Best stock brokers in Portugal
Almost every broker advertises "zero commission", but the real cost sits in currency conversion, volume thresholds and which investor-protection scheme applies. We compared five brokers using each broker’s own published figures, not those of comparison sites.
Independent: we earn no commission on any product listed on this page. The ranking follows only the criteria below.
Verdict: which to choose
Best supervision in Portugal
Supervised by the CMVM and the KNF, with the highest protection here (€20,100) and investing from €1.
Lowest real cost
A 0.15% FX fee (versus 0.5%) and no volume threshold: the difference that matters if you buy dollar-denominated assets.
Best protection for uninvested cash
It holds its own German banking licence, so idle cash is covered by the deposit guarantee up to €100,000 at the very bank holding it, not, as with Trade Republic, by partner banks’ guarantees.
Best for large portfolios
FX conversion at 0.002%, by far the cheapest here, but with a €6 minimum per order on Euronext Lisbon that only pays off on large amounts.
Best for investing every month
Savings-plan execution is free, so a recurring monthly purchase pays neither commission nor settlement fee, but it is the only broker here that publishes no FX rate.
Side-by-side comparison
| Product | Stock/ETF commission | Volume threshold | FX conversion | Minimum | Supervision | Protection |
|---|---|---|---|---|---|---|
 XTB | 0% | €100,000/month | 0.5% | €1 | CMVM and KNF | €20,100 |
| Trading 212 | 0% | No threshold | 0.15% | €10 | CySEC (lic. 398/21) | ICF up to €20,000 |
| DEGIRO | €2 | — | 0.25% | €0.01 | BaFin · AFM/DNB | €20,000 (90%) |
| Interactive Brokers | 0.15% (min. €6) | — | 0.002% (min. USD 2) | €0 | Central Bank of Ireland | €20,000 (90%) |
| Trade Republic | €0 + €1 settlement | — | Not published | €1 | BaFin · Bank of Portugal | €100,000 (partner bank) |
How we ranked these
The ranking is not the result of any commercial agreement. We verified every figure in the broker’s own documentation (several Portuguese comparison sites publish out-of-date values) and assessed them against these criteria:
- Real cost: brokerage commission, volume thresholds and FX conversion combined, not just the advertised "0%".
- Status in Portugal: CMVM supervision, or operating under another member state’s regulator.
- Investor protection: which scheme applies, and up to what amount.
- Accessibility: the minimum needed to start investing.
- Transparency: are terms published and verifiable without contacting a salesperson?
Product-by-product analysis
XTB
XTB S.A.
Supervised by the CMVM and the KNF (Poland)
Best for: Investors who value CMVM supervision and trade mostly in euros, below €100,000/month.
- Stock/ETF commission
- 0%
- Volume threshold
- €100,000/month
- FX conversion
- 0.5%
- Minimum
- €1
- Supervision
- CMVM and KNF
- Protection
- €20,100
Strengths
- Supervised by the CMVM, status verifiable in the regulator’s public register
- Investor protection of €20,100, the highest in this comparison
- Invest from €1, with no opening and no withdrawal fees
Weaknesses
- A 0.5% FX conversion fee, more than triple the alternative
- Above €100,000/month it charges 0.2% per trade, minimum €10
- Charges €10 a month in maintenance if the account goes 365 days without a trade and 90 without a deposit
Trading 212
Trading 212 Markets Ltd (Cyprus)
Registered in Cyprus (HE 409763) · supervised by CySEC, licence 398/21
Best for: Investors buying dollar assets, investing larger amounts, or wanting interest on idle cash.
- Stock/ETF commission
- 0%
- Volume threshold
- No threshold
- FX conversion
- 0.15%
- Minimum
- €10
- Supervision
- CySEC (lic. 398/21)
- Protection
- ICF up to €20,000
Strengths
- A 0.15% FX conversion fee, the lowest here
- No volume threshold on commission-free trading
- No custody fee, plus interest on uninvested cash (2.4% APY in euros)
Weaknesses
- Supervised by CySEC (Cyprus), not the CMVM
- Investor protection up to €20,000, below the alternative
- Card deposits above €2,000 cumulative cost 0.7%
DEGIRO
flatexDEGIRO Bank SE, Dutch branch
German bank supervised by BaFin · the Dutch branch is supervised by the AFM and the DNB
Best for: Investors putting in larger amounts at a time who want idle cash covered by a bank deposit guarantee.
