DEGIRO Broker Review

DEGIRO is a Dutch online broker. It has been active for European investors since 2013. It boasts providing retail clients with institutional-level trading fees, having exclusively provided institutional services until 2013. DEGIRO started offering services to UK investors in 2015.

Pros
  • Easy-to-use web and mobile platform
  • Regulated by multiple top-tier authorities
  • One of the lowest fees on the market
  • No minimum deposit
  • High level of safety and solid corporate structure
Cons
  • Limited research tools
  • Forex and leveraged CFDs are not available
  • No credit/debit card deposit
  • No price alerts
  • Inability to connect API or external platforms (e.g. Multicharts)

DEGIRO Broker Review Overview

DEGIRO is a German-Dutch online discount broker. It was established in 2008 by former employees of another brokerage company in the Netherlands. DEGIRO merged with flatexDEGIRO Bank AG in early 2021, creating the biggest online execution-only broker in Europe with its own banking license.

DEGIRO is regulated by top-tier financial authorities such as the BaFin in Germany.

One of 160 largest listed companies in Germany Since 21 December 2020, flatexDEGIRO AG is listed on the SDAX! This makes flatexDEGIRO one of the 160 largest listed companies in Germany.

DEGIRO Broker trading platform Review

In 2013, DEGIRO launched its online brokerage services in the Netherlands. Since then, DEGIRO has expanded across 18 European countries enabling retail investors to benefit from a highly competitive commission structure. As a result, DEGIRO has quickly become one of the largest brokers in Europe.

In 2020, we joined forces with flatex because we complement each other well and the combined organization offers DEGIRO an increased capacity for sustainable growth and development.

DeGiro B.V. merged with flatexDEGIRO Bank AG in early 2021, creating the biggest online execution-only broker in Europe with its own banking license.

The web platform is available in your local language. For example, if you register from Germany, your platform language will be German.

Look and feel – DEGIRO Broker Review

DEGIRO’s web trading platform is great for executing trades, but it’s not the most advanced we’ve seen. 

It is well designed and user-friendly, but it lacks any customization options.

DEGIRO broker review

DEGIRO New Trading Platform

DEGIRO login and security

You can choose between a one-step or a two-step login. The two-step option is available through Google Authenticator.

We recommend a two-step login as it is more secure.

Search functions

The web platform’s search functions are good.

When you type in the name of a product, a list of matching products will appear, categorized by asset class. You can also see the stock market and the currency in the product is available. 

You can even filter your search based on the asset class you’re interested in (e.g. only options).

Place orders on DEGIRO

You can choose from several order types, although not all of them are available for every tradable instrument. The following order types are available:

If you are not familiar with the basic order types, read this overview.

You can also use two order terms:

  • Day
  • Good-till-cancelled (GTC)

Alerts and notifications

You can receive order confirmations by email, but text message notification is not available. There is also no price alert function with DEGIRO.

Portfolio and fee reports

DEGIRO’s portfolio and fee reports are well organized. They are transparent, and you can easily see what products you own and the fees you paid for the transactions.

DEGIRO Account types

On this DEGIRO Broker Review, you need to know what you have to send the documents. Opening an account with DEGIRO is completely online and paperless. For the purpose of this review, we have followed all necessary registration steps.

To open an account, follow these steps:

  • Register a free account online from the website.
  • Upload your ID card or passport.
  • Deposit funds to the account through the manual money transfer (minimum amount required £ 0.01).

 

Accepted bank accounts to open a DEGIRO account

DEGIRO accepts bank accounts registered in any one of the countries in which it provides its services

Once you have deposited your first funds, DEGIRO will allocate those into your account usually within 48 hours. Once the allocation has gone through, you will be able to log in to your account and have access to the platform.

During registration (and only at this point) you can decide whether to open a BASIC or CUSTODY account. The difference lies in allowing or not allowing securities lending to third parties for short-selling transactions.

The CUSTODY account does not allow the lending of your securities held in your portfolio. However, in return, you will be unable to use Debit Money (financial leverage), Debt Securities (open short positions) or trade derivative instruments.

Additionally, the processing of coupons and dividends, which are free with the BASIC account, will have costs.

If you open a BASIC account, in order to use Debit Money, Debt Securities and to trade derivatives, it will be necessary to upgrade for free on the platform from BASIC to an ACTIVE or TRADER profile.

With the ACTIVE profile, DEGIRO finances the purchase of products up to a maximum of 50% of the amount invested by you.

With the TRADER profile, which is recommended for the most advanced traders, DEGIRO finances the purchase of products up to a maximum of 70% of the amount invested by you.

Regarding the margin required for trading futures, both ACTIVE and TRADER accounts require a margin equal to 15% of the contract value. This is a high margin and not in line with other brokers’ standards, which require lower margins.

For intraday operations, you can further upgrade your profile from TRADER to DAY TRADER. The margin required for intraday transactions on futures becomes 5%, while the intraday equity margin is up to three times higher than that granted with the TRADER profile.

DEGIRO minimum deposit

DEGIRO does not require a minimum deposit for opening an account. Thus, you can transfer a minimum of £0.01 and open an account to test the platform before allocating a larger amount.

DEGIRO demo account

Does DEGIRO offer a demo account? DEGIRO does not provide a demo account. However, as mentioned above, minimum deposits for opening an account and accessing the platform are not required.
Within a few minutes and with a deposit starting from £0.01 you can access the platform and review the various services offered.

DEGIRO how to change the language

At the moment it is not possible to switch the platform language. However, DEGIRO has announced that this option will be available in the near future.

DEGIRO Broker Review Summary

It’s hard to ignore that DEGIRO’s trading platform is far from perfect. At times, it feels like an unfinished product. More importantly, the DEGIROplatform goes down without warning or acknowledgement. They treat downtime and other issues with alarming indifference, and this is unacceptable for a financial service.

Would I still recommend DEGIRO? Only if transaction fees are your only concern. DEGIRO saved me a lot of transaction fees, but I have very little trust in their product after all the issues I have experienced.

DEGIRO Broker Review Details

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2.5 rating

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