fill. Savings plan executions carry no charge at all, in a EUR 10 to EUR 10,000 band per execution. Custody and cash account management are free, as is an outgoing portfolio transfer, though third-party costs can be added. Its published currency margins are absolute amounts per currency, not percentages, and the stated scope is income in foreign currencies rather than purchases — so a EUR-focused investor buying UCITS ETFs on XETRA never meets the question, and anyone converting currency should check the settlement statement, where Trade Republic discloses the rate applied.
The entry tier charges 0.08% with a minimum that varies by exchange — EUR 2 on Euronext, EUR 3 on Deutsche Börse XETRA, EUR 5 on Deutsche Börse Frankfurt, EUR 5 on the Spanish and Irish exchanges — plus 0.25% to convert currency, making it the most expensive broker here in both scenarios. Tier names are not pan-European: France runs Classic, Platinum and VIP, while the Dutch and Belgian entities run Bronze, Silver and Gold. Custody is free in the Netherlands and Belgium, and free in France except for unlisted securities held inside a PEA. One charge that falls outside a per-trade view and is easy to miss: the Dutch entity levies a service fee of 0.01% per month on portfolio value excluding derivatives, capped at EUR 40, rebated the following month as a transaction credit valid for one month — so it is only recoverable if you trade.
Pick the broker that matches what you actually buy
If you buy EUR-denominated UCITS ETFs every month, DEGIRO’s Tradegate route at EUR 1.00 per transaction is the cheapest single trade in this entire study, and Trading 212’s zero commission runs it close. If you buy USD-listed securities, IBKR’s conversion pricing is in a different class and often recovers the difference inside one trade.
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Frequently asked questions
Which broker is cheapest for buying UCITS ETFs in Europe?
For a EUR-denominated ETF where no currency conversion is 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 conversion, IBKR is cheapest at EUR 13.00 on its default automatic conversion route, against EUR 38.00 at Saxo. The single cheapest route in the whole study is DEGIRO’s EUR 1.00 all-in on a Tradegate-listed ETF. Currency or external product and spread costs may apply.
What is the currency conversion cost when buying a USD ETF in Europe?
On a EUR 10,000 purchase, using each broker’s default conversion route: IBKR charges 0.03% for automatic conversion, or EUR 3.00. Trading 212 charges 0.15%, or EUR 15.00. DEGIRO and Saxo each charge 0.25%, or EUR 25.00. Trade Republic publishes currency margins as absolute amounts per currency rather than percentages, and its published scope covers income in foreign currencies such as dividends, not purchases. This single variable can turn a zero-commission broker into one of the most expensive options for USD ETF purchases.
Is it cheaper to convert currency manually at your broker?
It depends entirely on the broker, and the direction reverses. At IBKR, placing a spot currency order instead of letting the platform convert automatically costs from 0.20 basis points with a USD 2.00 minimum per order, which is roughly half the cost of the 0.03% automatic route on a EUR 10,000 conversion. At DEGIRO the opposite is true: Manual FX costs EUR 10.00 plus 0.25% against 0.25% for Auto FX, so converting yourself costs EUR 10.00 more on the same amount. There is no general rule that manual conversion saves money.
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 any fee statement. It is 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 typically runs between 0.05% and 0.10% of trade value. On a EUR 10,000 purchase that is EUR 5 to EUR 10, which is often more than the headline commission itself.
Is it better to buy EUR-denominated or USD-denominated UCITS ETFs?
At brokers charging 0.15% or more to convert currency, buying the EUR-denominated listing of the same UCITS ETF removes the conversion cost entirely. The underlying fund holds the same assets regardless of listing currency, so denomination is a convenience choice rather than a return driver. IBKR clients, whose automatic conversion runs at 0.03%, can buy USD-listed UCITS ETFs without a meaningful cost penalty.
Does Trade Republic charge a currency conversion fee?
Trade Republic publishes a table of currency-specific margins, but as absolute amounts in each currency rather than percentages. The US dollar margin is 0.0014 USD. The scope Trade Republic states for that table is income received in foreign currencies, giving foreign dividends and proceeds from corporate actions as its examples. Its published documents do not state whether a separate conversion cost applies when buying a non-EUR asset, which is why Trade Republic is not ranked in the USD scenario in this study. Separately, its debit card carries no currency conversion charge at all, for either payments or foreign ATM withdrawals.
How does IBKR’s currency conversion cost compare to other European brokers?
IBKR’s automatic conversion runs at 3 basis points, or 0.03%. On a EUR 10,000 conversion that is EUR 3.00, against EUR 15.00 at Trading 212 and EUR 25.00 each at DEGIRO and Saxo. Its manual spot currency order is cheaper still, from 0.20 basis points with a USD 2.00 minimum per order. For investors who regularly buy USD-denominated securities, that gap alone often justifies the choice of broker.
Using this study
The figures on this page are free to quote, chart or reference in your own work. We ask only that you link back so readers can check the sourcing and the dates for themselves.
Francesco C. (2026). How much does it cost to invest EUR 10,000 in Europe? QuantRoutine. https://quantroutine.com/studies/cost-to-invest-10k-europe/
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 read from each broker’s own pricing documents on the dates given in the methodology table above. Bid-ask spread figures are QuantRoutine modelling assumptions, not broker-published data, and are identified as such throughout. Figures represent one-way entry cost only, not round-trip, and exclude ongoing account charges — among them DEGIRO’s connectivity fee of EUR 2.50 per exchange per calendar year capped at 0.25% of total account value, and the Saxo Netherlands service fee of 0.01% per month capped at EUR 40. Exchange rate EUR/USD 1.1627 as at 4 September 2026. This study is for educational purposes only.