Choosing a Broker
Why Your Broker Matters
At some point in your development as a trader, learning about markets is no longer enough. You also need to understand the infrastructure through which your orders reach the market.
A broker is not simply an app where you press Buy or Sell. The broker determines which markets and instruments you can access, what account types are available, how orders are executed, what you pay for trading and currency conversion, how positions are financed, and what investor-protection framework applies.
This article is not a ranking and it is not a recommendation. Its purpose is to help you understand the differences between broker models and to show you several brokers that are relevant or popular in our four focus markets: Hungary, Germany, Austria and the United Kingdom.
What You Should Compare
When comparing brokers, the headline commission is only one part of the picture. A serious comparison should include the following:
- Regulation and investor-protection framework
- Country of residence and account availability
- Markets and exchanges available
- Stocks and ETFs
- CFDs and short selling
- Options and futures
- Forex and other products
- Margin and leverage
- Order types and execution
- TradingView or other platform integrations
- Desktop and mobile platforms
- API and automation capabilities
- Fractional shares
- Trading commissions and spreads
- Foreign-exchange conversion costs
- Custody, account and inactivity fees
- Local tax-efficient account structures
- Statements, exports and tax-reporting support
- Ease of use and educational resources
- Transfer-in / transfer-out and account portability
A First Principle: There Is No Single “Best Broker”
A broker that is convenient for a long-term investor may not be the same broker that suits an active swing trader. A trader who needs options, futures or API access has different requirements from someone who only wants to buy ETFs every month.
For that reason, this Academy comparison deliberately avoids a winner or a universal ranking. Instead, it describes the characteristics that can make a broker relevant to a particular type of user.
The country sections below highlight brokers that are locally relevant or popular, while the international section includes larger multi-market providers that may be relevant across several countries.
Hungary 🇭🇺
For Hungarian learners, K&H Értékpapír is an important local reference point because it combines a Hungarian banking/brokerage environment with securities-account services and local tax-related account structures such as TBSZ.
The relevant comparison should not stop at local providers. A Hungarian resident may also consider international brokers, depending on the markets, products, platform and execution requirements needed.
K&H Értékpapír should therefore be understood here as a local-market reference, not as a recommendation.
K&H Értékpapír — What to Examine
For a Hungarian resident, the important questions include:
• Which markets and instruments are available through the selected account?
• What are the costs for domestic and international transactions?
• What are the TBSZ-related conditions?
• How are statements and tax documents provided?
• Which order types are available?
• What platform and mobile functionality is offered?
• How suitable is the service for frequent trading compared with long-term investing?
These questions matter because a broker can be very convenient for one purpose while being less suitable for another.
Germany 🇩🇪
Germany has a large retail-broker market, and two particularly visible names in current German broker comparisons are Trade Republic and Scalable Capital. German investors also have access to international brokers such as Interactive Brokers and XTB.
Trade Republic currently advertises commission-free single trade orders with a €1 external settlement cost per single trade, while savings-plan executions for stocks, ETFs and crypto are advertised as free. Product costs, spreads and third-party costs can still apply.
Scalable Capital currently offers a FREE model and a PRIME+ model. Its published pricing shows €0.99 trades in the FREE model through its European Investor Exchange, with €0 savings-plan execution, while PRIME+ costs €4.99 per month and can reduce the trading fee for qualifying trades. Xetra and gettex pricing differs from the EIX pricing.
Trade Republic — What Stands Out
Trade Republic is particularly relevant to the comparison because its model emphasizes simple mobile investing and savings plans.
Its current published pricing lists:
• no order commission for single trades;
• €1 external settlement cost per single trade;
• free savings-plan execution for stocks, ETFs and crypto;
• additional product, spread and third-party costs may apply.
The important lesson for the student is that “commission-free” does not mean “cost-free”. Settlement charges, spreads, product costs and taxes can still affect the total cost.
Scalable Capital — What Stands Out
Scalable Capital uses a subscription-based choice alongside a free model.
Its current published pricing lists a FREE model with €0 monthly cost and €0.99 trades through the European Investor Exchange, while PRIME+ costs €4.99 per month. Savings plans are listed as free. Xetra and gettex transactions have separate pricing.
This is a useful example of why the total cost structure matters more than one headline commission.
Austria 🇦🇹
For Austrian learners, flatex and easybank’s easy broker are important local references. International providers can also be relevant, but Austrian investors should pay particular attention to local tax handling, account administration and the way the broker reports investment income.
flatex currently publishes zero annual custody fees in its Austrian pricing comparison, while noting that external costs and exchange fees may apply.
easybank’s easy broker publishes a detailed 2026 price sheet covering securities trading and custody costs. The schedule distinguishes instruments and order sizes, illustrating why Austrian broker comparisons should be based on the actual fee schedule rather than a single advertised rate.
United Kingdom 🇬🇧
The UK market is different because tax-efficient wrappers such as Stocks & Shares ISAs are an important part of the broker landscape.
Robinhood UK, Trading 212 and Hargreaves Lansdown are useful examples of three different retail-broker models.
Robinhood UK currently offers commission-free US stock trading and no account-opening or maintenance fee. Its published FX fee is 0.10% during FX market hours and 0.30% during the specified weekend period. Robinhood UK also offers a Stocks & Shares ISA.
Trading 212 currently lists free trading commission and custody for Invest, ISA and SIPP accounts, with a 0.15% FX fee as its stated charge for those accounts. Its Invest account supports multiple currencies, including GBP, USD, EUR and HUF.
