DeGIRO vs Interactive Brokers vs Trading 212: Full Comparison (2026)
If you’re a European investor looking for a broker in 2026, you’ve probably narrowed your choice to three names: DeGIRO, Interactive Brokers (IBKR), and Trading 212. These three dominate the conversation on r/eupersonalfinance, Dutch investing forums, and every “which broker should I pick?” thread.
But the right answer depends entirely on how you invest. This guide breaks down each broker across the dimensions that actually matter — fees, safety, tax handling, exchange access, and real-world cost — so you can make an informed decision.
Last verified: April 2026
Quick Verdict
| Profile | Best Broker | Why |
|---|---|---|
| Beginner, investing <€500/month | Trading 212 | Zero fees, fractional shares, AutoInvest, 3% interest on EUR cash |
| Dutch investor, monthly ETF buys on Xetra/Euronext | DeGIRO | ETF Core Selection at €1/trade, Dutch-regulated, NL tax documents |
| Large portfolio (€50K+), US exposure | IBKR | Cheapest FX conversion, 150+ exchanges, professional tools |
| Multi-currency, global diversification | IBKR | Near-interbank FX rates, 27 base currencies |
| Want everything automated | Trading 212 | AutoInvest pies, no fees, interest on cash |
Fee Comparison: The Numbers That Matter
Stock & ETF Trading Fees
| Fee Type | DeGIRO | IBKR (Pro Fixed) | Trading 212 |
|---|---|---|---|
| EU stocks (Euronext) | €2 + €1 handling = €3 | 0.05% (min €1.25) | €0 |
| EU stocks (Xetra) | €2 + €1 handling = €3 | 0.05% (min €1.25) | €0 |
| US stocks | €1 + €1 handling = €2 | $0.005/share (min $1) | €0 |
| ETF Core Selection (DeGIRO) | €0 + €1 handling | — | — |
| All other ETFs | €2 + €1 handling = €3 | Same as stocks | €0 |
| Fractional shares | Not available | 0.05% (min €1.25) | €0 (from €1) |
| Options | €0.75/contract | $0.70/contract (fixed) | Not available |
Sources: DeGIRO fee schedule (updated Oct 2025), IBKR commissions Europe, Trading 212 terms
Currency Conversion
This is where the real cost difference hides. If you buy US-listed ETFs or stocks, your broker converts EUR→USD. Here’s what each charges:
| Broker | FX Fee | On €10,000 conversion | On €50,000 conversion |
|---|---|---|---|
| DeGIRO | 0.25% | €25 | €125 |
| IBKR | ~0.002% (near-interbank) | ~€0.20 | ~€1 |
| Trading 212 | 0.15% | €15 | €75 |
IBKR wins by a mile on currency conversion. On a €50K portfolio with 50% US exposure, you’d save roughly €60-120/year compared to DeGIRO or Trading 212 just on FX. This alone can make IBKR cheaper overall for investors with significant US exposure.
Hidden and Less-Obvious Fees
| Fee | DeGIRO | IBKR | Trading 212 |
|---|---|---|---|
| Connectivity fees | Up to 0.25%/exchange/year (max €2.50/exchange) | None | None |
| Inactivity fee | None | None | None |
| Custody fee | None | None | None |
| Withdrawal fee | None | €1 per withdrawal (first free) | None |
| Deposit fee | None | None | €1 minimum deposit |
| Securities lending | Enabled by default (opt-out) | Not applicable | Not applicable |
| Platform fee | None | None | None |
DeGIRO’s connectivity fees are often overlooked. If you trade on NASDAQ, NYSE, and Xetra, you’ll pay up to €2.50 per exchange per year — that’s €7.50/year for three exchanges. Not huge, but it adds up. The DeGIRO fee page has the full breakdown.
Interest on Uninvested Cash
| Broker | EUR Interest | Conditions |
|---|---|---|
| DeGIRO | None | — |
| IBKR | ~2.0% (varies with ECB rate) | Pro accounts, paid monthly |
| Trading 212 | 3.0% | No cap, no minimum, paid monthly |
Trading 212’s 3% EUR interest is a standout feature as of April 2026. With the ECB deposit facility rate at ~2.0%, Trading 212 is offering a premium above the reference rate. IBKR pays around 2.0% on EUR balances. DeGIRO pays nothing.
⚠️ Interest rates are variable — both Trading 212 and IBKR adjust rates based on ECB policy changes. Check their websites for current rates before making decisions.
