Broker comparison
Which broker to choose?
A comparison of the 13 main platforms available to Belgian investors. Fees, taxation and automation verified in August 2026.
ClearInvest is not affiliated with any broker and receives no compensation, commission, or benefit of any kind from the platforms mentioned on this page. Recommendations are based solely on an independent analysis of fees, taxation, and features.
The Belgian brokerage market has changed profoundly. Historically dominated by traditional banks charging €7–15 per trade, it was transformed by the arrival of online brokers. Since August 2025 MeDirect has made ETFs entirely free, and competition followed: Bolero aligned its standard Euronext tariff with its Playlist rate (€2.50 for small orders), Belfius introduced a €1 rate for 18–24 year olds, and in May 2026 ING launched the first Belgian ETF savings plan with fractional shares. Today headline cost separates very little: the difference lies in tax automation — decisive since the withholding-at-source regime on capital gains of 1 June 2026 — in whether an automatic savings plan exists, and in whether you can buy fractional shares.
🏛️ Capital gains tax: what changed on 1 June 2026
Since 1 June 2026, Belgian brokers automatically withhold 10% on every realised capital gain: that is the default regime ("opt-in"). The foreign brokers in this comparison — DEGIRO, MEXEM, BUX, Trade Republic, Interactive Brokers, Revolut, Robinhood — withhold nothing, even when they handle the TOB for you: you are effectively on the opt-out and remain responsible for the calculation and the filing.
⚠️ Transitional period: gains realised between 1 January and 31 May 2026 were subject to no withholding at all, even at a Belgian broker. A voluntary payment through your intermediary was possible until 31 August 2026; past that deadline, those gains are settled through your annual tax return.
The withholding takes no account of the €10,000 annual exemption, your capital losses, or your actual purchase price. For assets held before 1 January 2026, the reference value is that of 31 December 2025. These elements can only be recovered through your annual tax return — or by choosing the opt-out, which makes you responsible for the entire declaration. The opt-out is notified per securities account to your intermediary, who will tell you the applicable deadlines.
⚖️ The end of payment for order flow: what changed on 30 June 2026
Since 30 June 2026, Article 39a of the MiFIR regulation has banned payment for order flow (PFOF) across the entire European Union without exception: the German transitional carve-out, the only one ever invoked, has expired. A market maker may no longer pay a broker to receive its retail order flow.
In practice, so-called "free" brokers must now fund themselves differently: commissions, subscriptions, spreads, or execution against their own inventory. Trade Republic, for instance, has acted as its own market maker since July 2026. An order still shows no commission, but the cost of execution does not disappear — it moves into the gap between the buy and the sell price, invisible on your contract note.
Comparison table
| Broker | Fixed fee / purchasei | Variable fee / purchasei | Auto savings plan | Fractional sharesi | Auto TOB | CGT 2026i | Cash protectioni |
|---|---|---|---|---|---|---|---|
| ✅ Recommended | |||||||
| Free | — | ✗ | ✗ | ✓ | ✓ Auto withheld | €100 000 🇧🇪 | |
| — | 0,08% (min €2) | ✓ | ✗ | ✓ | ✓ Auto withheld | €100 000 🇩🇰 | |
| ⚡ Specific situations | |||||||
ING Belgiqueℹ️ | —* | 0.10% (plan) / 0.35% | ✓ | ✓ | ✓ | ✓ Auto withheld | €100 000 🇧🇪 |
Bolero | €2,50* | — | ✓ | ✗ | ✓ | ✓ Auto withheld | €100 000 🇧🇪 |
Re=Bel | €1,00* | — | ✗ | ✗ | ✓ | ✓ Auto withheld | €100 000 🇧🇪 |
DEGIRO⚠️ | €1,00* | — | ✗ | ✗ | ✓ | ✗ | €100 000 🇩🇪 |
MEXEM⚠️ | €1,00* | 0,06% | ✓ | ✗ | ✓ | ✗ | €20 000 🇨🇾 |
Keytrade Bankℹ️ | €2,45* | — | ✗ | ✗ | ✓ | ✓ Auto withheld | €100 000 🇫🇷 |
BUX⚠️ | €1,99* | — | ✓ | ✓ | ✓ | ✗ | €20 000 🇳🇱 |
| ⚠️ Avoid for most | |||||||
Trade Republic⚠️ | €1,00* | — | ✓† | ✓ | ✗ | ✗ | €100 000 🇩🇪 |
Interactive Brokers⚠️ | ~€1,25* | 0,05% | ✗ | ✗ | ✗ | ✗ | €20 000 🇮🇪 |
Revolut⚠️ | Quota then €1 min* | 0,25% (min €1) | ✓† | ✓ | ✗ | ✗ | €22 000 🇱🇹 |
| ⛔ Avoid | |||||||
Robinhood EU⚠️ | — | 0,10% FX* | ✗ | ✓ | ✗ | ✗ | €22 000 🇱🇹 |
† An automatic savings plan is available, but the TOB still has to be declared and paid manually to the Belgian Treasury by the end of the 2nd month following each execution — including every monthly execution of the plan.
