Choosing a broker is an important step when investing. There are many different options available, so picking the right one for you is challenging. We compare investing in ETFs through LYNX and Bolero, two brokers available to Belgian investors. The goal of this article is to help you find out which broker is best for you for investing in ETFs. We’ll compare the brokers based on their fees, convenience, the ease of setting up an account and importantly the safety of your assets.

The overview

The table shows an overview of how LYNX compares to Bolero for different criteria. Read on to get the full details!


✅ Pros of LYNX ❌ Cons of LYNX
Transparent fees Not the cheapest
Large selection of ETFs Targeted for traders
Fractional shares Not easy for beginners
No savings plans

Story of LYNX 🇳🇱

LYNX is focused on catering to traders.

LYNX was launched in 2006 in Amsterdam. It's grown to over 300 employees and has offices spread out across ten countries. They formed an initial and crucial partnership with Interactive Brokers which allows them to offer a variety of investment choices. The broker MEXEM also benefits from a partnership like this. They have over 60,000 customers and provide a variety of access to different exchanges and all types of securities.

Fees for ETFs

LYNX isn't the cheapest broker on the market. For instance, it costs €6.00 when buying €1,000 of the popular ETF IWDA by iShares.


Savings plan ❌ No
Fractional shares ✅ Yes
Customer support ✅ FAQ, email, phone, chat
🇧🇪 TOB ✅ LYNX handles it
🇧🇪 Dividend tax ❌ LYNX doesn't handle it fully
🇧🇪 Reynders tax ❌ LYNX doesn't handle it
🇧🇪 Declare your account to the NBB ❌ You have to do it yourself

LYNX does not provide automated savings plans, requiring manual account funding and trade execution, but it does offer fractional shares for strategies like euro-cost averaging. Their customer service is responsive and helpful, with quick email responses and local phone support. LYNX assists with transaction taxes on securities and some dividend taxes but does not withhold the Reynders tax on ETF profits, and users must declare their accounts to the National Bank of Belgium.

Setting up an account

🕰️ Time to open an account ❌ 2 to 4 days
🙋 itsme ❌ No
📱 Mobile app ✅ Yes
💻 Web app ✅ Yes
🙂 Ease of use ⭐ 3/5
🧒 Children accounts ❌ No
💑 Joint accounts ✅ Yes

Opening an account with LYNX, though possible through their app, is more user-friendly via computer. The account verification takes between 2 to 4 business days, and a minimum deposit of €3,000 is required. LYNX supports joint accounts but not children accounts; business accounts are available with a minimum €20,000 deposit.


Regulator AFM (Netherlands)
Past issues with the regulator ✅ No
Protection of financial assets €20,000
Cash safeguarded by deposit guarantee €100,000
Securities lending ❌ Yes (opt-in)
Payment for order flow ✅ No

LYNX is regulated by the AFM in the Netherlands, has not had any known issues with regulators. While LYNX participates in securities lending through its opt-in "Stock Yield Enhancement Programme," they do not engage in payment for order flow (PFOF), a practice common among many brokers like Trade Republic.

The full review

Read our review to get a full breakdown of LYNX's pros and cons.


✅ Pros of Bolero ❌ Cons of Bolero
Handles all taxes for you High fees
Integration with itsme No fractional shares
Cheaper fees for the ETF playlist Confusing interface
Not suited for monthly investing
No savings plans

Story of Bolero 🇧🇪

Bolero's website is fairly traditional for a bank!

Bolero is one of the first online brokers in Belgium and launched in 1999. The name Bolero stands for Belgian OnLine Exchange Realtime Operated. It's owned and run by KBC Bank and allows Belgians to invest in many different types of assets. Note that you don't have to be a KBC customer to use Bolero. Bolero has a wide range of ETFs to choose from and continues to be one of the most popular brokers in Belgium although it also charges some of the highest fees.

Fees for ETFs

Although Bolero recently reduced their pricing, unfortunately it's still one of the most expensive brokers in Belgium. As part of their new pricing, they launched the Bolero ETF playlist. Essentially, it reduces the price for a specific list of ETFs. They inspired themselves from DEGIRO's core selection in order to be competitive for more Belgians. For example, buying €1,000 of the IWDA ETF will cost you €5.00 in transaction fees.


