Biggest Online Brokers in Europe (ranked by AUM in 2026)

In the evolving world of personal finance, knowing where and how your money is managed is just as important as investing itself.

One key metric that helps identify the top players in the industry is Assets under Management (AUM), a reflection of the total client assets overseen by a financial institution.

This metric not only indicates a broker’s scale but also speaks about the trust it has from individual and institutional investors.

This article ranks the 17 largest brokers operating in Europe by AUM (or the equivalent metric), using each company’s latest disclosures as of September 2026. It also adds a second lens: the average assets per client, which separates the platforms that serve millions of small investors from those that hold a few very large portfolios.

Whether you're selecting a broker for your next investment or simply curious about the financial players shaping the European market, this guide offers valuable insight.

Firstly, what is Assets under Management?

Assets under Management (AUM) are the total value of assets that clients have entrusted to a broker or asset manager.

As the name suggests, they aren’t the assets of the broker, but rather the assets they can manage. A higher AUM often indicates greater trust and financial strength, but it is not the only indicator.

Please note that Assets under Administration (AUA) is the more correct term when speaking about brokers. This is the total client assets the broker safeguards without making discretionary investment decisions.

True Assets under Management (AUM), by contrast, refer to funds that an investment manager actively allocates and manages under a fiduciary mandate. For the sake of simplicity, this article uses the more familiar label “AUM” as a shortcut for total client assets on the platform.

Brokers vs. asset managers: what is the difference?

Before diving into the list, it's important to understand the distinction between brokers and asset managers, as they serve different roles in the financial ecosystem.

• Brokers are platforms or firms that allow you to buy and sell investments like stocks, ETFs, bonds, and other securities. They provide the tools, market access, and execution services needed to invest, whether you're managing your portfolio or using professional advice. Think of brokers as the "market access points" for investors.
• Asset managers, on the other hand, are companies that create and manage investment products (like mutual funds or pension funds). They make decisions about how money is allocated within those funds, based on investment strategies. While you might invest in a fund from an asset manager, you’ll likely do so through a broker.
  

For this article, the focus is exclusively on brokers, even if some also offer their own funds or portfolio management services. For example, Amundi, with over €2.25 trillion in assets under management (AUM), is Europe's largest asset manager; however, it is not included here because it doesn't act as a broker for retail investors.

Similarly, we exclude Vanguard UK and Fidelity International’s retail platform from the main ranking because their core business is Asset Management and not brokerage.

Why does this matter? For retail investors and personal finance enthusiasts, a broker’s client asset size and client count can signal its market position, stability, and popularity. Again, a useful indicator of financial strength.

Top brokers in Europe by AUM

^{Note: Source: each company's own investor-relations disclosures (results, trading updates, monthly statistics or factsheets), as linked in the AUM column. Currency conversions use the European Central Bank euro reference rates of 21 September 2026 (USD 1.1490, GBP 0.8578, SEK 11.2750, CHF 0.9438); Saxo’s euro figure is the company’s own. Values were rounded to the closest unit of billion. “Avg. per client” divides client assets by the number of clients each firm reports. Client definitions differ (accounts, funded accounts, active clients, or every account funded since launch), so read it as an order of magnitude rather than a precise figure. Scalable Capital’s and Trading 212’s numbers are the round figures the companies publish themselves. Reporting periods vary by broker and are shown in the last column. Freedom24 is not included because it does not disclose client assets.}

1. Interactive Brokers AUM: $962.8 billion (€838 billion)

Interactive Brokers (IBKR) is a US-based, low-cost brokerage firm that has experienced intense growth, both in the U.S. and globally. In terms of the number of clients, the broker reached 5.46 million client accounts worldwide at the end of August 2026, 35% more than a year earlier.

As of August 31, 2026, Interactive Brokers reported $962.8 billion in ending client equity, essentially the total value of customer holdings on the platform. That’s about €838 billion when converted, and a 35% year-over-year increase, again demonstrating IBKR’s rapid growth. Their platforms are not only used by individuals, such as you and me, but also by institutions, advisors, and other professionals.

2. Robinhood AUM: $384 billion (€334 billion)

Robinhood has become especially popular among Millennials due to its commission-free model. It is very popular in the U.S., as the number of customers suggests. In mainland Europe it offers cryptocurrency trading and, since mid-2025, tokenised versions of US stocks and ETFs (not the underlying shares), as covered in this article. In the UK, Robinhood has launched a full brokerage app, giving users access to a wide range of investments.

As of August 31, 2026, Robinhood reported $384 billion in Total Platform Assets (about €334 billion) and 28.6 million Funded Customers. Robinhood’s metric was renamed from “Assets Under Custody” to “Total Platform Assets” in 2025 to include assets managed by RIAs using its TradePMR platform.

