Money

DEGIRO vs alternatives

Box 3 makes broker choice less about transaction fees and more about access to UCITS ETFs, FX costs, and reliability. Here is a plain-English take on the main options.

By NL Tax Guide editorial·Last reviewed

Stock market chart on a screen

What matters when choosing a broker in NL

Dutch residents pay tax on wealth, not on capital gains (Box 3 applies to total assets above a tax-free allowance, with deemed returns by asset class). That changes broker selection compared to most other countries: you don't need to optimise for tax-loss harvesting, holding periods, or low-turnover, because those don't affect your tax bill. What matters instead:

  1. Access to UCITS ETFs. EU retail investors can't buy most US-domiciled ETFs; UCITS wrappers (VWCE, IWDA, EUNL) are the choice.
  2. FX costs. Most globally diversified ETFs are EUR-denominated, but individual stocks aren't. FX spread compounds over years.
  3. Per-trade fees. For DCA strategies, even €1–€3 per trade adds up — favour brokers with savings-plan zero-fee structures.
  4. Reliability and regulation. Sticking with EU-regulated brokers gives you DGS-style protection up to €100k cash and segregated assets.

Box 3 makes broker choice simpler

Because gains aren't taxed, you don't need tax-optimised products (no TFSAs, no ISAs, no Roth IRAs equivalent in the basic system). Just hold low-cost broad ETFs in a regular account and feed in monthly. Pension contributions are the exception — those reduce Box 1 income and are worth optimising.

The brokers compared

DEGIRO

The default low-cost choice for Dutch residents, part of flatexDEGIRO Bank AG. Since October 2025, the kernselectie covers ~1,500 ETFs, ETNs, and ETCs traded on Tradegate at zero commission (only the €1 handling fee), with unlimited free transactions per month — a meaningful improvement over the old once-per-month structure.

Pros

  • Unlimited free kernselectie ETF trades on Tradegate
  • Broad market access (US, EU, UK, Asia)
  • Dutch-regulated for tax simplicity
  • Auto-invest available

Cons

  • FX cost on USD-denominated trades (auto-FX 0.25%)
  • No fractional shares for most stocks
  • Custody fees on certain markets and exchanges

Best for: Buy-and-hold ETF investors using the kernselectie on Tradegate.

Interactive Brokers

The professional-grade option. Best execution, lowest FX, broadest market access (worldwide). UI is dense and steep, but unbeatable for active traders, options writers, and anyone with multi-currency portfolios.

Pros

  • Lowest FX rates of any broker (basis points, not percentage)
  • Margin loans at near-benchmark rates
  • Worldwide market access
  • Strong order types and tools

Cons

  • Complex UI, steep learning curve
  • Tax reporting more involved than Dutch-domiciled brokers

Best for: Multi-currency portfolios, active traders, and high-net-worth investors.

Trading 212

Zero-commission trading and fractional shares. CySEC-regulated (Trading 212 Markets Ltd, Cyprus). Auto-invest pies feature is excellent for beginners and DCA strategies. Watch the FX spread and the spread on smaller securities.

Pros

  • Zero commission on stocks and ETFs
  • Fractional shares from €1
  • Pies for diversified DCA
  • Decent app

Cons

  • Cypriot entity — different deposit protection scheme
  • 0.15% FX spread on Invest/ISA (0.5% on CFDs)
  • Limited market depth on smaller stocks
  • Securities lending opt-out required to keep cash interest

Best for: Beginners building diversified portfolios with small contributions.

BUX Zero

Dutch app-first broker. Limited stock and ETF universe focused on common European and US names. The free Basic plan gives 3 Zero Orders/month; Plus is €2.99/month and Prime is €7.99/month. Non-zero EU stocks/ETFs cost €1.99/order; US stocks €0.99 + 0.25% FX. Fine for ETF DCA on the Zero list, less so for niche tickers.

Pros

  • Dutch entity, simple for tax
  • Clean app UX
  • Free Zero Orders on the Basic plan (3 per month)

Cons

  • Free tier limited; heavier use needs Plus or Prime
  • Limited universe (no obscure tickers)
  • Smaller feature set than DEGIRO or IBKR

Best for: Mobile-first beginners with a single ETF strategy.

Saxo

Premium platform with strong research, advanced charting, and breadth across asset classes. Higher minimums and platform fees historically; restructured pricing has narrowed the gap with mainstream brokers in recent years.

Pros

  • Top-tier research and analyst access
  • Rich order types and charting
  • Bond, FX, options breadth

Cons

  • Higher fee floors than DEGIRO/Trading 212
  • Paid platform tiers for advanced features

Best for: Active investors who use research and want a single platform across asset classes.

Trade Republic

German app-first broker (Trade Republic Bank, BaFin-regulated). €1 per manual trade, savings plans free, interest-bearing cash balances. The EU-wide PFOF ban grace period runs until 30 June 2026, so the fee structure may shift after then — worth keeping an eye on.

Pros

  • €1 per manual trade; savings plans free
  • Cash interest at competitive rates
  • Fractional shares and saving plans
  • Growing ETF universe with zero-fee savings plans

Cons

  • German entity — Dutch tax-form integration limited
  • Pricing model may change after the PFOF ban transition
  • Limited research and order types

Best for: Cost-sensitive investors who want a savings-plan-style DCA setup with cash yield.

Tax considerations

  • Box 3 wealth tax

    All taxable holdings (across every broker, plus crypto, plus second properties) are reported in Box 3. Each year you list the value on 1 January. Bigger broker portfolios mean bigger Box 3 bills — but also more compounding power. Use the wealth tax calculator to model the trade-off.

