Online Finance World


DEGIRO Experience

The DEGIRO Online Finance World User Experience

Connor B.

Connor is a Scottish financial expert, specialising in wealth management and equity investing. Based in Glasgow, Connor writes full-time for a wide selection of financial websites, whilst also providing startup consulting to small businesses. Holding a Bachelor’s degree in Finance, and a Master’s degree in Investment Fund Management, Connor has extensive knowledge in the investing space, and has also written two theses on mutual funds and the UK market.

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First Thoughts

I heard about DEGIRO a few years ago, but at the time, they were a relatively small broker. However, recently DEGIRO has gone through somewhat of an upturn in fortunes. More and more people I know are praising them for their easy-to-use platform and attractive fee structure. So, I thought I'd get involved and check DEGIRO out for myself.

Firstly though, a bit of background. DEGIRO is an online broker that serves both retail and professional investors. The company was founded in 2008 by former employees of Binck Bank, a large Dutch stockbroker. DEGIRO is based in the Netherlands and is regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and the Dutch Central Bank. In addition, DEGIRO is also regulated in the UK by the Financial Conduct Authority (FCA).

In my experience, an appropriate measuring stick of a broker's popularity is how many clients utilise their services – as of mid-2021, DEGIRO has over 1 million clients, and have garnered 80 international broker awards so far. DEGIRO's platform handled over 24.5 million transactions within the first six months of 2020, increasing 169% from the same time in 2019.

This article will take you through my experience using DEGIRO and give you my thoughts on the broker. I'll touch on the various aspects of using the DEGIRO platform and let you know what I think is good and what areas I feel could be improved. So sit back, grab a coffee, and let's dig in!

Opening an account

Most traders (myself included) are interested in the account opening process – specifically, how easy it is and how quickly it can be done. Luckily, opening an account at DEGIRO is a relatively straightforward process. As they are based in the Netherlands, DEGIRO primarily targets customers from that country. However, luckily for me, they also allow people from the UK, Germany, and Ireland to sign up.

The process of opening my DEGIRO account was really easy – it can all be done online. I provided proof of ID in the form of a passport or driver's license, and I could supply proof of address via a bank statement or utility bill. Furthermore, there is no minimum deposit for opening an account with DEGIRO. The lack of a minimum deposit amount is excellent news for people just starting their trading journey who want to test the waters before committing.

Some more great news was that DEGIRO allows free bank transfers to fund your account, but they currently do not allow credit or debit card deposits. Withdrawal can only be done through bank transfer and is entirely fee-free. Also, withdrawal times are pretty similar to other online brokers, averaging about three working days for funds to reach your account.

Now, I do need to touch on one minor drawback, and it's the fact that DEGIRO does not currently offer a demo account. For a relatively experienced trader like myself, this wasn't an issue. However, for new traders who want to test out the platform first before committing, this could be a potential stumbling block in their decision to create a full account.

Commissions and Fees

Please note: This section may have out of date figures due to changes over time. Please check current commissions and fees on DEGIRO's website.

Commissions and fees are some of the most significant dealbreakers for me when it comes to deciding whether to sign up with a broker or not. They could have the best platform in the world, with the most extensive asset selection – yet if their fees are sky-high, it can really bring their rating down in my eyes. So, how do DEGIRO fare in terms of fees?

Well, DEGIRO positions itself as a broker with very low fees and commissions, which is a real benefit for retail traders. Compared to similar brokers, DEGIRO's fee structure is a lot cheaper when trading a range of assets. Buying or selling an individual share in the UK will cost a flat fee of £1.75, plus a commission of 0.014% (up to a maximum of £5 per trade). 

In addition, DEGIRO charges a small fee of €2.50 per year for each stock exchange you use (apart from the LSE). This charge is essentially just a fee to use their brokerage services to trade in other countries. Other than that, DEGIRO charges no account fee, no inactivity fee, no deposit fee, and no withdrawal fee.

In my opinion, one great advantage of using DEGIRO is that they offer to let you trade certain ETFs for free each month – no fees whatsoever! This is limited to one buy or sell and is only available on certain ETFs, but this is a great way to invest passively and save on commissions. As someone who does invest in ETFs, this was a really appealing factor for me.

