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Calculadora Capital

Trade Republic in Portugal

5 min readReviewed By Thorben Rasmus IdelReviewed by Nahar Geva

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
[VERIFICAR]
Custody fee
[VERIFICAR]
Minimum amount
1 €
Interest on cash
3 % TANB (novos clientes, até 50 000 €)
Protection
Até 100 000 € por depositante
Visit official site →Data verified 28 Jul 2026

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

Trade Republic’s model is built on a small flat cost per order rather than a percentage of the amount invested. On top of that there may be FX conversion costs when buying assets denominated in another currency, plus the spread applied at execution.

The exact figures in force should be confirmed in the platform’s own pricing document before investing.

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
  • The per-order cost is not published on the site: it appears only in the pricing schedule

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

Run the numbers on your own case:

Calculate your capital gains →

Frequently asked questions

Does Trade Republic withhold the tax for me?
No. As a foreign firm, it withholds no Portuguese tax. You report capital gains in Anexo J and flag the existence of a foreign account. Keep the platform’s annual statements: they are the basis for completing the return.
Do I have to report even if I sold nothing?
Capital gains are only taxed when you sell. But a foreign account must still be flagged on the return even without sales, and dividends received are taxable in the year you receive them.
Is my money protected?
The securities you buy are yours and are segregated from the platform’s own assets. Cash balances and securities are covered by the guarantee schemes of the country where the firm is licensed, not by the Portuguese Deposit Guarantee Fund. Confirm the amounts and applicable regime in the official documentation.

Sources

  1. 1.Trade Republic: sistema de preços e informação legal · Trade Republic · retrieved 28 Jul 2026
  2. 2.Registo de intermediários financeiros autorizados · CMVM (Comissão do Mercado de Valores Mobiliários) · retrieved 28 Jul 2026