IBKR vs Trade Republic vs HeyTrade 2026

Interactive Brokers, Trade Republic and HeyTrade can all be used to buy stocks and ETFs from Spain, but they are built for different investors. IBKR is the most complete platform, Trade Republic is the easiest app for recurring investing, and HeyTrade is a local Spanish alternative with a simpler fee structure.

Choosing a broker should not start and end with the headline commission on one trade. For a Spanish tax resident, the real decision includes trading fees, FX costs, market access, execution control, dividend reporting, Spanish tax paperwork, custody and the probability that the platform will still fit your portfolio five years from now.

This comparison looks at Interactive Brokers vs Trade Republic vs HeyTrade from that practical angle. The goal is not to declare one universal winner. It is to decide which broker fits a specific use case: global dividend investing, monthly ETF contributions, US stocks, Spanish tax reporting, local support or advanced portfolio management.

This is not financial or tax advice. Broker pricing, product availability, promotions, interest rates and tax obligations can change. Always check the official price list, contractual documents and your personal tax position before opening an account.

Quick verdict

Main need	Best fit	Why
Global stock and ETF portfolio	Interactive Brokers	Broad market access, currencies, order types, reports and tools
Monthly ETF investing with low friction	Trade Republic	Savings plans, fractional investing and a very simple app
Simple Spanish broker for stocks and ETFs	HeyTrade	Local setup, transparent pricing and Spain-focused support
International dividend portfolio	Interactive Brokers	W-8BEN, multi-currency reporting and deeper market coverage
Small recurring investments	Trade Republic	Savings plans without execution commission and low entry amounts
Medium or large stock orders	Interactive Brokers or HeyTrade Pro	Percentage fees and FX costs matter more than small ticket fees
Beginner investor	Trade Republic	Fewer technical decisions and less platform friction
Advanced investor	Interactive Brokers	Professional platform, advanced orders, margin, options and APIs

The short answer: Interactive Brokers is the most powerful broker, Trade Republic is the most convenient, and HeyTrade is the local middle ground. For a small ETF portfolio, Trade Republic may be enough. For a larger, global or dividend-oriented portfolio, Interactive Brokers is usually more flexible. For investors who want a simpler Spanish-oriented broker without IBKR's complexity, HeyTrade is worth comparing.

Comparison table

Criteria	Interactive Brokers	Trade Republic	HeyTrade
Natural user	Global, advanced or dividend investor	Passive investor automating contributions	Spanish investor looking for a simple local broker
Stocks and ETFs	Very broad, with many markets	Broad enough for retail use, app-first	European and US stocks and ETFs
Trading fees	Depend on plan, market and pricing structure; IBKR GlobalTrader lists EUR/GBP 3 for typical European trades and 0.05% for larger trades	No order commission, EUR 1 settlement cost per single trade; savings plans without commission	Lite: 0.10% minimum EUR 2; Pro: 0.05% minimum EUR 2
FX costs	Competitive, but the investor must understand manual/automatic conversion and the applicable plan	Foreign currency earnings are converted to EUR; spreads, third-party costs and product fees should be reviewed	Lite: 0.25%; Pro: 0.10% according to the pricing page
Custody and maintenance	No general account minimums; review data, withdrawal and product-specific fees	No ordinary custody fee shown in the main pricing page; review the app and current documents	No custody or maintenance fee shown on the pricing page
Dividends	Strong reporting and currency control	Simple; no fee shown for dividends/corporate actions	No dividend collection fee shown
Spanish tax workflow	Strong reports, but more work for the investor	Easier app experience, but documentation and custody still need review	More local angle; check annual reports and certificates
Regulation and safety	Interactive Brokers Ireland and applicable protection schemes	German bank, BaFin supervision and Spanish branch under Banco de España/CNMV for some activities	Brand of Beka Digital, agent of Beka Finance SV, supervised by CNMV
Main weakness	Learning curve	Less advanced control over execution, FX and reports	Less market and tool depth than IBKR

When Interactive Brokers is the better choice

Interactive Brokers is the strongest option if you want to build an international portfolio with control. It stands out when you buy stocks in the US, Europe, the UK, Canada or other markets, when you receive dividends in multiple currencies, or when you need detailed reports for performance, withholding taxes and transactions.

