Degiro Review 2024
Website: www.degiro.com
Min. Deposit: US$ 0
Leverage: Margin Trading
Trading Platforms: Degiro Proprietary Trading Platform, Mobile App
Regulation: BaFin, AFM, DNB
Headquarters: Netherlands
Founded: 2008
Updated on March 22, 2024
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Our review process is comprehensive, considering a multitude of factors to provide a detailed and unbiased overview of forex brokers. This method involves an in-depth analysis of over 1000 brokers, assessing their service quality, platform features, fees, regulations, and customer support. We also consider user feedback and expert opinions to ensure our reviews are balanced and informative, aiding traders in making well-informed decisions.
Degiro stands as a prominent European online stock trading broker, offering investors the opportunity to engage in trading across a broad spectrum of financial instruments including stocks, bonds, options, futures, funds, commodities, and ETFs. Predominantly serving clients across various European nations such as the Netherlands, Germany, France, Spain, among others, Degiro further extends its reach to global markets including Australia, Japan, Hong Kong, and more. The broker is regulated by major European financial authorities including the German BaFin, the Netherlands Authority for the Financial Markets (AFM), and the Dutch Central Bank (DNB), adhering to European Securities and Markets Authority (ESMA) regulations. Known for its cost-effective trading solutions, Degiro offers competitive fees and is designed for investors with a long-term investment approach.
Pros
Offers competitive fees compared to traditional brokerages
Wide accessibility for investors of various experience levels
Provides access to a diverse range of global markets
Cons
Limited research and educational resources
Customer support responsiveness and effectiveness could be improved
Degiro is a legitimate stock trading broker, regulated by respected financial authorities such as BaFin in Germany, the AFM, and the DNB in the Netherlands. These regulations ensure that Degiro complies with legal and financial guidelines, providing a secure trading environment for its users. Therefore, it is safe to say that Degiro is not a scam but a reliable platform for trading various financial instruments.
Margin trading at Degiro allows investors to leverage their investments by borrowing funds from the broker. The leverage available can vary, influenced by the trader’s account equity and the specific stock being traded. Degiro offers margin levels in compliance with the regulations set by BaFin, AFM, and DNB, permitting European traders to utilize a maximum leverage of up to 1:30 for major currency pairs.
Degiro offers a diversified portfolio of account types, tailored to cater to the various needs of the investment community. The Basic account is structured for individual investors with standard trading requisites, ensuring a straightforward and cost-efficient trading journey. The Active account targets professional traders or those with higher trading volumes, enriched with advanced tools and features. The Trader account is designed to serve a wide spectrum of investors, offering a middle ground between the Basic and Active accounts. Lastly, the Day Trader account is specifically crafted for those engaged in frequent and intraday trading activities, equipped with features that complement this fast-paced trading style.
Degiro grants access to a broad spectrum of trading products, enabling investors to cultivate diversified and comprehensive portfolios. The range of products includes stocks, bonds, options, futures, Degiro crypto, funds, commodities, and ETFs. This extensive selection facilitates investors in executing both short-term and long-term investment strategies, accommodating various risk profiles and investment objectives. The Degiro Markets Range Score stands at 8.5 out of 5, reflecting a high ranking for its trading products, including some unique investment opportunities.
Our analysis indicates that Degiro offers competitive pricing, rendering it an appealing option for cost-aware investors. Nonetheless, it is important to note that specific fees may vary based on the account type, investment products utilized, and other factors. Consequently, investors are encouraged to consult the latest Degiro fee schedule and terms, as these may evolve over time. The overall rating for Degiro Fees, after thorough testing and comparison with over 1000 other brokers, is 8.5 out of 5, positioning it as low to average in the spectrum of all fees applied. While some services are offered free of charge, others may incur certain fees, as detailed in further comparisons below.
Degiro is acknowledged for its competitive commission structure through our test trade, offering investors an efficient and cost-effective trading experience across various financial markets. The platform maintains transparency and low commissions for transactions, facilitating trade executions without the burden of high fees. For example, commission rates for stock trades may start as low as €2 or €3 per transaction, contingent on the stock exchange. Yet, it is crucial for investors to be cognizant of potential transaction fees related to options trading and mutual funds, which may fluctuate based on specific scenarios. The overall rating for Degiro Commission, following our comparative analysis with other brokers, is 8.5 out of 5. This rating is attributed to the attractive fees embedded within the commission charges, which are both transparent and conducive to investment.
