Bolero vs Keytrade Bank — which broker is better?

Pros

• Run by KBC Bank NV, a Belgian credit institution supervised by the ECB together with the National Bank of Belgium and by the FSMA for conduct; the KBC Group is listed on Euronext Brussels
• Small orders from EUR 2.50 (up to EUR 250) on Euronext, Germany, the other online European markets, Toronto and the 100 ETFs of the ETF Playlist, and from USD 2.50 in the US
• No custody fee, no account management fee and no minimum deposit; opening and closing the account are free
• Belgian taxes handled at source: the stock exchange tax on every contract note, and from 1 June 2026 the 10% capital gains tax withheld unless you opt out
• More than 20 markets online, plus phone orders through the Orderdesk on exchanges such as Hong Kong, Japan and Australia
• Research included at no charge: a daily newsletter running since 2006, share analyses, Reuters and ABM Financial News, screeners and the Idea Center
• Invest & Repeat: periodic orders on the ETF Playlist monthly, every two months, quarterly, half-yearly or yearly, priced from EUR 2.50
• Long phone hours: the Orderdesk takes orders every trading day from 08:00 to 22:00

Cons

• Adults domiciled in Belgium only, with a Belgian current account; residents of other countries and US persons cannot open an account
• Mid-sized orders cost more than at low-cost platforms: on Euronext an order above EUR 2,500 costs EUR 15 per EUR 10,000, up to EUR 50
• A 0.60% currency conversion margin, 2% (maximum EUR 125) for collecting foreign dividends, and no credit interest on cash at present
• No futures, short selling or securities credit; we found no CFDs, forex trading or fractional shares, and Bolero points to trackers and turbos for commodities
• Crypto is limited to Bitcoin and Ether, cannot be transferred in, can leave only to an account at a regulated EU or EEA provider and is outside the guarantee fund
• A phone order costs EUR 15 when the security can be traded online, and the administration answers only during office hours

Pros

• Euronext Brussels, Amsterdam and Paris orders from EUR 2.45 up to EUR 250 and EUR 5.95 up to EUR 2,500; US orders on the same ladder in USD up to USD 10,000
• No custody fee on securities for private individuals, no account management fees and no minimum deposit
• Belgian tax handling built in: the TOB and the 30% dividend withholding tax are collected, and from 1 June 2026 the 10% capital gains tax is withheld unless you opt out
• A bank under French ACPR supervision inside a group the ECB supervises directly; FGDR cover up to EUR 100,000 for deposits and EUR 70,000 for securities
• One institution for everything: current account, regulated savings accounts, cards, securities, Keyplan fund savings from EUR 25, pension savings and discretionary management from EUR 15,000
• Broad listed range: shares on Euronext, Xetra, London, Zurich, the Nordic exchanges, the US and Toronto, more than 3,200 trackers, more than 660 funds, options on Euronext, Eurex and US markets
• Free SEPA and instant SEPA transfers, and real-time transfers between your own Keytrade accounts

Cons

• Expensive outside Euronext and the US: EUR 24.95 per order on Xetra, Milan and Madrid, GBP 29.95 in London, CHF 49.95 in Zurich
• 0.50% change costs on every securities trade that involves a currency conversion
• Real-time quotes cost EUR 2.50 to EUR 20 a month per market group unless you make 3 trades a month there; Madrid, Toronto and Oslo are delayed only
• No futures in the tariff list, and we found no fractional shares, demo account or public trading API
• Only for Belgian residents, Belgian tax residents and Belgian citizens; the EUR 100,000 deposit ceiling is shared with Fortuneo, the same bank