What Is the Best Securities Account? CTO 2026 Guide and Comparison

There are several ways to invest in the stock market. Private investors can take advantage of a variety of vehicles: securities accounts, PEA, PEA-PME, Jeune PEA, life insurance, or even PER. But the ordinary securities account (CTO) is the reference account for private investors who want to invest in the stock market.

Café de la Bourse explains what a securities account is, what its characteristics are, how to buy shares and securities on this vehicle, what taxes are due, how to open, close, transfer or transmit a securities account, what the advantages and disadvantages of this envelope are, in particular compared to the Plan d’Épargne en Actions (PEA) or the life insurance contract.

You will also discover our 2026 securities account comparison and find all the explanations that will help you make your choice among the 10 best securities accounts in 2026.

What is a securities account?

You want to invest in the stock market but do not know how a securities account works and what the particularities of this envelope are? Know that a securities account, also called ordinary securities account and often abbreviated as CTO, is a device allowing you to invest capital on financial markets and notably the stock market by holding securities. It is necessarily linked to a cash account in order to be able to buy and sell the securities you wish to invest in.

The securities account allows you to invest your savings in stocks, bonds, actively managed funds such as SICAVs or FCPs, or passively managed funds such as ETFs or other stock market products like warrants, turbos, leveraged and short certificates, or even crypto ETPs.

The securities account can be individual and, in that case, the holder is the only one who can perform operations on this envelope, unless they grant a power of attorney. It is also possible to have a joint securities account and the two people who hold it can both perform operations. Finally, the securities account can also be held in joint ownership (i.e., by at least 2 people), which means that all co-holders can invest but only with everyone’s agreement.

Who can open a securities account?

Any natural person (adult or minor) or legal entity can open a securities account. In the case of minors, parental consent is required and the legal representative will be designated as attorney-in-fact.

Legal entities such as companies, associations, and foundations can also open a securities account, sometimes also called a corporate account. Note, depending on the stockbroker, fees and services may vary from the CTO offer reserved for individuals.

Where to open an ordinary securities account (CTO)?

A very large number of financial institutions offer a CTO to their clients, but some financial intermediaries will offer better securities accounts than others. Thus, you can open an ordinary securities account in a traditional bank, an online bank, or with an online broker that all offer this vehicle. Be careful, however, as it is generally not possible to open an ordinary securities account in a neobank, although this is starting to change. Alongside the arrival of neobanks, neobrokers offer opening of a securities account with an offer typically different from traditional stockbrokers, such as free buy/sell orders but on alternative trading venues, or fractional shares but with derivatives.

You may be wondering which are the best securities accounts to invest in the stock market? Which CTO to open? Which securities account to choose? Before deciding to open a CTO with a particular intermediary, thoroughly research the securities you will have access to (not all have the same offering in terms of derivative products, SRD recourse, or exhaustiveness of the various stock markets offered). Then, ensure that the educational supports on offer match your needs, that you are comfortable with the trading platform and have all the tools you need to trade effectively. Finally, compare brokerage fees to ensure you get the best services at the best price.

What is the best securities account for 2026? Securities account comparison of stock brokerages

Discover the offers of the 10 best securities accounts in 2026 in our comparison of securities accounts from different online stock brokers, as well as the current promotional offers at these brokers.

Top Stock Brokers	Current Offers	View Offers
	Get up to $500 in free assets. Your capital is at risk*
	Invest with 0€ commission and 5% interest on your uninvested cash. Capital at risk*
	Open a free demo account + stocks and ETFs with 0% commission (0.20% beyond €100,000 invested per month). Capital at risk*
	2% on your cash + invest from €1 on stocks, ETFs, programmed investment plans, cryptos and stock market products. Capital at risk*
	How to invest in a Covered Call ETF and achieve a yield between 8 and 12%? Capital at risk*
	Invest with confidence in stocks, options, futures, currencies, bonds and funds across 150 global markets. Investing carries a risk of loss*
	0.08% on French and U.S. stocks + Saxo Turbos at 0€ + up to 2.66% interest on cash. Capital at risk*
	From €0.99 per stock order + transfer fees reimbursed and free training. Capital at risk*
	€100 brokerage fees reimbursed for new clients under conditions + €1 per trade on French, U.S. stocks and ETFs. Your capital is at risk*
	Transfer fees reimbursed 2x + from €0 per stock order with Boursomarkets. Investing carries a risk of loss*

*See conditions on the site.

