Consorsbank Review
Our take: Consorsbank is a well-established German online broker owned by BNP Paribas, one of Europe’s largest banking groups. The broker offers a comprehensive trading platform with competitive fees for German investors. The platform stands out for its integration of banking and investment services, offering a complete financial ecosystem for German investors.
Our assessment: Consorsbank scores 4.3 in its category driven by fairly advanced platform features, BNP backing and reasonable fees, especially for small and very large investors. Here are key highligts:
- Passive Investors: Consorsbank offers an excellent platform for passive investors through its comprehensive ETF and fund selection. The broker provides ETF savings plans and automated investment solutions through their Investmentkonto service. However, it incentivises a single market maker exchange, which can imply higher spreads.
- Semi-Active Investors: For semi-active investors, Consorsbank delivers a robust investing experience with their comprehensive platform and access to multiple international exchanges. However, the trading fees on exchange other than Tradegate can be more expensive.
- Advanced Investors: Advanced traders might find Consorsbank’s offering somewhat limited compared to specialized international investing platforms. While the broker provides access to derivative products and professional trading tools, the focus remains primarily on retail rather than professional trading. The capped commissions can be advantegous for very large trades.
Pros & Cons and suitability
Pros & Cons
- part of BNP Paribas Group
- No custody fees
- BaFin regulation
- Extensive ETF savings plans
- Incentivises Single Market Maker Exchanges
- No Multicurrency
- Limited to German Residents
- Large fee for security transfers
Suitability
Suitable
Good Choice of ETFs but can be costly outside select etfs in savings plans
Suitable
Good choice of exchanges and instruments
suitable
Advanced options, capped fees but no elective professional status
Availability
Consorsbank is only Available In Germany.
Broker Snapshot
Why Is Consorsbank A Bank-backed Fintech Broker?
Consorsbank qualifies as a bank-backed Fintech broker due to its fairly advanced platform combined with backing by BNP Paribas. While it offers comprehensive services and robust protection schemes, it primarily serves the German market with limited international reach. The broker provides good execution quality and competitive pricing for regular traders and although some fees are higher than pure-play fintech competitors, its integration with BNP Paribas provides additional security.
A Subsidiary of BNP Paribas, Operating As A fintech
Consorsbank is a subsidiary of BNP Paribas after being bought by them in 2002. Since then, Consorsbank has joined the BNP Paribas group and operated within there, with its services available to BNP Paribas customers. It now serves around 1.5 million customers.
Company Info
| Characteristic | Consorsbank |
|---|---|
| Inception Date | 🛈 1994 |
| Headquarters | 🛈 Nuremberg, Germany |
| Key Owner | 🛈 BNP Paribas |
| Bank Affiliated | ✅ Yes |
| Listed on Stock Exchange | ✅ Yes (Parent) - €72.5 bn |
| Rating (Parent) | ✅ AA- (Fitch), Aa3 (Moody), A+ (S&P) |
| Operating Profit (2023) | ✅ €11.24 billion (Parent) |
Regulation
| Feature | Consorsbank |
|---|---|
| EU Entity | 🛈 BNP Paribas S.A. Niederlassung Deutschland |
| UK Entity | 🛈 N/A |
| Key Regulators | ✅ BaFin |
| EU Regulator | BaFin |
| UK Regulator | N/A |
| EU Guarantee | €20,000 |
| UK Guarantee | 🛈 N/A |
Good Offering, No custody fees and free trading for ETF Savings Plans
Consorbank has no custody fees but commission-free trading for ETF savings plans. However, saving plan ‘free’ trades are routed to a single market-maker exchange. It does not offer multicurrency account and trading fees are high.
Features
| Feature | Consorsbank |
|---|---|
| Key Base Currencies | EUR |
| ETF Availability | ✅ Very High (2,000+) |
| Multicurrency | ❌ No |
| Cash Interest | ✅ Yes |
| Margin Loans | ✅ Yes |
| Exchanges | ✅ Major European |
| Security Transfer | ✅ Yes |
| External PFOF Reliance | ✅ At Least Medium |
Fee Structure
| Feature | Consorsbank |
|---|---|
| Custody Fees | ✅ None |
| Inactivity Fees | ✅ None |
| ETFs Dealing Fees | ⚠️ From €0 ¹ |
| FX Fees | ⚠️ Variable, generally high |
| Deposit Fees | ✅ None |
| Withdrawal Fees | ✅ None |
| Security Lending | 🛈 Not Available |
I. Company
With an history of over 30 years and the association to the BNP Paribas group, Consorbank maintains a strong presence in the German market. While it is regulated by BaFin, a strong authority, the level of investor protection is relatively low, consistent with German regulations.
Business Profile
Consorsbank has established itself as one of Germany’s premier digital banks and brokers since its inception in 1994. Originally launched as Consors and rebranded to Consorsbank in 2014, the institution has evolved into a comprehensive financial services provider under the BNP Paribas Group umbrella. The bank offers a full spectrum of services, combining traditional banking products with sophisticated investment solutions.
