Smartbroker offers access to a broad range of German and international exchanges together with an extensive selection of stocks, ETFs, mutual funds and bonds. Investors benefit from zero custody fees, multicurrency accounts, competitive domestic trading fees and one of Germany's largest ETF Savings Plan programmes. However, the platform remains available only in German, regular investment plans are executed exclusively via gettex - a single market maker exchange, international trading fees can become relatively expensive, advanced trading features are limited, and the parent company is still in a loss-making phase.
Smartbroker is closely tied to Baader Bank. Baader is not merely a back-office provider: it also provides custody, banking and settlement services, while acting as the designated market maker for equities on gettex, the preferred venue where many Smartbroker+ trades can be executed commission-free. This allows Baader to generate revenue across multiple parts of the value chain, including market making. Following the PFOF ban, commercial compensation is likely embedded within broader service agreements rather than explicit payment for order flow. As a result, Smartbroker remains closely integrated with Baader and the gettex ecosystem, potentially reducing its commercial incentive to route execution through competing venues.
Passive Investors:Suitable. Excellent ETF selection, low custody and domestic trading fees. However, savings plans are executed exclusively via gettex and the German-only platform may be less suitable for international investors.
Semi-Active Investors: Suitable. Broad access to German and international exchanges, multicurrency accounts and reasonable foreign exchange costs make Smartbroker a solid choice. However, relatively high minimum fees on international exchanges reduce its appeal for more frequent traders.
Active Investors: Not Suitable. The lack of advanced trading tools, API trading, listed options and futures means specialist brokers such as Interactive Brokers or Saxo remain better suited to active traders.
Pros & Cons And Suitability
▶ Pros & Cons
Competitive fee structure with zero custody fees
Broad Choice of Exchanges
Multicurrency and reasonable FX fees
German-language platform may be challenging for non-German speakers
ETF Savings Plans Available via gettex Only
Execution Pricing Strongly Favours Gettex - a single market maker exchange
Parent Company Remains Loss-Making
No Advanced Features
▶ Suitability
Passive
SuitableGreat ETF selection and low domestic trading fees, although ETF savings plans are limited to gettex and the parent company remains loss-making
😊
Semi-Active
SuitableGood choice of exchanges and multicurrency but Higher one-off trading fees on international exchange
😊
Active
Not SuitableMargin loans are available, but advanced trading features are limited.
😕
Featured Broker GuideCommission-Free Brokers in 2026: PFOF is Dead. Long Live Conflict of Interest (It’s Worse).
Check if Smartbroker is available in your country. Select a country to see local regulatory details.
Austria
Belgium
Bulgaria
Croatia
Cyprus
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Ireland
Italy
Latvia
Lithuania
Luxembourg
Malta
Netherlands
Poland
Portugal
Romania
Slovakia
Slovenia
Spain
Sweden
Iceland
Liechtenstein
Norway
United Kingdom
Switzerland
Aland Islands
Albania
Algeria
American Samoa
Andorra
Angola
Anguilla
Antarctica
Antigua and Barbuda
Argentina
Armenia
Aruba
Australia
Azerbaijan
Bahamas
Bahrain
Bangladesh
Barbados
Belize
Benin
Bermuda
Bhutan
Bolivia
Bonaire, Sint Eustatius and Saba
Bosnia and Herzegovina
Botswana
Brazil
British Indian Ocean Territory
British Virgin Islands
Brunei Darussalam
Burkina Faso
Cambodia
Cameroon
Canada
Cape Verde
Cayman Islands
Chad
Channel Islands and Jersey
Chile
China
Colombia
Comoros
Cook Islands
Costa Rica
Cote d'Ivoire
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Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
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Equatorial Guinea
Eritrea
Ethiopia
Falkland Islands
Faroe Islands
Fiji
French Guiana
French Polynesia
French Southern Territories
Gabon
Gambia
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Greenland
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Malawi
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Mexico
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Myanmar
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New Caledonia
New Zealand
Nicaragua
Niger
Nigeria
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Norfolk Island
North Macedonia
Northern Mariana Islands
Oman
Pakistan
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Papua New Guinea
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Peru
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Puerto Rico
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Republic of the Congo
Reunion
Russia
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Saint Barthelemy
Saint Helena
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Saint Lucia
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Samoa
San Marino
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Saudi Arabia
Senegal
Serbia
Seychelles
Sierra Leone
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Solomon Islands
Somalia
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South Georgia
South Korea
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Sri Lanka
Suriname
Swaziland
Taiwan
Tajikistan
Thailand
Togo
Tokelau
Tonga
Trinidad and Tobago
Tunisia
Turkey
Turkmenistan
Turks and Caicos Islands
Tuvalu
Uganda
Ukraine
United Arab Emirates
United Republic of Tanzania
United States
United States Minor Outlying Islands
United States Virgin Islands
Uruguay
Uzbekistan
Vanuatu
Vietnam
Wallis and Futuna Islands
West Bank and the Gaza Strip
Western Sahara
Zambia
Broker Snapshot
Why Is Smartbroker A Tier 2 Broker?
