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Degiro Broker Review
DEGIRO began its journey in the industry in 2013 in the Netherlands. Initially it was a wholesale online broker, but over time it expanded to almost twenty European countries. At the beginning of 2021 DEGIRO BV merged with flatexDEGIRO Bank AG. The DEGIRO UK platform, launched on June 11, 2015, was aimed at providing services to residents of the United Kingdom. It currently provides its services in 18 European countries.
The company is registered with the FCA (Financial Conduct Authority). In addition, it is also supervised by BaFin and DNB (De Nederlandsche Bank).
Account currencies: EUR, GBP, DKK, NOK, CHF, SEK, HUF, CZK, PLN
Minimum Deposit: $0
Leverage: ✅
Legal Information: Rembrandt Tower – 9th Floor Amstelplein 1 1096 HA Amsterdam, the Netherlands
Instruments: Stocks, ETFs, funds, commodities, bonds, options, futures
Account types
DEGIRO offers different types of accounts such as Custody, Basic, Trader, Active and Day Trader, which differ in terms of features and services provided. For example, for Custody and Basic accounts, derivatives such as options and futures, short trading and leveraged trading are not available.
Commissions and Trading Tools
Degiro’s fees and commissions are significantly lower than those of its competitors. In addition, it charges only a small fee for non-trading operations.
- Stocks – The company charges £1.75 per transaction when trading UK stocks and €3.90 when trading EU stocks. Trading in US and Canadian shares is free (but includes an external charge for holding a position in a US depositary receipt, which is currently €1), while a fee of €5.00 must be paid for shares from Australia, Hong Kong, Japan and Singapore.
- Bonds – the fee for trading bonds in Belgium, France, Germany, Netherlands, Portugal is €2.00. The fee for OTC bonds is €35.00.
- Investment funds – the fee for Euronext funds and non-listed investment funds is €3.90. In addition, there is an annual service charge of 0.20% of the value of the portfolio on the last day of the month. Trading of Morgan Stanley Liquidity Funds is free of charge.
- Options – Options trading is subject to a fee of €0.75 per contract worldwide, except in the United States, where the fee is $0.75 per contract.
- Futures – There is a fee of 0.75 euros per contract for futures trading. The exception is US futures, where the fee is $0.75 per contract.
- Foreign Currencies – The commission for manual trading of all foreign currencies is €10.00 + 0.25%, whereas the commission for trading via Auto FX trader is 0.25%.
Deposit and Withdrawal
At DEGIRO you can choose from 9 base currencies. The available base currencies are CHF, DKK, GBP, NOK, SEK, EUR, CZK, PLN and HUF. As a rule, the base currency of your account is the currency of your country.
DEGIRO does not accept deposits from digital banks such as Wise; such transfers are immediately refundable. This means you can’t save on currency fees by using a digital bank.
You can easily fund your DEGIRO account with a bank transfer. The downside is that the convenient and quick ability to top up your account with a credit or debit card is not available.
Depositing your account by bank transfer usually takes 2-3 business days, while depositing via Trustly takes about 30 minutes.
DEGIRO does not charge for deposits and withdrawals.
You can withdraw funds only by bank transfer. E-wallets are accepted only for residents of some countries, such as Germany or Spain. The withdrawn amount must be transferred to your bank account within 3 working days.
You can only withdraw money to accounts opened in your name.
Security and support
DEGIRO keeps its clients’ assets in a separate legal entity (SPV), thus protecting them from insolvency. It is subject to the German Investor Compensation Scheme, which compensates clients for losses from defaulted assets up to 90% but not more than €20,000.
In addition, the German Deposit Guarantee Scheme also guarantees up to EUR 100,000 if money is deposited into a DEGIRO Bank AG cash account. The firm invests client money into a money market fund as soon as it is received on the basis of a standing order.
In addition, the firm is supervised by DNB in the Netherlands and flatexDEGIRO Bank AG is under the regulatory supervision of the German financial regulator Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).
Conclusion on Degiro
DEGIRO has established itself as a leading European online broker with its own banking license. In Europe, its activities are regulated by the highest level of financial authorities. That is why it is trustworthy. Trading with DEGIRO is safe.
Low commissions and its own trading platform are the two main advantages of this broker. Although there are a few restrictions on assets and deposit and withdrawal options, overall it is a reliable broker if you are within an acceptable range of countries.
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