Legend
✓ Automatic = the broker calculates and withholds on your behalf. ✗ Manual = you calculate and pay yourself. A manual TOB must be paid by the end of the 2nd month following each transaction, or a fine of €50 per week of delay applies (max. €2,600).
Automatic savings plans: who actually offers one?
This has become the main point of difference. A savings plan executes your order every month without any action from you — which removes the main cause of failed DCA: forgetting, or the temptation to wait for "a better moment".
✅ Plan + Belgian taxes automated
- Saxo BankAutoInvest — €2/month flat
- ING BelgiqueRecurring ETFs — 0.10%/order, max €1Fractional shares
- BoleroInvest & Repeat — Playlist rate
- MEXEMRecurring plan — 0.06% (min €1)
- BUXFree plan — subscription requiredFractional shares
⚠️ Plan, but you file the TOB yourself
- Trade RepublicAutomatic savings plans — €0 commissionFractional shares
- RevolutFree plan — order quotaFractional shares
The brokers missing from this list (MeDirect, Re=Bel, DEGIRO, Keytrade, Interactive Brokers) offer no automatic plan at all: every order is placed by hand. That is not disqualifying — a monthly calendar reminder is enough — but it demands a discipline an automatic plan makes unnecessary.
💡 The fee per order is not the total cost
On €200 invested each month, the gap between the cheapest and the most expensive broker in this table is roughly €60 a year. Over the same period, currency conversion fees (0.25% to 1% at some brokers), custody fees (0.29%/year at ING outside the recurring plan, 0.20%/year on BUX Basic) and above all your ETFs’ TER often weigh more. And the tax burden — two hours of TOB filings a year at a foreign broker, or one oversight penalised at €50 per week of delay — appears on no fee schedule.
✅ Recommended for most Belgian investors
These brokers combine low costs, full tax automation, and Belgian regulation.
MeDirect
🏆 Best cost0% commission — among the cheapest options in Belgium for passive ETF investing
Fees & Costs
Advantages
- ●0% commission on ETFs — no fee on each purchase
- ●All Belgian taxes handled automatically (TOB, withholding tax, CGT 2026)
- ●Since 1 July 2026 shares also cost €2.50 minimum + 0.15% (down from €7)
Disadvantages
- ●No automatic savings plan — manual orders only
- ●Limited ETF selection — some niche ETFs may be unavailable
- ●FX margin of 0.80% on foreign currencies — high; irrelevant if you buy EUR-listed ETFs
Ideal for:The disciplined investor who places orders manually each month and wants the lowest possible cost.
MeDirect’s ETF universe is a selection, not the whole market: it covers the main recommended ETFs (IMIE, IWDA, CSPX, EMIM, SMEA) on Euronext Amsterdam, Xetra and the other European venues in its tariff schedule. Check availability of niche ETFs (ICHN, XMAW, etc.) directly on the platform before opening an account.
Saxo Bank
🤖 Best automationThe best automation for the DCA investor
Fees & Costs
Advantages
- ●AutoInvest — €2/month for as many ETFs as desired, with no per-order fee
- ●All Belgian taxes handled automatically (TOB, withholding tax, CGT 2026)
Disadvantages
- ●No fractional shares — a €200 AutoInvest contribution into a €178 ETF leaves €22 in cash until the following month
- ●No minor account
- ●Premium platform — may feel complex for beginners
Ideal for:The DCA investor who wants to automate everything without worrying about taxes.