Smartbroker qualifies as a Tier 2 broker due to its market positioning and operational scale. The platform is operated by Smartbroker AG, part of Smartbroker Holding AG, in partnership with Baader Bank AG, which provides the brokerage, custody and banking infrastructure. With approximately €14.7 billion in client assets across around 259,000 customer accounts, its scale remains well below that of Europe's largest retail brokers.
Listed Company with Baader Bank Partnership
Smartbroker Holding AG is publicly listed on the Frankfurt Stock Exchange (Xetra: SB1). However, the company has remained unprofitable in recent years as it continues investing in the rollout and development of the Smartbroker+ platform. Brokerage, custody and banking services are provided by Baader Bank AG meaning Smartbroker relies on an external partner for much of its operational infrastructure rather than operating a fully integrated brokerage business itself. The broker is regulated by BaFin, Germany's federal financial supervisory authority.
▶ Company Info
Inception Year: 2019
Headquarters: Berlin, Germany
Key Owner: Smartbroker Holding AG (formerly wallstreet:online Capital AG)
Bank Affiliated: Yes (Baader Bank AG)
Listed on Stock Exchange: Xetra (Parent)
Parent Rating: No
Net Income: –€10.6 million (TTM)
▶ Regulation
Key Regulators: BaFin
EU Entity: Smartbroker AG / Baader Bank AG
EU Regulator: BaFin
EU Guarantee: €20,000
No Custody Fees and Competitive Domestic Trading Costs
Smartbroker does not charge custody fees and offers commission-free trading on many ETFs via gettex, alongside access to numerous German and international exchanges. Although investors benefit from genuine exchange choice, the broker's pricing structure strongly favours gettex, where trading is generally cheapest. Smartbroker offers multicurrency accounts and its 0.25% foreign exchange fee is competitive compared with many European brokers.
▶ Features Overview
Base Currencies: USD, EUR, GBP, CHF, Others
ETF Availability: Very High (8,000+)
Multicurrency: Yes
Cash Interest: Yes
Margin Loans: Yes
SMM/Systematic Internaliser Reliance: High
Exchanges: All Major Exchanges
▶ Fee Structure
Custody Fees: None
Inactivity Fees: None
ETFs Dealing Fees: €0 gettex, €1 LS Exchange, €4 Other Venues
FX Fees: 0.25
Deposit Fees: None
Withdrawal Fees: None
Security Lending: Not Available
Company ⓘ
We rate the company 3.0 out of 5. Smartbroker is operated by Smartbroker AG, a subsidiary of Smartbroker Holding AG, a publicly listed German financial technology company. The broker serves approximately 259,000 customer accounts with around €14.7 billion in client assets. While its public listing provides a relatively high degree of transparency through regular financial reporting and corporate disclosures, the company remains considerably smaller than Europe's largest brokerage groups and has yet to achieve sustained profitability as it continues investing in the expansion of the Smartbroker+ platform.
Business Profile
Smartbroker is a German online broker operated by Smartbroker AG, a subsidiary of Smartbroker Holding AG, and provides brokerage, custody and banking services in partnership with Baader Bank AG. Launched in 2019, the platform serves approximately 259,000 customer accounts with around €14.7 billion in client assets. Following the launch of Smartbroker+ in late 2023, the company migrated customers to a new proprietary platform, significantly expanding its investment offering, improving its mobile experience and building a more scalable technology infrastructure. The business has yet to achieve sustained profitability.
Ownership and Transparency
Smartbroker Holding AG (Xetra: SB1) is the publicly listed parent company of Smartbroker AG. Operational brokerage services are provided by Smartbroker AG, while custody, settlement and banking services are outsourced to Baader Bank AG.
