DEGIRO vs Trade Republic 2026: fees, currency and taxes compared
//11 min read
DEGIRO and Trade Republic are the two names that come up most often when an investor in Spain wants to escape bank commissions, but they solve different problems. DEGIRO is market breadth with fragmented pricing; Trade Republic is euro-denominated automation with a one-line cost structure. The choice depends less on the price of a single order and more on how you invest each month.
Comparing two brokers by their trading commission is the fastest way to get the decision wrong. For a portfolio that will run for years, six other things matter: the cost of currency conversion, fixed annual fees, what happens to your cash, whether you can automate contributions, how many markets you genuinely need, and how much tax paperwork lands on you in April.
This comparison puts DEGIRO vs Trade Republic side by side from that practical angle, with the full reviews of each behind it: DEGIRO and Trade Republic.
This is not financial or tax advice. Fees, promotions, interest rates and tax obligations change. Before opening an account, check the official price list and your own tax situation.
Quick verdict
Main need
Better fit
Why
Contributing EUR 100-300 a month to a global ETF
Trade Republic
Investment plans with fractions and no execution commission
Selection list: one trade per month per ETF at EUR 0
Long-term Spanish stock portfolio
DEGIRO
No connectivity fee on the local market and minimal costs
European dividend portfolio across several exchanges
DEGIRO
You buy the share on its home exchange, with real liquidity
Never having to think about the portfolio
Trade Republic
Automation, a closed app and fewer decisions
Keeping interest-earning cash at the broker
Trade Republic
DEGIRO penalises cash balances
Small manual orders (EUR 50-100)
Neither, clearly
EUR 1 fixed = 2% at TR; at DEGIRO external costs plus connectivity add up
Bonds, options or futures
DEGIRO
Trade Republic does not cover that catalogue with the same depth
Short version: Trade Republic wins on automation and cost simplicity; DEGIRO wins on market breadth and on the cost of indexing through its ETF list. For a small automated portfolio, Trade Republic. For a portfolio spread across European exchanges, or Spanish stocks, DEGIRO.
Comparison table
Criterion
DEGIRO
Trade Republic
Structure
Dutch broker (flatexDEGIRO group), registered with the CNMV
German bank and broker with a Spanish branch (Madrid)
Investor protection
Dutch scheme, up to EUR 20,000
German scheme
Custody
EUR 0
EUR 0
Stock trading
From EUR 0 + EUR 0.5 external costs, depending on market
No order commission + EUR 1 external settlement cost
ETFs
Selection list at EUR 0 (one trade per month per ETF)
External cost applies; investment plans with no execution commission
Euro-oriented experience; check the asset's cost/spread
Fixed annual fee
Up to EUR 2.50/year per foreign market (connectivity)
Not applicable
Uninvested cash
Penalised with a quarterly charge
Pays interest, variable rate under current conditions
Fractional shares
No
Yes, through investment plans
Automation
Manual
Scheduled investment plans
Catalogue
Stocks, ETFs, bonds, options and futures, funds
Stocks, ETFs, crypto, bonds, derivatives
Share lending
Yes on the standard account, with no compensation
Check current custody terms
Tax report
Consolidated annual report of positions and dividends
Annual documentation; cross-check the withholding detail
Real cost per order: where most people get it wrong
Both brokers are cheap, but the cost does not scale the same way.
At Trade Republic the model is a single line: there is no order commission, and a EUR 1 external settlement cost applies per transaction (on top of spreads and product costs). That fixed euro is 0.10% on a EUR 1,000 purchase and 2% on a EUR 50 purchase. In practice: Trade Republic is very competitive if you automate or batch contributions, and expensive if you fire off many small manual orders.
At DEGIRO the cost is fragmented: a commission from EUR 0 plus around EUR 0.5 in external costs depending on market, and on top of that up to EUR 2.50 per year for each foreign market you use. That connectivity fee is charged whether you trade or not. With stocks on five European exchanges — Madrid, Amsterdam, Paris, Milan, Frankfurt — it is a fixed annual cost that appears in no "commission per trade" comparison.
The exception that changes everything: DEGIRO's commission-free ETF selection list. If your plan is one monthly purchase of an ETF on that list, the trading cost is EUR 0 and Trade Republic cannot compete there. It is the use case where DEGIRO remains the cheapest in Europe for dollar-cost averaging into indexed ETFs.
Currency: the invisible cost of a US portfolio
If you buy US stocks, DEGIRO converts your euros automatically (AutoFX) at 0.25%, and charges it again when you sell and when you receive a dividend in dollars. In an international dividend portfolio that toll shows up several times a year per position.
Trade Republic offers a euro-oriented experience: there is no explicit conversion fee in normal operations, but there are spreads and product costs depending on the asset and execution venue, which you should read in each order's cost detail before confirming.
Operational conclusion: with heavy US exposure, neither is optimal — the reference there is Interactive Brokers, as covered in our three-way comparison. Between these two, DEGIRO charges for currency explicitly and Trade Republic embeds it in the price.
Automation: no tie here
Trade Republic built its product around investment plans: you set the asset, amount and frequency, and the app executes on the available days, with fractions when the amount does not cover a whole share or unit. That is the mechanic that turns a monthly intention into a frictionless habit.
