Broker comparison
Which broker to choose?
A comparison of the 13 main platforms available to Belgian investors. Fees, taxation and automation verified in October 2026.
ClearInvest is not affiliated with any broker and receives no compensation from the platforms listed. The ranking is based solely on fees, taxation and features.
If you buy ETFs every month and hold them for years, the fee per order barely separates brokers any more: from €0 to €2.50 on a €200 purchase. Three things matter more: a broker that handles your Belgian taxes for you, a savings plan that invests automatically, and fractional shares, which put every euro you deposit to work.
This comparison is for passive ETF investors. For active trading, individual stocks, options or leverage, the conclusions would differ.
🏛️ Capital gains tax: who withholds it for you?
Since 1 June 2026, brokers established in Belgium — including the Belgian branches of Saxo, Keytrade and Trade Republic — automatically withhold 10% of your gain on every sale, unless you choose the opt-out. Brokers with no Belgian establishment (DEGIRO, MEXEM, BUX, Interactive Brokers, Revolut, Robinhood) withhold nothing, even when they handle the TOB: you declare your gains yourself in your annual tax return.
The withholding ignores the €10,000 annual exemption and your capital losses: anything over-withheld is recovered through your annual return. For assets held before 2026, the reference value is that of 31 December 2025. You can also opt out, per securities account: nothing is withheld any more, but you declare everything yourself.
Comparison table
| Broker | Fixed fee / purchasei | Variable fee / purchasei | Auto savings plan | Fractional sharesi | Belgian taxesi | Cash protectioni |
|---|---|---|---|---|---|---|
| ✅ Recommended | ||||||
MeDirect🏆 | Free | — | ✗ | ✗ | ✓ All | €100 000 🇧🇪 |
| €1,00* | — | ✓ | ✓ | ✓ All | €100 000 🇩🇪 | |
Saxo Bankℹ️ | — | 0,08% (min €2) | ✓ | ✗ | ✓ All | €100 000 🇩🇰 |
| ⚡ Specific situations | ||||||
ING Belgiqueℹ️ | —* | 0.10% (plan) / 0.35% | ✓ | ✓ | ✓ All | €100 000 🇧🇪 |
Bolero | €2,50* | — | ✓ | ✗ | ✓ All | €100 000 🇧🇪 |
Re=Bel | €1,00* | — | ✗ | ✗ | ✓ All | €100 000 🇧🇪 |
DEGIRO | €1,00* | — | ✗ | ✗ | TOB only | €100 000 🇩🇪 |
MEXEM | €1,00* | 0,06% | ✓ | ✓ | TOB only | €20 000 🇨🇾 |
Keytrade Bankℹ️ | €2,45* | — | ✗ | ✗ | ✓ All | €100 000 🇫🇷 |
BUX | €0,99* | — | ✓ | ✓ | TOB only | €20 000 🇳🇱 |
| ⚠️ Avoid for most | ||||||
Interactive Brokers | ~€1,25* | 0,05% | ✗ | ✗ | ✗ None | €20 000 🇮🇪 |
Revolut | €1,00* | — | ✓ | ✓ | ✗ None | €22 000 🇱🇹 |
| ⛔ Avoid | ||||||
Robinhood EUℹ️ | — | 0,10% FX* | ✗ | ✓ | ✗ None | €22 000 🇱🇹 |
Automatic savings plans: who offers one?
A savings plan buys your ETFs on a fixed date without any action from you: the simplest way to keep investing regularly for years, without skipping a month or waiting for “the right moment”.
✅ Plan + all taxes handled
- Trade RepublicFree, from €1, in fractional sharesFractional shares
- Saxo BankAutoInvest — €2/month flat
- ING BelgiqueRecurring ETFs — 0.10%/order, max €1Fractional shares
- BoleroInvest & Repeat — Playlist rate
No automatic plan at MeDirect, Re=Bel, DEGIRO, Keytrade Bank, Interactive Brokers: you place every order yourself. A monthly reminder is enough, but it takes discipline.
💡 The fee per order is not the total cost
On €200 invested each month, the order fees in this table cost thirty-odd euros a year at most. Custody fees (0.29%/year at ING outside the plan, 0.20%/year on BUX Basic) and your ETFs’ TER often weigh more over the long run. And a broker that does not handle your taxes costs you time — or a fine if you forget.
✅ Recommended for most Belgian investors
Low costs and every Belgian tax handled for you.
