Trade Republic Revamps Trade Execution After EU PFOF Ban

Trade Republic has unveiled a new trade execution system and pricing model after the European Union’s payment-for-order-flow (PFOF) ban came into force in Germany on June 30.

The Berlin-based neobroker said its new execution engine compares prices across 30 exchanges to secure the best available execution. Standard orders now carry a €1 fee, while investors who choose a specific venue, such as Xetra, NYSE, Nasdaq, or Euronext, pay €2 per trade through a new Direct Price order option.

The overhaul comes just two days after Germany’s temporary exemption from the EU-wide PFOF ban expired, forcing brokers to replace a revenue model that paid firms for routing client orders to market makers. Trade Republic said PFOF accounted for less than 30% of its revenue.

 

Learn how to trade stocks, crypto, ETFs, and CFDs on popular assets with German neobroker Trade Republic

 

The company also launched a new browser-based Web Terminal, offering advanced charting, live market data, portfolio analytics, and stock screeners at no additional cost. The platform is designed to attract more active traders as Trade Republic expands beyond its traditional focus on long-term investors.

Trade Republic, which serves more than 10 million customers and manages over €150 billion in client assets, was valued at €12.5 billion last year. The broker has recently expanded into bonds, cryptocurrencies, current accounts, and private market investments while increasing competition with rivals such as Scalable Capital and XTB.