Discover our detailed securities account comparison below :

Best securities account: eToro

The eToro broker stands out for its social trading approach, allowing investors to follow and copy the strategies of the most successful traders and investors. On the stock market offering, the eToro platform offers commission-free trading for buying shares and ETFs.

The eToro interface is particularly intuitive, designed for beginner investors. It offers simplified tracking and analysis tools while integrating interactive features for sharing ideas and discussions among traders and investors.

To support its clients, eToro offers a wealth of educational resources through the eToro Academy, including guides, webinars, videos, and market analyses.

Now, eToro allows its European users to generate passive income by lending their shares (for eToro users with premium status). eToro also offers a PEA and life insurance in partnership with Generali, as well as a Visa payment card that enables cashbackInvestable in the Stock Market.

eToro is the best broker for social trading, and it is also a good choice for investments in crypto assets. Note that eToro went public on Nasdaq in 2025 and now weighs over 2.7 billion on the stock market. Also note that eToro offers attractive remuneration for uninvested cash.

Current offer with eToro: by opening a new account, you can receive up to $500 (in shares or crypto) depending on your initial deposit*

Best securities account: IG

IG now also attracts medium-to-long-term investors thanks to its offering of commission-free stocks and ETFs, a major evolution for this broker historically oriented toward trading. Clients with IG can thus buy more than 6,000 stocks and over 2,000 ETFs without any brokerage fees, nor currency conversion fees on foreign securities.

Another notable advantage: holders of an IG CTO now benefit from an annual 5% yield on their uninvested cash, which helps remunerate waiting funds. This offer applies to balances up to €20,000 per client, provided there is at least one open position and at least one trade of a minimum €2,000 was executed during the month. An initiative that makes IG one of the most attractive brokers for combining investment and cash yield.

Current offer with IG: by opening an account, investing, and executing trades with a minimum amount of €500, you can receive up to €200 in credits credited to your account*

Best securities account: XTB

XTB is a broker known for its competitive securities account for trading and investing, with reduced fees and a platform highly valued by traders. For stock and ETF investments, pricing is particularly attractive with commission-free trades up to €100,000 in monthly volume, then a 0.2% order rate with a minimum of €10.

The XTB platform xStation 5 is popular among traders due to its fast execution and advanced analytical tools, which is also ideal for investors looking to refine their strategies.

The broker XTB provides a comprehensive training academy, regular market analyses, and responsive support, offering optimal guidance for traders and investors of all levels. 

Originally known for addressing active traders, XTB has in recent years become one of the best brokers for investing in stocks and ETFs with its no-commission CTO XTB and XTB PEA offers.

Best securities account: Trade Republic

Does the neo-broker Trade Republic offer one of the best securities accounts? In any case, it is probably the cheapest with fixed transaction fees of €1 per order, regardless of the investment amount. And note that Trade Republic’s programmed investment plans are free (and commission-free), allowing users to invest regularly without extra costs.

The Trade Republic platform, accessible via a user-friendly mobile app, offers a simplified interface ideal for beginners, while providing advanced features for experienced investors. However, the broker Trade Republic relies on a self-service model and there is no training or support to invest in the stock market.

The Trade Republic broker is an excellent choice for investors who want to set up a fee-free investment plan with fractional shares in particular. Trade Republic also offers a PEA to French investors. The neo broker Trade Republic also offers investing in cryptocurrencies, bonds, and private equity.

Trade Republic also offers a Plan d’Épargne Enfants, with which management fees on a selection of ETFs are reimbursed and automatically reinvested until the child turns 18.

Best securities account: Freedom 24

With the Freedom 24 broker, investors gain access to a securities account offering more than 1,000,000 financial instruments, including more than 40,000 stocks, with commissions starting at €0.02/$ per share (minimum €2/$ per order) for the American and European markets. There are also 147,000 bonds and 3,600 ETFs available on the Freedom24 platform.

The web TraderNet platform and the Freedom 24 mobile app provide powerful tools to analyze markets and manage investments in real time. Additionally, the Freedom24 broker enhances the user experience with a variety of educational content via the Freedom Academy (now available in French as well), including online courses, webinars and video tutorials, to help investors develop their skills and craft effective investment strategies. 

The Freedom24 broker is an excellent choice for investors who want to invest in exotic markets, notably in Asia, without paying overpriced commissions. You may not have heard of Freedom24? Yet the company is listed on the Nasdaq and its New York Stock Exchange market capitalization exceeded $10 billion in August 2025, and the Freedom24 share joined the Russell 3000 index in June 2025.