Smartbroker Holding AG, while publicly listed, does not carry a credit rating from any major rating agency. The company is currently in an investment-heavy scaling phase following the rollout of the Smartbroker+ platform. Consolidated revenue increased 30.1% year-on-year to €68.28 million in FY2025, although the company reported a net loss of €10.6 million, primarily reflecting €9.81 million of investment in customer acquisition and platform expansion. Despite remaining loss-making, Smartbroker maintains a relatively strong balance sheet, with a high equity ratio of 73.4%, cash and cash equivalents of €19.87 million, and relatively low bank liabilities of €2.93 million. While these metrics provide a solid financial buffer, the company has yet to demonstrate sustained profitability, which investors should consider when assessing its long-term financial strength.
Smartbroker is regulated by the German Federal Financial Supervisory Authority (BaFin) and provides investors with protection of up to €20,000 under Germany's investor compensation scheme. Specifically, the scheme covers 90% of eligible investment claims, subject to a maximum of €20,000 per investor. This level of protection, while standard among most EU brokers, is relatively low. Cash deposits held with Baader Bank AG are protected by Germany's statutory deposit guarantee scheme up to €100,000 per depositor. In addition, Baader Bank AG participates in the voluntary Deposit Protection Fund of the Association of German Banks (BdB), which provides additional protection for eligible deposits.
Securities Custody: Baader Bank AG acts as the primary custodian. German securities held via Clearstream Banking Frankfurt
Cash Management: Baader Bank AG
There are no known major regulatory actions or significant reputational controversies affecting Smartbroker at present. While the migration to the Smartbroker+ platform in 2023–2024 initially generated a noticeable increase in customer complaints relating to account transfers, platform stability and customer service, these issues appear to have largely subsided following continued platform improvements.
Fee Structure ⓘ
We rate Smartbroker's fees 3.5 out of 5. Trading costs are competitive on Xetra and other domestic German exchanges, while the 0.25% foreign exchange conversion fee remains reasonable. However, relatively high minimum fees on many international exchanges and pricing that strongly incentivises investors to trade via gettex reduce the broker's overall cost competitiveness.
Related Broker Methodology SectionExplicit costs are rarely high for Neobrokers. Read our methodology to understand how we account for hidden costs.
International Exchanges: €4 + local exchange fees + applicable taxes and FX charges. The exact percentage surcharge varies by exchange (for example, NASDAQ/NYSE: €4 + 0.02%, minimum US$8).
Exchange
Exchange Fee
NASDAQ (US)
€4 + 0.02% (minimum US$8)
NYSE (US)
€4 + 0.02% (minimum US$8)
Euronext Amsterdam, Brussels & Paris
€4 + 0.02% (minimum €12)
Euronext Lisbon
€4 + 0.03% (minimum €15)
Euronext Dublin
€4 + 0.05% (minimum €25)
London Stock Exchange
€4 + 0.02% (minimum £12)
SIX Swiss Exchange (Zurich)
€4 + 0.025% (minimum CHF 5)
ETF Savings Plans: Smartbroker allows investors to start investing from as little as €25 per month via Gettex only. Savings plans can be executed monthly, every two months or quarterly, with a broad selection of ETFs available free of charge. Eligible ETFs can be added, amended or cancelled at any time without fees.
Xetra is Germany's largest electronic stock exchange and generally offers excellent liquidity, particularly for large-cap German stocks and UCITS ETFs. Smartbroker charges a €4 commission plus a 0.01% exchange fee, subject to a minimum exchange fee of €1.50.
Order Value
Total Fee
€500
€5.50 (€4 + €1.50 minimum)
€5,000
€5.50 (€4 + €1.50 minimum, since 0.01% = €0.50)
€20,000
€6.00 (€4 + €2.00)
€100,000
€14.00 (€4 + €10.00)
Smartbroker provides direct access to several Euronext markets, including Amsterdam, Brussels, Paris, Dublin and Lisbon. Trading costs vary by exchange, with commissions starting from €4 plus an exchange-specific fee.
Order Value
Total Fee
€500
€16.00 (€4 + €12.00 minimum)
€5,000
€16.00 (€4 + €12.00 minimum, since 0.02% = €1.00)
€20,000
€16.00 (€4 + €12.00 minimum, since 0.02% = €4.00)
€100,000
€24.00 (€4 + €20.00)
The London Stock Exchange (LSE) provides access to thousands of UK-listed shares, ETFs and investment trusts. Smartbroker charges a €4 commission plus a 0.02% exchange fee, subject to a minimum charge of £12.
