Overview
- Trade Republic rolled out the new trading system as the EU ban on Payment for Order Flow took effect on July 1, 2026, positioning the platform as its main response to lost PFOF fees.
- The system offers two execution paths: internalization where Trade Republic acts as a market maker and an external route that can send orders to roughly 30 exchanges including Xetra, Euronext, NYSE and Nasdaq.
- Pricing is tiered so routine best-price orders remain €1 each while customers who want to pick a specific exchange pay €2 per order, and the firm says an automated algorithm will seek the best available price.
- Customers gain new transparency tools including an aggregated order book and live market data plus a web-based professional terminal aimed at active traders that the company plans to monetize.
- Trade Republic says about 100 staff in London worked more than three years on the platform and the firm hopes the scale of its 10+ million users and €150bn in assets will let it offset revenue loss and reshape competition with other brokers and market intermediaries.