⚡ Trade Republic in a nutshell
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Real bank, not just a broker. BaFin full banking licence since 2023. Cash distributed across partner banks (Citibank, Deutsche Bank, HSBC, JP Morgan, Crédit Agricole) — €100,000 DGS protection per fiduciary account. Higher balances go into segregated money market funds.
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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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Local tax wrappers supported. PEA available for French residents — one of the only international brokers to offer it. German residents benefit from automatic Kapitalertragsteuer (withholding tax) handling via Freistellungsauftrag.
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Up to 3% p.a. promo on uninvested cash (new clients; standard rate: 2.5% ECB base). Requires in-app activation. Uncapped for TR IBAN holders (DE/FR/AT/ES/IT/PT/BE); capped at €50,000 for other EU jurisdictions. 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 local tax document outside Germany — investors in France, Spain, Italy and other EU countries must self-declare using Trade Republic's German-style annual statement
- ⚠ No demo account or desktop platform
WhichBrokr Category Ratings
Trade Republic 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. The app is fully localized across multiple European languages and is one of the only international brokers to offer country-specific tax wrappers such as France's PEA.
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% p.a. promo interest on uninvested cash (standard: 2.5% ECB base rate). 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.
Trade Republic: 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)
- Up to 3% p.a. promo interest on idle cash (standard: 2.5% ECB base; requires app activation; uncapped for TR IBAN holders)
- Full BaFin banking licence — €100,000 deposit protection
- PEA for France + automatic Kapitalertragsteuer handling for Germany
- Trade Republic Card with 1% Saveback cashback (max €15/month; requires active €50/mo savings plan)
- 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 local tax document outside Germany — manual self-declaration required in most EU countries
- Customer support via chat only (no phone)
🔍 Trade Republic Audit Report
A structured assessment across 5 pillars — regulation, tax, costs, features and platform localization. Relevant for investors across Europe.
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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. EU clients across all 17 supported countries are served via MiFID II passporting from Trade Republic's German banking entity. No local subsidiary required in any EU country.
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 per fiduciary account per customer — covered by Germany's statutory Deposit Guarantee Scheme (Einlagensicherungsfonds). Your available cash balance is distributed among partner banks (Citibank Europe plc, Crédit Agricole, Deutsche Bank AG, HSBC Continental Europe S.A., J.P. Morgan) — each fiduciary account is independently protected up to €100,000. Requires activation of your Trade Republic IBAN. For higher amounts, funds are also diversified into money market funds.
Money market funds: not subject to deposit protection — held in a separate custody account under the same strict segregation rules as shares and ETFs (i.e. kept entirely outside Trade Republic's own balance sheet). This means deposit protection is not relevant for money market funds — they are protected by segregation, not by the DGS.
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 is distributed across partner banks (Citibank Europe plc, Crédit Agricole, Deutsche Bank AG, HSBC Continental Europe S.A., J.P. Morgan), each independently covered by the DGS up to €100,000. For larger balances, funds are additionally diversified into money market funds held in a separate custody account — protected by segregation rules (same as shares/ETFs), not by deposit guarantee.
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2. EU Tax Integration
How Trade Republic handles tax reporting across Europe — and what falls on you
Germany (automatic)
✅ Handled automatically German residents benefit from full automatic withholding tax (Kapitalertragsteuer 25% + solidarity surcharge). You can set a Freistellungsauftrag (€1,000 tax-free allowance) directly in the app. Trade Republic files directly with the German tax authority — no manual declaration needed for standard investment income.
France, Spain, Italy & others
✅ Interest tax withheld automatically — for clients with a Trade Republic national IBAN (FR, AT, ES, IT): Trade Republic automatically withholds tax on cash interest income at source. No manual declaration needed for interest.
❌ Manual self-declaration required — for capital gains and dividends from securities: Trade Republic does not act as a local withholding agent outside Germany. Investors must self-declare all gains and dividends on their local annual tax return, using Trade Republic's German-style statement (Jahressteuerbescheinigung). Tip: download via app → Documents → Tax Statement.
⚠ Clients in countries where a national IBAN is available (DE, FR, AT, ES, IT, PT, BE) but have not activated it do not earn any interest — activating the national IBAN is required to unlock interest in those countries. Clients in other EU countries (no national IBAN available) earn interest up to €50,000 without a national IBAN.
📌 Trade Republic is actively expanding national IBANs to additional European countries — check the app for the latest availability in your country.
W-8BEN / US Dividend Tax
✅ Yes Trade Republic supports digital W-8BEN form signing in-app. Under most EU–USA double taxation treaties, this reduces US dividend withholding tax from 30% → 15%. Complete this in app settings to avoid overpaying on US stock dividends — applies to all EU residents.
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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 (SEPA): €0 (free)
Deposit fee (SEPA): €0 · Card / Apple Pay / Google Pay: 1% of deposit amount
Account maintenance: €0
Card fee: Virtual card €0 · Classic physical card €5 one-time · Mirror physical card €50 one-time
ATM withdrawals: €0 (≥€100) · €1 flat fee (<€100)
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4. Asset Catalogue & Account Features
What you can actually invest in — and whether local account wrappers are supported
Tax Wrappers by Country
✅ PEA (France) Trade Republic offers PEA (Plan d'Épargne en Actions) for French residents — one of the only international brokers to do so. Subject to the standard €150,000 deposit limit. UCITS ETFs inside the PEA must comply with the ≥75% EU equity rule.