Until February 28, 2026, Freedom24 offers up to 20 free shares to new clients depending on their initial deposit*.

Best securities account: Interactive Brokers

Interactive Brokers probably offers one of the best securities accounts, with some of the lowest brokerage fees on the market, with commissions on U.S. stocks starting at $0.005 per share and a minimum of $1 per order, while trades on European markets start at 0.05% of the order amount, with a minimum of €4.

The Trader Workstation (TWS) platform offers a professional, feature-rich interface, suitable for experienced investors (and perhaps a bit challenging for beginners), and is complemented by an IBKR mobile app, as well as a simplified web interface for flexible access.

To support its clients, the Interactive Brokers broker provides the IBKR Campus (in English), a free educational program offering online courses, webinars, and video tutorials covering various aspects of trading and investing.

Interactive Broker is the online broker to choose if you want to be able to invest anywhere in the world with the widest range of investment products available.

Best securities account: Saxo Bank

With the Saxo Bank broker, brokerage fees on French stocks begin at €2 per order, with a commission of 0.08% of the order amount, and a minimum $1 or 0.08% on the U.S. markets for Classic clients.

The SaxoTrader trading platform offers advanced tools for seasoned investors, while the SaxoInvestor platform is designed for a more intuitive use for beginner investors.

To help its clients invest in the stock market, Saxo Bank offers webinars and regular events, as well as educational videos to deepen investment knowledge.

Choosing Saxo Bank means adopting the profile of both an investor (through CTO, PEA) but also that of an active trader through the broker’s futures or vanilla options offering.

Current offer with Saxo Bank: thanks to a partnership with Amundi, Saxo clients can invest without any transaction fees in more than 150 Amundi ETFs. This offer is valid with no limit on the amount, on eligible ETFs, until December 31, 2026, subject to the applicable conditions.*

Best securities account: Bourse Direct

With the Bourse Direct broker, brokerage fees start at €0.99 per order for transactions up to €500 on the Euronext Paris, Amsterdam and Brussels markets, with no custody fees or account maintenance charges.

Investors have access to advanced tools such as the TradeBox platform, designed for active traders, and the Bourse Direct Trading App mobile application, offering an intuitive interface to manage a stock portfolio on the go.

Finally, and perhaps one of the greatest strengths of this broker’s securities account offering, Bourse Direct provides free training, including webinars and monthly conferences, to develop and optimize individual investment strategies.

The Bourse Direct broker is an excellent choice for investors who want guidance. This stock broker offers strong educational support.

Current Bourse Direct offers (until January 19, 2026):

• Transfer fees reimbursed up to €200 (€150 for a PEA)*
• STARTER offer: €50 of brokerage fees offered for 6 months with code STARTER*
• TRADER offer: €200 of brokerage fees offered for 3 months (4 months if transfer) with code TRADER*

Best securities account: DEGIRO

With the DEGIRO broker, brokerage fees are among the lowest on the market, with rates such as €1 + €1 management fees for shares on Euronext Paris. In addition, DEGIRO applies no custody fees, no inactivity or withdrawal fees, making investing accessible to all.

The DEGIRO trading platform, available on web and mobile, offers a user-friendly interface allowing access to more than 45 exchanges worldwide.

To support investors toward success, DEGIRO offers the Investors Academy, a section dedicated to beginners, providing explanatory articles on fundamental investing concepts and guides to help users make informed decisions.

The DEGIRO broker is an excellent choice for autonomous investors seeking very competitive brokerage fees and access to a wide range of international markets. For traders, DEGIRO also offers trading in options and futures contracts.

Activate your DEGIRO account before January 31, 2026 and receive up to €100 back on your brokerage and management fees. Offer valid for new French clients*.

Best securities account: BoursoBank (ex – Boursorama)

With the BoursoBank broker (ex – Boursorama), brokerage fees are tailored to different investor profiles, with rates starting at €1.99 per order for transactions up to €500. No custody fees are charged, which optimizes the profitability of investments. In addition, with the Boursomarkets offer, stock orders start at 0 euro on a list of 45,000 financial products offered by partner issuers.

The BoursoBank trading platform, accessible via an intuitive web interface and a dedicated mobile app, allows you to manage your securities account efficiently and access a wide range of financial products.

Regarding educational tools, BoursoBank provides varied educational tools, such as stock guides, interactive webinars, and market analyses, making decision-making and development of informed investment strategies easier.