Fees for trading in various markets

MarketFeeMax
United Kingdom
£1.75 + 0.014%
£5
USA€0.5 + $0.004/share
-
Germany – XETRA
€4 + 0.05%
€60
Germany – Zertifikate-Börse Frankfurt
€2 + 0.11%
-
Germany – Frankfurt (Stocks)
€7.5 + 0.09% 
-
Belgium, Denmark, Finland, France, Ireland, Italy, The Netherlands, Norway, Austria, Portugal, Spain, Sweden, Switzerland
€4 + 0.05%
€60
Canada€2 + CAD 0.01 per share 
-
Australia, Hong Kong, Japan, Singapore
€10 + 0.06%
-
Poland€5 + 0.16%
-
Hungary, Greece, Czech Republic, Turkey
€10 + 0.16%
-
ETFs
€2 + 0.03% 
-

Non-Trading Fees

DEGIRO
Account FeeNo
Inactivity FeeNo
Deposit FeeNo
Withdrawal FeeNo

Deposit/Withdrawal Methods

DepositWithdrawal
Bank TransferYesYes
Credit/Debit CardNoNo
Electronic Wallets
YesNo
Fee$0$0

Platform

I usually trade both on my laptop and my iPhone, so a broker with an attractive setup in terms of platforms is a must for me. My first experience with the DEGIRO platform was once I had got the confirmation that my account was open. I was able to trade, so I thought I'd dive in and see how the trading platform looked.

DEGIRO's web-based platform has a minimalistic feel – clean, simple, and fast. It can be used for not only trading but to conduct your technical analysis on too. They offer multiple indicators, tools and chart types to utilise, which was great as it meant I didn't have to keep switching back and forth between tabs.

Users can also access their platform on a wide range of devices, such as smartphones and tablets. Your trades/positions will populate in real-time if you switch from web to smartphone, which for me is a real plus, as it meant I could keep an eye on my investments when I was out and about. In my experience, trading platforms with the basics nailed down are the most efficient – DEGIRO has done that.

In addition, DEGIRO offers extensive security for your account when using their mobile app, with two-step authentication ensuring your details are never in danger. One tiny negative is the lack of price alerts, though. Sometimes it can be beneficial to set an alert for an asset when it reaches a specific price, and that alert can trigger a notification on your phone. As DEGIRO does not currently offer this, I did have to use another app to set my price alerts. It's not a massive deal, just a minor inconvenience, and something they could potentially implement in future.

Range of investments

The final aspect I wanted to touch on was the range of assets available to invest in. DEGIRO offers quite an extensive selection of securities to buy or sell, which is excellent as it means that you can get everything in one place. Stocks, bonds, options, ETFs, futures, and even crypto can all be traded through DEGIRO's service. However, they do not currently offer FX or CFD trading – so all you Forex traders out there will have to find another broker, I'm afraid! 

DEGIRO also allows you to trade on 30 exchanges worldwide, which provides an even broader range of potential investments. Over 5000 ETFs are available to invest in, and in terms of crypto, DEGIRO currently allows you to invest in either Bitcoin or Ethereum. This is pretty cool, as many brokers are hesitant to get involved in the crypto space, yet DEGIRO is evidently warming to the idea. 

Overall thoughts

So, let's wrap this up. In my opinion, DEGIRO is a great low-cost broker that can be appealing to new traders and experienced pros alike. Their easy account opening process, combined with minimal fees/commissions, mean that DEGIRO is one of the most straightforward brokers to trade with. 

Their platform is clean and straightforward to use, which is a real plus for me. DEGIRO also doesn't require a minimum deposit and doesn't charge any inactivity fees, which means they offer one of the cheapest ways to enter the market. Some people may be put off because they don't provide the option to trade FX, and I totally get that. However, in my opinion, if you are looking for a reliable, easy-to-use broker that charges minimal fees, then look no further. DEGIRO – you have my vote.

Overall Online Finance World DEGIRO Rating

★★★★★

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Investing involves risk of loss. Please check all terms and conditions.

 

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