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A popular German stock trading application is to spread its footprints into France this week. The company has announced that they will be providing its services in France by the end of this week. This would a great expansion move by creators, as currently, the application has only been available in Germany and Austria.
The application allows its users to buy and sell exchange-traded funds (ETFs), stocks, and share directly from mobile phones. The company only charges a small fee for its services which is only 1 Euro. The service fee is not affected by the value of the share or volume being invested in ETFs.
The company ensures that there will no hidden charges or additional commissions on top of the single Euro fees.
The platform lets you invest in stock and share of European companies as well as of American and Asian companies. Currently, there are 7,500 different shares and ETFs available on the platform for trading. Although the application is in its adolescence but the company has been working on its infrastructure for some time now.
Trade Republic had partnered with Solarisbank, a German company with German banking license. Solarisbank claims to offer platform for providing financial services. Trade Republic provides cover up for deposits in case of bankruptcy for up to 100,000 Euro. When an order is submitted by user, it works with HSBC Transaction Services and LS Exchange to handle the order.
Trade Republic is trying to establish a different position than Robinhood.
A user can open a trading account with a broker or a bank but that will be more costly. Investors may seem services of mobile-first broker be they will be pushing towards riskier assets for commissions. As it been observed this week during the GameStop saga.
Trade Republic is offering a third option that is low risk with low fees. The company provides the option to buy shares and stocks continuously, which shall help investors against volatility. The company is admittedly claiming to promote users savings.
Reportedly, the company had investments of around 63 million Euros last year.
It is to be remembered that the foreign bank account has to be declared by French users when filing taxes. Foreign stockbrokers do not always send account details to tax authorities for accessing tax. However, if the user has no issue with that then Trade Republic is a better and economical option.
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