Europe's PFOF Ban Leaves Crypto Costs in the Dark
A European ban on payment for order flow (PFOF) has taken effect, affecting the cost of buying and selling shares through some online brokers. Since July 1, 2026, providers are no longer allowed to collect fees from trading venues for routing client orders.
N26 is one of the first providers to implement this change, charging a flat fee of €0.90 per transaction on equities. In contrast, crypto trades through N26 still cost between 1.5% and 3.5% of the order volume, depending on the asset.
The PFOF ban applies only to shares, ETFs, bonds, and derivatives, not to cryptocurrencies. This is because crypto assets are governed by a separate rulebook, the Markets in Crypto-Assets Regulation (MiCA). As a result, the costs of buying and selling cryptocurrencies remain opaque and vary widely between providers.
A survey of 10 providers found that only five provide clear figures for their crypto trading costs. JustTRADE charges 0.125% of the order volume plus an unspecified spread, while Kraken charges 1% on instant and recurring purchases and 1.5% on individual orders.