It is also the most logical choice if you expect to grow into more advanced workflows: advanced limit orders, options, margin, currency management, APIs, custom reports or multi-currency cash management. Trade Republic and HeyTrade simplify the experience. Interactive Brokers opens it up.

IBKR will not always be the cheapest broker for a small European order. According to the official IBKR GlobalTrader pricing page for Ireland, stocks and ETFs in most of Europe have a reference price of EUR/GBP 3 for typical trade sizes and 0.05% for trades above EUR/GBP 6,000. US stocks are listed at USD 0.005 per share with a USD 1 minimum. The full IBKR platform also has fixed and tiered pricing, so the exact market and plan matter.

Where IBKR often wins is total long-term flexibility: markets, FX, order routing, reporting and advanced tools. If you invest EUR 200 per month into one European ETF, you may not need it. If you manage a EUR 50,000, EUR 100,000 or EUR 300,000 portfolio with dividends in several currencies, the difference becomes more visible.

For taxes, IBKR does not turn investing into a Spanish plug-and-play experience. You need to download reports, reconcile transactions, declare dividends, review withholding taxes and check whether Form 720 applies to foreign assets or accounts. The benefit is that IBKR provides detailed data. The burden is that you must know how to use it.

When Trade Republic is the better choice

Trade Republic is a strong fit if you want to invest regularly without learning a professional trading platform. Its strength is not giving you every possible setting. Its strength is removing friction: clean app, low entry amounts, fractional investing, savings plans and a workflow designed for monthly contributions.

According to its Spain pricing page, Trade Republic shows no order commission, no fee for savings plan execution for stocks, ETFs or crypto, no fee for dividends or corporate actions, and a EUR 1 settlement cost per single trade. It also states that spreads, third-party costs and other product fees may apply, and that the full price list is available in the app.

That makes Trade Republic attractive for small amounts and ETF automation. If your plan is to invest EUR 50, EUR 100 or EUR 300 per month into one or several ETFs, the convenience may be worth more than optimizing every cent. The app is easy to start with and easy to keep using.

The limitations appear when you want control: selecting execution venues, managing currencies manually, comparing routing, using advanced orders, trading real options, extracting custom reports or running a detailed international dividend portfolio. Trade Republic can be used for dividends, but it is not designed for investors who want to inspect every withholding tax, currency movement and tax lot.

For Spanish residents, the tax angle still needs careful review. Trade Republic has evolved its Spanish product and banking setup, but you should still understand where securities are held, what information the entity provides, which documents you need for Spanish income tax and whether an informative obligation such as Form 720 could apply in your case. A simple app does not automatically mean a simple tax return.

Related reading: full Trade Republic review, broker comparison hub and Form 720.

When HeyTrade is the better choice

HeyTrade sits in a different place. It is not trying to be a global platform like Interactive Brokers or a banking superapp like Trade Republic. Its proposition is a simple broker for Spanish residents, focused on stocks and ETFs, with transparent pricing and a local setup through Beka.

According to its official pricing page, HeyTrade has Lite and Pro accounts. Lite applies 0.10% with a EUR 2 minimum per trade in European and US securities, plus 0.25% for currency exchange. Pro applies 0.05% with a EUR 2 minimum and 0.10% for currency exchange, for portfolios from EUR 25,000 or from 10 monthly stock/ETF trades. The page also shows no custody fee, no maintenance fee, no dividend collection fee and no incoming portfolio transfer fee, with outgoing transfers at EUR 15 + VAT per security.

This can work well for investors who want to avoid IBKR's complexity but still want clearer fee mechanics than a very simplified app. For small European orders, the EUR 2 minimum matters. For medium orders or Pro accounts, the percentage fee becomes more competitive. For US stocks, FX cost can matter as much as the trading commission.

