DEGIRO was created in 2013 as a wholesale broker in the Netherlands before branching into retail stockbroking throughout Europe. They operate across 18 countries online and via their mobile app, making the award-winning broker one of the largest in Europe.
This review of DEGIRO will focus on the things that make DEGIRO a unique, yet stable choice for UK customers looking for various types of trading. We will focus on the experience they offer their customers and how they use low fees and technology to separate them from the rest of the pack. Is DEGIRO good? Read on!
Risk notice: Investing involves risks. You can lose (a part of) your deposit. We advise you to only invest in financial products which match your knowledge and experience.
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A review of DEGIRO revealed that the company does not offer any special deals for its new customers. Instead, DEGIRO focuses not only on the experience of new customers, but on providing a great customer experience for all of its investors. To that end, DEGIRO uses a simple online structure for customer registration and then offers support through its “Investor Academy,” a hub where new customers can learn more about the investment experience and how DEGIRO can improve it. Unfortunately, there is no DEGIRO demo account available yet where you can test trading risk-free.
New customers can register online with DEGIRO by clicking the yellow ‘Open an Account’ button that can be found on the home page. This will take you to the short registration form, where you’ll need to add an email address, username and password. Email verification is then sent to your account to complete your registration. The easy and tech-driven registration is completed via a mobile app. When prompted, you download the DEGIRO app from the web link and then add your identification documents and provide your international banking number. These are used to prevent cybercrime, and can take a couple of days to verify. Once completed, you’re ready to trade.
Remember to check out our Review of BDSwiss and our review of Mercatox!
One of the most pleasant aspects of the DEGIRO website is its usability, like our Zeply Review. The design is clean and fresh, with a blue and white colour scheme that makes finding information a breeze. At the top of the page, you’ll find all the information you’ll need to know. A login section can be found on the right, whereas the top header allows you to scrutinise the platform, read DEGIRO´s fees (some of the lowest in Europe), and also learn about the markets offered on the DEGIRO site and app.
While DEGIRO trades in many different asset classes, cryptocurrency is not one of them. As such, you’ll need a separate broker if you intend to trade cryptos such as Bitcoin or Ethereum. One option in this regard is Plus500 who offer CFD trading on a number of cryptocurrencies or take a look at our Etoro review UK for a provider who’s practice account is very easy to use.
DEGIRO offers five different account types to their traders, depending on their level of expertise and the type of trading they prefer. Inactivity fees are charged on all accounts.
Basic Account:
The basic account allows trading on shares, bonds, investment funds, trade leveraged products and warrants while benefiting from DEGIRO´s low fees. There are some restrictions to the basic account, namely, those looking to buy on margin won’t be able to and going short is not allowed. Basic account customers also cannot trade options or futures.
Custody Account:
A custody account has similar restrictions to a basic account, but there are also restrictions on leveraged products and warrants. Securities from a custody account are held separately to the usual lending pool and are not used for third party loans. As such, there are account restrictions such as no free dividend and coupon processing or real-time prices on Euronext exchanges, but fees remain low.
Active, Trader and Day Trader:
Active accounts have none of the above restrictions, giving more flexibility when trading. In addition, you are also able to buy with up to 50% of your margin should you want to do so.
A trader account is similar to an active account, but benefits from allowing the user up to 100% of your available margin.
The most liquid of all trading accounts, the day trader account has all the benefits of the above accounts, but instead of allowing you up to 100% of your available margin, you can also apply for an amount higher than that if you so wish. Whether you will be accepted for a larger margin depends on a lot of factors, including your creditworthiness and trading experience.
Fees –
A review of DEGIRO fees found some of the lowest in Europe, comparing favourably to the likes of Plus500 and eToro. You’ll be required to pay just £1.75 + 0.014% per trade completed in the UK, with a cap of just £5 per trade. There are no restrictions on how many trades you can complete per month, which is different from the setup of CMC Markets, which have different trading tariffs depending on the number of trades completed.