Boursobank is a very good choice for beginner or casual investors who want a simple, accessible and fee-free solution across a broad range of banking and stock market services.

Why open a securities account? CTO advantages in video

Securities account: notable accessibility for private investors

As we have seen, you can open a securities account with all online brokers and neobrokers but also with a traditional network bank or an online bank because only neobanks do not always offer a CTO.

Clémence’s view: an investor can hold as many securities accounts as they wish, with different financial intermediaries. It is therefore quite possible to choose two or three stockbrokers if one broker does not meet all your needs.

A securities account has no deposit ceiling and you can invest tens or hundreds of thousands of euros, or even millions.

No restriction on the types of securities

The securities account also allows enjoying a very broad offering of securities. Eligible securities on a securities account are not limited, so you can buy live securities of American, Japanese or Chinese companies, for example. The exhaustiveness of the available stock choices to purchase will thus depend primarily on the markets your bank or stockbroker provides access to.

Moreover, some of the best securities accounts allow investing in fractional shares, meaning you can buy only a portion of a share rather than a full share. This type of purchase enables smaller investments in expensive stocks like Amazon or Alphabet (Google), thus diversifying your portfolio with a limited capital.

Because fractional shares are a relatively new innovation, you should ensure you understand the mechanism used by the broker to offer this service. Note that these fractions of shares can sometimes be derivative products rather than true ownership of the capital. This means you do not actually own a portion of the company, but rather a contract tied to the value of the stock or a debt instrument backed by the underlying stock. It is therefore crucial to research and understand exactly what you are buying before committing. We therefore advise approaching fractional share offers with caution, especially since they do not all look alike.

Very wide range of UCITS and ETFs

The choice of UCITS that allow investing in the stock market without selecting a specific stock is extremely important on a securities account. Likewise for ETFs or trackers that allow replicating the performance of a stock index, a sector, a country, or a strategy.

Note that not all brokers automatically grant access to all ETFs. The addition of ETFs to a broker’s securities account offering, regardless of the listing exchange, depends entirely on the goodwill of each broker. Do not hesitate to contact the broker’s support to request the addition of an ETF.

Also note that ETF offers are generally very competitive with neo brokers, as they typically establish partnerships directly with ETF issuers to guarantee free order placement for investors. This is now a common practice since the arrival of neo-brokers online.

Access to the Deferred Settlement System (SRD) with the securities account

The major advantage of the ordinary securities account also lies in the ability to use sophisticated management strategies. Thus, the investor can use the Deferred Settlement System (SRD) to short sell and/or use a maximum leverage of 5; i.e., position themselves on the rise or fall of a stock and potentially gain or lose up to 5 times the asset’s performance.

The SRD involves different fees than those for standard buy/sell operations. You will need to compare SRD fees between brokers if you plan to use it frequently.

Note that many stock market products (warrants, turbos, etc.) can sometimes compensate for the absence of SRD for investors who want leverage or to short a security via a securities account.

In general, neo stockbrokers do not offer SRD, and it is quite rare for online neo brokers to offer leverage; when they do, it is via derivatives such as UBS, Vontobel, and Société Générale derivatives offered to investors seeking leverage—for Trade Republic, for example.

A settlement delivery delay that may be non-existent

It is important to check whether your stockbroker applies a “settlement-delivery” delay. This is 2 business days in Europe under CSDR. This delay can be a real constraint if you want to execute very short-term buy/sell operations. Technically, this delay applies to all market participants as it is a market-clearing constraint. However, some online brokers will immediately validate your stock positions so you may be exempt from this delay.

Use of derivative products

Finally, experienced investors can, via a securities account, turn to leveraged derivative products such as leverage & short certificates/ETPs, warrants, or turbos. Using turbos by buying puts to hedge against market declines, or generating additional returns with your portfolio by buying calls. The advantage of leveraged products is that the loss is limited to the purchase price of the product, whose value cannot fall below zero.

It is possible that a CTO broker will allow you to have a margin account, which will permit trading derivative products such as options or futures (this is the case with DEGIRO, for example). Unlike leveraged securities, options and futures are margin derivatives, meaning losses can exceed your deposit amount, so extreme caution is required with these products! While strongly discouraged for beginners, it is possible to sell call and put options (unlike turbos and warrants, which can only be bought). For selling options, you must master professional trader techniques (such as Delta Neutral management) before attempting such practices that involve potentially unlimited risk.

