⚡ Trade Republic in a nutshell
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Real bank, not just a broker. BaFin full banking licence since 2023 — €100,000 cash protection (German DGS), same as a regular bank account.
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€1 flat fee per trade. No percentage, no minimums — the same €1 whether you buy €50 or €50,000 of stock.
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PEA available for French residents. One of the few international brokers to support France's tax-advantaged account wrapper.
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3.25% p.a. on uninvested cash (ECB rate-linked, no cap). Paid daily, credited monthly.
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Mobile-only. No desktop or web platform. Excellent for passive investors; limiting for active traders who need charting tools.
⚠️ What to watch out for
- ⚠ Orders route through L&S Exchange, not primary exchanges — potential hidden spread impact
- ⚠ No French IFU tax document — you must do your own tax return mapping
- ⚠ No demo account or desktop platform
WhichBrokr Category Ratings
Overview
Trade Republic was founded in 2019 in Berlin and has grown to become Europe's largest neo-broker with over 8 million customers across 17 EU countries. It's available in French and is one of the few international brokers to offer PEA accounts for French residents.
In 2023, Trade Republic received a full banking licence from BaFin — making it one of the only neo-brokers in Europe that is also a licensed bank. This means customer cash is covered up to €100,000 by Germany's statutory Deposit Guarantee Scheme, identical to a traditional bank account. Securities (stocks, ETFs) are held separately and covered by EdW up to €20,000.
The proposition is simple: €1 flat fee per trade for everything (stocks, ETFs, crypto, derivatives), automated savings plans for free, and up to 3.25% p.a. interest on uninvested cash. Trade Republic doesn't try to do everything — there's no forex trading, no desktop platform, no advanced charting — but for the long-term passive investor, it's hard to beat on value.
Pros & Cons
✅ Pros
- €1 flat fee per trade — market-leading low cost
- 8,000+ stocks and 2,000+ ETFs with fractional shares from €1
- Free automated savings plans (stocks, ETFs, crypto, metals)
- 3.25% p.a. interest on idle cash — no cap
- Full BaFin banking licence — €100,000 deposit protection
- PEA available for French residents
- Trade Republic Card with 1% Saveback cashback
- German IBAN included — acts as a current account
- No inactivity, custody or withdrawal fees
❌ Cons
- Mobile-only — no web or desktop platform
- Orders route via L&S Exchange, not primary exchanges
- No forex or CFD trading
- No demo account
- Limited charting and research tools
- No French IFU — tax reporting requires manual work
- Customer support via chat only (no phone)
🔍 Broker Audit Report
A structured assessment across 5 pillars — regulation, tax, costs, features and platform localization. Especially relevant for investors based in France.
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1. Legal Entity & Capital Protection
Who holds your money — and what happens if they fail
Licensed Entity
Trade Republic Bank GmbH — Berlin, Germany. French clients are served directly via MiFID II passporting from Trade Republic's German banking entity. No local French subsidiary required.
Regulator & Licence
BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) — full banking licence granted 2023. Supervised jointly by BaFin and the Deutsche Bundesbank. Previously registered as a securities firm under BaFin securities supervision.
Investor Compensation
Cash: €100,000 — covered by Germany's statutory Deposit Guarantee Scheme (Einlagensicherungsfonds). Automatic, no claim needed for amounts under €100k.
Securities: €20,000 — covered by EdW (Entschädigungseinrichtung der Wertpapierhandelsunternehmen). Securities (stocks/ETFs) are also held in segregated accounts and do not form part of Trade Republic's balance sheet.
Asset Segregation
Client securities are held in omnibus accounts at a third-party custodian bank (separate from Trade Republic's own assets). Cash above the €100,000 DGS cap is automatically distributed to partner banks, each independently covered by the DGS.
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2. Local Tax Integration — France Friction Score
How much tax admin does Trade Republic do for French investors — and how much falls on you?
French Withholding Agent
❌ No Trade Republic is a German broker under BaFin and does not automatically withhold and remit French capital gains tax (PFU) to the Direction Générale des Finances Publiques. French investors must self-declare all gains, dividends and capital events on their annual tax return (Formulaire 2042 C).
French IFU Document
❌ No Trade Republic provides an annual German-style tax statement (Jahressteuerbescheinigung), not the French IFU (Imprimé Fiscal Unique). The IFU maps directly to pre-filled lines on the French tax return — Trade Republic's document does not. You or your accountant must manually translate the information. Tip: download the annual PDF from the Trade Republic app → Documents → Tax Statement.