- Stock/ETF commission
- €2
- Volume threshold
- —
- FX conversion
- 0.25%
- Minimum
- €0.01
- Supervision
- BaFin · AFM/DNB
- Protection
- €20,000 (90%)
Strengths
- Banking licence: cash in the account is covered by the German deposit guarantee up to €100,000
- No custody, inactivity, deposit or withdrawal fees
- Its Popular ETF Selection costs €1 per trade, the handling fee alone
- The annual connectivity cost (0.25%, capped at €2.50 per exchange) does not apply to Euronext Lisbon
Weaknesses
- It charges per order: €2 on a share on Euronext Lisbon or in the US, unlike the 0% of the first two
- FX conversion at 0.25%, above Trading 212’s 0.15%
- Investor compensation covers 90% of assets, up to €20,000, below XTB
- Not supervised by the CMVM: it operates under the German and Dutch regulators
Interactive Brokers
Interactive Brokers Ireland Limited
Supervised by the Central Bank of Ireland (reference C423427) · member of the Irish Investor Compensation Scheme
Best for: Investors trading large amounts, dealing in several currencies, or needing access to markets the others do not cover.
- Stock/ETF commission
- 0.15% (min. €6)
- Volume threshold
- —
- FX conversion
- 0.002% (min. USD 2)
- Minimum
- €0
- Supervision
- Central Bank of Ireland
- Protection
- €20,000 (90%)
Strengths
- FX conversion at 0.002% of the amount, by a wide margin the cheapest here
- No account minimum and no inactivity fee
- On the Tiered plan the commission falls to 0.05%, with a €1.25 minimum and a €29 maximum per order
- Access to the widest range of markets of the four
Weaknesses
- On the Fixed plan it charges 0.15% with a €6 minimum per order on Euronext Lisbon: expensive on small purchases
- FX conversion carries a USD 2 minimum per trade, which dominates the cost on small amounts
- Irish investor compensation covers 90%, up to €20,000
- A platform built for experienced investors, considerably more complex than the other three
Trade Republic
Trade Republic Bank GmbH, Portuguese branch
German bank supervised by BaFin · Portuguese branch registered with the Bank of Portugal under code no. 0286
Best for: Investors who put the same amount in every month through a savings plan and want a predictable per-order cost, with no percentages.
- Stock/ETF commission
- €0 + €1 settlement
- Volume threshold
- —
- FX conversion
- Not published
- Minimum
- €1
- Supervision
- BaFin · Bank of Portugal
- Protection
- €100,000 (partner bank)
Strengths
- Savings-plan execution in shares, ETFs and crypto is free
- No order commission: on a one-off order the only cost is a €1.00 settlement fee
- Any asset from €1, with no account minimum
- It is a bank: the Portuguese branch is registered with the Bank of Portugal under code no. 0286
Weaknesses
- It is the only broker here that does not publish an FX conversion fee: the website’s pricing scheme has no such line and points to the app for the full list
- Uninvested cash does not sit with the bank itself: it sits in an omnibus account at partner banks, and it is THOSE banks’ deposit guarantee that covers up to €100,000
- A "Direct Price Order" costs €2 in commission instead of €1
Decided which one? Run it with your own numbers:
Calculate your capital gains →Frequently asked questions
Does "zero commission" mean investing is free?
Is a zero-commission broker better than one that charges per order?
Do I have to declare a foreign broker account on my Portuguese tax return?
Is my money protected if the broker fails?
Sources
- 1.XTB, conta e taxas: comissões, limite de volume, conversão cambial e proteção · XTB · retrieved 29 Aug 2026
- 2.Trading 212: termos e comissões da conta Invest · Trading 212 · retrieved 28 Jul 2026
- 3.Registo de intermediários financeiros autorizados · CMVM, Comissão do Mercado de Valores Mobiliários · retrieved 28 Jul 2026
- 4.DEGIRO, preçário: comissões por transação, conversão de moeda, custódia e depósito mínimo · DEGIRO · retrieved 8 Aug 2026
- 5.Interactive Brokers, comissões de ações: linha Portugal (Euronext Lisbon), planos Fixed e Tiered · Interactive Brokers Ireland Limited · retrieved 8 Aug 2026
- 6.DEGIRO: esquemas de proteção aplicáveis (indemnização do investidor e garantia de depósitos alemãs) · DEGIRO · retrieved 8 Aug 2026
- 7.Interactive Brokers, comissões de conversão cambial (spot currencies) · Interactive Brokers Ireland Limited · retrieved 8 Aug 2026
- 8.Limites de compensação: 90 % da perda, até ao máximo de 20 000 € por investidor · The Investor Compensation Company DAC (Irlanda) · retrieved 8 Aug 2026
- 9.XTB, Tabela de Taxas e Comissões de 29 de junho de 2026: taxa mensal de manutenção de conta e as duas condições que a desencadeiam · XTB, S.A. Sucursal em Portugal · retrieved 29 Aug 2026
- 10.Trade Republic, sistema de preços e informação institucional: comissão à ordem, taxa de liquidação, planos de poupança, supervisão e proteção dos fundos · Trade Republic Bank GmbH, Sucursal em Portugal · retrieved 5 Sept 2026