Best European ETF Brokers 2026: DEGIRO vs Trade Republic vs Interactive Brokers
European ETF investors have never had it better. Trade Republic hit 8 million users on the back of free savings plans, DEGIRO merged into flatexDEGIRO for extra balance-sheet safety, and Interactive Brokers keeps quietly winning on execution. But which combination actually costs you least on a real 2026 contribution pattern? Here is the head-to-head, with the fees your broker's marketing page will not surface.
The three brokers that actually matter in Europe in 2026
If you are a European retail investor building a passive ETF portfolio in 2026, three names come up in every serious comparison: Trade Republic, DEGIRO and Interactive Brokers. Scalable Capital, Bux Zero and eToro exist, but none of them beat this trio on the combination of fees, safety and ETF selection that a buy-and-hold investor actually cares about.
Trade Republic is a licensed German bank (BaFin regulated, deposits covered up to EUR 100,000 by the German deposit protection scheme) that pioneered the EUR 1 flat-fee trade and free ETF savings plans. DEGIRO is now part of flatexDEGIRO, a listed German bank with over EUR 60 billion in client assets and one of the widest exchange lineups in Europe. Interactive Brokers is a NASDAQ-listed US giant with over USD 500 billion in client equity, the lowest FX costs in the industry and the most granular order routing available to retail.
Fee comparison: what a EUR 500 monthly contribution actually costs
| Metric | Trade Republic | DEGIRO | Interactive Brokers |
|---|---|---|---|
| Regulator | BaFin (Germany) | AFM (Netherlands) + BaFin | CBI (Ireland) for EU clients |
| Deposit protection | EUR 100k (German DGS) | EUR 100k (Dutch DGS) | EUR 20k + up to USD 500k SIPC (US booking) |
| ETF savings plan fee | EUR 0 (all supported ETFs) | EUR 0 on Core Selection, EUR 1 otherwise | Not offered as a plan (recurring buys manual) |
| Manual trade fee | EUR 1 flat | EUR 1 handling + venue fee | EUR 1.25 - 3.00 tiered (EU stocks) |
| FX conversion cost | 0.25% spread | 0.25% AutoFX or 1 leg on IBKR at 0.02% | ~0.03% (best in class) |
| Exchange coverage | Xetra, Lang & Schwarz primarily | 30+ exchanges globally | 150+ markets in 33 countries |
| Interest on idle cash | Up to 2.75% on EUR 50k | 0% | Up to 3.7% on EUR balances >10k |
| Custody/inactivity fees | None | EUR 2.50/year per foreign exchange | None (below prior 2021 minimum) |
| Fractional shares | Yes | No | Yes |
| Base language / UI | DE, EN, FR, IT, ES, NL | 16 European languages | EN-first, translated to all majors |
The math is simple. A EUR 500/month savings plan into a Core Selection ETF costs EUR 0/year on Trade Republic, EUR 0/year on DEGIRO's Core, and around EUR 15-30/year on IBKR if you place 12 manual trades. Over 20 years at a 7% return, that fee gap is the price of a nice dinner - not a portfolio-changing difference. Which is why the tie-breaker is usually not fees, it is which broker holds your account architecture in a way you can live with.
Where each broker actually wins
Trade Republic wins for
- Monthly ETF savings plans (truly zero-fee)
- Idle-cash interest (up to 2.75% on EUR 50k in 2026)
- Fractional shares from EUR 1
- Mobile-first UX (best-in-class app)
- Beginners who want one screen, no complexity
DEGIRO wins for
- One-off larger buys on the Core Selection (EUR 0)
- Access to US, Asian and smaller EU exchanges
- Web platform preferred over mobile-only
- Investors who want more than 3,000 ETFs available
- Dutch/EU deposit scheme diversification vs a German-only setup
Interactive Brokers wins for
- Multi-currency portfolios (USD, GBP, CHF, JPY)
- The lowest FX conversion cost in the industry (~0.03%)
- Investors with EUR 100k+ where SIPC/segregation matters
- Options, futures, margin and fixed income access
- Expats and cross-border investors with multiple domiciles
The 2026 rate on idle cash: Trade Republic's quiet advantage
One number moves more than fees ever will: what your broker pays on uninvested EUR. Trade Republic pays up to 2.75% on balances up to EUR 50,000 in 2026, credited monthly, no lock-up. DEGIRO pays 0%. Interactive Brokers pays up to 3.7% on EUR balances above EUR 10,000. For a savings-plan investor who parks a couple of months of contributions between buys, Trade Republic's cash rate is quietly the most valuable feature the marketing page understates.
Safety: are your ETFs really protected?
European regulations require brokers to segregate client assets from house assets. This means if your broker goes bankrupt, your ETF shares are still yours - they sit in your name at the local custodian (Clearstream for German-domiciled brokers, Euroclear for many others). The deposit protection scheme only covers cash, up to EUR 100,000 in most EU jurisdictions and up to USD 500,000 for SIPC coverage on Interactive Brokers' US-booked accounts.
