Daniel Budak BA Accounting & Finance · MA Banking & Finance
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Sample issue · April 14, 2026

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Issue #14 · April 14, 2026

The €100 / month difference between two Austrian brokers, explained.

Hi —

Last week three readers asked the same thing: "Should I keep my Austrian domestic broker or move to Interactive Brokers?" The honest answer is "it depends on your behavior, not on the fee table." Here is the math.

For a €500/month ETF saver buying VWCE, the all-in annual cost on Erste Direkt is roughly €38 in commission plus the silent FX spread. At Trade Republic it is €0 commission, with a tiny price-improvement gap on small orders. At IBKR it is roughly €15 in commission for the year, but you do your own MitMon (KESt self-reporting), which costs you 1–2 hours each spring and the cognitive overhead of one more form...

... continued in the issue ...

One chart this week: the cost-drag of a 0.4% TER vs. a 0.07% TER over 30 years on a €500/month plan.
One tool: the new broker-fee calculator on the site.
One question for you: how do you currently track your KESt or HR capital-gains tax?

Until next time,
— Daniel

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