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XTB vs Trading 212

5 min readReviewed By Thorben Rasmus IdelReviewed by Nahar Geva

Portugal’s two most-searched brokers share the same model (commission-free stock and ETF trading), but differ on what matters over time: how each is registered in Portugal, which investor-protection scheme applies, and what happens as your invested volume grows. Neither is "better": they suit different profiles.

Independent: we earn no commission on any product listed on this page. The ranking follows only the criteria below.

Which to choose, depending on your case

  • Choose XTB if…

    XTB logo

    XTB

    You value CMVM supervision and the higher of the two protection levels (€20,100 vs €20,000), invest less than €100,000 a month, and trade mostly in euros, where the 0.5% FX fee does not bite.

  • Choose Trading 212 if…

    Trading 212

    You buy assets in dollars or another currency (0.15% conversion vs 0.5%), invest more than €100,000 a month, or want interest on idle cash, accepting CySEC supervision rather than the CMVM.

How we ranked these

This comparison is not the result of any commercial agreement. We compared them against the criteria below, verifying every figure in each broker’s official documentation and in the CMVM’s public register, never on comparison sites, which frequently publish out-of-date figures:

  • The real cost of investing: stock and ETF commissions, volume thresholds and FX conversion.
  • Status in Portugal: a branch registered with the CMVM, or operating on a freedom-of-services basis.
  • Investor protection: which scheme applies, and up to what amount.
  • Tax treatment: both are foreign brokers, with the Portuguese reporting obligations that implies.
  • Transparency: are terms published and verifiable without contacting a salesperson?

Side-by-side comparison

Comparison of the reviewed products
ProductStock/ETF commissionVolume thresholdFX conversion feeRegistration in PortugalInvestor protection
XTB logoXTB0%€100,000/month0.5%CMVM and KNF€20,100
Trading 2120%No threshold0.15%CySEC (lic. 398/21)ICF up to €20,000

Each option in detail

XTB logo

XTB

XTB S.A.

Supervised by the CMVM and the KNF (Poland)

Best for: Investors who want a broker with a registered presence in Portugal and established European supervision.

Stock/ETF commission
0%
Volume threshold
€100,000/month
FX conversion fee
0.5%
Registration in Portugal
CMVM and KNF
Investor protection
€20,100

Strengths

  • Supervised by the CMVM and the KNF: its status is verifiable in the regulator’s public register
  • No commission on stocks and ETFs up to €100,000 of monthly volume
  • Invest from €1, with no opening and no withdrawal fees

Weaknesses

  • Above €100,000/month it charges 0.2% per trade, with a €10 minimum
  • A 0.5% FX conversion fee, more than triple its rival in this comparison
  • Investor protection is €20,100, and not the Portuguese scheme
  • Charges €10 a month in maintenance if the account goes 365 days without a trade and 90 without a deposit
Visit official site →Data verified 29 Aug 2026

Trading 212

Trading 212 Markets Ltd (Cyprus)

Registered in Cyprus (HE 409763) · authorised and supervised by CySEC, licence 398/21

Best for: Investors putting in larger amounts, or who mainly value the mobile experience and automated investing.

Stock/ETF commission
0%
Volume threshold
No threshold
FX conversion fee
0.15%
Registration in Portugal
CySEC (lic. 398/21)
Investor protection
ICF up to €20,000

Strengths

  • No volume threshold at all on commission-free stock and ETF trading
  • A 0.15% FX conversion fee, the lowest in this comparison
  • No custody fee, and it pays interest on uninvested cash (2.4% APY in euros)
  • Low entry point: €10 minimum deposit and orders from €1

Weaknesses

  • The entity serving the EU is registered in Cyprus and supervised by CySEC, not the CMVM
  • Investor protection (ICF) runs to €20,000, below its rival here
  • Card deposits above €2,000 cumulative cost 0.7%
Visit official site →Data verified 28 Jul 2026

Decided? Run the numbers on your own case:

Calculate your capital gains →

Frequently asked questions

Do I have to declare an XTB or Trading 212 account on my Portuguese tax return?
Yes. Both are foreign brokers, so capital gains must be reported in Anexo J and the existence of a foreign account must be flagged. There is no Portuguese withholding at source, which means the reporting responsibility is entirely yours.
Which is safer?
Both are EU-authorised and supervised firms. The difference lies in their status in Portugal (a registered branch versus freedom-of-services) and in which investor-protection scheme applies, which is not the Portuguese one in either case. Always confirm status in the CMVM’s public register.
Does commission-free mean cost-free?
No. Even without brokerage commission there is normally an FX conversion cost when you buy assets denominated in another currency, and commissions can apply above certain volume thresholds. Total cost is what to compare.

Sources

  1. 1.XTB: conta e taxas (comissões, limite de volume, conversão cambial e proteção) · XTB · retrieved 29 Aug 2026
  2. 2.Trading 212: termos e comissões da conta Invest (comissão, custódia, FX, mínimos) · Trading 212 · retrieved 28 Jul 2026
  3. 3.Trading 212: entidade da UE, licença CySEC e cobertura do ICF · Trading 212 · retrieved 28 Jul 2026
  4. 4.Registo de intermediários financeiros autorizados · CMVM (Comissão do Mercado de Valores Mobiliários) · retrieved 28 Jul 2026
  5. 5.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