3. Hargreaves Lansdown AUM: £190 billion (€221 billion)

Hargreaves Lansdown (HL) is the UK’s largest direct-to-consumer investment platform, mainly known for its ISAs, pensions, and fund investing. In its interim report for the six months to 31 December 2025 (H1 FY26), it reported a record £190 billion in Assets under Administration (about €221 billion) and 2.094 million active clients. HL was taken private in early 2025 after being acquired by a consortium led by CVC and Nordic Capital; its annual results for the year to 30 June 2026 were not yet available at the time of this update. HL is well-suited for long-term savers and those looking for a broad fund selection and reliable service.

4. Fineco Bank AUM: €175.2 billion

Fineco Bank is an Italian bank that was originally part of UniCredit, and now has evolved into one of Europe’s most efficient digital banks. It offers everything from current accounts to stock trading and portfolio management, all on a single integrated platform.

As of June 30, 2026, Fineco reported Total Financial Assets (TFA) of €175.2 billion (up 18.5% year-on-year): €79.7 billion under management, €63.2 billion under custody (the brokerage part, up 28.5%) and €32.3 billion in deposits. Its customer base reached 1.9 million clients (+9.7%). Note that TFA is a broader measure than the client-assets metric used for most brokers in this list. Private Banking clients (assets above €500,000) account for €91.1 billion of the total. Fineco’s growth is powered by a hybrid model: a zero-fee current account to attract deposits, an in-house fund supply for long-term savers, and a competitively priced trading platform.

5. Saxo Bank AUM: €153 billion (DKK 1,144 billion)

Saxo Bank is a Danish investment bank and multi-asset broker founded in 1992, and has pioneered online trading for retail investors with proprietary trading platforms.

Saxo Bank serves both retail investors and other banks that white-label its tech. In its first-half 2026 results, published in September 2026, it reported €153 billion in total client assets (DKK 1,144 billion), up from €118 billion a year earlier, and a record 1.7 million clients (1.4 million in H1 2025). Net profit rose 18% to €87 million, its best half-year ever. On 2 March 2026, Switzerland’s J. Safra Sarasin Group completed the acquisition of a 70% majority stake in Saxo Bank, with Daniel Belfer taking over as CEO and founder Kim Fournais becoming Chairman. Mainly present in Europe (UK, Switzerland, the Netherlands, etc.) and Asia (Singapore, Hong Kong, etc.) - Saxo divested its Australian arm in 2025.

6. Trade Republic AUM: €150 billion

This German phone-first fintech broker’s pitch is simple: €1 commission on stock deals, and interest passed straight from the ECB rate through clients’ cash accounts. Besides being a broker, it is regulated as a German bank and offers the German deposit guarantee scheme.

They have a big penetration among the young generation and have grown rapidly, reporting over 10 million customers across 18 European markets managing €150 billion in assets on the platform as of September 2026. In December 2025, a €1.2 billion secondary share sale valued the company at €12.5 billion. In January 2026, a Trade Republic subsidiary obtained a BaFin licence to operate a multilateral trading facility, which it activated on 1 July 2026 to internalize trade execution once the EU’s PFOF ban took effect on 30 June 2026.

7. AJ Bell AUM: £121.5 billion (€142 billion)

AJ Bell is one of the UK’s leading investment platforms and stockbroker services. Based in Manchester, AJ Bell offers a range of products, including the Youinvest platform for retail investors and an Investcentre for financial advisors. It provides ISAs, SIPPs (pensions), general trading accounts, and even its own low-cost funds and ready-made portfolios.

AJ Bell has built a reputation for low fees and a user-friendly platform, making it a favorite among cost-conscious UK investors. As of June 2026 (Q3 of FY26), AJ Bell’s platform assets under administration reached a record £121.5 billion, about €142 billion in euros, up 26% year-on-year, with 762,000 platform customers (up 23% year-on-year, after adding 39,000 customers in the quarter). The quarter brought record gross inflows of £6.0 billion and net inflows of £3.0 billion.

8. Nordnet AUM: SEK 1,436 billion (€127 billion)

Nordnet is a leading online broker and digital bank in the Nordic region, offering a platform for stock trading, funds, pensions, and savings across Sweden, Norway, Denmark, and Finland. They have been pioneers in low-cost investing in Scandinavia.

At the end of August 2026, Nordnet’s customers held SEK 1,436 billion in savings capital on the platform, up 29% year-on-year. That translates to roughly €127 billion. Nordnet has also reached 2,544,000 customers, growing 12% year-on-year, with net savings of SEK 73.2 billion so far in 2026. The bank is launching in Germany in the second half of 2026.