Saxo Bank Belgium is a branch of Saxo Bank A/S (Denmark): deposit protection comes from the Danish Garantiformuen scheme (€100,000 on cash, €20,000 on securities), not the Belgian guarantee fund. The amount is equivalent, but any claim goes through a Danish authority.
⚡ Suited to specific situations
Good choices depending on your situation, but with important nuances to be aware of.
ING Belgique
The cheapest recurring ETF plan — but only within that plan
Fees & Costs
Advantages
- ●Recurring ETF plan at 0.10% per order capped at €1, from €1, in fractional shares and with no custody fee — the only Belgian plan offering fractional shares
- ●All Belgian taxes handled automatically (TOB, withholding tax, CGT 2026)
- ●Built into the ING app — managed from your banking environment
- ●Minor account available
Disadvantages
- ●⚠️ Custody fee of 0.29%/year (min €3.63 per line) on everything held outside the recurring plan — one of the last four Belgian brokers still charging one
- ●The recurring plan only offers about ten ETFs selected by ING — against ~75 at Saxo and over 1,000 at Trade Republic
- ●High transaction fees outside the plan (0.35% per order on Euronext)
Ideal for:The DCA investor happy with the plan’s ten ETFs who wants the simplest possible setup: automatic contributions, fractional shares and zero tax paperwork. Avoid for holding a portfolio outside the plan.
Two pricing structures coexist at ING Self Invest, and the difference is considerable. Inside the recurring ETF plan: 0.10% per order capped at €1, no custody fee. Outside it: 0.35% per order and 0.2904%/year custody, i.e. €290 a year on a €100,000 portfolio. If you open an ING account to invest in ETFs, buy only through the recurring plan.
Bolero
The KBC option — €2.50 on Euronext and a genuine automatic plan
Fees & Costs
Advantages
- ●Invest & Repeat — automatic plan on a monthly, fortnightly, quarterly, half-yearly or annual schedule across the Playlist ETFs
- ●All Belgian taxes handled automatically (TOB, withholding tax, CGT 2026)
- ●Minor and business accounts available
Disadvantages
- ●Banded pricing: a €1,000 order costs €5, a €1,001 order costs €7.50 — splitting purchases gets expensive
- ●No fractional shares — the plan buys whole shares and the remainder stays in cash
- ●Optimal integration with a KBC/CBC account
Ideal for:Investors wanting a fully Belgian automatic plan with taxes handled end to end, KBC/CBC clients in particular. For small manual contributions, MeDirect is still free.
Re=Bel
The Belfius solution — €1 for 18–24 year olds
Fees & Costs
Advantages
- ●€1 flat for investors aged 18 to 24 — unique rate on the market
- ●All Belgian taxes handled automatically (TOB, withholding tax, CGT 2026)
Disadvantages
- ●No automatic savings plan
- ●Fees step up by band after 25, and Amsterdam — where IWDA and IMIE are listed — costs €6 above €1,000 against €3 in Brussels
- ●Requires a Belfius current account
Ideal for:Belfius clients, and particularly young investors (18–24) benefiting from the €1 rate.
DEGIRO
⚠️ Tax warningUltra-low fees, but partial tax management
Fees & Costs
Advantages
- ●Ultra-low fees — €1 for core ETFs on Tradegate
- ●TOB automated despite being a foreign broker
Disadvantages
- ●Withholding tax and CGT 2026 must be declared manually
- ●No automatic savings plan
- ●Connectivity fee of €2.50/year per exchange — except Euronext Brussels and core ETFs on Tradegate
Ideal for:The informed investor who accepts the administrative burden to minimise costs.
TOB is automated, but the withholding tax on dividends and the CGT 2026 must be declared manually.
