Smartbroker Review 2022

Summary

 

Smartbroker is a German online stockbroker founded in 2019. It is regulated by Germany's Federal Financial Supervisory Authority (BaFin).

We recommend Smartbroker for beginners or advanced traders looking to trade ETFs and well-known large-cap company stocks in Euros. Above a certain transaction size, trading can be commission-free.

Among downsides, Smartbroker doesn’t have a mobile app yet at the time of writing, so you need to use its browser-based platform even when trying to trade on your phone. Also, holding a large cash balance can lead to extra charges.

You don’t need to be a citizen or resident of Germany to be able to open an account, but keep in mind that all communication at Smartbroker is in German.

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Smartbroker pros and cons
Pros Cons
• Free stock trading in Euros via Gettex • No mobile app
• Solid deposit protection • High trading fees on non-German exchanges
• Good product selection that also includes
bonds, funds and certificates
• Account fee for large uninvested cash
Smartbroker main features and highlights
🗺️ Country of regulation Germany
🛍️ Products offered Stocks, ETFs, Funds, Bonds
💰 Stock trading fees class Low if you use market makers
💰 Inactivity fee charged No
💰 Withdrawal fee charged No
💰 Minimum deposit 0
💳 Depositing with bank card Not available
👛 Depositing with electronic wallets Not available
📱 Platforms provided Web only
🎮 Demo account provided No
📞 Customer service channels Phone, email, chatbot

Smartbroker review
Fees and costs

Smartbroker really shines if you want to mainly trade well-known (large-cap) stocks in Euros as a currency. That's because for orders above €500 on the Gettex trading venue, Smartbroker doesn’t charge a commission. For orders under €500, a flat €4 fee applies.

Note that the Gettex exchange is not a traditional stock exchange; your orders will be most likely matched in Euros by market makers. This means you could potentially get less favorable price quotes than you would when trading on a high-volume exchange like the NYSE, Xetra or the Frankfurt exchange. This is especially true for smaller, less liquid stocks.

If you want, though, you can route your orders through traditional exchanges such as the London Stock Exchange or the NYSE/Nasdaq. However, the minimum fees in such cases are quite high (often topping €30), with the exception of German exchanges like Frankfurt or Xetra.

Trading venue Stock trading fee
Tradegate €4 per order
Gettex €0 per order if order is higher than €500
€4 per order if order is for less than €500
Lang & Schwarz €1 per order if order is higher than €500
€4 per order if order is for less than €500
Frankfurt, Xetra €5 per order + small stock exchange fee
(ca. 0.01% of the order)
Non-German national exchanges €9 per order + high minimum processing costs
(e.g. NYSE: 0.06%, but minimum $25)

Smartbroker doesn't charge a custody fee per se, but if your cash holdings exceed 15% of your total portfolio (securities plus cash), you’ll need to pay 0.5% annual interest on the uninvested cash amount. As the cash ratio is calculated as a quarterly average, this fee can be avoided in most cases, unless you want to time the market and end up holding uninvested cash too long, too often.

Smartbroker review
Background and safety

Founded in 2019, Smartbroker is a relatively new broker. It is based in Berlin and is a brand of wallstreet:online capital AG.

Smartbroker uses DAB BNP PARIBAS (the German branch of French bank holding BNP Paribas) for banking transactions and for maintaining your account, which is a great sign for its safety. Cash deposits are insured up to €100,000.

Country of clients Protection amount (cash) Regulator
All countries €100,000 Germany's Federal Financial Supervisory Authority (BaFin)

Smartbroker review
Explore Smartbroker alternatives

Not convinced if Smartbroker is the right choice for you? Take a look at our list of the best international online brokers available in Germany. Alternatively, browse our top picks for stock brokers globally.

If you want to start your search from scratch, use our proprietary broker finder tool for a tailored recommendation.

Author of this article

András Iván

Author of this article

András is a former broker analyst for BrokerChooser. He has years of experience in investing and trading equities, options and bonds. He believes that active trading and a more passive investing approach both have merits and everyone can find a strategy that fits their needs. He's eager to help identify the characteristics of specific brokers, so each client can find the best match.

András Iván

András is a former broker analyst for BrokerChooser. He has years of experience in investing and trading equities, options and bonds. He believes that active trading and a more passive investing approach both have merits and everyone can find a strategy that fits their needs. He's eager to help identify the characteristics of specific brokers, so each client can find the best match.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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