HeyTrade may appeal to investors who value local support, Spanish documentation and a regulatory relationship closer to Spain. Its website states that HeyTrade is a Beka Digital brand providing services as an agent of Beka Finance, Sociedad de Valores, authorized and supervised by CNMV. Before concentrating a large portfolio there, review the contract, custodian, available reports, applicable protection and transfer-out process.

Related reading: HeyTrade review and best brokers for dividends hub.

Real fee comparison

The visible commission is only one part of the real cost. To compare these three brokers, look at four layers:

Order commission or settlement cost.
Spread and execution quality.
FX conversion cost.
Non-recurring costs: transfers, extra withdrawals, market data, product-specific fees or third-party costs.

For a small European ETF purchase, Trade Republic is hard to beat when you use a savings plan. For a one-off order, the EUR 1 settlement cost may apply. HeyTrade has a EUR 2 minimum, which can weigh on small orders. IBKR can be excellent in many markets, but for some small European orders its minimums may be less attractive than an app built around savings plans.

For a larger order, the picture changes. Fixed or minimum costs matter less, while percentages, spreads, FX and execution quality matter more. In that scenario, IBKR becomes stronger and HeyTrade Pro can be reasonable. Trade Republic remains convenient, but because it offers less execution and FX control, the investor needs to decide whether the total cost is truly comparable.

For US stocks, FX is critical. Buying EUR 1,000 of US stocks is not only a trading-fee decision; it also involves converting EUR to USD or accepting the broker's conversion model. IBKR is usually the reference for investors who want currency control. HeyTrade publishes separate FX costs for Lite and Pro. Trade Republic states that foreign currency earnings are converted to EUR and that spreads and third-party costs may apply. The comparison should be made with real statements or ex-ante cost documents, not only with marketing headlines.

Dividends: which broker fits best?

For a dividend portfolio, Interactive Brokers is the strongest of the three. It supports multiple currencies, detailed reports, country-level withholding tax review and forms such as W-8BEN for US securities. If you receive dividends from the US, the UK, Switzerland, France, Germany or Canada, that detail matters.

Trade Republic can be enough for a simple ETF or popular stock portfolio. Its advantage is convenience. Its limitation is that advanced dividend investors may miss deeper control over currencies, execution venues, reports and historical reconciliation.

HeyTrade sits between the two. It can be convenient for dividends if you want simplicity and local support, and its pricing page shows no dividend collection fee. But if your portfolio has many countries, currencies and withholding tax situations, IBKR still provides more depth.

If you reinvest dividends, you can also use the DRIP simulator to estimate the impact of reinvesting net dividends compared with recurring contributions.

Spanish tax workflow

Tax should not be the only factor in broker selection, but it can make a strategy painful if ignored. A Spanish tax resident needs to track dividends, capital gains and losses, foreign withholding tax, Spanish withholding when applicable, FX, transaction evidence and informative declarations.

Interactive Brokers usually requires more manual work because it is a foreign broker. That does not make it a bad option. Its reports are strong. But the investor must know what to download and how to map it into the Spanish tax return. If you hold foreign assets or accounts above relevant thresholds, review Form 720 on the Spanish Tax Agency website.

Trade Republic may feel more local because of its Spanish product evolution, but you still need to verify where securities are held, what the entity reports, what documents it provides and how dividends or sales appear in your Spanish tax workflow. Do not assume that a simple app solves every tax model.

HeyTrade, because of its Spanish focus and relationship with Beka, may feel more natural for local documentation, but you should still verify annual reports, withholding tax breakdowns and certificates. The practical question before opening an account is not only "what does it cost?", but also "what documents will I have when it is time to file taxes?"

In every case, keep monthly or annual statements, cost documents, dividend evidence and transaction reports. If your portfolio is large or spans several countries, professional tax review can save more than a year of broker commissions.

Safety, custody and investor protection

All three brokers operate within a regulated European framework, but the structures are different.

Interactive Brokers serves European clients through Interactive Brokers Ireland. Its client protection page explains segregation of cash and securities, reconciliations and compensation schemes applicable to certain clients. It is a large global platform, but investors should understand that protection schemes do not cover market losses.