Other fees include a 2.50 euro fee per year to cover trades that are not from the UK Stock Exchange, a reasonable connectivity fee to allow you access to numerous other markets.
Custody accounts, as mentioned above, have a different fee tariff. For UK customers this currently stands at 1 euro + 3% of the dividend.
You’ll also find other trading charges depending on the exchange used. Most trades using European exchanges are charged at 4 euros with 0.05% per trade, for example, and Australia, Japan, Hong Kong and Singapore are charged 10 euros + 0.06%.
Is there a DEGIRO demo account? Next up in our DEGIRO review for UK customers are the trading platforms on offer at the Dutch broker. There are a couple of topics to mention here, the first is all about the DEGIRO online trading platform and the second is how it can be accessed.
Firstly, it’s worth pointing out that there is no demo account available at DEGIRO . While we’d usually view this as a negative – using a demo account DOES allow you to learn the platform quickly – in this case, we can understand why. The DEGIRO online trading platform is simple to use. There’s no need for a demo account because whether you’re accessing it online or via mobile it’s intuitive layout means you don’t need a run through first.
The trading platform is popular online. DEGIRO has spent time making sure their website is as equally striking and navigable on a mobile device as it is on a desktop. But for those reading the DEGIRO review UK hoping for an app, we won’t disappoint. DEGIRO´s trading platform can also be accessed on the go using an app downloaded from their website. We downloaded it ourselves and was pleased to know it only took a few seconds to get setup. No need to miss out on an upcoming trade deal.
Oooh, we’re bringing on the big questions now – ‘Is DEGIRO Safe?’ Those are the words on everyone’s lips. We’re pleased to say, yes, we believe so! All DEGIRO financial transactions are kept secure using SSL encryption, the kind they use on some of the biggest, most data-intense sites. As a trader, you can also ensure that your account stays safe by protecting your personal information. Don’t allow anyone else to access your financial trading account, and don’t forget to add 2FA security to your account to keep pesky cash predators at bay.
When making a deposit on DEGIRO´s online trading platform, you can do so in the following ways:
Bank transfer
That’s it!
While this may be disappointing for those who have placed deposits on financial trading platforms using card or e-wallet payments, DEGIRO aims to keep your data and their transactions safe and secure. To do this, they require bank transfers from a registered account that they have verified. It’s just another way of them keeping their customers and their platform safe. There are no fees charged for making a deposit with DEGIRO, and no fees are charged for withdrawals either. Is DEGIRO safe? With their simple and effective payment transfers, they aim to be so.
DEGIRO has done everything so well so far, so let’s see how they do for customer service. Is DEGIRO a legit customer service machine? Our sources say yes! The first thing we found with the DEGIRO website was how they cater towards empowering the customer. There is a large amount of information on their website aimed at educating traders on their chosen field. A lot of this is found under the ‘Knowledge’ tab, but more help can also be found under the – you guessed it – ‘Help’ tab, too. This section is one of the most detailed and informative website FAQs we’ve ever seen. Not only will you find information on the most commonly asked questions such as ‘How do I make a deposit?’ and ‘What type of profiles does DEGIRO offer?’ but this is added alongside detailed information on products such as Morgan Stanley’s liquidity funds and the investment portfolio risk standards. All in all, this is the most transparent financial website we’ve seen.
If, however, you can’t find the answer to a question you have burning away inside you, contact the DEGIRO customer service team. Being based in the Netherlands, the team can communicate with customers in a range of languages, including German and English any time between 7:00 am and 9:00 pm. You can also get in touch via email or send your orders to the order desk at their dedicated email address.
A review of DEGIRO’s international regulations brings up an interesting point. One of the most important aspects of any review is whether you can trust the broker. With DEGIRO, there is never any doubt about that. This is because DEGIRO not only adheres to its own terms and conditions, but also works with international financial regulators to ensure that the operating company’s terms and conditions are adhered to. First and foremost, DEGIRO is supervised and regulated by the German financial regulator (BaFin). In the UK, DEGIRO works with the Financial Conduct Authority (FCA) to ensure that it operates legally here. All companies registered with the FCA must offer deposit protection for funds held on behalf of UK residents. This covers up to £85,000 of funds in the event that DEGIRO goes bankrupt. This should reassure the average trader, but you may need to take additional security measures if you plan to trade more than this amount.