DEGIRO has no real equivalent: every purchase is a manual order. Its free ETF list compensates on cost, but it requires you to log in each month and place the order. And without fractions, your contribution rounds down: if your ETF trades at EUR 92 and you contribute EUR 150, you buy one unit and leave EUR 58 idle — at a broker that also penalises cash.
For an investor who values automatic discipline over the last euro of commission, that difference weighs more than the fee table.
Uninvested cash: opposite philosophies
DEGIRO applies a quarterly charge on cash (offset on small balances): its platform is not a place to park liquidity, so you either invest it or withdraw it. Trade Republic did the opposite and turned interest on cash into a selling point, at a variable rate tied to current conditions.
If you keep a EUR 3,000-10,000 buffer waiting for opportunities, that asymmetry can be worth more per year than the entire commission difference between the two.
Taxes for a resident in Spain
Both are foreign brokers and with both the tax responsibility is yours: nothing appears automatically in the pre-filled Spanish return.
Spanish dividends: the usual Spanish withholding.
Foreign dividends: the payer country's withholding tax — 15% in the US once the W-8BEN is processed, up to 35% in Switzerland — and recovery of the excess through double taxation relief in your return.
Interest on cash (relevant at Trade Republic): taxed as savings income; their documentation indicates that automatic deduction may apply for clients in Spain.
Modelo 720 / D-6: with DEGIRO, a Dutch broker, it has to be assessed by amount. With Trade Republic there is no universal answer: it depends on the account and custody structure applicable to your case. Review the annual tax documentation and consult an adviser if you exceed the thresholds.
Neither gives you the tax convenience of a broker that holds your assets in Spain, such as MyInvestor. If paperwork is your main criterion, the right comparison is a different one. Full detail in the dividend tax hub.
Which to pick for your profile
Pick Trade Republic if: you contribute a fixed amount every month, you want fractions, you prefer a closed and simple app, you keep liquidity at the broker, and your portfolio lives mostly in euros.
Pick DEGIRO if: you buy ETFs from its selection list, you invest in Spanish stocks, you need several European exchanges with real liquidity, you want bonds or options, or you prefer explicit costs even if they add up to more.
Use both if your portfolio runs at two speeds: an automatic monthly plan at Trade Republic and occasional purchases of European positions or free ETFs at DEGIRO. It is a reasonable combination as long as it does not complicate your tax bookkeeping or spread the portfolio beyond what you can track.
Pick neither if the bulk of your portfolio is US and active: currency costs and operational depth will push you towards a global broker sooner or later. The full breakdown is in our broker comparison.
Frequently asked questions about DEGIRO vs Trade Republic
Which is cheaper, DEGIRO or Trade Republic?
It depends on the size and frequency of your orders. For a monthly purchase of an ETF on DEGIRO's selection list, DEGIRO is cheaper (EUR 0 purchase commission). For stock orders of EUR 1,000 or more, Trade Republic's fixed euro equals 0.10% and is very competitive. For many small manual orders both get expensive: at Trade Republic because of the fixed euro, at DEGIRO because of external costs plus connectivity.
Which is better for a dividend portfolio?
DEGIRO if your payers are European and you want to buy them on their home exchange. Trade Republic if you prioritise automating reinvestment and operating in euros. Neither solves the double withholding on foreign dividends: that is handled in your tax return.
Does Trade Republic have free ETFs like DEGIRO?
Not in the same format. DEGIRO has a list of ETFs with a EUR 0 purchase commission (one trade per month per ETF). At Trade Republic investment plans carry no execution commission, but you should check the applicable external cost and product costs in the app.
Which charges less for currency conversion?
DEGIRO charges an explicit 0.25% via AutoFX on every purchase, sale and dividend in foreign currency. Trade Republic applies no explicit conversion fee in normal operations, but embeds spreads and product costs. If your portfolio is mostly in dollars, compare against Interactive Brokers first.
Can I buy fractional shares at DEGIRO?
No. DEGIRO trades whole units, so the part of your contribution that does not reach one share stays as cash — and cash carries a quarterly charge. Trade Republic does allow fractions through its investment plans.
Do I have to file Modelo 720 with these brokers?
It depends on the amounts, the custody structure and your tax situation. With DEGIRO, a Dutch broker, it is the classic scenario to assess by asset block held abroad. With Trade Republic there is no universal answer: review their annual tax documentation and consult an adviser if you exceed the relevant thresholds.
Can I transfer my portfolio from one to the other?
DEGIRO accepts incoming and outgoing securities transfers with a cost per position and timelines that depend on the originating broker. At Trade Republic it is worth confirming the current state of the service before relying on it. If the portfolio is large, compare the transfer cost with the tax impact of selling and rebuying.
Which is safer?
Both operate under European regulation with segregated assets: DEGIRO within the flatexDEGIRO group with Dutch protection up to EUR 20,000, and Trade Republic as a German bank with its own guarantee scheme and a Spanish branch. No guarantee covers market losses, only the intermediary's insolvency.
If I had to sum it up in one sentence: Trade Republic is the broker for the investor who wants to automate and forget; DEGIRO is for the investor who wants to choose the market and pay for what they use. Both are solid, cheap options for building a portfolio from Spain; the mistake is not picking the other one, it is picking without looking at your own contribution pattern first.
This article is educational content, not financial or tax advice. Fees and conditions can change: always verify current information on each broker's official website.
