flatex Review (2026)
*flatex is a brand of flatexDEGIRO Bank AG, authorized and regulated by the German Federal Financial Supervisory Authority (BaFin) and Deutsche Bundesbank. Cash balances are covered up to €100,000 per depositor by the German statutory Entschädigungseinrichtung deutscher Banken (EdB). Investing in securities involves capital risk.
The Vibe Check
"flatex earned its name from two words: **flat execution**. Operating as part of flatexDEGIRO Bank AG under strict **BaFin oversight**, it has long served as the reliable, institutional workhorse of Central European self-directed investing. For German and Austrian compounders, flatex's killer feature is administrative peace of mind: it is **100% tax-automated (steuereinfach)**, calculating and withholding domestic capital gains taxes (Abgeltungsteuer / KESt) directly at the source so you never have to file manual tax spreadsheets. They also permanently scrapped their controversial 0.1% custody fee and abolished negative deposit rates. If you buy large blocks of stock, their **€5.90 flat ticket** beats percentage-gouging legacy banks. But watch the venue fine print: adding the standard **€2.00 exchange surcharge on Tradegate or Gettex brings the real ticket to €7.90**, non-EUR trades incur a **0.40% FX conversion markup**, and the advanced flatex Trader 2.0 desktop terminal carries a **€15/month software charge**."
The Fine Print: Valerie's flatex Fee Audit
flatex adheres strictly to a flat-rate commission schedule rather than percentage-scaled order pricing, supplemented by third-party exchange venue fees:
| Fee Type | flatex Pricing Schedule | Valerie's Audit Notes |
|---|---|---|
| German OTC Venues (Tradegate, Gettex, L&S) | €5.90 Base + €2.00 Venue Fee | €7.90 total flat execution per order on Tradegate, Gettex, and Lang & Schwarz. Identical price whether trading €1,000 or €50,000. |
| XETRA & Frankfurt Equities | €5.90 Base + Variable Clearing | €5.90 flat base fee plus pass-through exchange fees (typically ~€1.50 to €3.50+ depending on volume and clearing settlement). |
| Vienna Stock Exchange (WBAG) | €5.90 Base + Exchange Fee | Direct access to Austrian domestic equities. Exchange clearing fees start from €1.80 per order. |
| US & Canadian Equities (NYSE/Nasdaq) | €5.90 Flat (+ 0.04% over €40k) | €5.90 base fee for US trade volumes up to €40,000. Orders exceeding €40k incur an additional 0.04% fee on the excess amount. |
| ETF & Fund Savings Plans (Sparpläne) | €0.00 Commission | 100% free automated recurring monthly execution across 4,500+ qualifying ETFs and mutual funds (min. €25/month). |
| Premium Partner Derivatives | €0.00 – €3.90 Per Trade | Off-exchange warrants and certificates via Goldman Sachs, BNP Paribas, and Morgan Stanley trade for €0.00 (orders > €500). |
| Custody & Account Maintenance | €0.00 (Permanently Abolished) | Zero ongoing custody fees. flatex permanently abolished its historical 0.10% annual custody charge and eliminated negative interest rates. |
| Foreign Exchange (FX) Spread | 0.40% Markup | ⚠️ Currency conversion spread applied when purchasing non-EUR securities (e.g., buying US shares without a foreign currency wallet). |
| flatex Trader 2.0 Desktop | €15.00 / Month | ⚠️ Advanced push-data workstation software with Level 2 market depth. (Standard web and mobile flatex Next apps are completely free). |
*flatex automatically generates official German and Austrian tax certificates (Jahressteuerbescheinigung) at year-end at zero additional charge.
The Core Edge: Automated Tax Handling (Steuereinfach), Block Order Flat Fees & BaFin Custody
In Germany and Austria, flatex’s competitive moat is rooted in regulatory integration and block-order mathematical efficiency:
The defining operational advantage for Austrian and German residents is **complete tax automation ("steuereinfach")**. When trading through offshore or foreign brokers (like Interactive Brokers or foreign neobrokers), European investors must manually track FIFO cost bases, calculate distribution-equivalent yields on accumulating ETFs, and report foreign gains on complex annual tax forms. flatex automatically calculates and withholds the German Abgeltungsteuer (plus Solidarity surcharge) or Austrian Kapitalertragsteuer (KESt) at the moment of execution, completely eliminating tax audit headaches.
Second, their **flat-rate pricing model delivers massive cost savings on larger orders**. While percentage-based brokers scale fees endlessly, flatex’s base fee on German OTC venues remains fixed at €5.90 (plus €2.00 venue fee). If you invest €15,000 into a blue-chip stock, a traditional bank broker charging 0.25% extracts €37.50. At flatex, that exact same €15,000 order costs just **€7.90 all-in**—an effective transaction cost of just **0.052%**.
Finally, accounts are anchored by a **full German banking license via flatexDEGIRO Bank AG**. Cash deposits sit under direct European Central Bank and BaFin supervision, backed by the German statutory **Entschädigungseinrichtung deutscher Banken (EdB) up to €100,000 per depositor**, while all custody shares remain strictly segregated as special assets (Sondervermögen) off the bank's corporate balance sheet.
Pros and Cons Breakdown
What We Love
- Fully automated tax withholding ("steuereinfach") for German and Austrian residents
- Flat €5.90 base commission creates immense value on large order sizes (€5,000+)
- Over 4,500 ETF and mutual fund savings plans (Sparpläne) execute for €0.00
- Permanent elimination of the historical 0.10% annual custody fee and negative interest rates
- Full German banking license (flatexDEGIRO Bank AG) with €100,000 statutory EdB protection
- Direct lit exchange access across XETRA, Tradegate, Vienna, Euronext, and North America
- Lombard credit lines (Wertpapierkredit) available against pledged portfolio equity
Where It Falls Short
- €2.00 venue surcharge on off-exchange desks makes small trades (<€500) uneconomic vs. €1 neobrokers
- 0.40% foreign exchange spread markup on foreign currency stock trades
- flatex Trader 2.0 professional desktop software incurs a €15.00 monthly subscription
- Primarily tailored for German and Austrian tax residents (interface primarily in German)
- No direct cryptocurrency spot custody (restricted to listed ETPs and crypto notes)
- Outbound security transfers to foreign non-EU brokers involve complex manual paperwork
Valerie's Final Verdict
"flatex is the premier benchmark for German and Austrian investors who value regulatory peace of mind and clean tax automation. By scrapping their old custody fees and sticking to a transparent €5.90 flat base commission, flatex offers an unbeatable combination: zero administrative tax stress combined with institutional German banking safety. If you are investing €2,000 or more per trade or setting up recurring monthly ETF savings plans, flatex is vastly superior to expensive legacy banks. Just keep order mechanics in mind: for micro-trades under €200, the €7.90 all-in OTC ticket represents higher percentage friction than mobile neobrokers like Trade Republic, and you should minimize frequent US currency churn to avoid their 0.40% FX spread."
Open An Account If:
You are a German or Austrian tax resident demanding automated tax reporting ("steuereinfach"), execute block orders over €2,000, or invest monthly via free ETF Sparpläne.
Skip It If:
You trade micro-orders under €300 frequently (where €1 neobrokers are cheaper), or live outside Germany/Austria where localized tax automation doesn't apply.
flatex is a brand of flatexDEGIRO Bank AG, supervised by BaFin and Deutsche Bundesbank. Cash deposits protected up to €100,000 under the EdB scheme.