The Belgian brokerage market has changed profoundly in recent years. Historically dominated by traditional banks charging high fees (€7–15 per transaction), the market has been transformed by the arrival of online brokers. Since August 2025, MeDirect has taken a further step by making ETFs entirely free, forcing competitors to revise their pricing. Today, it is possible to invest in ETFs at low cost regardless of the broker chosen — the difference now lies more in tax automation, platform quality, and automatic savings features.
Comparison table
| Broker | Fixed fee / purchasei | Variable fee / purchasei | Auto savings plan | Auto TOB | CGT 2026i | Investor protectioni |
|---|---|---|---|---|---|---|
| ✅ Recommended | ||||||
| Free | — | ✗ | ✓ | In progress | €100.000 🇧🇪 | |
Saxo Bank🤖 | — | 0,08% (min €2) | ✓ | ✓ | In progress | €100.000 🇧🇪 |
| ⚡ Specific situations | ||||||
Bolero | €2,50 | — | ✓ | ✓ | In progress | €100.000 🇧🇪 |
DEGIRO⚠️ | €1,00 | — | ✗ | ✓ | ✗ | €20.000 🇳🇱 |
Re=Bel | €1,00* | — | ✗ | ✓ | In progress | €100.000 🇧🇪 |
Keytrade Bank | €2,45 | — | ✗ | ✓ | In progress | €100.000 🇧🇪 |
| ⚠️ Avoid for most | ||||||
Trade Republic⚠️ | €1,00 | — | ✓* | ✗ | ✗ | €100.000 🇩🇪 |
ING Belgique⚠️ | €1,00 | 0,35% | ✗ | ✓ | In progress | €100.000 🇧🇪 |
Interactive Brokers⚠️ | ~€1,25 | 0,05% | ✗ | ✗ | ✗ | €20.000 🇮🇪 |
| ⛔ Avoid | ||||||
Robinhood EU⚠️ | — | 0,10% FX* | ✗ | ✗ | ✗ | None ⚠️ |
* Trade Republic: automatic savings plans available, but TOB must still be declared and paid manually to the Belgian Treasury within 2 months of each execution.
Legend
✓ Automatic = the broker calculates and declares on your behalf. ✗ Manual = you must calculate and pay yourself. The manual TOB must be paid within 2 months of each transaction. Annual DCA costs are estimated based on 12 orders per year excluding foreign exchange fees.
✅ 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)
Disadvantages
- ●No automatic savings plan — manual orders only
- ●Limited ETF selection — some niche ETFs may be unavailable
Ideal for:The disciplined investor who places orders manually each month and wants the lowest possible cost.
Covers the main recommended ETFs (IMIE, IWDA, CSPX, EMIM, IEUR). Availability of niche ETFs (ICHN, XMAW, etc.) should be verified directly on the platform.
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 minor account
- ●Premium platform — may feel complex for beginners
Ideal for:The DCA investor who wants to automate everything without worrying about taxes.
⚡ Suited to specific situations
Good choices depending on your situation, but with important nuances to be aware of.
Bolero
The KBC solution — integrated and fully Belgian
Fees & Costs
Advantages
- ●Invest & Repeat — automatic savings plans on Playlist ETFs
- ●All Belgian taxes handled automatically (TOB, withholding tax, CGT 2026)
- ●Minor and business accounts available
Disadvantages
- ●High fees outside Playlist (€7,50 minimum)
- ●Optimal integration with a KBC/CBC account
Ideal for:Investors already KBC/CBC clients seeking full banking integration. For others, MeDirect or Saxo offer better conditions.
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 used
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.
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 increase in stages after age 25 (€1 to €3 up to €2,500, higher beyond)
- ●Requires a Belfius current account
Ideal for:Belfius clients, and particularly young investors (18–24) benefiting from the €1 rate.
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
- ●Transaction fees among the highest (up to €5,95 per order)
- ●No savings plan for ETFs — Keyplan limited to funds
Ideal for:Investors looking for a reliable Belgian bank with minor accounts, accepting slightly higher fees.
⚠️ 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
- ●2% interest on cash (up to €50,000)
- ●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 (2% up to €50,000) is paid gross — must be declared manually in your annual tax return
Ideal for:Only for rigorously organised investors who manage all their Belgian tax obligations themselves.
⚠️ 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.
ING Belgique
The ING solution — integrated but watch out for custody fees
Fees & Costs
Advantages
- ●Minor account available
- ●Integrated into the ING app — managed within the banking environment
Disadvantages
- ●⚠️ Custody fees of 0,29%/year — rare among the brokers compared here
- ●No automatic ETF savings plan
- ●High transaction fees (0,35% per order)
Ideal for:ING clients looking for an integrated solution, but beware of custody fees on large portfolios.
Custody fees amount to €290/year on a portfolio of €100,000 — rare among the brokers compared here, to be factored in over the long term.
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
- ●No automatic savings plan
- ●NBB declaration required — foreign account must be declared to the Belgian tax authorities
- ●Complex professional interface — not for beginners
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.
⛔ 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
- ●⚠️ No investor protection (neither Belgian nor European)
- ●⚠️ MiCA licence (crypto), not MiFID — less protective regulatory framework
- ●NBB declaration required — foreign account must be declared to the Belgian tax authorities
⚠️ Robinhood EU does not offer real ETFs. The "stock tokens" are derivatives backed by underlying ETFs — you do not own real shares. Robinhood EU is not covered by any Belgian or European investor guarantee scheme, unlike other brokers which offer €100,000 in protection. TOB must be declared and paid manually. Watch for a potential move to a MiFID licence — the situation may change.
⚠️ Belgian tax treatment unknown: 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.
This comparison is provided for informational purposes. Fees may change — always check the current terms on the broker's website.
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: March 2026.