MEXEM
⚠️ Tax warningInteractive Brokers’ power with the TOB automated
Fees & Costs
Advantages
- ●TOB withheld and filed automatically — rare for a foreign broker, and the main argument over Interactive Brokers
- ●Interactive Brokers infrastructure: global access, near-zero FX costs, institutional-grade execution
- ●Recurring investment plan available, from €10
Disadvantages
- ●Dividend withholding tax and CGT 2026 to be declared manually
- ●Cash protection capped at €20,000 (90% of the amount, Cypriot fund) — MEXEM is an investment firm, not a bank
- ●NBB declaration required — foreign account must be declared to the Belgian tax authorities
- ●Interface inherited from IBKR — more technical than the Belgian platforms
Ideal for:The investor who wants Interactive Brokers’ pricing and global access without filing a TOB return for every order.
MEXEM Ltd is a Cypriot investment firm (CySEC licence 325/17) operating in Belgium under freedom to provide services, with notification to the FSMA. The TOB is withheld and remitted automatically, but the 30% dividend withholding tax and the 2026 capital gains tax remain yours to declare. As the account is foreign, it must be declared to the NBB’s central contact point.
Keytrade Bank
The classic Belgian bank — reliable but among the most expensive
Fees & Costs
Advantages
- ●Minor and business accounts available
- ●All Belgian taxes handled automatically (TOB, withholding tax, CGT 2026)
Disadvantages
- ●Among the highest transaction fees: €2.45 up to €250, €5.95 up to €2,500, €14.95 above
- ●⚠️ €24.95 per order on Xetra whatever the size — to be avoided entirely for Frankfurt-listed ETFs
- ●No savings plan for ETFs — Keyplan limited to funds
Ideal for:Investors wanting a reliable Belgian platform with minor and company accounts, who buy exclusively on Euronext.
Keytrade Bank is the Belgian branch of Arkéa Direct Bank SA (France): deposit protection comes from the French FGDR scheme, i.e. €100,000 on cash and €70,000 on financial instruments. If you also hold a Fortuneo account — Arkéa Direct Bank’s other brand — the €100,000 cap is shared across both and is not cumulative.
BUX
⚠️ Tax warningABN AMRO’s app — fractional shares and the TOB automated
Fees & Costs
Advantages
- ●Fractional shares and an automatic savings plan from €1 — the whole contribution gets invested
- ●TOB withheld and remitted automatically to the Belgian tax authority
- ●Owned by ABN AMRO, supervised by the Dutch AFM
Disadvantages
- ●⚠️ Dividend withholding tax, Reynders tax and CGT 2026 entirely for you to declare
- ●A 0.20%/year service fee on the Basic tier — a custody fee that does not call itself one
- ●NBB declaration required — foreign account must be declared to the Belgian tax authorities
- ●Transferring securities to another broker is not possible: leaving means selling — and triggering capital gains tax
Ideal for:The beginner who wants an automatic plan with fractional shares and the TOB already handled, and accepts managing the rest of their Belgian taxes themselves.
BUX withholds the TOB automatically, which is rare for a non-Belgian broker. The 30% dividend withholding tax, the Reynders tax and the 2026 capital gains tax, however, remain entirely yours — BUX provides a detailed annual statement but withholds nothing. As the account is Dutch, it must be declared to the NBB’s central contact point. Finally, BUX does not allow outgoing securities transfers: changing broker means selling.
⚠️ Avoid for most
These brokers have significant disadvantages for the typical Belgian ETF investor.
Trade Republic
⚠️ Tax warningSavings plans at €0, but 100% manual tax management
Fees & Costs
Advantages
- ●Fully free automatic savings plans
- ●Interest paid on uninvested cash (up to €50,000) — a variable rate tracking the ECB, worth checking before you open an account
- ●Children's account available
Disadvantages
- ●⚠️ TOB must be declared by the end of the 2nd month following the transaction — risk of penalty
- ●Withholding tax and CGT 2026 must be declared manually
- ●Interest on cash is paid gross — 30% withholding tax for you to declare (box VII, codes 1444/2444)
Ideal for:Only for rigorously organised investors who manage their entire Belgian tax position themselves — including a TOB filing for every monthly execution of the plan.
⚠️ TOB must be paid manually to the Belgian Treasury by the end of the 2nd month following each transaction. CGT 2026, withholding tax, and interest on cash must also be declared manually. Penalties apply for non-declaration.
