🔥 Trade Republic Test 2021: Broker Experience & Rating
If you look at the various options that are available on the Internet in order to then be able to speculate and trade with different assets, you will probably come into contact with Trade Republic.
It is important to convince yourself at the beginning whether you are dealing with a reputable provider or not. If there is even the slightest suspicion that fraudulent intentions are being pursued, the services should not be used. No matter how tempting they may be.
In order to find out whether Trade Republic is a serious and also recommendable provider, you have to focus your gaze on a few points.
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Trade Republic Quick Reference - The most important facts about Trade Republic
- Settlement account is provided by Solarisbank
- Trade Republic can only be used by customers who have either a German or an Austrian bank account
- Very lean fee structure
- Stocks such as ETFs as well as savings plans and derivatives are available
Registration with the broker Trade Republic: Our step by step guide
If a look behind the scenes has shown that the Trade Republic offer fits together with your personal ideas, then the first step is to open an account. The registration process is simple and only takes a few moments. This means that even beginners who have never come into contact with such a provider will have no difficulties or face insurmountable obstacles when they want to open an account with Trade Republic.
1. Registration with Trade Republic
A prerequisite for opening an account with Trade Republic: a valid mobile phone number. Because in the course of the registration process, a four-digit code is sent to the stored telephone number. Only when the four-digit code has been entered on the registration platform will you be forwarded to the next page. Then personal data - this includes name, age and place of residence - must be entered.
Ultimately, one can say that it is a self-explanatory registration. As a rule, no questions will arise.
This is also not the case when it comes to verification. Trade Republic provides the VideoIdent procedure here. It is important that you have a photo ID, such as your ID card, ready and that you have activated the camera on your smartphone. The employee will then check the correctness of the data.
Due to an EU regulation, banks and brokers are obliged to obtain information about the previous knowledge of customers in the financial sector. Because if the customer wants to trade with a security of a higher risk class, he must be advised to take a higher risk. Ultimately, the “pre-reviews” that Trade Republic carries out are instructions from the legislature.
This means that as a new customer you shouldn't feel “questioned” by Trade Republic when it comes to specifying the types of securities that have been purchased so far. In the questionnaire, customers must state whether they have only bought shares so far or have also worked with warrants. It is up to the new customer whether or not to stick to the truth - it is advisable, however, as Trade Republic does not prohibit trading if one claims to be a beginner. Ultimately, inexperienced investors are only warned if they decide to undertake deals that involve extremely high risk.
A clearing account is opened as soon as the securities account is opened. The clearing account is provided by Solarisbank. The Berlin-based company does not act itself in relation to customers, but only takes on account management for Trade Republic.
In order to be able to buy securities or speculate with various assets, a deposit is required. In this case you need either a German or an Austrian bank account. If you have a current account from another country, it is not possible to use the Trade Republic service.
When opening a securities account, the customer receives an account number for his clearing account. As already mentioned, the account is provided by Solarisbank and is ultimately a non-interest-bearing overnight account.
Please note that the transfer of funds to the Trade Republic account can take one to three working days. If the money is available in the account, the first investments can be made.
4. Trading on the platform
The app is used for trading. This is an easy-to-use and very clear application. You can also use the app to buy individual securities or create a savings plan directly. In addition, the different courses can be called up quickly.
You can tell that Trade Republic has taken care to create an application that will delight even beginners.
What is Trade Republic Broker? The history of the broker
Trade Republic is a Berlin-based fintech that received a banking license in January 2019. The offer is aimed primarily at private investors who are looking for a mobile and intuitive trading platform. Due to the fact that Trade Republic has a low-cost fee structure, it may be interesting to take a closer look at the offer.
Our Trade Republic experience: The Trade Republic conditions put to the test
In order to get an overview of which services are offered, how high the fees are and whether there are weaknesses or strengths, it is important to look behind the scenes of the provider.
Now that we've gone through the details of trading on Trade Republic, we're down to it BC1 it became clear that this exchange has great features and great conditions, but so far no trading with crypto currencies and has not planned to do so in the near future. We therefore recommend the eToro exchange.
Trading at Trade Republic: The offer of the individual trading instruments in the test
ETFs and stocks are traded over the counter on the L&S Exchange - trading takes place here between 7:30 a.m. and 23 p.m. The spreads are tied to these during Xetra opening times - but not before or after. Xetra trading hours start at 9 a.m. and end at 17 p.m.
A limited range of securities is currently being made available. There are stocks, ETCs, ETFs and derivatives - i.e. warrants, knock-out products and certificates. The 1.800 ETFs all come from Lyxor, Amundi, iShares or WisdomTree and Xtrackers. In addition to over 7.500 shares, there are also over 40.000 warrants such as certificates. The derivatives are issued by HSBC.
Equity and ETF savings plans are also available - they can be executed free of charge at the Lang & Schwarz Exchange. The minimum amount to open a savings plan is 10 euros.
