Trade Republic vs Flatex: Fintech disruptor or established broker?

At a glance

Trade Republic and Flatex represent two very different approaches to German stock broking. Trade Republic offers low fees (EUR 1 per trade) and broad European access from a mobile-first platform. Flatex charges a flat EUR 5.90 per trade but provides access to more markets and exotic products. Your choice depends on whether you value simplicity and low cost (Trade Republic) or product breadth and market access (Flatex).

Feature	Trade Republic	Flatex
Headquarters	Germany	Germany
Founded	2015	1999
Trading fee per trade	EUR 1	EUR 5.90
Annual account fee	EUR 0	EUR 0
Minimum deposit	EUR 0	EUR 0
Stock markets	Euronext, XETRA, NASDAQ, NYSE, LSE	XETRA, Frankfurt, Euronext, NYSE, NASDAQ, LSE
ETFs available	Thousands (exact number not disclosed)	1,500+
Bonds trading	No	Yes
Options trading	No	Yes
Futures trading	No	Yes
Available in	11 countries	3 countries (DE, AT, NL)
Regulated by	BaFin (Germany)	BaFin (Germany), FMA (Austria)
Best for	Cost-conscious ETF investors, European expats	Advanced traders, derivatives, multi-asset portfolios

Introduction

Germany's investment market has transformed dramatically over the past decade. The rise of low-cost brokers like Trade Republic has challenged the traditional model represented by established players like Flatex. Both are fully regulated by BaFin and headquartered in Germany, offering commission-free accounts. However, their approaches to fees, markets, and user experience differ significantly.

This comparison is designed for European expats and investors choosing between a fintech upstart and a traditional German broker. We examine fees, product selection, market access, and user experience to help you decide which is right for your investment style.

Last verified: 2026-03-23.

Trade Republic: the fintech challenger

Trade Republic launched in 2015 as Germany's first fully licensed neobank focused on retail investing. It has grown explosively to over 4 million users across 11 European countries: Germany, Austria, Belgium, Spain, Finland, France, Greece, Ireland, Italy, Netherlands, and Portugal. The platform is built entirely around mobile-first design. There is no desktop website, only iOS and Android apps.

The core appeal is simplicity and low cost. Every stock and ETF trade costs exactly EUR 1. Savings plans (recurring investments) are completely free. There is no account fee, no minimum deposit, and no hidden charges. Trade Republic also offers a full current account with IBAN, debit card, and interest-bearing savings (currently 3% according to platform data), blurring the line between broker and bank.

Trade Republic's product range is intentionally narrow. You can trade stocks and ETFs on Euronext, XETRA, NASDAQ, NYSE, and the London Stock Exchange. But there are no bonds, options, futures, or other derivatives. The offering is optimised for buy-and-hold long-term investors, particularly those building diversified portfolios of low-cost ETFs.

The regulatory environment is strong. Trade Republic holds a full German banking licence and is supervised by BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht). Customer deposits are protected by German statutory deposit insurance (Einlagensicherung) up to EUR 100,000 per customer per bank. The app has a 4.3-star rating on leading app stores.

Flatex: the traditional German broker

Flatex was founded in 1999, long before fintech disruption reached retail investing. It is part of the flatexDEGIRO group and maintains the classic German broker model: straightforward, transparent, and built for serious traders. Available in Germany, Austria, and the Netherlands, Flatex charges a flat EUR 5.90 per trade, regardless of order size or instrument type.

Unlike Trade Republic's mobile-only approach, Flatex offers both web-based and mobile platforms. The interface is functional and information-dense rather than minimalist. The target user is someone comfortable reading detailed market data and willing to navigate more complex order types.

The product range is significantly broader. Beyond stocks and ETFs (1,500+ available), Flatex offers bonds, options, futures, warrants, and structured products. This appeals to more sophisticated investors: those building multi-asset portfolios, hedging positions, or trading derivatives. Market access includes XETRA and Frankfurt (direct German stock exchange access), plus Euronext, NYSE, NASDAQ, and the London Stock Exchange.

Flatex is equally well regulated. BaFin oversees it in Germany, and FMA (Financial Market Authority) in Austria. Deposit insurance covers up to EUR 100,000 per customer. The platform has been operating for over 25 years, making it one of Germany's most established retail brokers.

Detailed fee comparison

Fee structure is where these brokers diverge most dramatically.

