Trade Republic Review 2026: What the PFOF Phase-Out Means for Your Account
⚠️ PFOF Phase-Out Update (2026)
The EU is phasing out Payment for Order Flow (PFOF) — a key revenue model for Trade Republic — as part of MiFIR reforms in 2026. Trade Republic has stated it will adapt its business model (likely moving to spread-based pricing). Your account and investments are not at risk. However, the €1 flat fee model may evolve. We will update this review as details are confirmed.
Overview
The lowest-cost investing platform in Europe with a full banking account — €1 flat fee per trade and 2% interest on cash make it the go-to for cost-conscious long-term investors; 8M+ users
Regulatory Status
Full German banking license (BaFin regulated, Bundesbank supervised); EUR 100,000 deposit protection + €20,000 investor protection
Key Features
- €1 flat fee per trade for stocks, ETFs, bonds, derivatives, and crypto
- Free recurring savings plans (no per-trade fee)
- 2% p.a. interest on uninvested cash (up to €50,000, ECB-linked)
- Current account and debit card (launched December 2024)
- Spare-change round-up investing
- Fractional shares available
- 8,000+ tradeable instruments across 17 countries
- Simple mobile-first interface (iOS + Android)
Pros & Cons
✅ Pros
- • €1 flat fee per trade for stocks, ETFs, bonds, derivatives, and crypto
- • Free recurring savings plans (no per-trade fee)
- • 2% p.a. interest on uninvested cash (up to €50,000, ECB-linked)
- • Current account and debit card (launched December 2024)
- • Spare-change round-up investing
❌ Cons
- • Only EUR base currency — no multi-currency support
- • No joint accounts, corporate accounts, or minor accounts
- • Poor customer service — no phone/live chat, email only
- • Payment for Order Flow (PFOF) revenue model being phased out by EU in 2026
- • Restricted stock purchases during market events (e.g. GameStop 2021, 4,000+ BaFin complaints)
- • Basic charting and research tools
- • Not suitable for active traders needing advanced order types
Travel Features
Compare all banks for travel →Foreign Exchange
No markupMastercard interbank rate globally, no FX markup. Trade Republic's Mastercard debit card is a solid travel card despite the investment-first positioning.
ATM Abroad
Unlimited freeTrade Republic debit card can be used for ATM withdrawals. Free ATM usage applies at some networks; check specific country terms.
Travel Insurance
No travel insurance on any tier.
Airport Lounge
No airport lounge access.
Multi-Currency
Single EUR account only. No multi-currency accounts or foreign IBANs.
✈️ Travel Perks
- • Debit card with no FX markup for international purchases
- • Round-up: automatically invest spare change from travel spending
- • 2% interest on uninvested cash while not travelling
- • Mobile-first — manage investments and spending in one app
Services: Crypto, Investing & Savings
Cryptocurrency
Available- • Buy & sell major cryptocurrencies (BTC, ETH, SOL, etc.)
- • €1 flat fee per crypto trade
- • Crypto savings plans (recurring buy)
- • Staking for ETH, SOL, and select altcoins
- • Crypto available alongside full investment portfolio
Custodial; regulated investment account; no external wallet transfers
Compare crypto across EU neobanks →Investments
AvailableGermany's largest retail broker by active users; 2% p.a. interest on uninvested cash
Compare investing across EU neobanks →Savings
AvailableECB deposit rate linked; rate adjusts with ECB changes
Applied to all uninvested cash up to €50,000; effectively a high-yield savings account
Compare savings rates across EU neobanks →Business Banking
Not availableTrade Republic does not offer a business banking account.
Premium Plans
Compare all banks' premium plans →- • €1 flat fee per trade
- • Free savings plans (no per-trade fee)
- • 8,000+ instruments
- • Staking for ETH, SOL, and other altcoins
- • 2% p.a. on uninvested cash up to €50,000
- • Debit card with round-up investing
| Feature | Standard (only tier) Free ★ Best value |
|---|---|
| Metal card | — |
| Travel insurance | — |
| Airport lounge | — |
| Free ATM/month | — |
| Free FX/month | — |
| Savings rate | 2.00% p.a. on cash |
| Cashback | — |
| Top perks |
|
Our Verdict
Trade Republic is the best low-cost investing platform in Europe with a full banking licence. €1/trade, 2% on cash, and 8M+ users. The PFOF phase-out introduces uncertainty about future pricing, but does not affect account safety. Best for: cost-conscious long-term investors who want banking + investing in one place.