9. Interactive Investor AUM: £108 billion (€126 billion)

Interactive Investor (ii) is one of the UK’s three big direct-to-consumer investment platforms, alongside Hargreaves Lansdown and AJ Bell. Its flat monthly subscription, rather than a percentage fee on assets, makes it popular with investors who hold larger portfolios. It has been owned by Aberdeen Group (formerly abrdn) since 2022.

According to Aberdeen’s half-year 2026 report, ii had £108 billion in assets under management and administration (about €126 billion) and 525,000 customers at the end of June 2026. That works out at roughly €240,000 per customer, the highest average in this ranking.

10. Avanza AUM: SEK 1,264 billion (€112 billion)

Avanza is Sweden’s largest digital platform for savings and investments and Nordnet’s main rival. It offers stocks, funds, savings accounts, mortgages and pensions, and is the largest Swedish player by number of transactions on the Stockholm Stock Exchange. Its platform is aimed at Swedish residents; the company has recently appointed a country manager for Denmark.

At the end of August 2026, Avanza’s customers held SEK 1,263.5 billion in savings capital (about €112 billion), up 22% year-on-year, and the customer base reached 2,371,900 (+8%). Avanza’s share of the Swedish savings market rose to 8.7% in the second quarter of 2026.

11. flatexDEGIRO AUM: €108.3 billion

flatexDEGIRO is a pan-European online brokerage that resulted from the 2020 merger of Germany’s flatex AG and the Netherlands’ DEGIRO. This combination created one of Europe’s largest and fastest-growing brokers, offering low-cost trading fees across 16 European countries. As of Q2 2026 (June 2026), they serve 3.66 million Europeans, with Assets under Custody of €108.3 billion - the first time the group has passed the €100 billion mark, after more than €5 billion of fresh money in the first six months of 2026. The company recently launched stock savings plans in Germany and Austria, and partnered with Sharegain to offer securities lending to its retail customers. flatexDEGIRO converted into a European Company (SE) on 30 December 2025.

What sets flatexDEGIRO apart is its hybrid structure: it runs as a bank licensed in Germany (flatex), and also as DEGIRO’s giant online brokerage infrastructure. DEGIRO aims to democratize investing in Europe by making brokerage access affordable, safe, and digital-first.

12. Swissquote AUM: CHF 96.3 billion (€102 billion)

Swissquote is Switzerland’s leading online bank and broker, offering trading in stocks, funds, forex, cryptocurrencies, and more.

In its half-year 2026 results, Swissquote reported record client assets of CHF 96.3 billion at the end of June 2026 - about €102 billion when converted to euros - up from CHF 88.7 billion at the end of 2025. The platform serves 1.22 million accounts, including about 423,000 on Yuh, its mobile finance app (Swissquote acquired the remaining 50% stake in Yuh in July 2025, becoming its sole shareholder).

13. Scalable Capital AUM: €60+ billion

Scalable Capital is a Munich-based digital bank and broker founded in 2014, active in Germany, Austria, France, Italy, Spain and the Netherlands. It combines a low-cost broker (Scalable Broker) with a digital wealth management service (Scalable Wealth); two thirds of client assets are invested in ETFs. In August 2026 it became the first European bank to let clients analyse and trade their portfolios through external AI assistants such as ChatGPT and Claude.

According to its September 2026 factsheet, Scalable has over €60 billion in client assets and more than 1 million clients. These are round company figures covering both the broker and the managed portfolios, so the per-client average is indicative only. On these numbers, Scalable is now the largest neobroker in Europe after Trade Republic and flatexDEGIRO.

14. Trading 212 AUM: €30 billion

Trading 212 is a fintech broker originally founded in Bulgaria, now headquartered in London. It was one of the first platforms in Europe to offer stock trading with no commissions (other fees may apply), predating even some of the more famous US apps in this respect. Trading 212 gained popularity via its mobile app and a practice (“demo”) account, and it also has a background in CFD trading.

One of the most famous features of Trading 212 is the “pie” option, which allows users to automatically build and rebalance a diversified portfolio of stocks and ETFs to their taste.

According to its website (September 2026), Trading 212 has €30 billion in client assets and 5 million clients. The client figure counts all accounts opened and funded since the company was founded, so it is not a count of currently active clients. The €30 billion figure is the same milestone the company announced in May 2025; its FY2025 accounts were not yet available at the time of this update.

15. IG Group AUM: £21.5 billion (€25 billion)

IG Group is a London-listed trading and investment group founded in 1974, best known for CFDs and spread betting, but with a fast-growing stock trading and investment business since it acquired Freetrade in April 2025. IG now reports on a calendar-year basis.

