DEGIRO REVIEW 2020 - Engine Forex (2024)

With this DEGIRO Review we tried to find out if Degiro is really one of the best Forex Brokers. We conducted an in-depth review to find out the answer and bring it to you!

DEGIRO is aDutchonline brokerheadquartered inAmsterdam, Netherlands. It was established in 2008 by a group of five former employees of Binck Bank to service the professionalstock tradingmarket. In September 2013, the company expended its offering toretail investorsinthe Netherlands.

In 2014 and 2015 DEGIRO then further expanded to offer itstradingplatformacross moreEuropeancountries.

Their Mission Statement says that “DEGIRO wants to provide added value by developing affordable, custom-madefinancial servicesfor investors worldwide.” Their Vision is “By combining technology and financial knowledge, DEGIRO creates high-quality and cost-effectivefinancial servicesfor everyone.”

• Forex Platform: MT4 + cTrader
• Head Office: Melbourne, Australia
• Founded: 2010
• Reviews: 9.1 – 8.6 - 427 reviews Trust Pilot
• ECN Forex Trading: Razor Account
• Spreads: From 0.1 pips
• Leverage: 500:1
• Cryptocurrency: 4 Crypto
• Guaranteed Stops: No

The actual DEGIRO fees highly depend on which underlying assets traders want to trade.

Overall,DEGIRO offerslow feeson all available financial instruments.Customers with DEGIRO accountscan trade shares, ETFs, options, futures, bonds, warrants and CFDs which are all subject tolow-costtrading feesthat are highly competitive.

There are noaccount opening, account keeping or any other hidden fees.

DEGIRO accountsdo not require a minimum balance and there is also no minimum deposit amount applicable.

Below are a few cost examples out of DEGIRO’s fee schedule:

Our test report reveals that DEGIRO is particularly convincing with its customer-friendly terms that go hand in hand with itsuser-friendlytrading platformand fastaccount opening.

Costs forCFD tradingare at a competitive level:

At present only underlying securities from the twostock exchangesEuronext Derivates ParisandLondonStock Exchangeare tradable. DEGIROCFD fees are €4.00 plus 0.04 percent (maximum €60) per order. As is the case with almost all brokerage firms there are possibly rolling costs as well as overnight fees or SWAP rates. Overall, DEGIRO CFD trading is at a competitive level, but due to the limited selection of underlying assets only interesting for certain traders.

Optionsandfutures tradingis already available for a very low order fee of just €0.75 per contract.

Forcertificatesandshares trading, customers pay a basic fee of €2.00 and a percentage order fee of 0.10 percent (certificates) or 0.008 percent (shares).

Here’s a quick example of DEGIRO’s fee schedule for some of their portfolio products:

DEGIRO customerscan contact theircustomer supportand trading desk Monday through to Friday from 7 AM – 9 PM CET via telephone or email. The company has received multiple and various awards in different countries for their excellent service and offering.

Our independent broker review revealed thattheDEGIROaccountopeningprocedure is very quick and straight forward. Clients can select to open either aBasic,Trader(also specialDay Traderprofile available)orActiveaccount as well as aCustody account.

AnActiveprofileprovides all the services of aBasicprofile with the addition of the Debit Money, Debit Securities and Derivatives services. Under this profile, use of Debit Money is limited to 50% of a client’s available margin. ATraderprofile provides all the services of a Basic profile with the addition of the Debit Money, Debit Securities and Derivatives services. Under this profile, clients have full use of 100% of their available margin.

ACustodyprofile, on the other hand, is different from a Basic profile in that the securities are held separately from the lending pool of DEGIRO clients’ securities and are thus unable to be loaned to third parties. Debit Money, Debit Securities, and Derivative trading is not available with a Custody profile and clients cannot change to an Active, Trader, or Day Trader account. A Custody Profile has different conditions and fees (custody fees).

DEGIRO provides its trading services to institutional and retail clients from Europe. The countries they now offer services to aretheNetherlands, Italy, France, Austria, Switzerland,Germany, Czech republic, Spain, Portugal, Poland, Greece, Hungary, Denmark,Sweden, United Kingdom, Norway, Finland and Ireland.

Americancustomers, as well as clients fromAustralia, Canada and Asia are currently not able to utilise DEGIRO’sfinancial services.

One negative aspect of DEGIRO is there verylimitedavailablefunding options. They currently only acceptbanktransfersandTrustlyinstant deposits (viabank account). There areno minimum deposit requirements.

Another problem is thatthere is no demo account availablewith the online brokerage. Since both novices as well as expert traders profit from demo accounts, it is not quite conceivable why DEGIRO has no such option available.

DEGIRO offersa large selection of financial instruments to their audience. Available products include shares, ETFs, options, futures, bonds, warrants and CFDs.

With DEGIRO traders have access to more than 50 globalstockexchanges, across 30 different countries. Clients can trade on variousstock markets, utiliseinvestment funds, leveraged products, ETFs, bonds, futures and much more.

Degiro customers can trade on theEurex derivativesexchange as well as on theEuronext Derivatives and Mercado Español de Futuros Financieros(MEFF) exchanges.

CFD tradingat DEGIRO is possible on underlying securities from Germany, Great Britain, Ireland, Belgium and France. Special trading software for CFDs is not offered. CFDs are traded on the Webtrader instead.

Forex tradingis also possible with DEGIRO. All European currencies and US dollars can be held as currency accounts.

Fourorder typesare available:

– Day Order

– Good Till Cancelled

– Limit Order

– Market Order

Further,over 940 corporate and 56 government bonds from around the world are available for trading. Precious metals, agricultural commodities and warrants, as well as vanilla options from more than 10 markets can be traded on theDEGIROplatform.

Overall, Degiro made a very tidy impression on us. Investors get a comprehensive overview of their portfolio, current indices, open orders, executed transactions and future dividend payments as soon as they log in. It is also possible to create a favourites list for individual values or ETFs, for example.

Which brings us to a small issue with Degiro’s offering:If you want to save on an ETF automatically, Degiro is not the right broker for you, at least for the time being. The firm does not yet have such an offer in their programme. We have looked into this further and checked with the company directly. The answer was that the introduction of ETF savings plans at a later date seems conceivable.

Moreover,no off-exchange trading is currently possible. The opening of the account itself, including the identification process, went quickly and smoothly. It was necessary to deposit from a reference account with another bank, with which we verified our identity by transferring funds to our brokerage account at Degiro. For security reasons, withdrawals are only possible via this account.