On a €10,000 idle cash balance:
- Trading 212: €300/year
- IBKR: ~€200/year
- DeGIRO: €0
Source: Trading 212 3% interest announcement, IBKR interest rates page
Safety and Regulation
This is crucial — your broker holds your life savings. Here’s how each is regulated:
| Aspect | DeGIRO | IBKR | Trading 212 |
|---|---|---|---|
| Primary regulator | BaFin (Germany) | FCA (UK), BaFin, CSSF, CySEC | FCA (UK), FSCB (Bulgaria) |
| EU entity | flatexDEGIRO Bank SE | IBKR Central Europe (Luxembourg) | Trading 212 EU GmbH (Bulgaria) |
| Cash deposit protection | €100,000 (German scheme) | €20,000 (Irish ICS) | €20,000 (Bulgarian scheme) |
| Investor compensation | €20,000 (90% of loss) | SIPC $500K (US entities) | €20,000 |
| Publicly traded | Yes (flatexDEGIRO SE, FTK) | Yes (Nasdaq: IBKR) | No (private) |
| Customers | ~3.5 million | ~1.7 million | ~5 million |
Key points:
- DeGIRO has the strongest cash protection at €100,000 via the German Deposit Guarantee Scheme, since it operates as flatexDEGIRO Bank SE. It’s regulated by BaFin with additional AFM/DNB oversight in the Netherlands. Source: DeGIRO protection page
- IBKR is the most financially robust broker in this comparison. It’s publicly traded on Nasdaq with over $11 billion in equity. Your cash is protected up to €20,000 under the Irish Investor Compensation Scheme for EU accounts. US SIPC protection ($500K) applies to US-registered accounts. Source: IBKR about page
- Trading 212 operates in the EU through Trading 212 EU GmbH, regulated by the Bulgarian Financial Supervision Commission (FSCB) and cross-border passporting. Cash is held with J.P. Morgan SE. The €20,000 investor compensation applies. Source: Trading 212 terms
Bottom line on safety: All three are properly regulated. IBKR is the most financially secure institution. DeGIRO offers the highest cash deposit guarantee. Trading 212’s EU entity is smaller but adequately regulated.
Exchange Access and Product Range
| Feature | DeGIRO | IBKR | Trading 212 |
|---|---|---|---|
| European exchanges | 14+ | 30+ | ~5 |
| US exchanges | NASDAQ, NYSE, AMEX | All + OTC | NASDAQ, NYSE |
| Asian exchanges | Limited (HK, JP, AU) | 15+ | None |
| Total markets | ~50 exchanges | 150+ markets | ~10 exchanges |
| UCITS ETFs | Extensive | Extensive | Good but limited |
| US-domiciled ETFs | No (PRIIPs) | Yes (with restrictions) | Limited |
| Bonds | Government only | Extensive | None |
| Options | Yes | Yes | No |
| Futures | Yes | Yes | No |
| Crypto | No | Yes (via Paxos) | Yes (limited) |
IBKR dominates on market access. If you need to buy a stock on the Bangkok exchange or a bond on the Euro MTF, IBKR is your only option among the three. For most European ETF investors, DeGIRO’s 50+ exchanges are more than sufficient.
Trading 212 has the most limited exchange access. It covers the major US and some European exchanges, but misses key ones like Xetra (Germany’s primary ETF exchange). This means some popular UCITS ETFs listed only on Xetra may not be available.
Tax Handling for Dutch Investors
This is often the deciding factor for investors in the Netherlands:
| Feature | DeGIRO | IBKR | Trading 212 |
|---|---|---|---|
| NL tax report (jaaroverzicht) | Yes | Yes (annual statement) | No |
| Box 3 data | Yes | Partial | No |
| Dividend tax handling | 15% NL withholding | Complex (varies by country) | Automatic |
| iDEAL deposits | Yes | No (bank transfer) | Yes |
| Dutch language support | Yes | No | Limited |
| AFM-regulated | Yes (via BaFin + AFM) | No | No |
DeGIRO is the easiest for Dutch tax reporting. It provides a complete jaaroverzicht (annual overview) with all the data you need for your Box 3 aangifte. IBKR provides an annual statement, but you’ll need to do more manual calculation. Trading 212 offers no Dutch-specific tax documents — you’re on your own for calculating Box 3.
Real-World Cost Scenarios
Let’s look at three common investor profiles and calculate total annual costs:
Scenario 1: Monthly ETF Investor (€300/month, single ETF)
You buy €300 of VWCE (Vanguard FTSE All-World) once per month on Xetra.
| Cost | DeGIRO | IBKR | Trading 212 |
|---|---|---|---|
| Monthly trade fee | €3 (or €1 Core Selection) | ~€1.50 | €0 |
| Annual trade fees | €36 (or €12 Core) | ~€18 | €0 |
| FX conversion | €0 (EUR-listed) | €0 | €0 |
| Connectivity (Xetra) | €2.50/year | €0 | €0 |
| Total annual | €38.50 | ~€18 | €0 |
Winner: Trading 212 (free) or DeGIRO Core Selection (€12/year). But note: VWCE may not be available on Trading 212 if it’s only listed on Xetra.