Hargreaves Lansdown uses a different model: its current online share-dealing charge is £6.95 for 0–19 trades in the previous month and £3.95 for 20 or more, while the account charge for shares, ETFs and similar holdings is 0.35% with a £150 annual cap under the published 2026 tariff.
Professional / International Brokers
Some brokers are relevant across several countries because they offer a much broader set of markets, instruments and professional tools.
The Academy will pay particular attention to Interactive Brokers (IBKR), XTB and Saxo as examples of international providers with different product and platform models.
IBKR is notable for broad market access, professional-oriented tools, APIs and multiple asset classes. It should not simply be described as “the broker for professionals”; instead, the student should examine whether its breadth and complexity match the trader’s actual needs.
XTB is useful as a contrasting model because it combines a relatively accessible user experience with access to real stocks and ETFs and a substantial CFD offering. XTB’s current published terms state 0% commission on exchange-traded stocks and ETFs up to €100,000 monthly turnover, with 0.2% above that threshold, and a 0.5% currency-conversion cost that may apply.
Saxo is another international provider worth comparing where a trader needs a broad multi-asset offering and a more advanced platform environment. Exact availability, fees and account conditions should always be checked for the user’s country of residence.
A Practical Comparison
The following table is intended as a framework rather than a scorecard. Conditions can vary by country, account type, product and execution venue.
| Broker / model | Typical relevance | Key areas to examine |
| K&H Értékpapír | Hungary / local | Hungarian service, TBSZ, local reporting, market access, fees |
| Trade Republic | Germany / retail | Simple app model, savings plans, €1 settlement cost, product/spread costs |
| Scalable Capital | Germany / retail | FREE vs PRIME+, savings plans, exchange-specific pricing |
| Flatex | Austria / Germany | Custody model, exchange costs, local tax handling, product range |
| Easy Broker | Austria / local | Detailed local fee schedule, custody and transaction costs |
| Robinhood UK | United Kingdom / retail | US stocks, fractional shares, ISA, FX, app/platform |
| Trading 212 | United Kingdom / retail | Multi-currency Invest, ISA, FX, fractional shares, CFD separation |
| Hargreaves Lansdown | United Kingdom / established retail | ISA/SIPP, research, dealing fees, account charges |
| Interactive Brokers | International / advanced | Market breadth, multi-asset, execution, margin, API, complexity |
| XTB | International / accessible multi-product | Stocks/ETFs, CFDs, platform, FX conversion, turnover threshold |
| Saxo | International / advanced multi-asset | Markets, platform, instruments, pricing, country-specific terms |
How to Read the Comparison
Imagine three traders.
Trader A invests a fixed amount into ETFs every month. Savings-plan costs, custody fees, tax wrappers and simplicity may matter more than advanced order routing.
Trader B is an active swing trader in US equities. Market access, execution, currency conversion, order types, short availability and platform quality become much more important.
Trader C wants to trade multiple asset classes and eventually use APIs or advanced execution tools. Market breadth, margin, API access, order types and professional tooling may become central.
The same broker can therefore look very different depending on which of these requirements applies.
Do Not Compare Only the Commission
A broker advertising 0% commission can still have meaningful costs through FX conversion, spreads, exchange fees, product costs, financing or other charges.
Likewise, a broker with a visible dealing fee may offer features or account structures that are more important to a particular trader.
Always calculate the total cost of the transaction and the ongoing cost of the account.
For example, a US stock bought from a euro or pound balance can create an FX cost even when the broker charges no trading commission. A leveraged CFD position can have financing costs even when the opening commission is zero. An ETF savings plan can have different economics from an individual market order.
The Academy objective is therefore not to teach you to search for the lowest headline number. It is to teach you to understand the complete cost structure.
A Broker Is Part of Your Trading System
Once you start trading actively, the broker becomes part of the practical trading environment.
Your process may look like:
Market analysis → TradingView → Setup → Risk calculation → Broker order → Position management → Exit → Journal
A weak link in any part of that chain can affect the practical execution of your strategy.
This is why choosing a broker should happen after you understand what you actually need to trade.
Important: Broker Conditions Change
Broker fees, available instruments, country eligibility, account structures and platform features can change.
The figures in this Academy article are therefore a researched snapshot, not a permanent promise. Before opening an account, always check the broker’s current official pricing, terms, regulatory status, available products and eligibility for your country of residence.
Tax treatment is especially country-specific. This article does not replace tax or legal advice.
Practical Exercise
Choose two or three brokers that appear relevant to your situation.
For each one, answer:
1. Who regulates the service for my country?
2. What investor-protection framework applies?
3. Which markets and instruments can I trade?
4. Can I short the instruments I intend to trade?
5. What does margin or leverage cost?
6. What is the complete cost of a typical trade for me?
7. What will currency conversion cost?
8. Which order types are available?
9. Can I connect TradingView if that matters to my workflow?
10. Can I export the information I need for my trading journal and tax reporting?
11. Does the account structure fit my country’s tax rules?
12. Is the platform appropriate for the way I actually intend to trade?
Only after answering these questions should you decide whether a particular broker fits your needs.
Sources Consulted
The research for this Academy article used current official broker pricing and product pages available during September 2026, including:
Interactive Brokers — official pricing and product information
XTB — official fees, commissions and stock/ETF information
K&H Értékpapír — official Hungarian pricing and account information
Trade Republic — official pricing
Scalable Capital — official pricing
flatex Austria — official pricing
easybank easy broker — official 2026 pricing sheet
Robinhood UK — official pricing and Stocks & Shares ISA information
Trading 212 — official Invest/ISA pricing and FX information
Hargreaves Lansdown — official 2026 pricing and dealing charges
Always verify the current official terms before opening an account.