Interactive Brokers
⚠️ Tax warningThe professionals' platform — powerful but complex
Fees & Costs
Advantages
- ●Global access — US markets, bonds, options, and more
- ●Transaction fees among the lowest for large amounts (0,05%)
Disadvantages
- ●No Belgian tax automation — TOB, withholding tax, and CGT 2026 entirely manual
- ●Cash protection capped at €20,000 (90% of the amount, Irish scheme) — IBIE is an investment firm, not a bank
- ●No automatic savings plan
- ●NBB declaration required — foreign account must be declared to the Belgian tax authorities
Ideal for:Advanced investors with complex portfolios or multi-currency needs, prepared to manage their Belgian tax obligations themselves.
⚠️ No Belgian tax is automated. Reserved for experienced investors capable of managing their Belgian tax obligations independently.
Revolut
⚠️ Tax warningConvenient in the app, but no Belgian tax automation at all
Fees & Costs
Advantages
- ●Fractional shares and an automatic savings plan from €1
- ●Built into an app many people already use daily
- ●A few free orders every month, even on the Standard tier
Disadvantages
- ●⚠️ No Belgian tax automated — TOB, dividend tax and CGT 2026 entirely on you
- ●Protection capped at €22,000 (Lithuanian fund), against €100,000 on cash at a Belgian broker
- ●NBB declaration required — foreign account must be declared to the Belgian tax authorities
- ●Securities are held through a US custodian (DriveWealth) — a longer custody chain than at a conventional European broker
Ideal for:The occasional investor already on Revolut who invests small amounts and accepts managing their Belgian taxes in full. For a serious portfolio, a Belgian broker removes that work.
⚠️ Revolut Securities Europe UAB withholds no Belgian tax. The TOB must be declared and paid by you by the end of the 2nd month following each transaction — including every execution of your savings plan — or a fine of €50 per week of delay applies. Dividend withholding tax and the 2026 capital gains tax must also be declared. As the account is Lithuanian, it must be declared to the NBB’s central contact point. Investor protection is capped at €22,000, cash and securities combined.
⛔ Avoid
Brokers included due to their popularity, but presenting significant risks or limitations for Belgian ETF investors.
Robinhood EU
⚠️ Tax warningPopular app, but stock tokens ≠ real ETFs — avoid for ETF investing in Belgium
Fees & Costs
Advantages
- ●Intuitive and well-designed mobile app
- ●No visible transaction fees (spread is applied in practice)
Disadvantages
- ●⚠️ Stock tokens only — you do not own real ETF shares
- ●⚠️ Protection capped at €22,000 (Lithuanian fund) — cash and securities combined, vs €100,000 + €20,000 elsewhere
- ●⚠️ Counterparty risk — a stock token is a contract with Robinhood, not an asset segregated in your name
- ●NBB declaration required — foreign account must be declared to the Belgian tax authorities
Ideal for:No one who wants to invest seriously in ETFs in Belgium — choose MeDirect or Saxo instead.
⚠️ Robinhood EU does not offer real ETFs. The "stock tokens" are derivative contracts backed by underlying ETFs — you do not own real shares and you carry Robinhood's counterparty risk. Robinhood Europe UAB is a properly licensed firm: the Bank of Lithuania granted it a Category A MiFID II investment firm licence (April 2025) alongside a MiCA authorisation for crypto-assets. But it is not a credit institution: cover is capped at €22,000 per investor (Lithuanian investor compensation fund), cash and securities combined, where a Belgian broker offers €100,000 on cash and €20,000 on securities. TOB must still be declared and paid manually.
⚠️ Belgian tax treatment uncertain: stock tokens are MiFID II derivatives, not ETFs or shares. There is no official directive from the Belgian tax authority (SPF Finances) on how TOB applies to these instruments. The applicable rate (0%, 0.35% as a derivative, or otherwise) is uncertain — and Robinhood handles no Belgian tax obligations. You would be entirely responsible for determining and declaring the correct amount, with no certainty about what that is.
Note: all brokers apply conversion fees if you buy ETFs listed in a foreign currency. Our recommended strategies are all available in EUR on Euronext Amsterdam or XETRA.
Fees verified in August 2026 against each broker’s official published tariff schedule. Fees can change without notice — always check the current terms on the broker’s own site before opening an account.
The information presented is based on public research and may not reflect current pricing conditions. Always consult the broker's official website before opening an account.
Last updated: August 2026