Fee type	Trade Republic	Flatex
Stock trade (any size)	EUR 1	EUR 5.90
ETF trade (any size)	EUR 1	EUR 5.90
Recurring savings plan	EUR 0 (free)	Not available
Monthly account fee	EUR 0	EUR 0
Minimum deposit	EUR 0	EUR 0
Inactivity fee	No	Not disclosed
Currency conversion (FX)	Not disclosed	Not disclosed
Bond trading	Not available	EUR 5.90 per trade
Options trading	Not available	EUR 5.90 plus spread
Futures trading	Not available	EUR 5.90 plus margin/spread

Example cost comparison: If you invest EUR 5,000 in an ETF and rebalance twice per year for 10 years:

• Trade Republic: EUR 1 × 2 trades × 10 years = EUR 20
• Flatex: EUR 5.90 × 2 trades × 10 years = EUR 118

Over a decade, Trade Republic saves you EUR 98 on this single ETF position alone. The savings multiply across a diversified portfolio.

Feature and market access comparison

Feature	Trade Republic	Flatex
Stocks available	NYSE, NASDAQ, Euronext, XETRA, LSE	NYSE, NASDAQ, Euronext, XETRA, Frankfurt, LSE
ETF selection	Thousands (no published count)	1,500+
Direct Frankfurt access	No	Yes
Bonds	No	Yes
Options	No	Yes
Futures	No	Yes
Warrants	No	Yes
Structured products	No	Yes
Platform type	Mobile app only (iOS/Android)	Web + mobile
Tax reporting	Yes (German tax forms)	Yes (German tax forms)
Account types	Trading account + savings account + current account	Trading account only

Who should choose which?

Choose Trade Republic if you:

• Invest primarily in stocks and ETFs
• Build a diversified, buy-and-hold portfolio
• Value low costs and want to maximise long-term returns
• Prefer simplicity and mobile-first experience
• Live in one of Trade Republic's 11 supported countries
• Want a complete banking solution (current account plus savings account plus investments)
• Use automated savings plans (free on Trade Republic, unavailable on Flatex)

Choose Flatex if you:

• Trade bonds, options, futures, or other derivatives
• Want direct access to Frankfurt stock exchange
• Prefer a traditional broker interface with desktop access
• Need structured products or warrants
• Are based in Germany, Austria, or the Netherlands (only supported countries)
• Build multi-asset portfolios requiring different instrument types
• Value a broker with 25+ years of operational history

The cost-benefit analysis

If your annual trading volume is 20 trades per year (a reasonable figure for a diversified investor), you pay EUR 20 on Trade Republic versus EUR 118 on Flatex. That is a EUR 98 annual saving. Over 20 years with compounding, that difference multiplies significantly.

However, if you trade bonds or derivatives regularly, you have no choice but Flatex: Trade Republic does not offer these products at all. Similarly, if you live in Austria or the Netherlands but outside Trade Republic's supported set of countries, Flatex may be your only option among German brokers.

Regulatory safety and deposit insurance

Both brokers are well-regulated and equally safe from a regulatory perspective:

• Trade Republic: BaFin-licensed bank, deposit insurance EUR 100,000 (German DGS)
• Flatex: BaFin-licensed (Germany) plus FMA-licensed (Austria), deposit insurance EUR 100,000

Neither broker has faced major regulatory actions. Both use segregated client accounts, meaning your money is kept separate from the broker's operating capital. In the event of broker insolvency, the deposit insurance guarantees your balance.

User experience and onboarding

Trade Republic's onboarding is frictionless: download the app, complete identity verification (via video), and start trading in minutes. The interface is polished for everyday investors, with clear pricing and no surprises.

Flatex requires traditional account opening (more steps, longer process) but then offers a browser-based platform with more data and analytics. If you are comfortable with desktop trading interfaces, Flatex's information density may be preferable.

Comparison with other brokers

Want to see how these two stack up against others? Check out our full investing platform directory for reviews of DEGIRO, Interactive Brokers, Scalable Capital, and others.

Conclusion

Trade Republic and Flatex serve different investors. Trade Republic wins decisively on fees and user experience for simple, long-term buy-and-hold investing. It is the obvious choice for European expats building ETF portfolios with low costs. Flatex wins on product breadth and market access for sophisticated traders who need bonds, derivatives, and direct Frankfurt exchange access.

If you are starting your investment journey and want the lowest fees, Trade Republic is the default choice. If you are an experienced trader building a multi-asset portfolio, Flatex is the better fit.

Neither is objectively better. It depends entirely on your investment strategy and the countries where you are based.

This article is educational content, not financial advice. Always do your own research before making financial decisions. Fees and features may change. Verify current details on the platform's official website. Last verified: 2026-03-23.

Related guides

• DEGIRO vs Trade Republic 2026
• Trade Republic vs Scalable Capital 2026
• German income tax (Einkommensteuer) 2026

Disclaimer

This article is for educational purposes only and does not constitute financial, tax, or investment advice. Capmap.eu is an independent comparison platform — we do not provide personal recommendations. Always verify current fees, rates, and regulations with the provider or a qualified adviser before making financial decisions. Information was accurate at the time of writing but may have changed.