Consorsbank primarily generates revenue through net interest income (from loans and deposits), fees and commissions (from account services and securities trading), and investment services (brokerage fees). Detailed financials are not publicly disclosed but contribute to BNP Paribas’s overall results.
BNP Paribas is a leading European financial institution with operations across retail banking, corporate banking, and investment services. In 2023, the bank reported €50.4 billion in revenue and an operating profit of €11.24 billion, with a net income of €8.83 billion. Its primary divisions include Corporate & Institutional Banking, Commercial & Personal Banking, and Investment & Protection Services. BNP Paribas has a market capitalization of approximately €72.5 billion as of 2024 and operates globally, offering services in investment banking, asset management, and retail banking.
Ownership and Transparency
Consorsbank operates as a wholly owned subsidiary of BNP Paribas S.A., one of Europe’s largest banking groups. The bank maintains high transparency standards through regular financial reporting integrated within the BNP Paribas Group’s disclosure framework. Additionally, the bank benefits from its parent company’s strong financial position, reflected in BNP Paribas’s A+ rating from S&P, Aa- from Fitch and Aa3 from Moody.
Safety Considerations
The bank’s safety framework is reinforced by its integration within the BNP Paribas Group, one of Europe’s most substantial banking institutions. BNP is rated A+ at S&P and this implies robust financial stability through strong capital adequacy ratios and comprehensive risk management protocols. BNP Paribas is classified as a Systemically Important Financial Institution (SIFI), and a Global Systemically Important Bank (G-SIB). BNP are also planning to grow through the acquisition of AXA IM.
Regulation & Investor Compensation Schemes
Consorsbank is regulated by the German Federal Financial Supervisory Authority (BaFin) and provides investors with a protection amount up to €20,000. Specifically, the scheme covers up to 90% of an investor’s claims, with a maximum limit of €20,000 per investor. This level of protection – while standard among most EU brokers – is considered low. Cash held at Consorsbank is protected by the German Compensation Scheme up to €100,000, though it is pooled unless held in your name. Consorsbank is assigned to the German Compensatory Fund of Securities Trading Companies which can can pay compensation if an institution is no longer able to fulfil its “liabilities from securities transactions” towards its clients for reasons directly related to its financial situation (and the German Federal Financial Supervisory Authority BaFin has determined the case for compensation).
Share & Cash Custodians
Cash are held directly by Consorsbank (BNP Paribas).
Securities Custody:
- Primary Custodian: Clearstream
- Secondary Custodians: Network of international custodians
Reputation
Consorsbank has no known regulatory fines or reputational issues, but its parent company, BNP Paribas, has faced several challenges. These include a $8.9 billion fine in 2014 for sanctions violations, €15 million and €3 million fines in 2023-2024 for anti-money laundering failures, and recent accusations of financing fossil fuel projects. BNP Paribas has also faced legal actions related to short-selling and foreign exchange violations, reflecting broader regulatory scrutiny on the group.
II. Fee structure
Consorsbank generally provides low explicit trading commissions on Tradegate exchange, but trading on other venues may be expensive. Based on NCA studies, small trades on Single Market Maker Exchanges can be assumed to be executed in line with other exchanges, however trades above €500 may be routed in a way that increases overall execution cost. Capped costs mean that large trades can be relatively cheap.
Platform fees
Consorsbank offers a competitive platform fee structure with no custody account fees or basic account maintenance charges.
While the basic platform is free, advanced traders may incur additional costs of up to €29.95 monthly for the Professional Trading Platform, if they do not meet the minimum trading volume.
In addition, Consorsbank offers and individual segregated custody (Clearstream Frankfurt) with a setup cost: €30,000 + VAT (one-time) and annual maintenance cost: €32,000 + VAT.
Trading Commisions
- Savings Plans:
- Promotional ETFs: commission-free on select ETFs executed on Tradegate exchange only (higher spreads may apply).
- Other ETFs: Prohibitive 1.5% fee per execution for ETF savings plans that are not part of their fee-free offerings.
- Outside of Savings Plans:
- Base Fee: €4.95 per order
- Additional Commission: 0.25% of the order value
- Minimum Total Fee per Order: €9.95
- Maximum Total Fee per Order: €69
- Single Market Maker Exchanges: If you trade via Tradegate, Consorsbank offers a flat €3.95 per order, which on-paper could seem significantly cheaper than the standard exchange fee structure. However, you trade is routed to an opaque exchange and higher spreads may apply.
Overall Fee Simulation vs Competitors
Most of our readers have simple Index portfolios. Using our Broker Total cost calculator, you can estimate the total cost of holding ETFs throughout the investment period. For our simulated scenarios, Consorsbank comes out as very competitive but just if you use the Tradegate exchange and this is misleading.
