🏦 Wybór brokera — Przewodnik dla początkujących

A quick note upfront so you don't end up in the wrong place: Ch. 2.1, Ch. 2.2, Ch. 2.3 and Ch. 2.4 explain how to set up an existing broker — opening an account, depositing funds, placing your first order. This chapter is different: it helps you DECIDE which broker to choose in the first place, if you don't have one yet.

For absolute beginners in Germany, Austria and Switzerland, there are realistically only two or three brokers that genuinely make sense. Which ones depend less on advertising or app design, and more on five very specific criteria. We'll go through them in the next section.

The goal: after this chapter, you can figure out in five minutes which broker fits you — and which ones you can safely ignore.

When comparing brokers, you'll be bombarded with advertising claims and feature lists. 95% of it is noise. These five points are what's left — and you should quickly run through each candidate against them:

1. 🛡️ Regulation & Deposit Protection
   The most important point — and the one beginners overlook most often. Is the broker regulated by a reputable authority? In our region that means: BaFin (Germany), FMA (Austria) or FINMA (Switzerland). For EU brokers, another EU regulator is also acceptable (e.g. the Netherlands for DEGIRO). And: how much deposit protection is there if the broker goes bankrupt? Typical amounts are €100,000 per customer in Germany, CHF 100,000 in Switzerland. Interactive Brokers as a US broker falls under SIPC protection up to $500,000 (of which $250k in cash). No regulation: stay away, no matter how cheap.
2. 📦 Products
   What instruments can you actually trade at the broker? This is the key decision point:
   • Want only ETFs/shares? Then Trade Republic, comdirect, ING or Scalable Capital are more than sufficient.
   • Want to trade options? Then you need IBKR or — with limitations — comdirect or flatex.
   • Want futures? Practically only IBKR (and with some caveats, DEGIRO/flatex).
   • Want crypto? Then specialist providers like Bitpanda (AT) or Bitcoin Suisse (CH), often separate from the classic broker.
3. 💵 Fees
   It's not just the order fee (fixed vs. variable) that counts. Also watch for hidden costs: Inactivity fees (IBKR used to require a minimum turnover — largely abolished as of 2026, but check anyway), FX spreads when buying in a foreign currency (IBKR very competitive, most neobrokers significantly more expensive), and custody fees (at some German brokers only waived above a minimum portfolio value).
4. 📄 Tax Handling
   The point you only notice when it's too late. German brokers (Trade Republic, comdirect, ING, flatex DE, Scalable) automatically withhold capital gains tax (KeSt) and remit it to the tax authority — you don't have to do anything. IBKR and DEGIRO do not — you declare manually via Schedule KAP in your tax return. Good brokers provide a year-end report. Accumulating ETFs are handled correctly by all reputable brokers. Austrian and Swiss residents have their own rules — more on this in Ch. 6 Tax.
5. 🔧 Withdrawal & Support
   How do you get your money back out? Is SEPA withdrawal to any of your IBANs possible (IBKR: yes) or only to the verified IBAN (some neobrokers)? How long does a withdrawal take — typically 1 to 5 business days. Is German-language support available? Phone or chat only? How stable is the app during volatile market phases (the Trade Republic outage on Black Monday 2024 was a good stress test)? Especially for beginners: a provider with good support saves a lot of stress.

Go through this list for each candidate. By the third broker at the latest, you'll recognise the pattern — and have your shortlist down to two or three names.

Here are the most important brokers in the DACH region for quick comparison. The table is not a ranking — it simply shows you what's available and what isn't.

Key: ✅ Criterion met · ❌ not available or manual only. "KeSt auto" means: the broker automatically withholds capital gains tax and remits it to the German tax authority.

Terms from the Table — Briefly Explained

Options Level 1–4 (IBKR Approval Tiers)

Before trading options at IBKR, you fill in a questionnaire (experience, income, net worth) and receive an approval tier. The higher the tier, the riskier the strategies permitted:

L1

Covered Strategies

Covered Call Cash-Secured Put

Risk

L2 ⭐ Entry

Long Options

Long Call Long Put

Risk

L3

Spreads & Combinations

Bull Call Spread Bear Put Spread Iron Condor Iron Butterfly

Risk

L4 ⚠️ Taboo

Naked Shorts

Naked Short Call Short Straddle Short Strangle

Risk

💡 Recommendation for beginners: Apply for Level 2 — this lets you practise Long Options, with downside risk limited to the premium paid. Level 1 is sufficient later for Wheeling (CSP + Covered Call). Details on strategies in Ch. 9.

SIPC 500k USD (Securities Investor Protection Corporation)

The US investor protection scheme for securities accounts. Covers up to $500,000 per customer (of which a maximum of $250,000 in cash). Does not apply to market losses, only if the broker becomes insolvent or commits fraud. IBKR additionally has a private Lloyd's insurance policy of up to $30 million per account.

100k EUR (DE) — Deposit Guarantee

Legally required deposit protection across the EU. Covers cash balances up to €100,000 per bank and customer in case of insolvency. Important to know: securities belong to you legally — they are held in segregated accounts and can be transferred to another broker immediately in case of insolvency. The €100,000 limit therefore only applies to your cash settlement account, not your securities portfolio.

20k EUR (NL) — with DEGIRO

DEGIRO is based in the Netherlands and falls under the Dutch investor compensation scheme, which covers up to €20,000 (significantly less than the German limit of €100k). For pure securities investors this is usually not a problem — see above on segregation. The limit becomes more relevant if you hold larger cash amounts in your settlement account.

KeSt auto (Capital Gains Tax Withholding)

German brokers based in Germany automatically withhold tax on dividends and realised gains and remit it to the tax authority. With foreign brokers (IBKR, DEGIRO) you must declare the income yourself in Schedule KAP and pay tax retrospectively — sTraderZ.com prepares this export for you.

FINMA (Switzerland)

The Swiss Financial Market Supervisory Authority — the Swiss equivalent of Germany's BaFin. Brokers with a FINMA licence are subject to Swiss supervisory and reporting obligations and automatically deduct the Swiss withholding tax (35% on Swiss dividends).

Criteria are useful — but in the end you want a straight answer. Here are four typical beginner profiles with concrete recommendations. Pick the one that fits you best:

Note: If you're Profile 1 today and switch to Profile 2 in six months, you can simply open a second broker account later. That's no big deal. Many active traders maintain two accounts side by side — a "savings broker" for long-term ETFs and a "trading broker" (usually IBKR) for active strategies.

Broker chosen? Then head straight to setup. We have step-by-step guides for the three most common options:

• Ch. 2.1 — Set Up Interactive Brokers (account opening, TWS/Client Portal, first order)
• Ch. 2.2 — Set Up Trade Republic (registration, video ID, savings plan setup)
• Ch. 2.3 — Set Up Binance (crypto spot via read-only API, live sync)
• Ch. 2.4 — Set Up Other Brokers (comdirect, ING, Scalable, flatex)

Still unsure?

Two tried-and-tested ways to get started without risk:

• Paper trading at IBKR: Free demo account with real market data simulation. You can practise the mechanics for around 30 days without using real money. This is the clean way to get a feel for orders, order types and the software.
• Mini start: Deposit €500 with a neobroker (Trade Republic or similar), execute two or three ETF trades, observe for a few weeks. Once the mechanics feel natural, scaling up to larger amounts is just a number.

Key takeaway: A good broker is not something to rush — but it doesn't have to take long either. Take an hour and compare two candidates against the five criteria. Or: simply take our recommendation, lock in the lowest transaction costs and make full use of this platform from day one.