Trade Republic presents itself in Spain as a German bank supervised by BaFin, with a Spanish branch under Banco de España and CNMV supervision for certain activities. Its website states that client funds are held in collective trust accounts at partner banks and that securities are owned by the client and held at national and international depositories.

HeyTrade states that it operates as a Beka Digital brand and agent of Beka Finance, Sociedad de Valores, an entity authorized and supervised by CNMV. For Spanish investment firms, FOGAIN is the general investor compensation framework when a covered entity cannot return cash or securities because of insolvency, under the applicable legal terms.

The practical rule: no guarantee fund protects you from your shares falling in value. What you should review is segregation, custodian, contractual entity, applicable protection, operational history and how easy it is to transfer positions away if you change broker.

Which broker should you choose?

If you are starting out and want to invest gradually in ETFs, compare Trade Republic and HeyTrade first. Trade Republic wins on automation and fractional investing. HeyTrade wins if you prefer a Spanish-oriented setup and manual orders with clear pricing.

If you already know that you will buy US stocks, receive dividends in USD and manage a global portfolio for many years, Interactive Brokers should be on the shortlist. It may be harder during the first week, but the control becomes valuable over time.

If your portfolio is between EUR 5,000 and EUR 25,000, the right choice depends on your behavior. For one simple monthly purchase, Trade Republic. For fewer medium-size orders and a local preference, HeyTrade. For several markets, currencies and dividends, IBKR.

If your portfolio is above EUR 50,000 and internationally diversified, prioritize reports, custody, tax workflow and transferability. At that size, saving EUR 1 per order matters less than avoiding tax errors, poor spreads or missing documentation.

Final ranking

Use case	Recommended broker
Best overall global broker of the three	Interactive Brokers
Best app for simple DCA	Trade Republic
Best simple Spanish alternative	HeyTrade
Best for international dividends	Interactive Brokers
Best for small automated portfolios	Trade Republic
Best for local support preference	HeyTrade
Best for advanced investors	Interactive Brokers

My practical choice would be simple: Trade Republic for small recurring contributions, HeyTrade for investors who want a simple Spanish-oriented alternative, and Interactive Brokers for serious, global or dividend-focused portfolios.

You can also combine brokers. For example, use Trade Republic for an automatic ETF plan and Interactive Brokers for international stocks, or HeyTrade for simple European purchases and IBKR for more complex markets. The important point is not to make your tax workflow and portfolio tracking unnecessarily messy.

Frequently asked questions about Interactive Brokers vs Trade Republic vs HeyTrade

Which broker is the cheapest?

It depends on order size, market and currency. Trade Republic is usually very competitive for savings plans and small orders. HeyTrade is transparent with 0.10% or 0.05% depending on account type, with a EUR 2 minimum. Interactive Brokers can be very competitive for international portfolios, but fees depend on market and pricing structure.

Which broker is better for dividends?

Interactive Brokers is the most complete option for international dividends because of reports, currencies and market access. Trade Republic and HeyTrade can work for simpler dividend portfolios, but IBKR gives more control when several countries and withholding taxes are involved.

Which broker is better for beginners?

Trade Republic is the easiest broker to start with. HeyTrade is also simple, especially if you prefer a more local Spanish setup. Interactive Brokers is more powerful, but the learning curve is higher.

Which broker should I choose for monthly ETFs?

For small monthly contributions, Trade Republic is usually the most convenient because of savings plans. If you prefer manual orders and a Spanish-oriented structure, HeyTrade can fit. If you want broader ETF access, several exchanges and full control, Interactive Brokers is more complete.

Do I need to file Form 720 with these brokers?

It depends on where assets and cash are located, their value, and whether you exceed the legal thresholds by asset group. Interactive Brokers usually deserves special attention because it is foreign. For Trade Republic and HeyTrade, review the exact structure, custody and documentation. Check the Spanish Tax Agency or a tax adviser if unsure.

Can I transfer my portfolio later?

Yes, but review costs and procedure before opening the account. HeyTrade publishes an outgoing transfer fee per security. With IBKR and Trade Republic, review the current fee document, transfer timing and supported markets.

Interactive Brokers vs Trade Republic vs HeyTrade: Spain comparison 2026