Trade Republic has rolled out what it calls its largest trading infrastructure upgrade since launch, centered on a Best Price execution algorithm that scans liquidity across 30 global exchanges. The update also includes an aggregated order book, direct venue routing and a new web-based trading terminal, as the firm pushes institutional-style execution and market visibility into its retail offering.
Orders handled through the Best Price engine will keep the broker’s existing €1 settlement fee, excluding third-party charges and market spreads. Investors who want to choose a specific venue such as Xetra, Euronext, Nasdaq or the New York Stock Exchange can use Direct Orders for €2 per transaction, regardless of order size.
The main shift is in execution quality, not just interface design
The most significant part of the launch is the Best Price engine rather than the new terminal itself. Institutional desks have long used smart order routing systems to compare quotes, liquidity, order size and execution probability across multiple venues before deciding where an order should go. Retail brokers, by contrast, have often relied on a much simpler setup, routing flow to one exchange or one main liquidity venue for each asset class.
Trade Republic is moving closer to the institutional model by aggregating liquidity from multiple exchanges and automatically searching for what it describes as the best available executable price. Co-founder Christian Hecker said the company’s engineers have connected clients to 30 global exchanges, process live market data in real time and turn complex market infrastructure into a simpler product experience.
Aggregated books and live market data are now part of the retail product
Another major addition is the global aggregated order book. Instead of showing prices from only one venue, Trade Republic will display bid and ask quotes across several exchanges while also giving users access to venue-specific books. That gives investors a clearer view of price differences across markets and how liquidity changes during the trading day.
The company said these market data features will be available without extra subscription fees. For retail clients, that matters. Access to consolidated market visibility has often required delayed quotes, limited single-venue data or paid professional subscriptions.
Web Terminal broadens the platform beyond mobile investing
The new Web Terminal points to a wider product shift. Trade Republic built its brand on a mobile-first investing experience focused on simplicity. The browser-based terminal is aimed at more active investors who want larger workspaces, multiple charts and deeper analytical tools. According to the announcement, the platform includes advanced charting, portfolio analytics, customizable layouts, stock and derivatives screeners, and live market data.
That expands Trade Republic beyond the territory of app-led retail brokers and into a segment usually associated with more advanced trading platforms. The move also fits a broader change in European brokerage markets, where pressure on fees has increased and regulation such as MiFID II has put more attention on best execution, transparency and reporting.
European brokers are rebuilding retail infrastructure around execution
The launch reflects a wider market direction: retail investors are asking for more professional tools, while brokers are being pushed to compete on execution quality as much as on price. Trade Republic is trying to bring smart order routing, aggregated market data, direct exchange access and professional analytics into a consumer-facing product.
Whether that works will come down to actual trade outcomes. Maintaining real-time connectivity to 30 exchanges requires low-latency infrastructure, resilient market data systems and constant monitoring of venue availability, pricing and execution quality. In the end, investors are likely to judge the upgrade on one point: whether it consistently delivers better execution than conventional routing models.