W-8BEN / US Dividend Tax
✅ Yes Trade Republic supports digital W-8BEN form signing. Under the France-USA double taxation treaty, this reduces US dividend withholding tax from 30% → 15% for French residents. Ensure you complete this in the app's settings to avoid overpaying on US stock dividends.
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3. Total Cost of Ownership (TCO)
All the costs you pay — explicit and hidden
Trading Commission
€1 flat per trade — applies to all stocks, ETFs, crypto, and derivatives. No percentage markup, no order size tiers. Savings plans (automated recurring investments) are completely free (€0).
FX Markup
⚠ Partially disclosed Orders execute via L&S Exchange (Lang & Schwarz), a German OTC market maker. The FX conversion spread for non-EUR assets (e.g. US stocks) is embedded in the L&S Exchange price — Trade Republic does not charge a separate explicit FX fee, but the effective L&S spread (typically ~0.2–0.5% over mid-rate) means the FX cost is not zero. Not transparently itemized on statements.
Exchange Connectivity
✅ None No annual or monthly fees for holding assets on any market. No custody fee. No account maintenance fee. Trade Republic earns revenue from order flow (L&S Exchange pays for order routing).
Non-Trading Fees
Inactivity fee: None
Withdrawal fee: €0 (free)
Deposit fee: €0 (SEPA transfer)
Account maintenance: €0
Card fee: €0 (Trade Republic Mastercard issued free)
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4. Asset Catalogue & Account Features
What you can actually invest in — and whether local account wrappers are supported
PEA (France)
✅ Yes Trade Republic offers PEA (Plan d'Épargne en Actions) for French residents — one of the only international brokers to do so. Available within the app. Subject to the standard €150,000 deposit limit. Important: UCITS ETFs inside the PEA must comply with the ≥75% EU equity rule.
Fractional Shares & Savings Plans
✅ Yes Fractional shares available from €1 — includes stocks and ETFs. Automated savings plans (Sparplan) are free and can be set to any amount from €1, on any schedule (daily, weekly, bi-weekly, monthly). Over 2,000 ETF savings plans available, plus stocks, crypto and precious metals.
Uninvested Cash Yield
3.25% p.a. gross (ECB deposit rate-linked, reviewed when ECB changes rates). Paid on all uninvested EUR cash. No cap on the balance that earns interest. Interest is calculated daily and credited monthly to the account. Above €100,000, excess cash is automatically distributed to partner banks (also interest-bearing + DGS protected).
Derivatives & Negative Balance
✅ Negative balance protection Trade Republic offers knock-out certificates and warrants for experienced investors. As an EU/BaFin-regulated bank, negative balance protection is provided by default — retail investors cannot lose more than their deposited funds. Derivatives are not suitable for beginners and carry high risk of total loss.
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5. Platform Localization & Operations
How well does Trade Republic serve French-speaking investors specifically?
French Language Support
✅ Full The Trade Republic app is fully available in French. Legal documents, account statements, and customer communications are all provided in French. Customer support is accessible in French via in-app chat.
Local Funding Rails
✅ SEPA Transfer Standard SEPA bank transfer — free, 1–2 business days.
✅ SEPA Instant Instant deposits (where supported by French banks) — funds arrive within minutes.
❌ Lydia / PayPal / Card — not supported for deposits. Withdrawals: SEPA transfer only (free).
Fees 4.8 / 5
Trade Republic's fee structure is one of the most straightforward in Europe: €1 flat per trade, regardless of order size or asset class. Savings plans are completely free. There are no custody fees, inactivity fees or withdrawal fees.
| Fee type | Trade Republic | EU Broker Average |
|---|
| Stock / ETF trade | €1 flat | €3–€7 |
| Savings plan | €0 (free) | €0–€2 |
| FX conversion | ~0.2–0.5% (embedded in L&S spread) | 0.5–1.5% |
| Cash interest | 3.25% p.a. | 0–2.5% |
| Inactivity fee | None | €10/month (common) |
| Withdrawal | Free | Free–€5 |
| Custody / account | €0 | €0–€12/year |
⚠ The L&S Exchange spread for non-EUR instruments is not separately itemized on trade confirmations. For large orders in US or UK stocks, the effective FX cost may exceed the nominal €1 commission. Compare the L&S price to the real-time mid-market rate before executing large trades.
