Trade Republic in Portugal
Trade Republic is one of the most widely used investment platforms in Portugal, but the information its users most often lack is rarely on the company’s own site: what happens at tax time. This page covers what the platform is, what it costs and what protection it offers, and explains the Portuguese tax obligations.
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Key facts
Trade Republic
Trade Republic Bank GmbH
Bank licensed in Germany · serves Portugal under the European passport
- Commission per order
- €0
- Settlement fee
- €1.00 per order
- Minimum amount
- €1
- Interest on cash
- 3% gross p.a. (new clients, up to €50,000)
- Protection
- Up to €100,000 per depositor
What Trade Republic is
Trade Republic is an investment platform holding a banking licence in Germany, serving Portugal under the European passport, that is, without a locally registered branch. It lets you buy stocks and ETFs and set up recurring investment plans from small amounts.
The model is built around simplicity and the phone: fewer research tools than a traditional broker, in exchange for a more direct experience for regular, passive investors.
Is it safe?
The firm is authorised and supervised in the European Union, and the assets you buy are yours: they do not sit on the platform’s balance sheet. Cash and securities are covered by the guarantee schemes of the country where the firm is licensed, not the Portuguese ones.
Before opening an account, confirm the firm’s status in the CMVM’s register of authorised financial intermediaries: that is how to verify independently under which regime the platform operates in Portugal.
What it costs
Order commission is free, but every trade pays a €1.00 settlement fee: that is the real cost of buying or selling. A Direct Price order costs €2. Savings-plan execution and receiving dividends are free.
On a €100 investment that euro is 1% of the amount; on €5,000 it is 0.02%. A flat fee favours larger orders and penalises frequent small purchases, unlike savings plans, which are free and therefore the cheapest way to invest regularly on this platform.
On top of that come the spread applied at execution and any FX conversion costs on assets in another currency. The platform itself states that the complete price list is only available inside the app.
Strengths and weaknesses
Strengths
- Holds a banking licence, not merely a brokerage authorisation
- Invest from €1, with recurring savings plans
- Pays interest on uninvested cash: 3% gross for new clients, up to €50,000
- Partner-bank deposits covered by deposit guarantee up to €100,000 per depositor
Weaknesses
- It withholds no Portuguese tax: the entire reporting responsibility is yours
- Primary supervision sits outside Portugal, with the home country’s protection scheme
- The 3% rate is a new-client acquisition offer, not a permanent one
- "Zero commission" is not zero cost: every order pays a €1.00 settlement fee, and a Direct Price order costs €2
- The complete price list is only available inside the app
What changes on your tax return (the part the platform won’t explain)
Trade Republic is a foreign broker. That has two practical consequences: no Portuguese tax is withheld, and you are the one who must report. Realised capital gains go in Anexo J of the IRS return, and the existence of a foreign account must be flagged.
You must also choose between the flat rate applicable to capital gains and aggregation with your other income: which is better depends on your bracket and the rest of your income. Dividends follow their own rules and may already have been taxed at source.
Full guide: foreign brokers on your Portuguese tax return →Alternatives
- Interactive Brokers →
The next step up for anyone needing more markets: FX at 0.002%, but per-order minimums that penalise investing small amounts at a time.
- Best brokers in Portugal →
The full comparison: commissions, FX fees, supervision and investor protection.
- XTB vs Trade Republic →
The head-to-head with the most-searched alternative: both advertise zero commission, but only one charges a settlement fee.
- XTB vs Trading 212 →
The two most-searched alternatives in Portugal, compared side by side.
Run the numbers on your own case:
Calculate your capital gains →Frequently asked questions
Does Trade Republic withhold the tax for me?
Do I have to report even if I sold nothing?
Is my money protected?
Sources
- 1.Trade Republic: sistema de preços (comissão à ordem, taxa de liquidação, cartão) · Trade Republic · retrieved 12 Aug 2026
- 2.Registo de intermediários financeiros autorizados · CMVM (Comissão do Mercado de Valores Mobiliários) · retrieved 28 Jul 2026