Neobrokers are online brokers where you usually trade securities through an app and set up savings plans. Anyone opening a savings plan should check the costs and trading conditions before deciding. This guide lists the criteria for comparing offers without rating individual providers.
Short answer: Besides order fees, the key factors are spreads, payments for order routing, trading venues and the costs for custody and the savings plan. The Verbraucherzentrale points out that neobrokers are not really free of charge. Last updated: November 2026.
The most important points in brief
- Low or zero order fees do not show the full cost picture.
- The spread, meaning the difference between bid and ask price, is a hidden cost factor.
- According to the Verbraucherzentrale, providers often receive payments for routing orders, and payments for exclusive order routing have been prohibited since 30.06.2026.
- Trading hours, trading venues and money market funds affect both prices and the safety of your balance.
- A savings plan works through regularity. Push notifications and frequent trading raise costs and, according to studies, usually lower returns.
Which costs really count?
The order fee is only one item. The Verbraucherzentrale describes that costs at neobrokers mostly arise indirectly through commissions and execution prices. You should therefore look at all cost types together before comparing.
| Cost type | What to check | Why it matters |
|---|---|---|
| Order fee | Fee per purchase or sale, sometimes zero euros | Looks cheap but says little about total costs |
| Spread | Difference between bid and ask price | Applies to every trade and is often higher outside trading hours |
| Order routing | Payments the broker receives from trading venues or service providers | Influences where and at which price your order is executed |
| Custody and savings plan | Fees according to the price list, sometimes with minimum amounts | Ongoing costs add up over years for every savings plan |
The table deliberately gives no amounts. Concrete fees are listed in each provider’s price list, and you should check them yourself at the time of comparison.
Which criteria help with a comparison?
A sensible comparison follows fixed criteria. The list below orders them by importance for a long-term savings plan.
- Total costs for your specific savings plan, meaning monthly amount, term and the funds you want.
- Spreads and execution prices, especially outside regular trading hours.
- Trading venues and the way orders are executed, so you know where your order ends up.
- Savings plan features such as execution rhythm, minimum amounts and the option to pause.
- Safety of the balance, including whether money flows into money market funds that are not covered by deposit protection.
- Supervision and licence of the provider, which should be stated in the contract documents or the imprint.
Why push notifications change your result
Many apps send alerts that encourage quick trading. The Verbraucherzentrale notes that frequent trading increases costs and possible taxes and, according to studies, usually lowers returns. A savings plan is designed to run regardless of short-term signals. Consider switching off notifications that push you to act.
How do you check the safety of a provider?
The safety of a provider shows in verifiable information. This includes supervision, a clear statement of how your custody is handled and transparent price information. If these details are missing or hard to find, that is a reason to look more closely.
What does order routing mean for you?
When you place a purchase or sale, your broker often does not send the order to a market itself, but to a service provider. This provider executes it on a trading venue. The provider may receive a payment for this. Exactly these payments influence the price at which your transaction is concluded.
For you this means that the price you see when buying is not automatically the price at which the order is executed. Check whether and how the provider routes orders, and whether it informs you about this in an understandable way.
Which documents should you read before opening an account?
Before you open a savings plan, it is worth looking at three documents. They usually contain the information you need for a comparison.
- The price list with all fees for orders, custody and the savings plan.
- The information on order execution and trading venues.
- The custody terms, especially how balances and money market funds are handled.
If a provider makes these documents hard to find, treat that as a signal for your decision. You can only compare what you can check completely.
Frequently asked questions
Is a neobroker suitable for students?
Whether a neobroker suits you depends on your savings goal and the time you have. What matters is that you know the costs and keep the plan going with a fixed amount. The basics of a savings plan are explained in ETF-Sparplan im Studium: So funktioniert er Schritt für Schritt (in German).
Are neobrokers free of charge?
The Verbraucherzentrale states clearly that neobrokers are not really free, because costs arise mostly indirectly. The order fee can be zero, while spreads and other items remain. Calculate with the total costs.
How do I recognise an unreliable provider?
Conspicuous signs are missing information on supervision, unclear prices and strong incentives to trade frequently. As an orientation, ask whether you can read all costs before the first purchase in an understandable way. If you feel pressure to act with an investment, pause.
Do I have to switch providers if costs change?
Not necessarily. First check whether your savings plan still serves your purpose. A switch only helps if the total costs actually fall after all items are taken into account.
Do trading hours matter?
Yes. The Verbraucherzentrale points out that spreads are often higher outside regular exchange hours. Anyone who trades early or late therefore pays worse prices on average. A savings plan usually runs independently of the day’s events, but you should still check when your provider executes savings plans.
What you can do now
- Set the monthly amount and the investment goal before you look at providers.
- Read the price list and calculate the total costs for your savings plan yourself.
- Check supervision, custody and trading conditions in the contract documents.
- Compare at least three offers using the same criteria and decide on the result.
Related articles
- ETF savings plan for students: how it works step by step (in German)
- ETF savings plan with 50 euros a month: a 40-year calculation (in German)
- Investing as a student: first steps for beginners (in German)
- Saver allowance 2026: how much capital income stays tax free (in German)
- Money, account and credit: the overview for young adults (in German)
Sources: Verbraucherzentrale, costs and risks of fast securities trading via app (German) (status 03.03.2026).
Last updated: November 2026. This guide is general information, not individual advice.
