📅 Last updated: 4 July 2026
· 🏷 Topic: Broker comparison, costs, tax handling
· 🇧🇪 For: Belgian investors
Three of the most-used brokers among Belgian retail investors are Bolero (KBC), Keytrade Bank and DEGIRO. Which one fits you depends on your priorities: cost, ease of use, or having tax handled for you.
Main comparison
| Bolero (KBC) | Keytrade Bank | DEGIRO | |
|---|---|---|---|
| Type | Belgian bank-broker | Belgian online bank | Dutch arm of a German bank |
| Regulation | FSMA + NBB | FSMA + NBB | BaFin (DE) + AFM + DNB (NL) |
| Fee NL/Euronext share | €2.50 (up to €250) / €5.00 (€250–€1,000) / €7.50 (€1,000–€2,500); ETF Playlist tariff | €2.45 (up to €250) / €5.95 (€250–€2,500) — since Jan 2025 | €3 (€2 commission + €1 handling); €1 for Core Selection ETFs on Tradegate |
| Fee US share | ~€15 | ~€15 | €1.50 (€1 commission + €0.50 handling) |
| TOB | ✅ automatic | ✅ automatic | ✅ automatic |
| 30% withholding tax on dividends | ✅ automatic | ✅ automatic | ❌ you file yourself |
| Belgian tax certificate | ✅ | ✅ | ❌ |
| New capital gains tax (from June 2026) | ✅ automatic (opt-out until 30 June 2026) | ✅ automatic | ❌ you file yourself |
| Interface | NL/FR | NL/FR/EN | NL/FR/EN |
| Protection fund | Belgian | Belgian | German (flatexDEGIRO Bank SE, BaFin) |
A worked example: 12 monthly purchases of €200
Bolero: At €200 (≤€250) the ETF Playlist tariff is €2.50 → 12 × €2.50 = €30 transaction costs/year. Plus 0 hours of tax work. Full tax certificate.
Keytrade: €2.45 for orders ≤€250 → 12 × €2.45 ≈ €29/year. 0 hours of tax work.
DEGIRO: 12 × €1–€3 = €12–€36/year (Core Selection ETF: €1/order; EU stocks: €3/order). But: ~1 hour to declare dividends yourself + ~30 min annual capital-gains declaration (from 2026). Foreign account also to be registered with NBB CAP.
Who wins? For those who value TIME per hour: Bolero/Keytrade. For those for whom every euro counts and who don’t mind the admin: DEGIRO.
Who is Bolero suited for?
- KBC customer — direct integration with your everyday bank account.
- Wants no tax work — everything is handled automatically.
- Places 1–2 trades per month — costs stay limited.
- Values having a Belgian bank as point of contact.
Who is Keytrade suited for?
- Wants not to be tied to KBC — Keytrade is a separate Belgian online bank.
- Speaks NL or FR (or EN) — Keytrade supports all three.
- Comparable pricing to Bolero — no significant difference.
- Full Belgian tax handling.
Who is DEGIRO suited for?
- Invests frequently or in small amounts where €7.50 transaction cost is relatively large.
- Wants the absolute lowest costs and is willing to do the tax work.
- Needs broad market access (NL/Euronext + US + Asia).
- Understands that the foreign account must be reported to the NBB CAP.
An important nuance
DEGIRO does withhold TOB automatically — a common myth that you have to do this yourself is no longer true. At DEGIRO the manual work is on dividends and the capital gains tax since 2026, not on TOB.
For brokers like Trade Republic or Interactive Brokers: they also do not withhold TOB automatically. That is a different level of administrative work.
And Saxo? And MeDirect?
Saxo Bank — Danish bank-broker. High-tier functionality (advanced tools, broad market range). Standard automatic withholding of CGT for Belgian clients (default opt-in, opt-out before 30 June 2026 for 2026 transactions). Slightly higher costs than DEGIRO.
MeDirect — Belgian subsidiary of a Maltese group. Full Belgian tax regime, strong ETF offering (often commission-free for a specific ETF list), low fees. A good middle option between “fully Belgian” (Bolero/Keytrade) and “low cost” (DEGIRO).