✅ Freistellungsauftrag (Germany) German residents can set the annual tax-free allowance (€1,000 for individuals) directly in the app. Trade Republic automatically handles withholding tax (Kapitalertragsteuer) for German accounts.
⚠ Other EU countries Standard account only — no country-specific tax wrapper. Investors self-declare using Trade Republic's annual German-style statement.
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% p.a. promotional rate for new clients on cash up to €50,000. Standard balances earn the ECB deposit facility rate (currently 2.5% p.a.). Requires explicit in-app activation by the user. Clients with a Trade Republic national IBAN (DE, FR, AT, ES, IT, PT, BE) earn interest on unlimited uninvested EUR cash. Clients without a national IBAN earn interest only up to €50,000. Interest is calculated daily and credited monthly. 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. European Localization & Operations
How well does Trade Republic serve investors across its 17 EU markets?
Language Support
✅ Multi-language The Trade Republic app is available in German, French, Italian, Spanish, Dutch, Portuguese, Polish and more. Legal documents, account statements and customer communications are provided in the user's local language. Customer support is accessible in each supported language via in-app chat.
EU Funding Rails
✅ SEPA Transfer Standard SEPA bank transfer — free, 1–2 business days. Works from any EU/EEA bank account.
✅ SEPA Instant Instant deposits where supported by the user's local bank — funds arrive within minutes.
✅ Credit / Debit Card, Apple Pay, Google Pay — instant deposits supported; 1% fee on deposited amount applies. Use SEPA to avoid this cost.
❌ Local wallets (PayPal, Lydia, etc.) — not supported. 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% promo / 2.5% ECB base | 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.
📄 Statements: Digital statements are free. Paper statements by post cost €25 per quarterly statement (requested on demand). Download digital statements free via app → Documents.
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 per fiduciary account per customer (German DGS — Einlagensicherung). Cash distributed across partner banks: Citibank Europe plc, Crédit Agricole, Deutsche Bank AG, HSBC Continental Europe S.A., J.P. Morgan — each independently protected. |
| Money market funds | Not subject to deposit guarantee — held in segregated custody (same rules as shares/ETFs, outside Trade Republic's balance sheet). Applied to higher balances when IBAN is activated. |
| Securities protection | €20,000 (EdW — in case of insolvency only; securities are also segregated) |
| Asset segregation | Client securities + money market funds 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 | ✅ Yes — hundreds of corporate & government bonds (incl. US Treasuries) from €1 |
| 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 within the app |
| Freistellungsauftrag (Germany) | ✅ Yes — set in app; automatic withholding tax handling |
What investors say about Trade Republic
👍 What investors praise
41%
€1 per trade
Flat €1 external cost per order — among cheapest real stock brokers in Europe
29%
Interest on cash
3%+ interest on uninvested cash — beats most neobanks and standard savings accounts
18%
Clean app experience
Mobile-only approach praised for simplicity and intuitive design
12%
Free savings plans
Automated ETF/stock savings plans at no extra cost — ideal for passive investors
👎 Common complaints
36%
Limited market access
No options, no CFDs, fewer exchanges than DEGIRO or IBKR
28%
No ISA for UK users
No tax wrapper for UK investors — all gains are fully taxable
24%
Basic research tools
Minimal charting and analysis — mobile-only approach limits functionality for traders
12%
Derivatives limited
No CFD or advanced derivative products for active traders
ⓘ Percentages reflect share of mentions across 33,000+ Trustpilot reviews and Reddit r/eupersonalfinance threads analysed in Aug 2026. This is user-reported sentiment, separate from our editorial findings above.
Our Trade Republic 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 country-specific tax wrapper support (PEA for France, automatic Kapitalertragsteuer for Germany) make it more compelling than most competitors across the EU. 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. Outside Germany, tax reporting requires manual work — Trade Republic provides a German-style annual statement, and investors must self-declare on their local tax return.
Best for: Long-term passive investors, ETF savers, and European residents who want a low-cost neobroker with a real banking licence. Not ideal for: active traders, forex/CFD traders, or anyone who needs a desktop platform.
Trade Republic: 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. German residents get automatic Kapitalertragsteuer handling and Freistellungsauftrag support. |
| What commission does Trade Republic charge? | €1 flat per trade. Savings plans are free (€0). |
| Does Trade Republic provide local tax documents? | Only a German annual statement (Jahressteuerbescheinigung). Investors outside Germany must self-declare gains using this document. |
| What interest does Trade Republic pay on cash? | 3% p.a. promo (new clients, up to €50k) / 2.5% ECB base rate. Requires in-app activation. Uncapped for TR IBAN holders (DE/FR/AT/ES/IT/PT/BE); capped at €50,000 for non-national IBAN users. 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 · Up to 3% promo cash interest · 17 EU countries · PEA for France · No inactivity fee
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