What are the best brokers for investors in Belgium?
Which ones are the cheapest?
Which ones are the safest?
Which ones are the easiest to use?
Which ones have the ETFs we want to invest in?
In this article, we analyze the top 11 brokers in Belgium so that you can pick the best one for your situation and your preference.
We use our 4 broker selection criteria: Security, Access, Convenience and Costs (which we explain here).
This article is only a summary of our research. You can also watch our full analysis (done in 2023) or listen to it on the podcast. At the end of the episode, we tell you which brokers we prefer and why!
Important note: FIRE Belgium is 100% independent from brokers. We are not affiliated nor receive any commission from any financial service provider. This makes our analysis more independent and more useful for investors in Belgium.
Here is the comparison table (updated for 2024):
We’ve also gathered additional information for each broker (contact details, custodian banks and their credit ratings, types of accounts available and broker source of income aside from transaction fees). This information is available in the full comparison table that you can download here.
Of course, brokers are an important part of index investing. But it’s only one part.
You also need to understand taxes, pick the right ETFs, determine your asset allocation build your personal investment plan, and then figure out all the practical stuff. It can feel overwhelming. So, to help you I invite you to watch the Free Workshop on Index Investing for Beginners.
And if you want quick responses to your questions, you can also book a consultation call with one of our experts.
Here are our main conclusions for each of the brokers analyzed (updated for 2024):
Bolero (KBC/CBC) :
- Secure broker, good reputation
- Handles all Belgian taxes
- Good customer service
- Very low cost for ETFs on the Bolero Playlist, more expensive for other ETFs
Keytrade :
- Same characteristics as Bolero (good security, ETF availability and handles all taxes)
- More expensive than other options for regular investments
- Interesting for transactions with higher amounts
- Offers also accounts for minors
DeGiro :
- Famous for its low transaction costs
- Taxes : only handles TOB, but not dividend and capital gain taxes.
- Need to register both Degiro and Flatex accounts with the National Bank of Belgium and annually on the tax declaration
- New customers can only open a Basic account which allows degiro to lend customer securities, which is an additional risk factor.
- In recent years DeGiro received some remarks from the regulators.
Saxo Bank :
- Good security, but only offers 2-factor-authentication by SMS to secure the account and face recognition when using the mobile app.
- Sometimes issues with availability of certain ETFs, due to missing documentation.
- Handles all Belgian taxes
- Low fees, just after Trade Republic, DeGiro and Mexem
- Saxo Bank is the cheapest broker based in Belgium (and handles all taxes).
Re=Bel (Belfius) :
- Secure broker, good reputation
- Handles all Belgian taxes
- Good customer service
- Low cost for transactions on the Amsterdam stock exchange and more expensive for transactions on the Frankfurt stock exchange.
Lynx :
- Provide access to Interactive Brokers platform with additional services
- Solid investing platform and good customer service
- They only withhold the TOB for ETFs, not the ETF dividend tax and capital gains taxes.
- Need to register with the National Bank of Belgium and annually on the tax declaration
- Low cost
MeDirect :
- Good security, but only offers 2-factor-authentication by SMS to secure the account
- Provides access to Amsterdam and Frankfurt stock markets, but we don’t know if the most used ETFs in the community are available
- Handles all Belgian taxes
- More expensive than other brokers
ING Self Invest :
- Secure broker
- Provides access to Amsterdam and Frankfurt stock markets, but we don’t know if the most used ETFs in the community are available
- They handle all the taxes
- Ongoing custody fees which we prefer to avoid!
Trade Republic :
- Secure broker
- Access to most used ETFs in the community
- They don’t handle any Belgian taxes. You also have to report and pay the transaction tax yourself.
- It is possible to invest in ETFs on autopilot via their monthly saving plans.
- Very low fees
- Their main source of income is payment for order flow and kickback from product providers.
Mexem :
- Provide access to Interactive Brokers platform with additional services
- Regulated in Cyprus
- They do not provide access to one of our preferred stock markets
- They only withhold the TOB for ETFs, not the ETF dividend tax and capital gains taxes.
- Need to register with the National Bank of Belgium and annually on the tax declaration.
- Low fees, just after Trade Republic and DeGiro
Bux :
- Recently taken over by the Dutch bank ABN Amro
- Secure broker
- Security lending is by default activated, but it is possible to opt-out
- Taxes : only handles TOB, but not dividend and capital gain taxes.
- Low costs for transactions, but Bux charges a monthly service fee
- It is not possible to transfer the securities from Bux to another broker.
You can get the full comparison table with additional information for each broker (contact details, custodian banks and their credit ratings, types of accounts available and broker source of income aside from transaction fees) here.
Disclaimer:
The information provided here is for information only and may contain errors or inaccuracies.
Updates and suggestions:
Last update: April 2024. Brokers evolve over time so the information here could become outdated. We will aim to keep it up-to-date so that it can be a resource for the community. If you find any inaccuracies or if you have suggestions for improvement, please email us at hello@firebelgium.com.