⏱️ 19 min read · 3,670 words · Updated Jun 13, 2026

If you’re based in Germany or Austria and you’ve spent more than ten minutes thinking about investing, you’ve probably stared at this exact dilemma: Trade Republic vs Flatex. Both are homegrown. Both promise low fees. Both have sleek apps.

“And both will absolutely save you money compared to your local Sparkasse advisor who still uses PowerPoint slides from 2009.”

Share:

But here’s where it gets interesting. They’re not the same. Not even close. One is built for people who want to tap a button and forget.

“The other is built for people who want to feel like they’re doing something serious with their money.”

Share:

That distinction matters more than any fee comparison table ever will.

Let’s start with the basics. Trade Republic launched in 2019 and grew faster than anyone expected. It’s a pure mobile Broker. Everything happens on your phone. You can buy stocks, ETFs, crypto, and derivatives. You can set up savings plans. You can even spend your leftover change through their round-up feature. It feels like fintech designed by people who use Instagram more than they read annual reports.

Flatex, on the other hand, has been around since 1999. It’s older, more traditional, and now operates under the Flatexdegiro umbrella after acquiring Degiro in 2020. Flatexdegiro is technically a Dutch entity, but the Flatex brand still caters specifically to German-speaking customers. It offers a web platform, a mobile app, and access to way more markets than Trade Republic. If you want to trade on the Tokyo Stock Exchange at 2 a.m., Flatex lets you do that. Trade Republic does not.

So right off the bat, you’re choosing between convenience and range. That’s the real Trade Republic vs Flatex question, and everything else is secondary.

Fees: Where the Trade Republic vs Flatex Battle Gets Messy

Both brokers charge a flat fee per trade. Trade Republic charges €1 per execution. Flatex also charges €1 per trade through the Flatex platform. On paper, that’s identical. But paper doesn’t tell you the whole story.

Trade Republic includes ETF savings plans with no additional transaction fee. You pick an ETF, set up a monthly plan, and every buy order costs just that single €1 flat fee. If you’re investing €100 a month into a World ETF, that’s 1% in fees per transaction. Not great, but manageable. If you’re investing €500, it’s 0.2%. That’s where it starts to make sense.

Flatex offers something similar but structures it differently. Their savings plans are free of brokerage fees on over 2,500 ETFs. The catch is that you still pay the €1 order fee on regular trades, and their free savings plan selection, while large, sometimes excludes the specific ETF you want. I spent twenty minutes trying to set up a savings plan on the MSCI World ETF through Flatex once, only to find it wasn’t on the free list at that time. It was later added, but the experience left a sour taste.

Then there’s the currency conversion fee. Trade Republic charges 0.25% on currency conversion for non-euro trades. Flatex doesn’t charge a separate conversion fee but builds the cost into the exchange rate spread. Which one is cheaper depends on the trade size and the specific currency pair. For most retail investors, the difference is negligible. For anyone trading frequently in USD-denominated assets, it adds up.

One thing that genuinely frustrates me about both platforms is the lack of transparency around custody fees. Trade Republic charges no custody fee. Flatex doesn’t either, at least not directly. But Flatexdegiro has been criticized for earning revenue through securities lending and payment for order flow. Trade Republic earns interest on uninvested cash in your account. Both models have tradeoffs. You’re not paying with euros. You’re paying with something else.

“The best Broker isn’t the one with the lowest fee. It’s the one whose business model you actually understand.”

Share:

User Experience: Mobile-First vs. Desktop-First

This is where the Trade Republic vs Flatex comparison gets almost philosophical. Trade Republic is mobile-only. There is no web platform. There is no desktop app. If you want to check your portfolio on a bigger screen, you can log in through a browser, but it’s clearly an afterthought. The interface is stripped down, fast, and almost aggressively simple.

That simplicity is both the best and worst thing about Trade Republic. Best because you can open the app, buy an ETF, and close it in under 30 seconds. Worst because you can’t do much else. There are no screeners. No advanced charting. No detailed order types beyond limit and stop-limit. If you’re the kind of person who likes to read earnings reports before buying a stock, Trade Republic will feel like trying to write an essay on your phone.

Flatex offers a full web trading platform with charts, screeners, and more detailed order management. It’s not the prettiest interface. It looks like it was designed in 2016 and hasn’t been touched since. But it works. You can set conditional orders, view extended hours trading, and access research tools that Trade Republic simply doesn’t offer.

The Flatex mobile app has improved significantly over the past two years. It’s still not as smooth as Trade Republic’s app, but it’s functional. You can trade, check your portfolio, and even set up savings plans from your phone. It just takes a few more taps.