  • Dividend withholding tax

    Dutch dividends have 15% withholding, refundable on your tax return. US ETFs (held via UCITS wrappers) get a treaty rate; some lose treaty benefits via Irish-domiciled wrappers vs Luxembourg. The headline difference is small (a few basis points of yield) but matters for income-focused portfolios.

  • PRIIPs and US ETFs

    EU retail investors generally cannot buy US-domiciled ETFs (e.g. VTI, VOO) directly due to PRIIPs disclosure rules. UCITS equivalents (VWCE, IWDA, EUNL) are the standard choice. Some brokers technically allow US ETFs for 'professional' clients — proceed carefully and check tax implications.

  • Currency conversion costs

    FX costs add up on USD/GBP trades. DEGIRO's auto-FX is 0.25% per conversion; Trading 212 ~0.15%; Interactive Brokers a few basis points. Over decades of contributions, this compounds materially — favour EUR-base ETFs for European investors.

A simple long-term portfolio

For most expat investors, a 1–3 ETF portfolio is plenty:

  • One-fund: VWCE (FTSE All-World) or IWDA + EIMI (developed + emerging markets). Set-and-forget global equity.
  • Two-fund: equity ETF + EUR aggregate bond ETF. Adds a stabiliser; rebalance annually.
  • Three-fund: developed + emerging + bond. Lets you tilt toward EM independently.

All of these can be held at any of the brokers above. The difference between brokers is execution cost, not portfolio quality.

What about the 30% ruling and partial non-resident status?

For pre-2024 30% rulings, you could elect partial-non-resident status, which exempts Box 2 and Box 3 income from Dutch tax. New rulings from 2024 onwards no longer offer this — investments are in Box 3 from day one. If you have a legacy ruling, the partial non-resident election can save thousands per year in Box 3 wealth tax; tick the box on the annual return.

Related guides

Frequently asked questions

Is DEGIRO still the best for Dutch residents?
It's still the default cheap choice for buy-and-hold investors using kernselectie ETFs. It's no longer obviously cheapest for non-kernselectie trades, FX-heavy portfolios, or active traders — Trade Republic, Trading 212, or Interactive Brokers may beat it on specific axes. For most ETF DCA strategies, DEGIRO is fine.
What's a kernselectie ETF?
DEGIRO's curated list of ETFs, ETNs, and ETCs that trade at zero commission (only the €1 handling fee). Since October 2025 the list covers ~1,500 instruments traded on Tradegate, with unlimited free transactions per month — a meaningful upgrade from the older once-per-month structure. Major index ETFs (MSCI World, S&P 500, EM, bond indices) are all included, so a typical buy-and-hold strategy runs at near-zero cost.
Are my investments safe at these brokers?
Dutch-regulated brokers (DEGIRO via Flatex Bank, BUX) sit under DNB and AFM supervision, with deposit protection up to €100k for cash and assets segregated from broker balance sheets via custodial arrangements. EU brokers in other countries (Saxo Denmark, Trading 212 Cyprus, Trade Republic Germany) have similar schemes under their home regulator. Interactive Brokers offers SIPC-style coverage via its Irish entity.
Should I use multiple brokers?
For most retail investors, no — one broker is simpler for taxes and rebalancing. Multiple brokers make sense if: you want to split between Dutch and an international broker for redundancy, you need product breadth that one doesn't offer (US options at IBKR, Dutch funds at DEGIRO), or you've hit single-broker concentration concerns.
Which broker is best for beginners?
Trading 212 (pies + fractional + zero commission) or BUX Zero (Dutch entity, clean UX) for absolute beginners. DEGIRO once you're comfortable picking ETFs from kernselectie and want lower long-term costs. Interactive Brokers later if portfolio size and complexity grow.
Should I buy stocks or ETFs?
For most investors, broad-market ETFs win. Box 3 taxes wealth not gains, so stock-picking doesn't get a tax advantage — a diversified ETF reduces risk for the same after-tax return. Stock picks make sense only if you have informational edge or specific goals (e.g. employee shareholdings to diversify away from).
What about crypto?
Most Dutch retail investors hold crypto either on EU-regulated exchanges (Bitvavo, Kraken EU) or in self-custody. Crypto holdings are reported in Box 3 at 1 January value. The Belastingdienst expects you to keep records of values — exchange end-of-year statements help. Crypto on brokerage accounts (Trade Republic, Trading 212) is usually a derivative or staked product, with different tax treatment.
What's the cheapest way to invest €500/month long-term?
For pure cost: a savings plan on Trade Republic (€0 fees on plan ETFs), or DEGIRO kernselectie on Tradegate (zero commission, only the €1 handling fee, unlimited times per month). For the simplest UX: Trading 212 pies. Over 30 years, the difference between €0 and €1.50 per trade is meaningful — use the lowest-friction option you'll actually stick with.
Can I move my portfolio between brokers?
Yes — EU brokers support securities transfer (overboeking effecten) under MiFID rules. It takes 1–4 weeks and may incur a fee at the exiting broker (€10–€20 per position). Selling and rebuying instead is simpler but creates a taxable event (irrelevant under Box 3 since gains aren't taxed, but you may pay spreads).
Are robo-advisors worth it for Dutch residents?
Generally no — fees of 0.5–0.8% per year on top of ETF expense ratios are hard to justify when you can self-manage a 2–4 ETF portfolio at <0.2% all-in. The exception is if you genuinely won't otherwise invest at all — a robo getting you started is better than no investing.

Related guides

We do not accept payment for placement. Affiliate links, where present, are disclosed. None of this is investment advice — it's information about how brokers compare. Always do your own research before investing.