⚠️ SINGLE MARKET MAKER EXECUTION COSTS
The below simulation only takes into account direct visible commissions. As an investor you also face less visible costs including spreads. Consorsbank Savings Plans may direct trades to Tradegate Exchange if you choose the cheaper commission offer. Single market maker exchanges like Tradegate are opaque and according to numerous NCAs in Europe have worse execution (spreads) as compared to traditional exchanges like Xetra, particularly for trades above €500. While Consorsbank also offers other exchanges, users’ choice may be incentivised by the apparent low visible commissions. Read more about our research on this 👉🏻
Fee Simulation For General Accounts
The simulation shows a cost of €0 for Consorsbank, however, its €0 cost applies only to regular ETF savings plan transactions on the Tradegate exchange. It does not include spreads. IBKR has a total cost of €731 but likely lower spreads, so overall cost may be lower, and Comdirect is the most expensive option, with a total cost of €48,547.
Investor assumptions
| Model Feature | Assumption |
|---|---|
| Investor | European |
| Instrument | ETF |
| Account | International |
| Initial Investment | € 100,000 |
| Monthly | € 1,000 |
| Time Horizon | 20 years |
| Gross Return | 8% |
Trading Commissions
Currency Exchange fees
For currency conversions associated with international transactions, Consorsbank charges a flat fee of €19.95 per conversion, regardless of the transaction method (online, mail, fax, or telephone).
Other fees
Deposits and withdrawal are free of charge.
Securities transfers within Germany are free at Consorsbank, but international transfers cost €29.95 per position (minimum €15), with possible additional third-party fees.
Consorsbank also offers real-time market data at €19.95/ month (it is free for active traders).
III. Platform & Features
Consorsbank provides attractive features for investors, such as a wide selection of ETFs and regular savings plans as well as several advanced products. However, its business model encourages customers to trade on a single market maket exchange for savings accounts, where spreads may be higher. Cash interest is relatively averaged.
Account Opening Process
Opening a Consorsbank account takes 10-15 minutes, requires video verification, no minimum deposit, processes in 1-3 business days, and needs a German ID/passport and proof of address.
account Features
- Custody accounts – Depot, Girokonto and joint accounts.
- Large Range of ETFs including Amundi, iShares and Xtrackers;
- Apps for Android and iOS;
- All Major Stock Exchanges: including Nasdaq, Euronext, Xetra, LSE, Zurich & Milan
- Customer Service: it is available trough mail, phone and chat although it has mixed review indication room for improvement;
- Intuitive Interface including regular, scheduled investment service.
- Additional tools: price alerts, automated trading and portfolio analysis tools available. They also have advanced charting and real-time quotes for those who prefer to trade more actively. Setting different orders such as limits and stops are also available.
Internalisation and PFOF
Consorsbank offers the possibility to trade through several exchanges; however, the high discounts on fees incentivize routing normal trades through Tradegate, in addition to the exclusive routing of free ETF savings plan trades to the same venue. This raises concerns about Payment for Order Flow (PFOF), though full reliance on PFOF cannot be determined due to the lack of a public order execution policy. Tradegate’s internalized execution model suggests potential conflicts of interest, as it limits price competition and may prioritize broker incentives over best execution. Without transparency, there is a risk that orders are routed based on rebates rather than securing the best possible price for clients.
Cash Interest
- Current account: Variable rates based on market conditions
- Tagesgeldkonto (flexible savings account): with an interest rate of 3.25% per annum, guaranteed for the first three months on deposits up to €1 million. After this introductory period, the interest rate adjusts to 1% per annum.
- Festgeld (fixed-term deposit): Up to 2.25% p.a.
The Interest are paid monthly.
Advanced Features
Consorsbank offers several advanced features including customers margin loans, CFD’s, options or futures.
Features
| Investment Type | Availability |
|---|---|
| ETFs | ✅ |
| Stocks | ✅ |
| Bonds | ✅ |
| Funds | ✅ |
| Options | ✅ |
| Derivatives | ✅ |
| Futures | ✅ |
| CFDs | ✅ |
| Forex | ✅ |
| Crypto | ❌ |
| Commodities | ✅ (through ETC’s only) |
IV. Taxes
Tax Wrappers
Consorsbank supports tax-efficient investing through tools like Depotsparplan (savings plans) and Investmentfonds that leverage Germany’s tax advantages, such as the capital gains allowance (€1,000 per individual). It also provides tax reporting services, applying the flat 25% capital gains tax and issuing annual tax certificates.
For dedicated pension wrappers like Riester or Rürup Pension Plans, customers need to consult insurance providers.
Tax Reporting
Consorsbank provides comprehensive tax documents, including annual tax certificates, realized gains/losses statements, foreign tax credit documentation, and capital gains calculations. It also offers quarterly portfolio statements, transaction confirmations, and dividend notifications for streamlined tax reporting.
Good Luck and Keep’em* Rolling!
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