In its results for the first half of 2026, IG reported £21.5 billion in assets under administration (about €25 billion) at the end of June 2026, up 34% year-on-year, and 843,000 active customers. AuA covers everything outside the group’s OTC derivatives business: shares, ETFs, funds, SIPPs and crypto assets, including the Freetrade platform. Earlier versions of this ranking left IG out because it did not disclose client assets; it now reports this metric every half-year.

16. eToro AUM: $19.2 billion (€17 billion)

eToro is a social trading platform founded in Israel in 2007, famed for its “copy trading” feature that allows users to mimic the trades of popular investors. eToro no longer offers commission-free US stock trading: it charges $1 or $2 per trade, applied both when you open and when you close a position. It also has a strong emphasis on cryptocurrencies and CFDs for those who want to trade with leverage. Its community aspect (users can post and share their market thoughts) makes it a bit of a hybrid between a broker and a social network for investors (Trading 212 is one of the brokers that also has this community feature).

In its second-quarter 2026 results, eToro (which went public on Nasdaq in May 2025 under ticker ETOR) reported $19.2 billion in assets under administration at the end of June 2026, which is roughly €17 billion. These assets under administration (AuA) include all customer holdings on the platform. The platform counted 4.28 million funded accounts, up 18% year-on-year. (Note: eToro often boasts a higher figure of “over 40 million registered users,” but the 4.3M figure refers to funded accounts, which is a more concrete measure of clients actively investing.)

eToro’s EU entity is authorised by CySEC under licence 109/10, with client assets covered by the Investor Compensation Fund up to €20,000. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider.

17. XTB AUM: €11.7 billion

XTB, founded in Warsaw in 2002 and listed on the Warsaw Stock Exchange, is a leading multi-asset trading platform offering CFDs, forex, stocks, ETFs, commodities, and more. While it does not offer social or copy trading, it excels in depth-of-market tools, advanced charting, one-click execution, and education & research, earning recognition for overall user experience and beginner-focused support.

At the end of the first half of 2026, XTB held €11.7 billion in client assets, with the largest contributions coming from shares (€5.4 billion) and ETFs (nearly €4.7 billion). The group’s total investor base exceeded 2.9 million as of 28 July 2026, with almost 1.5 million active clients, up 74.5%. In the first half of 2026, XTB attracted more than 703,000 new users, 94.5% more than in the same period of 2025. The company launched cash-settled stock options in Cyprus in January 2026 and is preparing spot cryptocurrency trading.

Who holds the wealthiest clients? AUM per client

Total AUM tells you who is biggest. Dividing it by the number of clients tells you who each platform actually serves.

At one end sit the UK platforms and Interactive Brokers. Interactive Investor (around €240,000 per client), AJ Bell (€186,000) and IBKR (€153,000) hold large portfolios for a relatively small number of investors. Hargreaves Lansdown, Fineco, Saxo and Swissquote follow, between €80,000 and €110,000.

At the other end sit the neobrokers. Trade Republic (€15,000), Robinhood (€12,000), Trading 212 (€6,000), eToro and XTB (around €4,000) win on number of clients, but their average client holds a fraction of what a UK platform client does. The Nordic brokers and flatexDEGIRO sit in the middle, at €30,000 to €50,000.

The gap is striking: Robinhood has more than five times as many customers as Interactive Brokers, yet holds less than half the assets. Keep in mind that client definitions differ (see the note under the table), so these are orders of magnitude rather than precise figures.

Conclusion

As brokers in Europe are becoming more and more competitive (and tech-driven), the choice of platform is more critical than ever.

From giants like Interactive Brokers to rising stars like Trade Republic - which has tripled its AUM in just two years and is now among Europe’s largest pan-European retail brokers by client assets - these brokers differ significantly in terms of size, reach, and specialization.

For the retail investor, being aware of where the most client assets are held may influence where to put one's money.

AUM is a strong indicator of trustworthiness and investor confidence, but it's only part of the story. Always take your own needs, risk tolerance, and financial objectives into account when selecting your broker (as this is not financial advice).

Additional note on the ranking

Please note that we chose to leave Vanguard and Fidelity International out of the ranking for the reason that brokerage is not their main business.

Vanguard’s UK “Personal Investor” arm manages approximately £25 billion for around 664,000 savers, yet the group’s real assets under management (AUM) are the €8.9 trillion it runs in index funds worldwide.

Fidelity shows the same asymmetry: the firm oversees nearly €795 billion in funds and pension mandates, while its Personal Investing platform represents only a fraction of that.