Here’s my honest take: if you’re under 35 and you primarily invest through ETF savings plans, Trade Republic’s mobile experience is superior. If you’re over 30 and you occasionally want to do more than just buy and hold, Flatex gives you room to grow. That’s not an age thing, really. It’s a behavior thing. But the correlation is real.

Product Range: What Can You Actually Buy?

Trade Republic offers stocks, ETFs, bonds, derivatives (knock-out certificates and warrants), and crypto. The stock selection covers major European and US exchanges. You can buy Apple, Siemens, Allianz, and most large-cap names you’d expect. The ETF selection is broad enough for any passive investor.

But here’s the limitation: Trade Republic doesn’t offer mutual funds. If you’re coming from a traditional German bank that sold you actively managed funds, you won’t find equivalents here. That’s by design. Trade Republic wants you in ETFs, and they’ve built their entire product around that assumption.

Flatex offers all of the above plus mutual funds, more international exchanges, and a wider selection of bonds. Flatexdegiro clients can trade on over 50 exchanges worldwide. Trade Republic covers around 30. For most people, that difference doesn’t matter. You’re probably buying VW, Apple, and an MSCI World ETF. You don’t need access to the Bombay Stock Exchange.

But if you’re the kind of investor who likes to pick individual stocks across different markets, Flatex gives you more runway. And if you’re interested in more exotic products like warrants or structured notes, Flatex has a deeper inventory.

One thing neither platform does particularly well is options trading. Trade Republic doesn’t offer options at all. Flatex has limited options availability through the Degiro integration, but it’s not their focus. If options are your thing, neither of these platforms is the answer. Look at Interactive Brokers instead.

Safety and Regulation: Is Your Money Safe?

Both Trade Republic and Flatex are regulated by BaFin, Germany’s financial authority. Both are members of the German Einlagensicherung (deposit protection scheme), meaning your cash holdings are protected up to €100,000 per client. Your securities are held in separate custody accounts, so even if the broker goes bankrupt, your investments aren’t part of the bankruptcy estate.

Trade Republic holds a full banking license, which means they can offer current accounts alongside brokerage services. Flatexdegiro also operates under European banking regulations through its Dutch banking license. From a safety standpoint, both are solid. Neither is riskier than the other in any meaningful way.

That said, there’s a subtle difference in perception. Trade Republic has positioned itself as a modern fintech with a banking license, which gives some users extra confidence. Flatex, with its longer history and the Degiro acquisition, sometimes gets lumped in with the “old guard” of online brokers. Perception isn’t reality, but it affects how people feel about where they put their money.

The Savings Plan Factor: Where Trade Republic Wins Hard

I need to be direct about this. If your primary goal is to set up monthly ETF savings plans and never think about it again, Trade Republic is the better choice. The savings plan interface is flawless. You pick an ETF, choose an amount, pick a date, and you’re done. Execution is reliable. The €1 flat fee means your costs are predictable.

Flatex has significantly expanded its free savings plan offering. At the time of writing, they advertise over 2,500 ETFs with no brokerage fee on savings plan executions. That’s a massive number. But the user experience of setting up those plans isn’t as polished, and finding specific ETFs in their system sometimes feels like searching for a book in a library that’s been reorganized by someone who doesn’t read.

The execution quality on Trade Republic savings plans is also worth noting. Orders are executed once per day at the mid-price, which is fair. Flatex executes savings plans similarly, but because they route through the Degiro infrastructure, there have been occasional complaints about execution timing during volatile markets. Nothing catastrophic, just minor slippage that most long-term investors won’t notice.

Customer Support: The Uncomfortable Truth

Nobody wants to talk about customer support until they need it. And when you need it, everything else becomes irrelevant.

Trade Republic’s support is entirely digital. There’s no phone number. You submit a request through the app and wait. Response times vary. During the 2020 market volatility, some users reported waiting days for replies. It’s better now, but it’s still not what you’d call fast. If you have a complex issue, like a failed transfer or a tax documentation problem, you might spend a week going back and forth with templated responses.

Flatex offers phone support, email, and chat. The phone support is available during business hours, and the wait times are reasonable. I’ve called them twice, once about a corporate action on a stock I held and once about a savings plan that wasn’t executing properly. Both times, I got through within five minutes and the issue was resolved in the same call.

This is one area where Flatex’s older, more traditional structure actually works in their favor. Trade Republic’s lean, digital-first model keeps costs low, but it also means fewer humans available when things go wrong.

Who Should Pick Trade Republic?