Sécurities account: what are the advantages and disadvantages?

What are the advantages of a securities account?

Among the advantages of the CTO, its very high accessibility stands out since this envelope is available at all stockbrokers and all banks, and you can open as many as you want. In addition, the sums held in a securities account are not capped. It should also be noted that there are no restrictions on the types of securities. You can also use sophisticated strategies with the SRD, short selling, and numerous derivatives. In theory, you can invest in anything with a securities account. In practice, you are limited to the offerings of your stockbroker. Investors seeking a CTO offering a very wide range of products, ETFs, and stocks from around the world may turn to online brokers such as Interactive Brokers, Freedom 24, or Saxo Bank, known for their expansive offerings.

Finally, with a CTO, funds are available at any time and there is no penalty to liquidate investments to recover your capital.

What are the disadvantages of the securities account?

This envelope also has some drawbacks, and the first is undoubtedly its taxation. The securities account does not provide tax advantages unlike the PEA or life insurance: gains are taxed at 31.4% or at the income tax bracket plus 18.6% social contributions if that is more advantageous for you. In addition, brokerage, transfer, and account maintenance fees can sometimes be high depending on the broker. There is no cap on fees as there is for the PEA under the Pacte law.

If you open a securities account with a foreign broker, you will be required to declare to the tax authorities the holding of a foreign account.

How to open an ordinary securities account in 2026?

You are now convinced and want to open a securities account but you wonder how to open a securities account with Bourso Bank (ex-Boursorama), Saxo Bank, Fortuneo, De Giro, Bourse Direct, EasyBourse, or with another online broker or a bank?

You will first need to provide your details, your family and tax situation, and your income. After completing a KYC verification and sending your supporting documents, you will then need to make a first deposit into the cash account linked to it, without necessarily buying securities right away. You can take a position later.

Clémence’s view: with online brokers and online banks, opening a securities account is done in just a few minutes. In a traditional bank, the operation can take much longer.

Do you want to open a securities account but are hesitating between two brokers? You may not have to choose. Indeed, an investor can own several CTOs with several different brokers. To the question how many securities accounts can a saver hold? The answer is as many as they want.

It is also sometimes possible to open a practice/demo securities account to test the platform for free under near-real conditions, but with fictitious money. This demo period can help you decide between two stockbrokers for example. Also check that the demo account applies the commissions and other fees applicable on a real account to test your investment strategies in real conditions.

However, we should remind you that the main interest of the demo account is to allow users to test the broker’s interface and the platform’s ergonomics.

How to buy shares and other financial products from a securities account?

Once you have chosen your broker and opened your securities account after depositing money into the linked cash account, you will be able to take a position. This means you will be able to buy shares but also bonds, funds, derivatives, or any other security eligible for a securities account by placing a stock order with your broker. Always be careful to choose the most suitable stock order for your investment scenario and always protect your position with a stop order.

What is securities lending via a CTO?

Securities lending, possible with a CTO in certain cases, consists of lending your shares to traders who will use them for margin trading or short selling. Securities lending provides additional income on your stock investment, in addition to dividends and potential long-term gains. Although there is some risk, this is generally mitigated and covered by the collateral guarantee deposited by the borrower, required by the stock broker.

Even if securities lending mostly concerns stocks, it can also apply, more rarely, to ETFs. Bond lending is fairly common in the institutional sphere, but rather marginal in offers aimed at private investors.

Securities lending is a practice that originated in the United States and gained in popularity, particularly thanks to platforms like Robinhood, which became known for offering commission-free stock trading. However, it is important to understand that nothing is truly free. Robinhood, for example, practices securities lending to generate revenue and offset the free brokerage offer. ETF issuers with physical replication also use this method to reduce costs and fees.

The key is to know that if a broker lends your securities, they must do so transparently. You should be informed and ideally benefit from a share of the revenue generated by this loan. Brokers such as Saxo Bank, Interactive Brokers, and Bourse Direct now offer this service, allowing investors to maximize their gains while being aware of the risks and conditions involved.

CTO: single payments or programmed contributions?

When you open a securities account with a stockbroker, you will need to make an initial deposit. The initial deposit can correspond to the amount you wish to invest, which is then called a simple deposit since you will directly deposit into your CTO the portion of capital allocated to stock market investment.

However, you can also choose to deposit the minimum amount and then make a programmed monthly or quarterly deposit, depending on the budget you can allocate to the stock market. In addition to being a way to grow your stock market capital over time, it is also a strategy that helps spread risk over time.