The functions of the Trade Republic trading platform
Trade Republic convinces with a very simply designed Trading platform that will not pose any hurdles even to beginners. Anyone interested in stocks such as ETFs or derivatives will be amazed at how easy it is to work with them through Trade Republic.
Trade Republic account types
Trade Republic only provides one type of account.
The Trade Republic App
The mobile application can then be used to access the depot from anywhere. The app is easy to use and will not pose any challenges even to beginners.
The deposit methods at Trade Republic
Payments can be made by bank transfer, i.e. by bank transfer.
Trade Republic security
Of course you want to be sure that with Trade Republic you are using the services of a broker who is reputable. Because trading on the stock market may already be dangerous enough to some extent - there shouldn't be any additional danger on the part of the broker.
Regulation of Trade Republic
Trade Republic is a German one Broker. The seat of the provider is in Berlin. For this reason, the Federal Financial Supervisory Authority - BaFin for short - is responsible for Trade Republic. Trade Republic has had a banking license since 2019. Due to the official approval as a securities trading bank, the Trade Republic may also belong to the EdW - that is the compensation scheme for securities trading companies. This means that the securities are then actually stored with Trade Republic and not with a partner company. The services of HSBC Transaction Services are used for processing.
Trade Republic Deposit Insurance
Solarisbank provides the clearing account - Solarisbank also has a German banking license. Thus, the credit of 100.000 euros / customer is secured.
Trade Republic customer service
Registration may be problem-free, but if you want to contact an employee of the company, you will notice that it is sometimes not that easy. Especially with a view to the waiting times that seem to have to be accepted in the course of making contact. To be fair, it should be mentioned at this point that direct banks repeatedly have problems with the availability of employees - Trade Republic is therefore struggling with an industry-specific problem.
The employees can either be contacted via the German telephone number 0049 30 54 90 63 10 or by email.
Trade Republic Terms: Fees & Costs
No matter how appealing the trading offer may be - fees and costs that are too high reduce profits, so you should pay attention to the fee model that the broker follows.
- Custody Fee: Trade Republic does not charge a custody fee.
- Clearing account fee: The clearing account is also provided free of charge.
- Exchange fee: Since trading at Trade Republic only takes place via the Lang & Schwarz Exchange, an unbelievably low price of 1 Euro is offered. However, this may not be the transaction fee, but the flat rate for third-party costs. If there is a partial execution, the aliquot cost allocation takes place. In the case of a same-day execution, only the one-off flat rate for foreign expenses will be charged; Orders executed by post, changes and deletions are charged at 25 euros.
- Foreign exchange fee: The margins on the foreign exchange positions depend on the currency you are working with - however, you are in a marginal range, so you can make the claim that Trade Republic will not earn anything with it.
- Dividend Fee: Trade Republic also waives the dividend fee.
Experiences and user opinions about Trade Republic on the Internet
If you look for testimonials on the Internet, you will notice that there are some very positive reports such as experiences. Whenever the majority of reports and experiences are positive, it may be advisable to study the offer in more detail. If you find that the negative comments predominate, it may be advisable to look for another provider.
Is Trade Republic Scam or Reputable? Our Trade Republic rating
Due to the fact that Trade Republic has a banking license - that is, it is regulated by BaFin - it may be a reputable provider who can be trusted.
Trade Republic Cons: What Did We Dislike?
On the negative side, it should be noted that trading only takes place on the Lang & Schwarz Exchange and there are few additional orders. In addition, no other banking services are available. The customer service is also in need of improvement, as not only a few channels for making contact are offered here, but sometimes long waiting times have to be accepted.
It should be noted that Trade Republic can only be used if the customer has a German or Austrian bank account.
We from Bitcoin-News.one find that Trade Republic is a great broker, but so far it does not offer trading in cryptocurrencies. We therefore recommend that you have an account with eToro to create and trade in cryptos there.
Trade Republic Benefits: What We liked
Ultimately, however, the advantages outweigh the advantages of Trade Republic. The broker works with very low fees and is also a real stock broker. The regulation takes place by the BaFin, so that one can say that Trade Republic is serious - one does not have to be afraid of fraudulent machinations. Furthermore, the money is protected up to 100.000 euros / account (deposit protection).
The bottom line: that's what we think at Bitcoin-News.one!
Trade Republic is convincing on several levels. For this reason, the recommendation can be made to take a closer look at the provider if you want to work with stocks or ETFs or open a savings plan.
Frequently asked Questions:
Trade Republic is a broker that offers trading in cryptocurrencies - there is also the option to speculate with other assets.
If you come to the result in the course of the review that the broker fulfills the self-imposed requirements, then this can be classified as recommended.
Trade Republic ultimately provides the tool for successful trading - it just has to be used properly.
A recommendable provider whose services can very well be used. However, if you want to trade cryptocurrencies, then you should trade with eToro.