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The Real Costs of "Fee-Free" Investing
Key takeaways
- Zero commission doesn't mean zero cost — the broker has to earn money somehow.
- Payment for order flow (PFOF) is banned in the EU, but spreads remain a revenue source.
- A forex fee on currency conversion can exceed the commission you thought you saved.
- Non-trading fees for withdrawals, inactivity, or account maintenance add up quickly.
- Compare total costs, not just whether a commission exists or not.
"Fee-free" investing doesn't exist — a broker that charges no trading commission earns money in other ways, and those hidden costs can exceed traditional commissions.
How a broker earns without commissions
There are four main revenue sources for "fee-free" brokers:
- Spread — the difference between the buying and selling price of an instrument. The broker sells to you slightly above the price it paid.
- Forex fee — when converting currencies, the broker charges a margin above the interbank rate, typically 0.15–1.5%.
- Payment for order flow (PFOF) — routing client orders to a market maker in exchange for payment. Banned in the EU since 2026, but still exists outside the EU.
- Non-trading fees — for withdrawals, inactivity, account maintenance, paper statements, or transferring to another broker.
How spreads work when buying ETFs
For large ETFs on major exchanges, the spread is typically very low — around 0.01–0.1%. For less liquid instruments or outside core trading hours, the spread can widen significantly. This is why buying during active exchange hours (typically 09:00–17:30 Central European Time for European exchanges) pays off.
Non-trading fees — the ones we overlook
Withdrawal fees (usually EUR 1–5), inactivity fees (if you don't trade every quarter), paper statement fees, or phone order charges — these accumulate and can be a more significant cost than actual trading commissions. Check your broker's fee schedule and compare it with alternatives in the guide how to choose a broker.
How to compare correctly
Instead of comparing commissions, compare the total cost profile for your specific scenario: how often you buy, in which currency, what amounts, and whether you plan to make withdrawals. Apply the same logic to thinking about costs as a whole — don't ignore any layer.
FAQ
How does a broker make money without charging commissions?
Primarily through the spread (difference between buy and sell price), forex fees on currency conversions, and various non-trading fees for withdrawals, inactivity, or account maintenance. Truly free doesn't exist.
What is payment for order flow?
A practice in which a broker routes client orders to a market maker in exchange for payment. Banned in the EU since 2026. It led to a potential conflict of interest — the broker could prefer a market maker that paid it, rather than the one with the best price.
How wide is the spread on ETFs?
For large, liquid ETFs on major exchanges, typically 0.01–0.1%. For less liquid funds or outside core trading hours, it can be significantly wider. Always buy when the relevant exchange is open.
How do I find out the real costs of my broker?
Download the full fee schedule (not just the commission overview) and calculate your typical annual costs: forex fees × number of purchases + non-trading fees. Only then compare with alternatives.