Note that some neo stockbrokers like Scalable Capital or Trade Republic allow automatic programmed deposits into a securities account, and even to schedule investments in a selection of stocks, ETFs, or through an investment plan corresponding to a predetermined portfolio allocation.

Securities account: which management mode to choose?

Not very comfortable with the various stock orders and not enthusiastic about doing your own stock-picking? Whether due to lack of time and/or skills, you can indeed delegate the management of your securities account.

Although self-management, which consists of performing your own stock-picking and making necessary arbitrages on your own account, is the most common management mode, there are other ways to manage your holdings on a securities account. Thus, discretionary management, either performed by a management company, by a wealth management advisor, or by a fintech, allows delegating portfolio management to a financial intermediary who will manage your envelope, taking into account your investor profile, including your risk profile and investment horizon. Note that some robo-advisors offer innovative management strategies accessible only via a securities account.

Finally, advised management, much less common and reserved for a clientele with substantial assets, allows benefiting from professional advice while reserving the option (or not) to execute these recommendations.

What taxation for the securities account in 2026?

When do you pay tax on your securities account? To realize gains, you must sell your securities. The money corresponding to the sale price will then be paid into your cash account. To withdraw money held on a securities account, you can transfer the cash from the cash account to your bank account. Capital gains are taxable in the year following the sale of the securities. Note also that other income from the securities account such as dividends and coupons are subject to withholding at the time of collection. You therefore pay taxes on capital gains and on the income from the securities account (coupon for bonds, dividends for stocks).

What taxation for a securities account in 2026?

The taxation of ordinary securities accounts has long been the main drawback of this envelope. Until the 2018 Finance Law, securities account taxation was the downside for active investors or traders who did not hold their titles for long. Indeed, unlike the PEA which aims to encourage popular shareholding in France by granting tax advantages to its holders, the securities account does not enjoy a softened tax regime. Note, however, that in exchange for tax advantages, the PEA has holding period, funding, and withdrawal constraints.

The 2018 introduction of the “flat tax” or prélèvement forfaitaire unique (PFU) which applies to the securities account has slightly changed the game regarding the tax regime for securities account income.

• Until December 31, 2017, the investor holding a securities account had to pay income tax on capital gains according to the income tax scale (IR), after any holding period reduction. Note that dividends and coupons were also taxable under IR. The total could be quite steep—sometimes more than 60%.
• Thanks to the PFU (Flat Tax) introduced in 2018, the ordinary securities account benefits from taxation at a flat rate of 31.4% (rate change on January 1, 2026, from 30% to 31.4%), regardless of the holding period. Also removed were the previous holding-period exemptions.

Those taxed in the higher marginal brackets and investors who do not hold their securities for long periods are the winners of the reform. The implementation of the flat tax indeed offers no advantage for long-term holding of stocks!

And what about the taxation of a securities account in the event of a loss? If the investor sells its holdings for less than they were acquired, they incur a loss and realize what is called a capital loss. This operation can be deducted from capital gains realized on similar transactions and will therefore reduce your gains to be declared to the tax authorities. Note that if you record a global loss over a year, you can carry it forward against gains of the same nature for the next ten years.

Buying and selling of the securities account to optimize tax treatment of this envelope

Know also that, in order to optimize the tax treatment of this envelope, investors can proceed with “buy and sell” trades, a term that designates selling and repurchasing the sold securities in a very short time to generate a capital loss or a gain latent on a stock held in the portfolio.

This maneuver can indeed help improve your balance sheet or reduce your level of taxation. Indeed, by practicing “buy and sell,” you can accumulate gains not taxable under a sale threshold or offset losses against gains that would otherwise be taxed.

The single tax form: understanding the IFU for filing with the Tax Office

Every year, your stockbroker where you hold a securities account will send you the single tax form (IFU) of your envelope. This summary document is a valuable aid for completing your income tax return. It sums up all taxable investment income (interest, dividends, capital gains) paid to you in the past year. It is with this document that you can verify that the pre-filled amounts by the tax authorities on your tax return are correct.

Note that the IFU is not specific to the securities account. It covers all investment products from which you earned taxable gains (interests, dividends, capital gains) and are taxable. Taxable savings accounts thus appear on the IFU but not tax-exempt accounts such as the Livret A or LDDS. The IFU thus also covers the securities account, the PEA, the PEA-PME, etc. You will receive a single IFU summarizing all your investments from the financial institution where you hold your investments. However, if you hold investments with different providers, each provider will send you an IFU for the placement(s) opened with that institution.