You should pick Trade Republic if you’re a mobile-first investor who primarily uses ETF savings plans. If you want to open an app on your commute, tap three times, and invest €200 into a World ETF without thinking about it, Trade Republic was built for you. It’s also a strong choice if you’re new to investing and you want something that doesn’t overwhelm you with features you’ll never use.

The round-up feature is genuinely clever. Every time you make a purchase with your Trade Republic card, the spare change gets rounded up and invested automatically. It’s not going to make you rich, but it removes friction, and removing friction is how you build habits.

Trade Republic also shines if you want a current account and a brokerage in one place. Their banking features are basic but functional. You get a German IBAN, a debit card, and a savings account that pays a competitive interest rate on uninvested cash. It’s not a full replacement for a bank account, but it’s close.

Who Should Pick Flatex?

Flatex is the better choice if you want flexibility. If you occasionally trade individual stocks, if you want access to more international markets, if you care about having a web platform for deeper analysis, or if you simply want the option to call a human being when something goes wrong, Flatex is worth the slightly steeper learning curve.

Flatex also makes sense if you’re a more active investor who trades frequently and wants to minimize costs. The free savings plan execution on thousands of ETFs is a real advantage if you run multiple plans. And the broader product range means you won’t outgrow the platform the way you might outgrow Trade Republic.

There’s also a psychological factor that doesn’t get discussed enough. Some investors feel more comfortable with a platform that looks and feels like a “real” broker. Trade Republic’s minimalist design can feel almost too casual for people who want their investing to feel serious. Flatex’s web platform, for all its visual shortcomings, communicates stability. Whether that matters to you is personal.

“A broker that feels right to you is worth more than one that’s technically cheaper. You’ll actually use it.”

Share:

The Tax Situation: Neither Broker Makes It Easy Enough

Both Trade Republic and Flatex handle German capital gains tax automatically. They withhold the 25% Abgeltungssteuer plus Soli and Kirchensteuer if applicable. They also handle the Freistellungsauftrag (exemption order) if you set one up. In theory, you don’t need to do anything.

In theory.

The reality is that both platforms have had issues with tax processing. Trade Republic’s tax documents are available in the app, but the interface for downloading them is buried. Flatex sends annual tax summaries by mail, which feels like 2005. Neither platform integrates well with popular German tax software like WISO or Taxfix, though both provide the data you need to enter manually.

If you hold securities across multiple brokers or if you have complex situations like inherited shares or foreign dividends, neither platform simplifies the process as much as they should. This isn’t unique to Trade Republic vs Flatex. It’s a German brokerage industry problem. But it’s worth mentioning because tax season is when you’ll appreciate a broker that makes documentation easy.

One specific note: Trade Republic’s crypto tax reporting has been a pain point. Germany taxes crypto gains differently than securities gains, and Trade Republic’s reports don’t always align cleanly with what you need for your Steuererklärung. If you’re trading crypto regularly, keep your own records. Don’t rely on the broker.

What About the Degiro Connection?

This confuses people, so let’s clear it up. Flatex acquired Degiro in 2020. The combined entity is called Flatexdegiro AG. If you open an account through the Flatex brand, you’re technically a Flatexdegiro client. The trading infrastructure may route through Degiro’s systems in some cases.

Degiro itself operates as a separate brand, primarily in the Netherlands and other European markets. If you’re in Germany and you open a Degiro account instead of a Flatex account, you’ll get a different fee structure and a different platform experience. The Degiro app is actually quite good, but their customer support has a worse reputation than either Trade Republic or Flatex.

For the purposes of this Trade Republic vs Flatex comparison, we’re focusing on the Flatex-branded experience for German investors. But know that the Degiro connection exists and it occasionally affects things like execution speed and available markets.

The Onboarding Experience

Opening a Trade Republic account takes about ten minutes. You verify your identity through a video call or photo identification, link your bank account, and you’re ready to fund and trade. The entire process happens in the app. It’s smooth, fast, and feels modern.

Flatex’s onboarding is similar in speed but slightly more involved. You fill out a longer application form, including questions about your trading experience and risk tolerance. This is a regulatory requirement, not something Flatex invented to annoy you, but it does add a few extra steps. Once approved, funding works through bank transfer or, in some cases, instant transfer.

Neither broker charges account opening fees. Neither charges inactivity fees. Both are free to use beyond the per-trade execution fee. That’s worth emphasizing because some older German brokers still charge quarterly custody fees or minimum activity requirements.

My Honest Verdict on Trade Republic vs Flatex

I’ve used both. I still use both, actually, for different purposes. Trade Republic is where my ETF savings plans run. Flatex is where I hold individual stocks and more niche positions. Splitting between them isn’t inefficient. It’s strategic.