Scenario 2: Large Portfolio with US Exposure (€100K, 50% US)
You have €100K invested, half in US-listed ETFs (like VOO), half in EUR-listed UCITS ETFs. You make 24 trades/year.
| Cost | DeGIRO | IBKR | Trading 212 |
|---|---|---|---|
| Trade fees (24 trades) | €48 | ~€30 | €0 |
| FX conversion (€50K) | €125 (0.25%) | ~€1 | €75 (0.15%) |
| Connectivity (3 exchanges) | €7.50 | €0 | €0 |
| Interest on €5K cash | €0 | ~€100 | ~€150 |
| Net annual cost | €180.50 | ~-€69 (net gain) | ~-€75 (net gain) |
Winner: IBKR — the near-zero FX conversion saves you over €100/year vs DeGIRO, and you earn interest on cash. Trading 212 also comes out ahead thanks to zero fees and 3% interest, but limited US ETF access may be a problem.
Scenario 3: Beginner with Small Amounts (€100/month, fractional)
You invest €100/month across 3-4 ETFs using fractional shares.
| Cost | DeGIRO | IBKR | Trading 212 |
|---|---|---|---|
| Can you do this? | No (no fractional) | Yes | Yes |
| Monthly cost | N/A | ~€5 (min commissions) | €0 |
| Annual cost | N/A | ~€60 | €0 |
| Interest on residual cash | €0 | ~€20 | ~€30 |
Winner: Trading 212 — it’s the only option that makes small, diversified monthly investments practical. DeGIRO doesn’t offer fractional shares, so €100/month split across 4 ETFs means trades too small to be efficient. IBKR’s minimum commissions eat into small trades.
Savings Plans and Automation
| Feature | DeGIRO | IBKR | Trading 212 |
|---|---|---|---|
| ETF savings plan | No | No (recurring orders possible) | Yes (AutoInvest) |
| Fractional investing | No | Yes | Yes |
| Portfolio pies | No | No | Yes |
| Auto-rebalance | No | No | Partial (pies) |
| Minimum investment | ~€1 (practically) | €1.25 min commission | €1 |
Trading 212’s AutoInvest feature is the closest thing to a true savings plan among the three. You create a “Pie” (a portfolio allocation), set a monthly amount, and Trading 212 automatically buys fractional shares to match your target allocation. This is essentially what Trade Republic and Scalable Capital offer as “ETF savings plans.”
DeGIRO and IBKR both lack automated savings plans. You need to log in and place manual orders each month.
The Verdict: Which Should You Choose?
Choose DeGIRO if:
- You’re a Dutch investor who values easy tax reporting (jaaroverzicht)
- You buy a few ETFs per month through the Core Selection (€1/trade)
- You want access to Xetra and other European exchanges Trading 212 doesn’t cover
- You prefer a broker regulated under BaFin with AFM/DNB oversight
- You need iDEAL for deposits
Choose IBKR if:
- You have a portfolio over €50K with US exposure (FX savings alone justify it)
- You need access to 150+ markets globally
- You trade options, futures, or bonds alongside ETFs
- You want the most financially robust broker (publicly traded, $11B+ equity)
- You’re comfortable with a complex platform
Choose Trading 212 if:
- You’re a beginner starting with small amounts (€50-300/month)
- You want truly zero fees on all trades
- You want AutoInvest for automated, hands-off investing
- You want to earn 3% interest on uninvested EUR cash
- You value simplicity over maximum exchange access
Common Combinations
Many experienced European investors use two brokers:
- DeGIRO for European-listed ETFs (Core Selection, Dutch tax docs, iDEAL)
- IBKR for US-listed securities and international bonds (best FX rates)
This gives you the best of both worlds. Transfer between them is free (ACAT/electronic transfer), though it takes a few days.
Frequently Asked Questions
Can I hold US-domiciled ETFs like VOO in Europe? Under EU PRIIPs rules, EU retail investors cannot buy US-domiciled ETFs without a KID (Key Information Document). IBKR allows some access for professional accounts or with appropriate documentation. Most EU investors use UCITS equivalents (VWCE for VTI, SXR8 for VOO, etc.) instead.
Is my money safe if the broker goes bankrupt? Your investments are held in separate custodial accounts and are not part of the broker’s assets. Even if the broker fails, your securities remain yours. The deposit guarantee schemes cover cash held in your account. See each broker’s protection page for details.
Can I transfer my portfolio from one broker to another? Yes. All three brokers support portfolio transfers (ACAT or manual). DeGIRO and IBKR don’t charge outgoing transfer fees. Trading 212 doesn’t charge for inbound or outbound transfers. The process typically takes 2-4 weeks.
Does DeGIRO still do securities lending? Yes, DeGIRO lends out securities from Regular accounts by default. You can opt out by switching to a Custody account (which has slightly different fee structure). This is a known concern for some investors, though DeGIRO provides collateral for all lent securities.
Which broker has the best mobile app? Trading 212 has the most beginner-friendly app. DeGIRO’s app is functional but basic. IBKR Mobile is powerful but overwhelming for new users.
All fees and rates were verified in April 2026 using official broker websites. Fees may change — always check the current fee schedule before opening an account. This article is for informational purposes only and does not constitute financial advice.
⚠️ Information in this article is not financial advice. Investing involves risk. You may lose your invested capital. Always do your own research before making financial decisions.