If neo online stockbrokers from abroad offer very attractive pricing and innovations in capital management, know that they generally do not provide an IFU, which can make your tax declaration somewhat more complex.

Only stockbrokers registered in France systematically provide an IFU to their clients. However, some foreign brokers now also offer an IFU due to the presence of a branch in France.

What fees for a securities account in 2026?

You may be wondering how much a securities account costs. The cost of a securities account varies depending on the rates charged by your stockbroker or bank, hence the importance of choosing the best securities account, offering the appropriate features for your investor profile at the best price.

Focus on custody fees

A stockbroker can charge custody fees, billed only for holding the securities in your securities account. However, among the best securities accounts, custody fees have now disappeared but remain present on the fee schedules of traditional brokers and some online brokers. Only traditional banks continue to charge these fees. It is quite rare, but we have observed that some online brokers may charge custody fees for foreign securities (outside Europe).

Note, however, that specific custody fees can be applied by all brokers for certain financial products such as UCITS or FCPs. It is then up to the online broker to maintain profitability even if the nature of your investments does not generate any stock orders for years.

Finally, recall that custody fees are capped for the PEA, but are open-ended for the CTO, so it is advisable to be vigilant and to inquire about custody fees applicable to your securities account with your stockbroker.

In addition to custody fees, a stockbroker may charge opening fees, maintenance fees, additional fees for access to certain optional services such as real-time quotes or decision-making software, subscription fees if the number of transactions planned for the chosen package is not respected. All of these fees can be avoided with a low-cost stockbroker.

Focus on brokerage fees

However, there are unavoidable fees: the brokerage fees related to opening or closing a position on a security. These fees can be fixed or vary according to the order amount. They are more or less expensive depending on the type of product (stock, bond, ETF, derivative, etc.) and the stock market involved (France, other European countries, United States, Japan, China, Canada, Australia, etc.). Nevertheless, some stockbrokers, such as eToro and XTB, now offer zero brokerage on certain stocks and ETFs up to a monthly transaction limit. Note that zero fees does not necessarily mean the best securities account.

More rarely, some stockbrokers offer packages that give right to a certain number of free orders each month.

Clémence’s view: It is possible at some stockbrokers to obtain a tiered rate if you increase the number of trades through a subscription system.

Because all these parameters significantly affect the price of the order and because brokers do not charge the same for services, it is very difficult to compare broker tariffs. Still, in general, online brokers are much more attractive than traditional banks, both in terms of prices and additional services (trading platforms, decision-support tools, educational resources, etc.).

How to close or transfer a securities account?

How to close a securities account?

There are several reasons that may push an investor to close their securities account: to recover all gains or to switch broker without paying transfer fees. In this case, you should send your broker a registered letter with acknowledgment of receipt, recalling your details, your account number, and your intention to close your account. If you have not previously sold your titles yourself, your broker will do so, which will incur fees but also the risk of multiplying losses if the titles are sold at the wrong moment.

It should be noted, however, that it is increasingly common to be able to close your securities account directly online via the broker’s interface or by filling out an online form.

How to transfer a securities account?

Be careful before transferring a securities account to ensure that closing your old CTO and opening a new one is not significantly more advantageous in terms of fees. If not, or if you own holdings you do not wish to sell at the moment, it is possible to proceed with the transfer of your securities account. Before transferring, it is recommended to tidy up your portfolio and keep only the titles you absolutely want to retain, as transfer fees increase with the number of lines in the portfolio.

Also do not forget to take into account stock operations (dividend payments, for example) that could lengthen the transfer time. Then, submit a transfer request accompanied by the latest status statement of your securities account to your new broker, who will contact the old one and finalize the transfer of your envelope. Make sure you have enough cash in the cash account of your securities account to pay the transfer fees charged by your broker.

It is common for online brokers to reimburse transfer fees to facilitate new client acquisition. Be sure to check this point as the cost of a transfer can be relatively high. Some brokers reimburse them 100% or up to a certain amount if you transfer your securities portfolio to their platform.

Finally, before transferring your securities account to another broker to benefit from more favorable rates, it makes sense to attempt to negotiate a better rate with your current stockbroker, especially if your broker has a pricing grid with different price ranges.

How to transfer a securities account? What taxation on gains on transfer?