💡 For the complete comparison including all 7 major brokers: see the pillar article Investing in Belgium: brokers and platforms (NL).
Frequently asked questions
Which broker is cheapest for monthly €200 ETF purchases?
On pure transaction cost, DEGIRO wins with Core Selection ETFs at €1/order (12 × €1 = €12/year). Keytrade follows at €2.45 per order up to €250 (≈€29/year), and Bolero’s ETF Playlist at €2.50 (€30/year). But with DEGIRO you do about 1 hour of dividend filing and ~30 min of capital-gains filing yourself (from 2026). Bolero and Keytrade handle your tax fully.
Do all three brokers withhold the TOB automatically?
Yes — Bolero, Keytrade and DEGIRO all withhold the TOB automatically. The persistent myth that you must declare the TOB yourself at DEGIRO is no longer true. At DEGIRO the manual work is on dividends and on the new capital gains tax since 2026, not on the TOB. At Trade Republic or Interactive Brokers you do still have to handle the TOB yourself.
Do I have to report my DEGIRO account to the NBB, and Bolero or Keytrade too?
DEGIRO is a Dutch arm of a German bank, so yes — you must report that account to the National Bank’s Central Point of Contact (CAP). Bolero (KBC) and Keytrade Bank are Belgian institutions under FSMA + NBB supervision, so you do not need to report those yourself; they are already known to the tax authority.
How do the three brokers handle the new capital gains tax from June 2026?
Bolero and Keytrade withhold the 10% capital gains tax automatically from June 2026 (opt-out until 30 June 2026). DEGIRO does not — there you file it annually yourself. For anyone who wants to avoid the admin, that is a strong argument for a Belgian broker.
Which broker provides a Belgian tax certificate?
Bolero and Keytrade provide a full Belgian tax certificate that makes your personal income-tax return easy to complete. DEGIRO does not — you only get a transaction and dividend overview and must declare everything correctly yourself, including the 30% withholding tax on foreign dividends.
When does DEGIRO become clearly cheaper than Bolero or Keytrade?
On large orders above €2,500 — where Bolero and Keytrade rise to €7.50 or more, while DEGIRO’s flat €3 for EU stocks or €1 for Core Selection ETFs stays cheap. Also for anyone who trades frequently or needs broad market access (NL/Euronext + US + Asia). The condition is that you accept the tax work and the NBB CAP declaration.
What is the difference between Bolero and Keytrade on fees?
For orders up to €250 on Euronext: Keytrade €2.45 vs Bolero ETF Playlist €2.50 — almost identical. For €250–€1,000: Bolero €5.00, Keytrade €5.95 (since January 2025). For small monthly orders the two are equivalent.
Which protection fund covers my money at each broker?
Bolero and Keytrade fall under the Belgian protection fund (FSMA + NBB supervision). DEGIRO falls under the German scheme via flatexDEGIRO Bank SE, under BaFin + AFM + DNB supervision. Both are legitimate EU regimes, but with a Belgian broker your point of contact and language are in your own country.
Sources
- Curvo — Best brokers Belgium 2026
- FSMA — List of regulated brokers
- Bolero, Keytrade, DEGIRO — official fee documents (on their websites)
Read also: Belgian ETF Tax Passport with FSMA-verified TOB rates per ETF
Investing in Belgium: Brokers & First Account
Investing in Belgium 2026: choosing a broker (Bolero, Keytrade, DEGIRO), TOB rates, FSMA regulation and opening your first securities account.
Bolero Broker Review for Belgian Investors
Bolero review: KBC's bank-broker for Belgian investors. Full Belgian tax automation, ETF Playlist, fees, and suitability profile.
Keytrade Review for Belgian Investors
Keytrade Bank review: ETF list, transaction costs, integration with Belgian banking, and where it fits in the Belgian broker landscape.
![Belgian Investment Taxation: TOB, CGT, Reynders [2026]](https://investnow.be/wp-content/uploads/2026/06/04-belgian-investment-tax-1024x538.png)