But if I had to pick one, and this is my personal opinion that you’re free to ignore, I’d go with Flatex for most people. The reason is simple. Trade Republic is a fantastic product for a specific type of investor. Flatex is a good product for a wider range of investors. The web platform matters. Phone support matters. Having access to more markets matters, even if you don’t use them today.

Trade Republic is the better app. Flatex is the better broker. And for something as important as where you keep your investments, I’d rather have the better broker.

That said, if you’re 22, you’re investing €150 a month into a single ETF, and you never plan to do anything else, Trade Republic is perfect. Don’t overcomplicate it. The best broker is the one you’ll actually use consistently, and consistency beats optimization every time.

Common Mistakes People Make When Choosing

The biggest mistake is comparing only fees. Yes, fees matter. But a €1 difference per trade is nothing compared to the cost of choosing a platform you don’t enjoy using. If you hate the interface, you’ll check your portfolio less. If you check your portfolio less, you’ll make emotional decisions when you finally do look. That’s expensive.

Another mistake is ignoring tax documentation until March. Set up your Freistellungsauftrag immediately after opening your account. Both brokers make this process easy, but most people forget until they get a surprise tax notice.

The third mistake is assuming you’ll stay with one broker forever. You won’t. Your needs will change. The platform that’s perfect for you at 25 might feel limiting at 35. That’s fine. Opening a second account later is trivial. Don’t let the fear of choosing wrong paralyze you into choosing nothing.

Final Thoughts Worth Repeating

Trade Republic vs Flatex isn’t a battle with a clear winner. It’s a choice between two philosophies. Trade Republic says investing should be simple, fast, and mobile. Flatex says investing should be comprehensive, flexible, and accessible across platforms. Both philosophies are valid. Your job is to figure out which one matches how you actually behave, not how you think you should behave.

Start with one. Use it for six months. See how it feels. If it works, great. If it doesn’t, switch. The transfer process between German brokers is straightforward, and your ETF savings plans can be recreated on either platform in under five minutes. The cost of switching is low. The cost of never starting is not.

FAQ

Is Trade Republic or Flatex better for beginners? – Trade Republic vs Flatex

Trade Republic has the edge for absolute beginners because of its simpler interface and mobile-first design. If you’ve never bought an ETF before and you want the lowest friction experience, start there. Flatex is better if you anticipate wanting more features within the first year.

Can I have accounts on both Trade Republic and Flatex? – Trade Republic vs Flatex

Yes, absolutely. There’s no restriction on holding multiple brokerage accounts in Germany. Some investors use Trade Republic for savings plans and Flatex for individual stock trades. It’s a perfectly reasonable setup.

Which broker has lower fees overall?

For ETF savings plans specifically, Flatex often works out cheaper because of their free execution on thousands of ETFs. For individual stock trades, both charge €1 per execution, so costs are nearly identical. The real difference comes from currency conversion fees and how each broker structures their spread.

Is my money safe on Trade Republic?

Yes. Trade Republic holds a full German banking license, is regulated by BaFin, and participates in the German deposit protection scheme. Your cash is protected up to €100,000, and your securities are held in segregated custody accounts.

Does Flatex offer a mobile app?

Yes. Flatex has a mobile app available for iOS and Android. It’s functional and covers most trading activities, though the web platform offers more detailed features like advanced charting and screening tools.

How do I transfer my holdings from Trade Republic to Flatex?

You can request a depotübertrag (account transfer) through the receiving broker. Flatex will initiate the transfer, and Trade Republic will process it. Most ETFs and stocks transfer without being sold. The process typically takes two to four weeks. Neither broker charges outgoing transfer fees for standard securities.

Sources

• Trade Republic Fee Overview
• Flatex Savings Plan Details
• BaFin Broker Regulation Guide

Conclusion

Here’s what I’d actually do if I were starting from scratch today. Open a Trade Republic account first. Set up one ETF savings plan with whatever you can afford, even if it’s just €50 a month. Get comfortable with the mechanics of investing. Let three or four months pass.

Then open a Flatex account. Move your individual stock trades there if you have any. Compare the experiences side by side. After six months, you’ll know which platform fits your rhythm. Keep both if they serve different purposes. Consolidate if one clearly wins.

The Trade Republic vs Flatex debate only matters if you’re actually investing. If you’re still deciding which broker to pick while your money sits in a savings account earning 3%, the best broker is whichever one gets you to start. Pick one this week. Fund it next week. Buy your first ETF the week after. Everything else is noise.