Zero-commission trading has transformed European retail investing. A decade ago, you'd pay €10–€20 per trade. Today, several regulated brokers charge €0 commission on stocks and ETFs. But 'free' always has a catch — here's what you're really paying and which zero-commission broker is best for your needs.

What zero commission actually means

Zero commission means no per-trade fee when you buy or sell stocks or ETFs. It doesn't mean the broker makes no money. Revenue comes from: FX conversion fees (buying USD-priced stocks in a EUR account often costs 0.15%–1.5% conversion fee), spread on CFD products, premium subscription tiers, interest on uninvested client cash, payment for order flow (PFOF — selling your order data to market makers, though this is being phased out in the EU).

For buy-and-hold investors buying European or EUR-denominated stocks, zero commission is genuinely close to free. For investors buying US stocks frequently, the FX conversion fee can exceed what a traditional broker would charge in commission.

Best zero-commission brokers in Europe

XTB: Zero commission on real stocks and ETFs up to €100,000/month (0.2% after that). FX conversion fee: 0.5%. ESMA/KNF regulated. Excellent educational content and platform. Best overall choice.

Trade Republic: Zero commission. €1 flat fee per trade (not truly zero but nearly so). Excellent mobile app. Strong for savings plans.

Scalable Capital: Zero commission on ETF savings plans. €0.99 per trade on free plan, or unlimited for €4.99/month Prime subscription. FCA and BaFin regulated.

eToro: Zero commission on stocks (CFD restrictions apply in some countries). FX conversion fee 1.5% on non-USD deposits. Best for copy trading beginners.

DEGIRO: Not zero commission, but close — €1 + 0.03% per trade with a €10 cap. Access to 50+ exchanges. Best for active traders across multiple markets.

Hidden costs to watch for

Currency conversion fee: The most significant hidden cost. If you buy a US stock on a EUR account, you pay the FX fee twice — once when buying, once when selling. At 0.5%, a round-trip costs 1% in FX fees alone. Inactivity fees: Some brokers charge monthly fees if you don't trade. Withdrawal fees: Some charge for bank transfers. CFD spreads: Zero commission brokers often profit on CFDs through wider spreads. Premium tiers: Some features require paid subscriptions.

Frequently Asked Questions

Is zero commission trading too good to be true? +
Not exactly — but 'zero commission' means no per-trade fee, not a completely free service. Brokers profit from FX conversion fees, spreads, premium accounts, or interest on cash. For most buy-and-hold investors, the total cost is still dramatically lower than traditional commission-based brokers.
Which zero-commission broker is best for beginners? +
XTB is our top pick for beginners: no minimum deposit, zero commission up to €100k/month, excellent educational content, and a user-friendly platform. eToro is the best if you want to copy experienced traders.