Cheapest Brokers in Europe (2026)

Why Scalable Capital comes out cheapest

Read down the commission column and the picture is the same across Europe as it is in Britain: almost every large platform now offers commission-free share and ETF dealing, so headline commission is no longer where a European portfolio leaks money. The decisive cost for an EU investor buying US shares or dollar-denominated assets is the currency-conversion (FX) fee — it applies to the whole converted amount, on the way in and again on the way out, and it scales with everything you trade. Scalable Capital charges no FX fee at all, so the moment a profile involves converting euros it pulls clear of rivals that are also commission-free but still take a slice on every conversion.

The runner-up on the regular profile, Trade Republic, makes the point precisely. It is also commission-free, yet its 0% conversion fee means a regular investor pays about $24 a year against Scalable Capital's $24 — the entire gap is currency conversion, not dealing charges. On a portfolio weighted towards US equities, a euro investor converting, say, €24,000 of trades a year feels that difference directly: a fee that looks like a rounding error in percentage terms becomes the single largest recurring cost. The lesson is the one investors most often miss — zero commission does not mean zero cost, and a smaller FX fee routinely beats a flashier "free trades" headline. To understand the mechanics, read how FX fees work and our deep dive on currency-conversion fees.

The ranking does shift with usage, which is why we publish three profiles rather than one verdict. Flat per-trade commissions and fixed withdrawal fees barely register for a casual investor placing a handful of trades, but they compound for an active trader placing a hundred — and a percentage FX fee that looked trivial on a small pot dominates once the traded value climbs into five figures. Read the profile that matches your own behaviour, not just the top of the first table. For the full anatomy of every charge, our Broker Fee Index breaks the market down fee by fee.

What EU investors should check that UK investors don't

Cost is decisive, but a European investor faces a few structural questions a UK investor never has to think about. Weigh these alongside the annual-cost figures above:

• Investor-compensation cover varies by country and entity. There is no single EU-wide figure equivalent to the UK's FSCS £85,000. Every EEA investment firm must belong to a national investor-compensation scheme, but the ceilings differ: a broker operating through a Cypriot (CySEC) entity is covered by the Investor Compensation Fund up to €20,000, while other national schemes cover more. This protects against a firm failing to return your assets, not against market losses — so check which entity holds your money and which scheme stands behind it.
• You'll buy UCITS ETFs, not US-domiciled ones. Under EU PRIIPs rules, most brokers cannot offer US-domiciled ETFs to EU retail clients because they lack an EU key-information document. The practical answer is the UCITS version of the same strategy, which is widely available — confirm the platform lists the UCITS ETFs you want before you commit.
• There is no pan-EU tax wrapper like the ISA or SIPP. The UK's tax-sheltered accounts have no EU-wide equivalent, though several countries run their own — France's PEA, Belgium's and others' national schemes among them. Whether a broker supports your country's wrapper can matter more to your after-tax return than a few basis points of fees, so check local availability.
• US dividend withholding tax and the W-8BEN. Dividends from US shares are subject to US withholding tax — 30% by default, but reduced to 15% for residents of most countries that hold a tax treaty with the US, provided you complete a W-8BEN form (which good brokers handle for you at sign-up). Confirm your platform files it so you are not over-taxed on US income.

Regulation and fee tiers can differ by country

One honest caveat before you act on any table here. A broker that serves the whole EU often does so through more than one entity — you might be onboarded by a CySEC-regulated arm, a locally licensed subsidiary, or an entity in another member state — and the regulator, the investor-compensation scheme and even the exact fee tier can vary with it. Our cost engine uses each platform's standard published schedule, which is the right basis for comparison, but the entity that actually serves your country is the one whose small print governs your account. Always confirm the operating entity, its regulator and its fee schedule for your country of residence before opening an account.

Cheapest brokers in Europe: frequently asked questions