MyInvestor vs flatex — which broker is better?

Pros

• More than 2,400 funds with no MyInvestor purchase, custody, redemption or transfer fee, and tax-neutral fund switches
• Shares and ETFs at 0.12% per order (EUR 3 minimum on shares, EUR 1 on ETFs, EUR 25 maximum) with no custody, inactivity or dividend-collection fee
• Spanish bank licence (Banco de España code 1544, CNMV) with FGD cover of EUR 100,000 for cash and a separate EUR 100,000 for securities
• Reports clients' operations to the AEAT; MyInvestor states that holdings kept there need no modelo 720
• Index robo-advisor portfolios from EUR 150 at 0.15% management plus 0.15% custody a year, with weekly to half-yearly contributions
• More than 100 pension plans, including MyInvestor's own indexed plans, in the same app
• Free current account with SEPA transfers, Bizum and free cards; accounts opened from 1 September 2026 earn 2.50% AER for six months on up to EUR 70,000 (terms read 02.11.2026)
• Handles the W-8BEN form, so US dividends are withheld at 15% instead of 30%

Cons

• Only for residents of Spain and Spanish nationals living in another EU country or the UK, and an existing account at another Spanish bank is required
• Quotes in the app are delayed 15 minutes; only limit and market orders, and stop-losses only on NYSE, Nasdaq and Xetra
• 0.30% currency fee on foreign trades and dividends; Premium (EUR 7.99 a month) waives it only for US-dollar trades and dividends in its USD account and charges 0.25% on other currencies
• No fractional shares, and options and futures do not appear in the broker's product list
• Under the terms for accounts opened from 1 September 2026 (read 02.11.2026), idle cash earns 0.30% AER after the six-month welcome rate unless you invest EUR 300 to EUR 900 a month in selected products or hold an AXA policy taken out through MyInvestor
• Corporate actions, takeover offers and FIFO lots run through a separate Inversis website, and account activation can take up to a month

Pros

• EUR 5.90 flat commission on German, US, Canadian and other foreign orders with no percentage component up to EUR 40,000 — a EUR 10,000 trade costs the same as a EUR 1,000 trade
• All ETF and fund savings plans execute at EUR 0.00 commission with over 5,000 plans available and no cap on the savings rate
• No custody fee, no account fee, no inactivity fee, and free incoming and outgoing depot transfers
• Genuine spot crypto in around 25 coins at 0.6%–0.7% all-in, traded through the regulated German bank and held by the BaFin-authorised custodian Tangany rather than as an ETN wrapper
• Full German banking licence under BaFin and Bundesbank supervision, with an MDAX-listed parent (flatexDEGIRO SE, ticker FTK) publishing audited accounts and over EUR 100 billion in customer securities under custody
• Tax-simple in both markets it serves: automatic German Abgeltungsteuer withholding and automatic Austrian KESt settlement at 27.5% on flatex.at
• Free foreign-currency sub-accounts, so USD or CHF proceeds can be held rather than converted back at a spread every time
• Fast onboarding — flatex advertises a five-minute fully digital account opening, and no minimum deposit applies

Cons

• 0.00% p.a. credit interest on cash balances. Competitors pay 1%–1.75% on the settlement or call account, so an investor holding EUR 20,000 in cash gives up EUR 200–350 a year that never shows up in any fee table
• Currency conversion costs an absolute margin of USD 0.0040 per euro — roughly 0.35% — which is worse than Consorsbank's published USD 0.0030 and far worse than a multi-currency specialist
• No Eurex or US options and futures trading at all. Certificates, knock-outs and Société Générale CFDs are the only leveraged instruments on offer
• The price list still meters real-time quotes — 25 free per month plus 10 per executed order, then EUR 0.01 per query — although flatex currently advertises Xetra real-time quotes as free until further notice; the professional flatex trader 2.0 platform costs EUR 15–39 a month on top
• The EUR 5.90 floor makes flatex expensive for small orders — a EUR 300 purchase pays about 2% in commission before venue costs, where a EUR 1 neobroker charges 0.3%
• Direct foreign market access is narrow: US, Canada, Euronext, Vienna, Zurich and Milan (sell only). There is no direct London, Tokyo, Hong Kong or Nordic access, and stock savings plans cost 1.00% of the rate