Safety & Regulation 4.7 / 5
Trade Republic is one of Europe's safest neobrokers, primarily because it holds a full banking licence from BaFin since 2023 — not just a securities firm registration. This distinction matters significantly for the protection of customer funds.
| Regulator | BaFin (Germany) + Deutsche Bundesbank |
| Licence type | Full banking licence (since Nov 2023) |
| Cash protection | €100,000 (German statutory DGS — Einlagensicherung) |
| Securities protection | €20,000 (EdW — in case of insolvency only; securities are also segregated) |
| Asset segregation | Client securities held separately — not on Trade Republic's balance sheet |
| Negative balance protection | Yes — retail clients cannot lose more than deposited |
| Listed on exchange | No — private company (valued at $5B+, last round 2023) |
| Operating since | 2019 (7 years) |
| Security incidents | None reported |
Products & Asset Catalogue 4.0 / 5
The core offering covers what most long-term investors need: 8,000+ stocks, 2,000+ ETFs (all UCITS-compliant for EU investors), 50+ cryptocurrencies, precious metals and derivatives. Fractional shares are available from €1 on all stocks and ETFs.
| Stocks | 8,000+ (Euronext Paris, Xetra, NYSE, NASDAQ, LSE, and others via L&S) |
| ETFs | 2,000+ UCITS ETFs — includes iShares, Amundi, Lyxor, Xtrackers, Vanguard |
| Cryptocurrencies | 50+ (Bitcoin, Ethereum, and altcoins — held via regulated custodian) |
| Derivatives | Knock-out certificates, warrants (for experienced investors only) |
| Precious metals | Gold, Silver (via ETC savings plans) |
| Bonds | ❌ Not available |
| Options / Futures | ❌ Not available |
| Forex / CFDs | ❌ Not available |
| Fractional shares | ✅ From €1 on all stocks and ETFs |
| Savings plans | ✅ Free — stocks, ETFs, crypto, metals from €1/month |
| PEA (France) | ✅ Yes — available to French residents |
What investors say about Trade Republic
Community voice — strengths & concerns
Most praised
- €1 fee praised as genuinely the lowest cost for regular ETF investors in Europe
- Cash interest at 3.25% frequently compared favourably to savings accounts
- App simplicity and onboarding speed — account ready in under 10 minutes
- BaFin banking licence seen as major trust signal vs. other neobrokers
- Savings plan feature (Sparplan) widely used for passive index investing
Common complaints
- L&S Exchange execution — some report worse prices vs. primary exchange
- Customer support slow during peak periods (chat only, no phone)
- Tax documents are German-format — French investors find them hard to use
- Mobile-only limits serious portfolio management
- Occasional app freezes during high market volatility
Based on user reviews on Trustpilot, Reddit (r/EuropeFIRE, r/personalfinance_europe), and App Store ratings. Data collected Jan–Jun 2026.
Verdict
WhichBrokr's Take
Trade Republic is the best low-cost investment app for European passive investors — particularly for those investing regularly into ETF savings plans and wanting a high-interest current account in the same app. The BaFin banking licence, €100,000 cash protection and PEA support for France make it more compelling than most competitors in its category. The €1 flat fee and free savings plans are genuinely market-leading for small to medium portfolio sizes.
The main limitations are structural: mobile-only means it's not suitable for active traders or anyone who wants serious charting tools. The L&S Exchange order routing adds a layer of opacity to execution quality. And for French investors specifically, the absence of a local IFU tax document means you'll need to do manual tax return work or hire an accountant who understands the annual Trade Republic PDF format.
Best for: Long-term passive investors, ETF savers, and French investors who want PEA access from an international neobroker. Not ideal for: active traders, forex/CFD traders, or anyone who needs a desktop platform.
Frequently Asked Questions
| Is Trade Republic safe? | Yes — full BaFin banking licence. Cash up to €100,000 covered by German DGS. Securities held in segregated accounts. |
| Does Trade Republic offer PEA? | Yes — PEA is available for French residents within the Trade Republic app. |
| What commission does Trade Republic charge? | €1 flat per trade. Savings plans are free (€0). |
| Does Trade Republic provide a French IFU? | No — only a German annual tax statement. French investors must self-declare gains. |
| What interest does Trade Republic pay on cash? | Up to 3.25% p.a. gross (ECB rate-linked). No cap on balance. Paid daily, credited monthly. |
| Is there a desktop platform? | No — mobile app only (iOS and Android). |
| Can I buy US ETFs (SPY, QQQ) on Trade Republic? | No — as an EU broker, US-domiciled ETFs cannot be sold to retail clients. Use UCITS equivalents (CSPX, CU2, SP5C) instead. |
Ready to open a Trade Republic account?
€1 flat fee · 3.25% cash interest · PEA available for French residents · No inactivity fee
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Investing involves risk of loss. Past performance does not guarantee future results.