Order Value
Total Fee
€500
≈ €18.00 (€4 + £12 minimum)
€5,000
≈ €18.00 (€4 + £12 minimum, since 0.02% = €1.00)
€20,000
≈ €18.00 (€4 + £12 minimum, since 0.02% = €4.00)
€100,000
≈ €24.00 (€4 + €20.00, as 0.02% exceeds the £12 minimum)*
*
Assuming €1 ≈ £1 for illustration purposes. In practice, the minimum is charged in GBP, so the exact euro equivalent depends on the prevailing EUR/GBP exchange rate.
Smartbroker applies a currency exchange fee of 0.25% on all trades requiring currency conversion.
Fee Simulation vs Competitors
Most of our readers invest in globally diversified ETF portfolios through regular monthly contributions. Using our Broker Total Cost Calculator, you can estimate the total cost of investing over your chosen investment horizon. In the simulated scenario below, Scalable Capital is the lowest-cost broker, followed by Smartbroker, while Comdirect is the most expensive. The difference is driven primarily by trading fees, as none of the brokers in this comparison charge ongoing custody fees for the portfolio shown.
Fee Simulation
The simulation assumes an initial investment of €100,000, followed by monthly contributions of €1,000 over a 10-year investment horizon. ETF purchases are executed on the trading venue selected in the calculator for each broker. Trading costs are calculated using each broker's applicable fee schedule, including both broker commissions and exchange fees where applicable. Foreign exchange conversion costs, bid-ask spreads, taxes and market impact costs are excluded from the analysis.
Transferring securities within Germany is free of charge, but fees may apply for transfers from abroad.
Platform & Features ⓘ
We rate Smartbroker's platform 4 out of 5. The broker offers an excellent range of investment products, broad access to both German and international exchanges, and useful features such as multicurrency accounts and comprehensive ETF savings plans. However, ETF savings plans are executed exclusively via gettex. More advanced functionality, such as sophisticated trading tools, portfolio analytics, API access and highly customisable order management, is not available.
Account Opening Process
Smartbroker offers a fully digital account opening process. While the platform accepts residents from Germany, Austria, Belgium, France, Ireland, Italy, Luxembourg, the Netherlands and Spain, the onboarding process, contractual documentation and customer communication are currently available only in German. Identity verification is completed using VideoIdent, eID or PostIdent and typically takes between one and three business days. Applicants must provide a valid proof of identity, proof of address and a tax identification number. Depending on their country of residence, some applicants may be required to provide additional documentation.
UCITS ETFs Availability
Although Smartbroker accepts clients from several European countries, its platform, contractual documentation and customer support are currently available only in German. However, UCITS ETFs remain subject to the PRIIPs regulation, meaning retail investors can only purchase products for which a compliant KID is available in a language accepted by their country of residence. As a result, Italian, French and Spanish investors typically receive KIDs in their local language rather than German, and some ETFs may be unavailable if the required local-language KID has not been published.
Smartbroker offers access to more than 30 trading venues across Europe and North America, including Xetra, the London Stock Exchange, Euronext, SIX Swiss Exchange, NASDAQ and NYSE. While investors benefit from a wide choice of execution venues for one-off trades, ETF savings plans are available only via gettex.
Features
Desktop PlatformMobile AppMulticurrencyShare TransferCash InterestAutomated InvestingMargin LoansCRESTSecurity Lending – CompensatedRobo AdvisoryFamily & Friends Sub-accountsElective Professional Investor Status
Wide Investment Universe: Smartbroker provides access to more than 8,000 ETFs from leading providers including Amundi, iShares, Vanguard, Xtrackers, Invesco, SPDR and WisdomTree, alongside shares, mutual funds, bonds, ETCs, ETNs, certificates and derivatives.
Joint accounts (Gemeinschaftsdepot)
Multicurrency: Smartbroker allows investors to open up to seven foreign currency accounts (USD, GBP, CHF, JPY, CAD, AUD and NOK) free of charge. These accounts can be used to settle trades and hold foreign-currency proceeds, including dividends, without immediate conversion into euros. Foreign currency accounts are funded via internal transfers from the main euro settlement account. If sufficient funds are available, transactions settle directly in the selected currency; otherwise Smartbroker automatically converts the required amount from euros.
Mobile App: Native applications are available for both Android and iOS.
Customer Service: Customer support is available via telephone, email and live chat. While response times and platform stability have improved following the Smartbroker+ migration, customer feedback remains mixed.