Opening a Degiro Live Account is regarded as a straightforward process, allowing for registration to be completed within minutes. By navigating to the “Open Account” page and providing the required personal data (including name, email, phone number, etc.), followed by verification of this data through the submission of necessary documentation (such as proof of residence and ID), and completing an electronic quiz to confirm trading experience, users can activate their accounts. Subsequent to account activation and verification, users are advised to proceed with depositing funds into their accounts.
The broker offers various funding methods to simplify deposits into user accounts. Popular methods include bank transfers, which allow users to directly transfer funds from their bank accounts into their trading accounts. Additionally, there may be options to fund accounts using credit or debit cards, though the availability of such options depends on the trader's location and local financial regulations. The broker's funding methods received a commendable score, with an overall rating of 4.3 out of 5. Fees are competitive, and the broker supports multiple account-based currencies, enhancing convenience for traders worldwide.
Here are some positive and negative aspects identified for the broker's funding methods:
The broker does not require a minimum deposit for opening a new account, which is a significant advantage compared to the common minimum deposit requirement of $500 among many other brokers.
Regarding withdrawals, the broker allows traders to use the same methods for withdrawals as for deposits, such as bank transfers. While the broker usually does not charge for withdrawals, traders should be aware of potential fees from bank transactions or currency conversions, which vary depending on individual circumstances and the financial institutions involved.
Withdrawing funds from the trading account involves a straightforward process:
Login to your account
Select 'Withdraw Funds' from the menu tab
Enter the withdrawal amount
Choose the withdrawal method
Complete the electronic request with the necessary requirements
Confirm withdrawal information and submit
Monitor the status of the withdrawal through your Dashboard
The broker provides a user-friendly and intuitive trading platform designed for a diverse investor base. The platform features real-time market data, advanced charting tools, and an efficient order execution system, allowing investors to access a broad range of trading products, monitor their portfolios, and execute trades seamlessly.
The platform is accessible as both a web-based application and a mobile app, providing flexibility for users to trade on various devices. The platform's usability and performance earned it a rating of 4.3 out of 5, comparing favorably against over 1000 other brokers.
The mobile app, according to our analysis, offers a streamlined and efficient mobile trading experience. It provides realtime market data, allowing users to stay updated on market trends and execute trades conveniently. The app's intuitive interface enables easy monitoring of investments, access to charts, and order placement from mobile devices, catering to both novice and experienced investors alike.
The broker's customer support is accessible 24/5 via email, phone, and social media channels. However, there have been mixed reviews regarding the responsiveness and effectiveness of the customer support team. Potential users are advised to explore the available support channels, such as email or online help desks, and consider the platform's customer service model when selecting this broker.
The customer support quality is rated at 3.9 out of 5, based on our evaluation. For the most current information on the state of their customer support, it is recommended to consult recent user reviews, forums, or the broker's official communication channels.
The broker offers educational resources aimed at enhancing investors' understanding of the financial markets and investment strategies. While the platform is known for its cost-effective trading options, users have access to articles, tutorials, and guides to further their knowledge.
The educational materials cover a wide range of topics, catering to both beginners and experienced investors, and offering insights to aid traders in making informed decisions. However, the scope of educational content may not be as extensive as that found on some other platforms, and investors might need to seek additional resources. The broker's educational offerings are rated at 4.0 out of 5, based on our research, indicating good learning materials for investors.
In conclusion, the broker distinguishes itself with its cost-effective trading options, competitive fees, and a user-friendly platform, providing access to a wide range of global markets for portfolio diversification. Although its educational resources and customer service responsiveness have room for improvement, the firm remains a favored option for those seeking affordable and accessible online brokerage services.
The broker is recommended for:
Stocks and Options trading
European investors
Investing
Direct market access
International traders
Competitive conditions
Low fees
Advanced traders
Professional trading
Commissionbased trading
Overall, the broker offers a solid trading environment. However, prospective users are advised to conduct thorough research and consider if the broker's services align with their specific trading needs.
