Trade Republic vs flatex — which broker is better?

Pros

• Flat EUR 1.00 external settlement cost per order with no percentage, no minimum and no maximum - a EUR 50,000 trade costs the same as a EUR 50 one.
• Savings plans in stocks, ETFs, bonds and crypto execute at EUR 0 from EUR 1 per instalment, with fractional shares across roughly 4,900 assets.
• Full ECB banking licence held directly since December 2023, with cash covered to EUR 100,000 by the German statutory deposit guarantee.
• Interest paid on uninvested cash - 2.5% p.a. in Germany and around 3% p.a. in several other markets - instead of the zero most brokers pay.
• One app carries the securities account, a personal German IBAN, a Visa debit card and Saveback of up to 1% of card spend, capped at EUR 15 per month.
• Around 500 bonds tradable in small denominations, giving retail investors direct access to a market that usually starts at EUR 100,000 tickets.
• German residents get Abgeltungsteuer withheld and remitted automatically, so no capital gains filing is required.
• Transferring securities out to another broker costs nothing, so a portfolio built here is not locked in by exit fees.

Cons

• Since the EU banned payment for order flow in June 2026, the default 'Best Price' route fills against Trade Republic's own book - it sets the price it profits from, and publishes no spread data.
• Customer support is started from inside the app - by phone or live chat, 24 hours a day, according to Trade Republic - and there are no branches to walk into; stalled transfers and locked accounts are the dominant complaint in a Trustpilot score of roughly 3.3.
• FX cost on US shares is embedded in the quoted euro price on the default route rather than itemised, and a Direct Price order to Nasdaq or NYSE is converted at execution with no disclosed markup, so the real cost of a foreign-currency trade cannot be verified from Trade Republic's documents.
• No options, no futures, no mutual funds and no direct exchange access on the default route - the product range stops well short of a full-service broker.
• The price list we could obtain is the April 2023 edition; the current version is only reachable inside the app, so any fee you read elsewhere should be checked against the schedule in your own account.
• Tax is handled at source for German residents only; investors in the other 17 markets file everything themselves.

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, held inside the regulated German bank 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
• Real-time quotes are metered: 25 free per month plus 10 per executed order, then EUR 0.01 per query, and 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