Smartbroker focuses primarily on long-term investors and therefore does not offer advanced functionality such as API access, sophisticated portfolio analytics, algorithmic trading or professional-grade order management. While the broker does not provide traditional listed derivatives such as exchange-traded options or futures, it offers a broad range of structured products, including certificates, warrants and knock-out products from leading issuers.
Smartbroker does not offer securities lending.
Smartbroker routes a large proportion of retail order flow through German electronic trading venues such as gettex, Tradegate and Baader Trading, rather than exclusively through primary exchanges like Xetra. These venues operate with designated market makers that continuously provide bid and ask prices, allowing for extended trading hours, fast execution and, in many cases, lower trading costs. While investors benefit from commission-free or low-cost trading, liquidity ultimately depends on the market maker rather than the broader exchange order book. For highly liquid ETFs and large-cap stocks, execution quality is generally comparable to primary exchanges. However, for less liquid securities or during periods of market volatility, investors may encounter wider bid-ask spreads or less favourable execution than on primary exchanges. Investors executing large orders may therefore wish to compare prices across multiple execution venues before trading.
Smartbroker offers a variable cash interest rate linked to the European Central Bank's deposit facility rate. As of July 2026, clients earn 2.0% p.a. on cash balances up to €100,000 and 1.75% p.a. on balances between €100,000 and €1,000,000, with no interest paid on amounts above €1,000,000. Interest is credited quarterly and is available only on a separate Cash Interest Account (Zinskonto), which can be opened free of charge alongside the brokerage account. Funds must be transferred manually between the settlement account and the Cash Interest Account, as cash held in the settlement account does not earn interest.
Commodities: Via ETCs and commodity ETPs, not physical commodities or futures
Derivatives: Certificates, warrants (Optionsscheine), knock-outs and other structured products
Smartbroker does not offer access to US domiciled ETFs.
Smartbroker offers a securities-backed loan (Wertpapierkredit) through Baader Bank, allowing eligible investors to borrow against the value of their investment portfolio without selling their holdings. Loan limits, interest rates and eligible collateral depend on the securities held and the client's individual circumstances.
Smartbroker provides access to a broad range of exchange-traded structured products, including certificates, warrants (Optionsscheine), knock-out certificates and factor certificates from leading issuers. However, it does not offer listed options, futures or CFDs, making it more suitable for investors seeking structured investment products than traditional derivatives trading.
User Satisfaction ⓘ
Smartbroker+ receives mixed sentiment from users, on approximately 2,300 online reviews, below competitors like Scalable Capital (4.0). Users appreciate the cost-efficient fee structure and broad market access, but recurring complaints about unresponsive customer support and operational issues temper overall enthusiasm.
Mixed
80+ mentions · over past 12 months
What Users Like
Cost-efficient fee structure: free ETF savings plans and zero-fee trades above €500 via Gettex
Broad access to German and international stocks, ETFs, and other instruments
Modern app and web interface generally considered well-designed
Strong regulatory standing with German-language support tailored to local investors
Recommended by community voices as a competitive neobroker option for EU residents
Common Complaints
Customer support rated as unresponsive and slow by multiple reviewers
Payout/withdrawal processing described as taking excessively long
Document naming conventions flagged as poorly structured, complicating tax and record-keeping
⚠️ This sentiment analysis is based on our proprietary algorithm relying on sentiment from public user reviews and discussions. This section does not represent the view of Banker on Wheels.
Country Considerations
Smartbroker does not offer tax wrappers.
Available Tax Wrappers
No tax wrappers available.
Tax Reporting
Smartbroker provides comprehensive German tax reporting, including an annual tax certificate (Jahressteuerbescheinigung), income statements and loss certificates, while automatically calculating and withholding German capital gains tax where applicable. International clients benefit from CRS reporting and documentation for non-German tax residents, but the broker does not provide country-specific tax reports tailored to the tax authorities of other supported markets.
Click on a flag below to read more:
Germany Investors
Steuereinfach
Smartbroker provides comprehensive tax reporting for German tax residents. The broker automatically withholds German capital gains tax (Abgeltungsteuer), the Solidarity Surcharge and, where applicable, Church Tax. Investors can submit a Freistellungsauftrag to benefit from the annual saver’s allowance, while realised gains and losses are automatically offset where permitted under German tax rules. Smartbroker also provides annual tax certificates (Jahressteuerbescheinigung) and detailed transaction reports to simplify tax filing.
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