1. Home
  2. >
  3. Reviews
  4. >
  5. DEGIRO Review

DEGIRO Review

DEGIRO is a Dutch (now German-owned) broker known for its access to a huge number of products as well as fees that cut almost every other broker off at the knees. With 450,000 customers and 17 million transactions (in 2018), DEGIRO is generating serious revenue and buzz.

But who is DEGIRO for, and is it worth signing up?

The field of discount brokers grows more crowded by the day, but one of the broker platforms that continuously stands out from the crowd is DEGIRO, a European firm famous for its low fees.

Our DEGIRO review walks you through everything you need to know about this low-cost broker including how to set-up your first account.

Remember: Investing involves risk of loss

Deemed authorised and regulated by the Financial Conduct Authority. The nature and extent of consumer protections may differ from those for firms based in the UK. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website

Degiro Rating Summary

Overall Rating: 9/10
90%
Fees: 10/10
100%
Account opening: 10/10
100%
Deposit and withdrawal: 7/10
70%
Trading platform: 8/10
80%
Markets and products: 9/10
90%
Research: 3/10
30%
Customer service: 7/10
70%
Education: 4/10
40%

Pros

One of the lowest fees on the market
Well designed and easy to use trading platform
Quick, easy account opening

Cons

Limited research and education available
Unable to deposit using credit or debit card
No availability for Forex
Deposit with credit/debit card

Degiro UK Review

Product Range

When looking for the right broker, you typically want a platform that grants you the most access to a large number of products. DEGIRO opens up a whole new world of trading that you previously needed both a personal stockbroker and a significant budget to access.

The full list of Deigro products and order types in 2020 includes:

  • Shares
  • Investment funds
  • Exchange-traded funds (ETFs)
  • Futures
  • Leveraged products
  • Bonds
  • Options
  • Warrants

With so many products, DEGIRO can cater to passive investors who maximised their UK tax-free accounts and want to invest additional funds in ETFs. However, DEGIRO also offers enough products for day traders. The only thing the team doesn’t provide is forex trading.

Degiro Product Range
DEGIRO also offers access to more stock exchanges than the typical DIY investor might want. You have access to 22 European stock exchanges, four North American exchanges, and four Asian exchanges. Are you looking for a specific exchange? We’ll add the full list of financial markets and exchanges at the end of this section.

Your bond choice is limited to six European exchanges, but they are the largest ones.

You can invest in ETFs on 19 exchanges. You have access to the best European ETFs as well as those on two exchanges in Asia and Oceania. However, you don’t have access to ETFs listed solely on North American exchanges. Some investors consider this a deal-breaker given the performance of U.S. ETFs and the fact that other competitive brokers allow you to buy U.S. ETFs.

Finally, DEGIRO promotes futures trading on 14 exchanges as well as trade options on 12 exchanges.

Stock Exchanges Europe:

  • Euronext Amsterdam
  • Euronext Brussel
  • Euronext Paris
  • Xetra
  • Borse Frankfurt
  • London Stock Exchange
  • Vienna Stock Exchange
  • SIX Swiss Exchange
  • OMX Copenhagen
  • BOlsa de Madrid
  • OMX Helsinki
  • Athens Stock Exchange
  • Budapest Stock Exchange
  • Euronext Dublin
  • Borsa Italian S.p.A.
  • Oslo Stock Exchange
  • Warsaw Stock Exchange
  • Euronext Lisbon
  • OMX Stockholm
  • Prague Stock Exchange
  • Istanbul Stock Exchange

North American Exchanges:

Asia and Oceania Exchanges:

  • Australian Securities Exchange
  • Hong Kong Exchange
  • Tokyo Stock Exchange
  • Singapore Exchange

Research Services & Tools

When you practice active trading, the platform becomes far more important than it is with a fix-it-and-forget it managed SIPP or ISA. There’s a lot of debate regarding whether budget trading platforms can offer the features you need to succeed.

DEGIRO’s calls its trading platform WebTrader, and you get full access both on the web and through the recently launched mobile app.

WebTrader grants you access to your complete portfolio, order capabilities, real-time streaming quotes, and market news. The app does allow you to work quickly: a QuickOrder button sits at the top of the page so you won’t miss a beat. You also place orders either order value or number of stocks, so you always know what and how much you’re buying. You can also add products to your Favourites, which saves you time when buying and selling.

Because DEGIRO sells individual assets and caters to novice investors, it doesn’t provide any meaningful resources for research or education. Instead, DEGIRO runs what it calls its Investors Academy, which functions as an online training course for those who have never made a trade before. Some of the topics the DEGIRO Investor Academy covers include:

  • What kind of investor are you?
  • What is a broker?
  • Basic financial products
  • Complex financial products
  • What determines the price of a stock?
  • Choosing your first stock
  • Order types
  • Spreading risk is the key
  • Thinking ahead

All lessons come in video format as well as in a text version.

These concepts walk you through an introduction to trading from deciding whether investing is right for you to placing your first order to creating a long-term strategy. The lessons are by no means in-depth, but they are a refresher for someone with an interest.

Even charting and predictions fall by the wayside. They exist, but they’re very much average and cater to those just getting started with investing. DEGIRO also doesn’t offer basic features like stock alerts.

However, the lack of investment in these items does allow DEGIRO to offer trading at a cost that’s substantially lower than its competitors.

In other words, if you want an all-in-one, sophisticated platform, then you need to pay for it. DEGIRO works best for investors willing to sacrifice the tools in favour of lower fees.

DEGIRO Fees & Charges

DEGIRO’s fees are significantly less than its competitors. You’ll pay £1.75 + 0.014% per trade when you trade individual shares in the UK. The maximum charge is only £5 per trade. Plus, the same rules apply no matter how much you trade per month.

The other trading charges for stocks, leveraged products, and warrants depend on the exchange used:

  • Germany – XETRA – 4.00 EUR + 0.05%
  • Germany Zertifikate-Borse Frankfurt -2.00 EUR + 0.11%
  • Germany – Frankfurt (Stocks) – 7.50 EUR + 0.09%
  • Austria, Belgium, Denmark, Finland, France, Ireland, Italy, The Netherlands, Norway, