Compare Investing & Brokerage in Germany

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What is Investing in Germany?

Investing in Germany means buying and holding securities — shares, ETFs, funds, bonds — through a securities account known as a Depot. The Depot is provided by a bank or broker and holds your assets, while a linked cash account (Verrechnungskonto) handles buy and sell settlement. Most retail investors reach the market through one of two routes: an established broker such as Comdirect or Flatex, or a newer app-based neobroker such as Trade Republic or Scalable Capital. The single most popular product is the ETF-Sparplan, a monthly savings plan that buys a fixed euro amount of an ETF automatically, making it easy to invest small, regular sums.

How the German market works

German investing is dominated by low-cost, index-based saving rather than active stock picking. Neobrokers changed the landscape by offering flat order fees (often around €1 per trade) or free ETF savings plans, undercutting the per-trade Ordergebühren charged by traditional banks. You can trade on German venues such as Xetra and regional exchanges, or on newer app-linked venues like Gettex and Tradegate.

Tax is a defining feature. Investment gains, dividends and interest are subject to Abgeltungssteuer, a flat 25% capital gains tax, plus the solidarity surcharge (Soli) and, where applicable, church tax. Every investor has an annual tax-free allowance, the Sparer-Pauschbetrag, currently €1,000 per person. You activate it by lodging a Freistellungsauftrag with your broker so that gains up to that limit are paid out untaxed. Accumulating funds are also subject to the Vorabpauschale, a small annual advance lump-sum tax so that reinvested gains do not escape taxation indefinitely.

Benefits

Low entry cost — ETF savings plans often start from as little as €1 or €25 per month with no purchase fee at leading neobrokers.

Broad diversification — a single global ETF spreads money across thousands of companies, reducing single-stock risk.

Automation — the Sparplan invests on a fixed schedule, smoothing entry prices over time and removing the need to time the market.

Tax simplicity — German brokers withhold Abgeltungssteuer at source and apply your Freistellungsauftrag automatically, so most investors need no separate tax return for gains.

Asset protection on funds — fund holdings are Sonderermögen (segregated assets), legally separate from the provider's balance sheet.

How to choose

Start with cost. Compare order fees (Ordergebühren), any Depot custody charge, and whether ETF savings plans are free. For frequent traders the per-trade fee matters most; for long-term savers, free Sparpläne and a wide ETF selection matter more.

Then weigh product range, platform quality and service. Neobrokers such as Trade Republic and Scalable Capital are lean and app-first; established brokers like Comdirect, Flatex, DKB and the Depot arms of HypoVereinsbank or Berliner Volksbank offer broader research, telephone support and integrated banking. eToro adds social and multi-asset trading. Confirm the broker automatically manages your Freistellungsauftrag and issues an annual tax statement (Steuerbescheinigung).

Leading providers in Germany

Trade Republic and Scalable Capital — the leading neobrokers, known for flat or free trading and large free savings-plan selections.

Flatex and Comdirect — long-established online brokers with deep product ranges and research tools.

DKB — a direct bank offering a Depot alongside everyday banking.

HypoVereinsbank and Berliner Volksbank — traditional banks whose Depots suit investors who want in-branch advice.

eToro — a multi-asset platform popular for shares and social investing features.

What it costs

Costs vary widely. At the low end, ETF savings plans can be free and single trades as little as €0.50 to €1 at neobrokers. Traditional brokers may charge percentage-based Ordergebühren that can run to several hundred euros on very large orders, roughly €10 to €300 depending on trade size, so headline pricing ranges across the market from about €0.50 to €300 per action. Custody of the Depot itself is often free, though some providers levy an annual fee. Separately, gains are taxed at the 25% Abgeltungssteuer plus Soli and church tax once your €1,000 allowance is used.

Protections and regulation

Brokers and banks are supervised by BaFin, the Federal Financial Supervisory Authority. Fund assets held in your Depot are Sondervermögen, kept legally separate from the provider so they are protected if the broker fails. Uninvested cash on the linked account is covered by the German statutory deposit guarantee up to €100,000 per customer. Crucially, none of this protects against market losses — the value of shares and ETFs can fall as well as rise, and that investment risk is always borne by the investor.

Common questions

Do I pay tax automatically? German brokers withhold Abgeltungssteuer at source. Lodge a Freistellungsauftrag to keep the first €1,000 of gains tax-free.

Neobroker or traditional broker? Neobrokers are cheapest for straightforward ETF saving; traditional brokers suit those wanting research, advice and integrated banking.

What is the Vorabpauschale? A small annual advance tax on accumulating funds so reinvested gains are taxed over time rather than only at sale.

Investing & Brokerage in Germany — FAQ