The transfer of an ordinary securities account can be done either during the holder’s lifetime or at death. In all cases, the capital gain taxation is wiped out. Only donation or inheritance duties apply, with the applicable exemptions, which makes the ordinary securities account a highly advantageous tool for transferring one’s financial patrimony!

Gifting a securities account: how to proceed? What tax advantages?

If the transfer occurs during the donor’s lifetime, there is no need to consult a notary; the donor only needs to request in writing to their bank to transfer their titles to the recipient’s account.

As we have seen, gifting a portfolio of shares to a descendant (children or grandchildren) allows, legally, to erase the capital gains taxation. However, donor duties will have to be paid if the amount transferred exceeds the applicable gift allowances. But these duties are often far lower than what capital gains tax would have cost. When the beneficiary resells their titles, the reference gain is the value of the titles at the time of the donation, not the initial cost.

Transferring a securities account: how to proceed? What tax advantages?

A CTO can of course be transferred upon the death of the holder while benefiting from tax advantages related to capital gains exemption. How does the succession unfold for a securities account? Again, gains are wiped out for tax purposes, and the cost basis of the different securities in the portfolio is adjusted to the date of death.

PEA, CTO: which envelope to privilege to transfer your titles tax-free?

The ordinary securities account is therefore more tax-efficient in the event of transfer/estate than the PEA because it allows directly transferring titles—one need only perform a transfer from account to account, without taxation. Indeed, a donation of titles (or their transfer upon death) is not deemed a sale, so it does not trigger capital gains tax and allows gains to escape income tax and social contributions. Only donation or inheritance duties may be due if the amount transferred exceeds the allowances provided by law.

Securities account, PEA, or life insurance: which envelope to choose for stock market investments in 2026?

The ordinary securities account, long neglected due to its unattractive taxation, nevertheless has many advantages compared to other common envelopes that allow private individuals in France to invest in the stock markets such as the PEA and life insurance (via unit-linked funds). So: life insurance, PEA, or securities account—how to choose?

Firstly, unlike the PEA, the Young PEA, or the PEA-PME which allows investing in small and mid caps, all limited to one per taxpayer, one can hold as many ordinary securities accounts as desired, with several different brokers. Thus you could open an account with a broker that has a more developed derivatives offering and another with a stronger funds offering. The same applies to life insurance contracts, and you can open multiple contracts with different insurers to benefit from each contract’s advantages.

Next, the ordinary securities account offers greater freedom than the PEA because there are no restrictions on the types of securities. The PEA only allows investments in shares, listed or unlisted, whose headquarters are located in the European Union. To access other markets you must invest in UCITS or ETFs eligible for the PEA. The choice of funds (UCITS) and ETFs is much wider via a securities account than via a PEA. In terms of asset and market choice, the securities account is also more advantageous than life insurance, even though many multi-support contracts offer a robust range of securities.

Clémence’s view: the securities account also allows, unlike the PEA or life insurance UC units, to use sophisticated strategies to boost capital performance, including short selling, SRD, and leveraged derivative products.

Finally, icing on the cake: all banks and brokers offer the ordinary securities account. However, not all offer a PEA. For example, brokers like eToro, which provides access to a wide range of financial products and an innovative platform, or Trade Republic, which offers very competitive pricing, do not yet offer a PEA.

While the tax treatment of life insurance (after 8 years) and PEA (after 5 years) is clearly more favorable than that of the CTO, tax considerations should not overshadow your strategies and needs because, after all, a CTO that earns is better than a plan that loses!

So, securities account or life insurance? Securities account or PEA? The choice of envelope should primarily depend on the markets and assets you wish to invest in, your investment horizon, and your investor profile. A prudent investor who targets a few CAC 40 stocks and ETFs allowing investment in the largest U.S. companies will likely be satisfied with a PEA or life insurance. An active investor who wants to invest in live stocks of Japanese, U.S., European companies and protect their portfolio with hedging instruments will favor the ordinary securities account. Remember that in all cases, this is not a capital-guaranteed investment and there is a risk of loss for your savings.

*See conditions on the broker’s site. Investing involves risks of loss.

All our information is, by nature, generic. It does not take into account your personal situation and does not constitute personalized investment advice or any recommendation to buy or sell financial instruments. The reader is solely responsible for using the information provided, and Café de la Bourse cannot be held liable. The publisher’s responsibility cannot be engaged in case of error, omission, or ill-advised investment.