Practically speaking: all three brokers are safe for buy-and-hold ETF investors. flatexDEGIRO is publicly listed and reports quarterly financials. Trade Republic has BaFin oversight and hit profitability in 2024. Interactive Brokers has a 40+ year operating history and one of the strongest balance sheets among retail brokers globally. The likelihood of any of them going insolvent is very low, and even if they did, your ETF shares survive.
How to pick your primary European broker in 60 seconds
- If you contribute monthly and want the lowest friction: pick Trade Republic. Set up a savings plan and forget it.
- If you buy larger lump sums and want the widest ETF universe: pick DEGIRO. The Core Selection covers 200+ ETFs for free.
- If you hold multi-currency assets or have EUR 100k+ to deploy: pick Interactive Brokers. FX savings alone justify the tier fee.
- If you cannot decide: run Trade Republic for the savings plan and IBKR for the annual rebalance. Two brokers cost you nothing extra.
The three-fund European ETF portfolio you can build tomorrow
- VWCE (Vanguard FTSE All-World UCITS, TER 0.22%) as your global equity core. Available free on Trade Republic and DEGIRO Core Selection.
- AGGH or VAGF for global bonds (TER ~0.10%). Both hedged to EUR, available on all three brokers.
- CSPX (iShares Core S&P 500 UCITS, TER 0.07%) if you want a US tilt. Ireland-domiciled to reclaim withholding tax.
Blended TER is around 0.15%. Set up a monthly savings plan on Trade Republic, split 80/20 equity/bond (or age-appropriate), and rebalance once a year. That is a complete European passive portfolio, and once it is above EUR 25,000 the case for adding IBKR to save on FX starts to make sense. Wealth Rebalancer tracks positions across DEGIRO, Trade Republic and IBKR side by side, so if you split your holdings you still see one unified allocation view.
Common pitfalls European investors make when choosing a broker
- Optimising for the trade fee, not the FX cost. On US-listed ETFs the FX spread will eat you alive over 20 years. Use UCITS ETFs where possible.
- Holding EUR 25,000 in cash on DEGIRO earning 0%. Cash sitting idle is a hidden 2-3% annual drag versus what Trade Republic or IBKR would pay.
- Trading US futures or options on IBKR without understanding the tax reporting. Local tax authorities may treat these as separate speculative income.
- Assuming a savings plan is always cheapest. For lump sums above EUR 5,000, a single manual trade on DEGIRO Core is often cheaper than 10 fractional plan executions.
- Forgetting to update your tax residency after moving countries. All three brokers require you to notify them within 30 days of relocation, or your withholding may be wrong for years.
Frequently asked questions
Is Trade Republic safe for large ETF portfolios?
Yes. Trade Republic is BaFin-regulated as a full German bank, client cash is protected up to EUR 100,000 by the German deposit scheme, and your ETF shares are held in segregated custody at Clearstream. That means even if Trade Republic became insolvent, your ETF positions remain yours. For balances above EUR 100,000 in cash, split funds across two brokers to stay under each scheme's cap.
DEGIRO vs Trade Republic: which is cheaper in 2026?
For a monthly EUR 500 ETF savings plan into a Core Selection ETF, both cost EUR 0 per trade. Trade Republic wins on idle-cash yield (up to 2.75% vs 0% at DEGIRO) and beats DEGIRO on foreign-exchange annual connectivity charges. DEGIRO wins on exchange coverage and one-off large trades outside the Core list. For most passive investors, Trade Republic is cheaper.
Can I use Interactive Brokers from any European country?
Yes. IBKR serves clients across all 27 EU member states, plus the UK, Switzerland, Norway and Iceland. Accounts are booked with Interactive Brokers Ireland (regulated by the Central Bank of Ireland) for EU residents. You can hold EUR, USD, GBP, CHF and 20+ other currencies natively without forced conversion.
Do I need to pay tax on my ETF gains at these brokers?
Yes, and the reporting differs by country. German residents get a Jahressteuerbescheinigung from Trade Republic and DEGIRO with everything the tax office needs. Dutch investors get an annual overview that plugs into the Box 3 declaration. IBKR provides raw activity statements but often no pre-filled tax form, so if you are in Germany, Austria or Italy, factor in your accountant's time.
Can I transfer ETFs between DEGIRO, Trade Republic and IBKR without selling?
Yes, via an in-kind securities transfer. Trade Republic and IBKR support incoming transfers for free. DEGIRO charges a nominal fee per position. The transfer typically takes 1-3 weeks. Keep the cost basis paperwork from the sending broker so your new broker can report gains correctly at year end.
Which broker is best for a European investor buying US-listed ETFs like VOO or SPY?
Technically Interactive Brokers because of its 0.03% FX cost versus 0.25% at Trade Republic or DEGIRO. But most European investors should avoid US-listed ETFs entirely: the US 30% dividend withholding tax and the USD 60,000 estate-tax threshold on non-resident holdings make UCITS ETFs (CSPX, VUAA, VWCE) the smarter default. If you insist on VOO or SPY, use IBKR.