Share Trading Costs 2026: All the Fees Investors Need to Know

Anyone who wants to build wealth on the stock market has to do more than find the right shares or ETFs – they also have to keep costs under control. Fees are the biggest drag on returns for private investors. It is no coincidence that investment legend Warren Buffett has recommended low-cost index funds to private investors for years. In this guide we show all the fees that apply to share trading in Germany in 2026 – and how to minimise them.

The types of cost at a glance

Investing on the stock market involves several types of fee, which can be roughly divided into the following categories:

Type of cost	When does it apply?	Typical amount
Custody account fee	Ongoing (monthly/annual)	0–60 €/year
Order fee	Per purchase/sale	0–25 € per order
Spread	On every transaction	0.01–0.50%
Product costs (TER)	Ongoing for ETFs/funds	0.05–2.00% p.a.
Exchange venue fee	Per transaction	0–5 €
Taxes	On gains and dividends	26.375%

1. Custody account fees: the basic costs

The custody account (“Depot” in German) is your “account” for securities. This is where your shares, ETFs and bonds are held. Some providers charge an annual fee for this account – others offer it free of charge.

Custody account fees compared (2026)

Provider	Custody fee	Notes
Trade Republic	0 €/year	Only 1 trading venue (LS Exchange)
Scalable Capital	0 €/year (FREE Broker)	Optional PRIME+ subscription with trading flat rate for a monthly fee
ING	0 €/year	Wide selection of ETF savings plans
Smartbroker+	0 €/year	Several trading venues
Consorsbank	0 €/year	Good customer service
S Broker (Sparkassen group)	0 €/year	No conditions since the 2026 price reform
Branch-based savings banks / cooperative banks (Volksbanken)	often 12–60 €/year	Varies widely by institution

Conclusion: In 2026, custody account fees are a thing of the past at most online brokers. At many branch-based banks, however, you still pay – check your institution’s price and service list.

2. Order fees: the cost per trade

Every time you buy or sell a share, order fees apply. There are huge differences here:

Fee models at a glance

Flat-fee model (neobrokers):

Trade Republic: 1 € per order
Scalable Capital FREE: 0.99 € per order, alternatively a trading flat rate with the PRIME+ subscription
Smartbroker+: 0 € via gettex (from 500 €), for a fee on other exchanges
finanzen.net zero: 0 € from an order volume of 500 €, below that a 1 € small-order surcharge
S Broker: 0.95 € flat as an instant order via the trading partner

Percentage plus minimum (direct banks):

ING: 4.90 € + 0.25% (min. 4.90 €, max. 69.90 €)
Consorsbank: 4.95 € + 0.25% (min. 9.95 €, max. 69 €)
DKB: 10 € per order (details in the price list)

What does that mean in practice?

Order size	Trade Republic	ING	Consorsbank	Branch bank (example)
500 €	1.00 €	6.15 €	9.95 €	12.50 €
1,000 €	1.00 €	7.40 €	9.95 €	12.50 €
5,000 €	1.00 €	17.40 €	17.45 €	25.00 €
10,000 €	1.00 €	29.90 €	29.95 €	37.50 €
25,000 €	1.00 €	67.40 €	67.45 €	75.00 €

The branch bank column is an example calculation; the price lists of individual savings banks and cooperative banks differ considerably. On an investment of 10,000 €, in this example you pay 37.5 times as much at the branch bank as at Trade Republic. Over a year of monthly purchases, that adds up to a difference of hundreds of euros.

3. The spread: the invisible fee

The spread is the difference between the buying and selling price. It is not shown anywhere as a “fee”, but it costs you money on every transaction.

Xetra (reference exchange): 0.01–0.05% for DAX shares
gettex/LS Exchange (neobrokers): 0.05–0.30% depending on trading hours
Outside trading hours (17:30–8:00): spreads can rise to 0.5–2%!

Example: On an order volume of 10,000 €, a spread of 0.20% costs exactly 20 € – invisible, but more expensive than the order fee at Trade Republic.

Pro tip: Trade during Xetra trading hours (9:00–17:30) wherever possible. During this time spreads are lowest at all trading venues. A purchase on Sunday evening can easily cost you 0.5–1% more than on Tuesday morning.

4. ETF costs: the ongoing fee (TER)

Anyone who invests in ETFs pays an annual management fee – the Total Expense Ratio (TER). It is deducted automatically from the fund’s assets.

ETF type	Typical TER	Example
MSCI World ETF	0.12–0.20%	iShares Core MSCI World: 0.20%
S&P 500 ETF	0.05–0.09%	Vanguard S&P 500: 0.07%
DAX ETF	0.08–0.16%	Xtrackers DAX: 0.09%
Actively managed equity fund	1.20–2.00%	DWS Akkumula: 1.45%
Thematic ETF	0.30–0.65%	iShares Clean Energy: 0.65%

What does the TER cost in euros?

Amount invested	TER 0.20% (ETF)	TER 1.50% (fund)	Difference
10,000 €	20 €/year	150 €/year	130 €
50,000 €	100 €/year	750 €/year	650 €
100,000 €	200 €/year	1,500 €/year	1,300 €

Over a 30-year investment period, the difference between a cheap ETF and an expensive fund adds up to tens of thousands of euros – money that comes straight off your return.

