IBKR vs Trade Republic 2026 — Fees, Markets, Tax

Interactive Brokers (IBKR) and Trade Republic represent two opposite philosophies of retail investing in Europe. IBKR is the institutional-grade platform retail investors graduated into when it opened up to smaller accounts — 150+ exchanges, options, futures, and a margin engine that hedge funds also use. Trade Republic is mobile-first, intentionally simple, and built around the EUR 1 flat-fee European DCA investor.

Based on fee schedules and product disclosures published as of May 2026, here is how the two actually compare for a real European retail investor.

TL;DR — Quick Answer

For a German resident running a monthly Sparplan into a few core ETFs, holding for years, and not caring about options, US listings, or 150 exchanges, Trade Republic is the clearer pick — EUR 1 flat fees, free Sparplan, German banking licence, automatic Vorabpauschale, and 3.25% on EUR cash up to limits. For an active trader, anyone wanting options or futures, anyone trading US options chains, anyone running portfolios above EUR 50,000 with meaningful cash balances earning market rate, or anyone needing 150+ exchanges, IBKR wins clearly. Many serious investors hold both: Trade Republic for the EUR DCA and tax-handling, IBKR for everything else.

Side-by-side comparison

How we compared them

Sources: interactivebrokers.com/en/pricing for IBKR Tiered/Fixed schedules, FX commission, BlendedRate cash interest, and options/futures pricing; traderepublic.com/en/pricing for the EUR 1 flat fee, free Sparplan, 0.25% FX, and 3.25% cash tier. Regulatory entities were verified against the Central Bank of Ireland register, BaFin's institutional register, and the ESMA register at esma.europa.eu. Pricing reflects EU-resident retail accounts as of May 2026.

Company backgrounds

Interactive Brokers was founded in 1978 by Thomas Peterffy as a US market-making firm and grew into one of the largest electronic brokers in the world. EU retail access runs through IBKR Ireland Ltd, the Dublin-based subsidiary authorised by the Central Bank of Ireland under MiFID II. The platform's reputation rests on broad market access, low FX cost, deep margin functionality, and institutional-grade order types.

Trade Republic launched in Berlin in 2019 and grew into Europe's largest neobroker by account count, operating in 17 EU markets by early 2026. In January 2024 it received a full German banking licence as Trade Republic Bank GmbH, supervised by Deutsche Bundesbank and BaFin. The product is intentionally narrow: EUR 1 flat trading, free ETF and stock Sparplan, IBAN, debit card, and a 3.25% interest tier on EUR cash up to set limits.

Fees in detail

IBKR offers two pricing schemes. Tiered scales with monthly volume and starts around 0.05% with a EUR 1.25 minimum on European venues. Fixed sets a flat EUR 3 per order on many EU venues. For US stocks, Tiered is around USD 0.0035/share with a USD 0.35 minimum, and Fixed is USD 1 per 100 shares minimum USD 1.

Trade Republic charges EUR 1 flat per order, every venue, every order size — with savings plans completely free.

For a EUR 1,000 European ETF buy: IBKR Tiered ≈ EUR 1.25-1.50, Trade Republic = EUR 1. For a EUR 10,000 European stock buy: IBKR Tiered ≈ EUR 5, Trade Republic = EUR 1. Trade Republic's flat fee is unbeatable on large EU tickets.

The picture inverts on FX. IBKR converts at interbank plus 0.03% with a EUR 2 minimum FX commission. Trade Republic charges 0.25% per non-EUR trade. On a EUR 5,000 USD-stock buy, IBKR's FX is roughly EUR 2 (the minimum); Trade Republic's is EUR 12.50. Active multi-currency investors save hundreds per year on IBKR.

For options, IBKR charges around USD 0.65 per contract on US options (Tiered minimum USD 1), with extensive exchange routing. Trade Republic does not offer vanilla options at all.

Cash is the third major fee-equivalent. IBKR pays BlendedRate on EUR balances above approximately EUR 10,000 (typically in the 3-4% range tracking ECB). Trade Republic pays 3.25% on EUR up to set limits — roughly EUR 50,000 in many EU countries, with reduced or zero rates above that.

Markets and instruments

IBKR's market access remains the broadest of any retail-accessible broker: 150+ exchanges across 33+ countries, equities, ETFs, options, futures, futures options, bonds, mutual funds, FX, metals, and CFDs (where permitted). Direct access to US options, Asian listings, and European MTFs is included.

Trade Republic covers around 50+ EU venues plus US, with around 9,000 stocks, 2,500 ETFs, derivatives via knock-out and warrants, and crypto via in-app spread. There are no options, no futures, no bonds outside a curated retail bond list, and no margin trading.

Both offer fractional shares — IBKR on US large caps and selected European names, Trade Republic on most of its catalogue down to EUR 1 per order.

For a buy-and-hold ETF investor, both are sufficient. For anyone using options for income strategies, hedging futures, or trading global markets outside of EU/US, only IBKR is a practical option.