It is also worth pointing out again that if you are worried about the added risks of financial trading, you can opt for a custody account that keeps your finances separate from the usual loan pool.
DEGIRO has a mission. Their mission is to provide their users with added value, while providing financial services that are recognised worldwide for their greatness and customisation. It’s a mammoth of a task, and one which it seems DEGIRO is not taking lightly.
They were created in 2013. Since then, DEGIRO has won 66 awards including Best Stockbroker, Best Customer Service and Fairest Online Broker throughout Europe. Countries such as Germany, the Netherlands and the UK have awarded them for their hard work. In Spain, they have won Best Stockbroker multiple years in a row. Congratulations like this don’t just happen overnight. But when we delve deeper into DEGIRO´s website, we understand why they have earned so many accolades.
There’s something a little different about DEGIRO. Something that feels a little more wholesome and trustworthy than the average financial broker, and that’s as much down to their transparent content as it is their great customer service background and strict regulations that see them registered with the Chamber of Commerce in Amsterdam. When people ask us ‘Is DEGIRO Safe?’ there is no fear in our mind that they are, even though their existence has been short.
For the future, we’d like to see them take on a larger number of payment methods. Only then will they be able to compete with the big industry names of Plus500, eToro and CMC Markets. This can allow them to expand and attract new customers, although we’re sure that to do so, they’d have to further invest in the tech that they’ve used to build a modern mobile and online brand.
‘Futures’ is the term used to describe the purchase of a stock, commodity or other financial instrument at a predetermined point in the future. When purchasing futures, the person you purchase from is not known to you. They’re made at a fixed price, ensuring that you make a deal that suits you and the other party.
DEGIRO charges connection fees, transaction costs and settlement costs on all future trading. The latter are paid only on expiration, not before. Futures are considered high risk, so it’s possible that you may be charged a high margin cost from DEGIRO to counteract the risk. For this reason, active, trader and day trader accounts are more suited to futures trading.
Futures are traded on a number of affiliate derivative exchanges including the Euronext Derivatives Amsterdam, the Euronext Derivatives Brussels and the NASDAQ OMX Nordic in Stockholm, Copenhagen and Helsinki.
Our DEGIRO Review UK found that there are 14 different derivative exchanges available for Futures, currently. Please check the DEGIRO website for the most up-to-date list.
Options allow you to buy or sell a specified number of securities for a pre agreed price. The underlying asset can be an index, commodity or share. You can choose to agree to buy or call your options. If you call, you’re under no obligation to buy at the underlying asset at the price agreed.
The costs charged by DEGIRO vary depending on the number of securities purchased and the type of security purchased. With this in mind, we’ll direct you to the DEGIRO website for detailed information on this. You’ll also be given an exact breakdown of fees at the time of creating your options trade.
Options trading can be completed at DEGIRO on indexes, equity, volatility and fixed incomes. Of these, the latter is considered higher risk because of the risks involved. For further details on the risks of options trading, DEGIRO has created a Key Information Document which can be found on their website and is updated regularly.
Options come in two different varieties, the American version and the European version. American options can be exercised at any time before the pre-agreed price, whereas European options can only be exercised when the pre-agreed price has been met.
At the risk of getting gushy, this DEGIRO review for UK traders is one we loved to write. We are firmly behind the concept of a broker website and app where traders are not penalised for every trade they make, rather they make the number of trades they need to do, safe in the knowledge that the fees they will pay are some of the lowest in Europe. This is DEGIRO´s calling card of low fees and high tech – and it works. By taking a modern, inspired approach to trading and backing it up with extensive security measures, the result is a fresh new take on financial trading with a glut of different asset classes to explore.
Risk notice: Investing involves risks. You can lose (a part of) your deposit. We advise you to only invest in financial products which match your knowledge and experience.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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