5. Savings plan costs: cheaper wealth building?

ETF savings plans are the most popular way into investing. The good news: at many brokers they are free of charge.

Broker	Savings plan fee	Min. contribution	Selection
Trade Republic	0 €	1 €	2,500+ ETFs
Scalable Capital	0 €	1 €	2,500+ ETFs
ING	0 €	1 €	1,000+ ETFs
Consorsbank	0 € (star ETFs) / 1.5%	10 €	600+ ETFs
S Broker	0 €	5 €	all share, ETF and certificate savings plans

Beware of percentage fees: 1.5% on a 500 € contribution is 7.50 € per month or 90 € per year – at Trade Republic you save this amount entirely.

6. Tax on investment income

Gains from shares, ETFs and dividends are subject to the flat-rate withholding tax (Abgeltungsteuer) in Germany:

Flat-rate withholding tax: 25%
Solidarity surcharge: 5.5% of the tax = 1.375%
Church tax (optional): 8–9% of the tax
Total burden: 26.375% (without church tax) / 27.82–27.99% (with church tax)

Use your allowances!

Saver’s allowance (Sparerpauschbetrag): 1,000 € per person / 2,000 € for married couples
Set up an exemption order (Freistellungsauftrag) with your broker – otherwise you pay tax immediately and have to claim it back through your tax return
Partial exemption for ETFs: equity ETFs receive a 30% tax exemption on income

Tax example

Item	Without allowance	With allowance (1,000 €)
Gains/dividends	3,000 €	3,000 €
Taxable amount	3,000 €	2,000 €
Tax (26.375%)	791.25 €	527.50 €
Saving	–	263.75 €

7. Hidden costs nobody has on their radar

Currency conversion fee

When buying US shares in dollars: 0.15–0.50% surcharge
Tip: at Trade Republic and Scalable the conversion happens automatically and the fee is built into the price

Withholding tax on foreign dividends

USA: 15% withholding tax (creditable thanks to the double taxation treaty)
Switzerland: 35% withholding tax (15% creditable, 20% reclaimable – but laborious)
France: 25% withholding tax (12.8% creditable; with an advance form only 12.8% is withheld directly)

Inactivity fee

Some brokers charge fees if you do not trade for a long time
Mainly affects: eToro ($10/month after 12 months), some CFD brokers

Withdrawal fee

Free of charge at most German brokers
Beware at eToro: $5 withdrawal fee

Worked example: what 10 years of investing cost

Assumption: 500 €/month savings plan into an MSCI World ETF over 10 years (7% return p.a.)

Cost factor	Neobroker (Trade Republic)	Direct bank (ING)	Branch bank (example)
Custody fee (10 years)	0 €	0 €	478.80 €
Savings plan fee (120 executions)	0 €	0 € (ETF savings plan)	900 € (1.5%)
TER (0.20%, on average portfolio value)	~690 €	~690 €	~690 €
Total costs	~690 €	~690 €	~2,069 €
Paid in	60,000 €	60,000 €	60,000 €
Final value (after costs)	~85,810 €	~85,810 €	~84,431 €

The difference of almost 1,400 € may not look dramatic at first glance – but over longer periods and with larger amounts it grows exponentially thanks to compound interest.

The 5 golden rules for low-cost investing

Use neobrokers: Trade Republic, Scalable Capital or Smartbroker+ offer the cheapest terms
ETFs instead of active funds: the TER saving of 1–1.5% a year adds up to tens of thousands of euros over decades
Savings plan instead of lump-sum purchase: free savings plans eliminate the order fee entirely
Trade during Xetra hours: spreads are lowest between 9:00 and 17:30
Set up an exemption order: use the 1,000 € allowance – it saves up to 264 € a year

Frequently asked questions (FAQ)

What is the cheapest broker in 2026?

There is no single cheapest broker – it depends on order size and trading behaviour. Very cheap are neobrokers such as Trade Republic (1 €/order, free savings plans, no custody fee), Scalable Capital, finanzen.net zero or Smartbroker+ (0 € via gettex from 500 €). You can find all providers in detail in the brokerage account comparison.

Is it worth switching brokers?

Yes, almost always. A transfer of your securities account is free by law in Germany (Federal Court of Justice ruling of 2004). The switch takes 1–3 weeks and, with a high trading volume, can save hundreds of euros a year.

ETFs or shares – which is cheaper?

With ETFs you pay an ongoing TER (0.10–0.20%), with individual shares you do not. In return, an ETF savings plan saves you the order fees and reduces risk through diversification. For most investors, ETFs are the better choice.

At neobrokers such as Trade Republic or Scalable Capital, share savings plans are completely free – from 1 € a month. At direct banks, ETF savings plans are often free too, but for individual shares or funds around 1.5% per execution sometimes applies there.

Yes, the state collects 26.375% (flat-rate withholding tax plus solidarity surcharge) on all price gains and dividends. Each person is entitled to a 1,000 € allowance per year – set up an exemption order with your broker.

Conclusion: costs determine your return

Fees for share trading have fallen dramatically in recent years – but anyone who trades at the wrong bank still gives away thousands of euros. The most important insight: every euro paid in fees is permanently missing from your portfolio, because it never takes part in the return.

Use free neobrokers, invest in cheap ETFs and trade during Xetra hours – then costs are so low that you can concentrate fully on building wealth.