MeDirect
🏆 Best cost0% fees on ETFs and every Belgian tax handled
Fees & Costs
Advantages
- ●No buying or selling fees on ETFs
- ●All Belgian taxes handled automatically (TOB, withholding tax, CGT 2026)
Disadvantages
- ●No automatic savings plan — manual orders only
- ●Limited ETF selection: the main ones (IWDA, IMIE, CSPX, EMIM) are there; check more specialised ETFs before opening an account
- ●0.80% currency margin — irrelevant for ETFs listed in euros
Ideal for:The disciplined investor who places orders manually each month and wants the lowest possible cost.
Trade Republic
🤖 Best automationFree savings plan in fractional shares, with Belgian taxes handled since September 2026
Fees & Costs
Advantages
- ●Free savings plans from €1, in fractional shares, on ~1,500 ETFs
- ●All Belgian taxes handled automatically (TOB, withholding tax, CGT 2026)
- ●Belgian IBAN: free current account, interest on cash and no NBB declaration
Disadvantages
- ●Accounts opened before 15 September 2026 (DE IBAN) get no withholding until you switch to the Belgian account
- ●Trade Republic fills your orders from its own inventory: no commission on the plan, but the gap between buy and sell prices — invisible on your statement — is still a cost
Ideal for:The beginner who wants to invest automatically every month, even small amounts, with no tax paperwork at all.
Since 15 September 2026, Trade Republic has operated in Belgium through a branch of Trade Republic Bank GmbH: new accounts get a Belgian IBAN, and the TOB, dividend withholding tax, Reynders tax and capital gains tax (on opt-in) are withheld for you. If you were a customer before that date, your German account remains a foreign account — no withholding, and it must be declared to the NBB — until you switch to the Belgian account. Deposit protection remains German (€100,000).
Saxo Bank
Full-featured platform, taxes handled and an AutoInvest plan at €2/month
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 investor who wants a full-featured platform — automatic plan, wide ETF choice, taxes handled — and is happy to pay €2 a month.
Saxo Bank Belgium is a branch of Saxo Bank A/S: deposit protection is Danish (Garantiformuen: €100,000 on cash, €20,000 on securities). The amounts match a Belgian broker’s, 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
An ETF plan at €1 max per order with no custody fee — but only inside that plan
Fees & Costs
Advantages
- ●Recurring ETF plan: 0.10% per order capped at €1, from €1, in fractional shares and with no custody fee
- ●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.
ING Self Invest runs two price lists side by side. Inside the recurring ETF plan: 0.10% per order (max €1), no custody fee. Outside it: 0.35% per order and a 0.29%/year custody fee, i.e. €290 a year on €100,000. At ING, invest only through the 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
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
- ●NBB declaration required — foreign account must be declared to the Belgian tax authorities
- ●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.
→ Guide: declaring a foreign accountMEXEM
⚠️ 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
- ●Recurring investment plan from €10, in fractional shares
- ●Interactive Brokers infrastructure: global access, near-zero FX costs, institutional-grade execution
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.
→ Guide: declaring a foreign accountKeytrade 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
- ●Free savings plan from €1, in fractional shares — your full deposit is 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.
→ Guide: declaring a foreign account⚠️ Avoid for most
No Belgian tax handled: you declare everything yourself, with no decisive advantage in return.
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
- ●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.
→ Guide: declaring a foreign accountRevolut
⚠️ 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
Disadvantages
- ●⚠️ No Belgian tax withheld — TOB to declare for every order, including each plan execution, on top of dividend tax and CGT 2026
- ●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.
→ Guide: declaring a foreign account⛔ Avoid
Listed because it is well known, but its offer is not suited to ETF investing in Belgium.
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
- ●⚠️ Counterparty risk — a stock token is a contract with Robinhood, not an asset segregated in your name
- ●⚠️ Protection capped at €22,000 (Lithuanian fund) — cash and securities combined, vs €100,000 + €20,000 elsewhere
- ●TOB, withholding tax and CGT fully manual — no Belgian tax automation
Ideal for:No one who wants to invest seriously in ETFs in Belgium — choose MeDirect or Saxo instead.
⚠️ Uncertain tax treatment: stock tokens are derivatives, neither ETFs nor shares. The Belgian tax authority (SPF Finances) has published no position on which TOB applies (0%, 0.35% as a derivative, or otherwise), and Robinhood handles no Belgian tax: you would be declaring an amount whose rate nobody knows.
Currency conversion fees only apply if you buy an ETF listed in a currency other than the euro. The ETFs in our strategies are all available in EUR on Euronext Amsterdam or Xetra.
Fees verified in October 2026 against each broker’s official tariff schedule. They can change without notice: always check the current terms on the broker’s own site before opening an account.
Last updated: October 2026