Savings plan ❌ No
Fractional shares ❌ No
Customer Support ✅ FAQ, phone, email
❌ No chat
TOB ✅ Bolero handles it
Dividend tax ✅ Bolero handles it
Reynders tax ✅ Bolero handles it
Declare account to the NBB ✅ No need

Bolero handles the transaction tax (TOB). They also automatically withhold and declare the 30% dividend tax on shares and distributing funds, as well as the Reynders tax on ETF profits. However, Bolero does not offer automated savings plans or fractional shares, which, combined with high fees, makes regular investing less practical, potentially necessitating larger, less frequent investments.

Setting up an account

🕰️ Time to open an account ❌ Process can take a few days
🙋 itsme ✅ Yes
📱 Mobile app ✅ Yes
💻 Web app ✅ Yes
🙂 Ease of use ⭐ 3/5
🧒 Children accounts ❌ No
💑 Joint accounts ✅ Yes

Creating a new account with Bolero is easy with itsme, but requires a Belgian phone number, and offers both individual and joint account options, with joint accounts only creatable via computer. Account approval can take a few days, but for KBC customers, this process is faster and allows easy linking of KBC current accounts for transactions. Bolero does not provide accounts for children.


Regulator FSMA
Past issues with the regulator ✅ None
Protection of financial assets €20,000
Cash safeguarded by deposit guarantee €100,000
Securities lending ✅ No
Payment for order flow ✅ No

Bolero, owned by Belgium's largest bank KBC, is regulated by the FSMA and has not had any known regulatory issues, providing a sense of safety for investors' assets. Bolero does not engage in securities lending or payment for order flow (PFOF).

The full review

Learn more about the pros and cons of Bolero in our review.

Curvo: easier than a broker

Brokers push you to trade and to pick individual companies to invest in. Rather than picking individual stocks such as Amazon or Tesla, index funds are a way to buy the whole market, across all sectors and regions of the world. Essentially, you own a small portion of thousands of companies throughout the world. Instead of betting on a particular company, you are placing a bet on the global economy.

Rather than having to pick the right stocks or ETFs among the thousands available through LYNX or Bolero, you invest in a portfolio that is tailored to you and your goals. These portfolios are composed of globally diversified index funds, meaning you earn a piece of the growth of the global economy, and they're best suited to make the most of your savings long term. And they're secure, as they're managed by NNEK, a Dutch investment firm under supervision of the regulator in the Netherlands (AFM).

How Curvo works
Investing through Curvo is an easy way to invest well in Belgium. All portfolios are managed by NNEK, a Dutch investment firm licensed with the AFM.

We believe that investing is an important tool for our generation to improve our financial well-being and to prepare for our future. We are building Curvo to fulfil that vision, by making good investing easy and accessible to all:

  • Diversified portfolio set up for you: The best portfolio for you is built by NNEK based on your time horizon and financial goals. Simply answer a short questionnaire and you’ll get everything set up for you.
  • Automated savings plans: Through Curvo’s app you can set up a monthly contribution from €50. That means that money is automatically invested for you in your portfolio. Put your savings on autopilot!
  • Fractional shares: All the money you send towards your portfolio is fully invested by NNEK. No cash is left on the side.
  • No TOB 🇧🇪 : Significant savings as the portfolios aren’t liable for the Belgian transaction tax (or "TOB"). This saves you between 0.12% and 1.32% for every time you buy or sell!
  • Sustainable investments: Your investments focus on one guiding principle: don’t invest in companies that are considered destructive to the planet. This means that sectors like non-renewable energy, vice products, weapons and controversial companies are all excluded.
  • Project yourself into the future: Through Curvo you can see how much your portfolio is expected to be worth in the future. You can answer questions like “how will increasing my monthly contribution by €50, €100 or €200 affect my long-term savings?” to give a concrete idea for the “future you”.

Learn more on how it compares to investing through a broker.


In this article we highlighted the key differences between LYNX and Bolero, two brokers accessible to Belgians. Bolero is a slightly more cost-effective way of investing your savings. But cost is not the only factor to take in consideration when you’re putting your savings to work. The use of fractional shares through LYNX is a big advantage which makes periodic investing smooth and easy. However, you'll have to declare your foreign account which is an additional administrative burden.

Questions you may have

What is the best broker in Belgium?

The answer is: it depends on your expectations! Brokers vary in terms of convenience, safety and price. We suggest you go through our list of best brokers in Belgium.

Can Bolero be trusted?

Yes. Bolero is owned by Belgium's largest bank, KBC. And as far as know, they've never been in trouble with the FSMA, the Belgian regulator. This provides us with a sense of safety for our assets, especially if we're investing a large chunk of our life savings. They also don't do securities lending or anything dodgy like that with your investments.