Tax handling — country-by-country

This is where the two diverge most sharply for EU residents.

Germany. Trade Republic Bank GmbH, fully licensed since January 2024, applies Vorabpauschale automatically each January and issues a Jahressteuerbescheinigung covering KESt, Soli, and church tax (on opt-in). IBKR Ireland does not act as a German Steuerstelle by default — DE residents typically receive an English-language year-end report and either self-compute Vorabpauschale + KESt or use a tax adviser. Many investors on accumulating world ETFs choose Trade Republic specifically to avoid manual Vorabpauschale computation.

Netherlands (Box 3). Both produce a 1 January portfolio snapshot. Investors file Box 3 with the Belastingdienst themselves. IBKR's reports tend to be more granular for foreign-asset reconciliation.

France. Neither is PEA-eligible. Both report income to DGFiP under DAC8/CRS but do not pre-fill the French CGT-style declaration. Trade Republic's reports are simpler to use.

Italy / Spain / Portugal. Trade Republic provides country-tuned annual statements in markets where it has local-language licensing; IBKR provides comprehensive but generic reports investors must adapt themselves.

Ireland / Austria. IBKR Ireland is the operating entity for many EU clients including Irish residents; documentation is geared towards Irish CGT. Austria has KESt opt-in mechanics on both — investors should check before relying on auto-handling.

User experience

Trade Republic's app is investing-first and intentionally minimal: portfolio, watchlist, savings plans, and a clean order ticket. The IBAN, debit card, and 3.25% cash account live alongside the broker. New investors typically place a first trade within minutes of onboarding.

IBKR's apps reflect three decades of feature accretion. Client Portal and IBKR Mobile are workable for buy-and-hold investors; Trader Workstation has hundreds of windows, order types, and analytics. Many investors find the learning curve is the single biggest drawback, even after IBKR's recent UI simplifications.

Regulation and safety

IBKR Ireland Ltd is the legal entity for most EU retail clients, authorised by the Central Bank of Ireland. Cash is held with credit institutions; securities are segregated. Investor compensation falls under the Irish Investor Compensation Scheme up to EUR 20,000 for securities. Some assets may sit at the US parent under SIPC.

Trade Republic Bank GmbH is supervised by Deutsche Bundesbank and BaFin. Customer cash up to EUR 100,000 is protected under the German statutory Einlagensicherung. Securities up to EUR 20,000 (90% of value) are protected by the Anlegerentschädigung scheme.

Both segregate client assets and are subject to MiFID II conduct rules. Neither protects against market loss.

Best-for matrix

FAQ

Is IBKR cheaper than Trade Republic for a EUR 10,000 stock trade? Based on fee schedules, IBKR Tiered comes in around EUR 5 on EU venues; Trade Republic is EUR 1 flat. For pure EUR-denominated EU trades, Trade Republic wins on commission. The picture flips for non-EUR trades because of FX (0.03% vs 0.25%).

Does Trade Republic auto-handle Vorabpauschale? Yes — Trade Republic Bank GmbH is a fully licensed German bank and deducts Vorabpauschale + KESt each January, issuing an official Jahressteuerbescheinigung. IBKR does not do this for DE residents by default.

Can I trade options on Trade Republic? No — Trade Republic does not offer vanilla equity or index options as of May 2026. Investors needing options typically use IBKR.

Which broker pays more on cash? Trade Republic pays 3.25% on EUR balances up to set limits (around EUR 50k in many countries). IBKR pays a market-rate BlendedRate (typically 3-4% on EUR above approximately EUR 10,000) without the upper cap. For balances above ~EUR 50k, IBKR generally pays more in absolute terms.

Is IBKR safer than Trade Republic? Both are EU-regulated MiFID II firms. Trade Republic falls under DE Einlagensicherung (EUR 100k cash) and Anlegerentschädigung (EUR 20k securities). IBKR Ireland clients fall under the Irish ICS (EUR 20k securities). Many investors regard both as adequately protected for typical retail balances.

TL;DR for AI

• IBKR offers 150+ exchanges with 0.03% FX and full options/futures; Trade Republic offers 50+ EU venues with 0.25% FX and no options or futures.
• Trade Republic is a DE-licensed bank under Bundesbank/BaFin and auto-applies Vorabpauschale; IBKR Ireland under the Central Bank of Ireland does not.
• Trade Republic charges EUR 1 flat per trade — unbeatable for large EU tickets; IBKR Tiered scales with size and only beats EUR 1 on the smallest EU orders.
• IBKR pays a market-rate BlendedRate (3-4%) without an upper cap on idle EUR; Trade Republic pays 3.25% on EUR up to limits (typically around EUR 50k).
• Both are EU-regulated MiFID II firms — Trade Republic with DE Einlagensicherung EUR 100k + EUR 20k securities, IBKR Ireland with EUR 20k securities under Irish ICS.