Neobroker Comparison: How Finanzen Zero, Trade Republic, Scalable Capital and Bitpanda Stack Up

Inside Germany's Neobroker Price War: Who Charges What

Germany's neobroker landscape has consolidated around a handful of platforms that have fundamentally reshaped how retail investors access capital markets. The model is simple: no branch network, no advisory staff, a smartphone app and — in most cases — zero commission on securities trades and ETF savings plans. The source comparison covers finanzen.net zero, Trade Republic, Scalable Capital, Bitpanda, bunq and Justtrade, each with a distinct proposition.

finanzen.net zero, which absorbed Munich-based Gratisbroker in 2021, offers over 8,500 equities and 2,000 ETFs free of charge exclusively via the Gettex venue, plus more than 300,000 warrants and certificates from Goldman Sachs, HVB onemarket and HSBC. Savings plans start at €1 per month with no minimum order size. Client deposits sit with Baader Bank, which is BaFin-supervised and a member of the German private banks' voluntary deposit protection fund — lifting coverage beyond the statutory €100,000 per client to at least €750,000.

Trade Republic, founded in 2015 and live since 2019, now operates in 17 countries and obtained a full German banking licence in 2023. It passes through the full ECB policy rate to clients — a move that generated significant attention. Scalable Capital, active since 2016, counters with a flat-rate model: €2.99 per month for unlimited trading, or the Prime Broker tier with fully free trades and savings plans. It lists over 2,700 ETFs, 8,000 equities, 3,800 funds and 375,000 derivatives, and offers crypto exposure via ETPs.

Bitpanda, founded in Vienna in 2014, has evolved from a crypto exchange into a multi-asset platform offering equities, ETFs and precious metals, plus interest-bearing cash through Bitpanda Cash Plus. Justtrade, launched in 2019 under Sutor Bank, provides access to 7,300 equities and 1,800 ETFs/ETCs across three venues and five over-the-counter partners, with commission-free securities trading but a 0.3% spread on crypto. bunq, a Dutch digital bank, offers free custody but charges 0.49%–0.99% commission per order, and its cash balances fall under Dutch rather than German deposit insurance.

Why Zero-Commission Trading Is a Business Model, Not a Gift

The Economics Behind 'Free' Trading

Zero-commission trading is not philanthropy — it is a business model built on three revenue pillars. First, payment for order flow (PFOF): brokers receive commissions from trading venues when they route client orders there. Second, spreads: the difference between bid and ask prices is where the real cost often hides, particularly for less liquid instruments. Third, cross-selling: derivatives, crypto and interest-bearing cash products generate margin that plain equity trading does not.

This explains why the competitive frontier has moved beyond headline pricing. finanzen.net zero's exclusive reliance on Gettex, Trade Republic's single-venue model and Scalable Capital's flat-rate subscription all reflect different bets on where the economics work. For context, the EU's revised Markets in Financial Instruments Regulation (MiFIR) is phasing out PFOF in several member states, which could pressure the zero-fee model over the medium term — though the source article does not address this regulatory dimension.

Where Trade Republic and Scalable Capital Diverge

Both Munich and Berlin-based brokers pass through the full ECB deposit rate, a significant differentiator in a higher-rate environment. But their monetisation paths differ. Trade Republic relies on PFOF, spreads and a growing product shelf including Private Markets — long-term, less liquid investments with potentially higher returns. Scalable Capital has moved toward a subscription model: €2.99 per month for unlimited trading, or the Prime Broker tier with everything free. This shifts revenue from transaction-based to recurring, which is more predictable but depends on retention.

The consumer-advocate criticism of Trade Republic on deposit custody transparency is a reputational risk that cuts directly at the trust underpinning the neobroker model. If clients cannot clearly see where their cash sits, the perceived safety advantage of a full banking licence erodes.

Bitpanda, bunq and Justtrade: The Challenger Playbook

Bitpanda's evolution from crypto exchange to multi-asset platform — with interest-bearing cash via partner banks — positions it as an ecosystem play rather than a pure broker. The source notes criticism of its fee structures and product complexity, which Bitpanda is addressing through enhanced disclosure. bunq's entry into securities trading is notable for what it lacks: no German deposit insurance, no CFD trading, no US venues, and a percentage commission that makes it more expensive than the zero-fee leaders for larger orders. Justtrade competes on breadth — 20 cryptocurrencies alongside securities — but its €1 foreign-cost flat fee on exchange transactions and 0.3% crypto spread mean it is not truly free.

What This Means for Retail Investors

The practical implication is that 'best neobroker' is strategy-dependent. Long-term ETF savers should prioritise free savings plans and broad ETF availability. Active traders need low per-order costs and multiple venues. Crypto-inclined investors should compare spreads, not headline fees. And all investors should verify deposit protection: German statutory insurance covers €100,000 per client, with Baader Bank's voluntary fund adding a layer — but bunq clients rely on the Dutch scheme, which may complicate cross-border claims.

How to Pick the Right Neobroker for Your Strategy

The cheapest headline fee is rarely the cheapest total cost — spreads, venue access and deposit protection determine what you actually pay and how safe your money is.

• Long-term ETF savers: Prioritise brokers with free savings plans and broad ETF availability. finanzen.net zero offers 2,000 ETFs from €1/month; Scalable Capital lists over 2,700 ETFs with a €2.99/month flat rate. Verify your specific ETF is savings-plan eligible before opening an account.
• Active traders: Compare per-order costs at your typical order size. bunq charges 0.49%–0.99% per order — a €12,000 trade costs €58.80 on the Elite tier versus €118.80 on Free/Core. Scalable Capital's flat rate becomes cheaper above roughly 3–6 trades per month.
• Crypto investors: Compare spreads, not commissions. Justtrade charges a minimum 0.3% spread with a €50 minimum order; Scalable Capital offers crypto via ETPs, which may be more tax-efficient in a German depot.
• Deposit safety check: Confirm your broker's deposit protection. German statutory insurance covers €100,000 per client; Baader Bank (finanzen.net zero) adds a voluntary fund covering at least €750,000. bunq balances fall under the Dutch scheme — verify cross-border claim procedures before depositing large sums.
• Watch for hidden costs: Check for foreign-cost flat fees (Justtrade charges €1 per exchange transaction), custody fees on specific products (e.g. 0.03% monthly on ETC Xetra-Gold), and inactivity or payout charges.

Metrics to watch: ECB policy rate changes (directly affect Trade Republic and Scalable Capital cash yields), MiFIR PFOF phase-out timelines (could end zero-fee trading), and BaFin enforcement actions on deposit transparency.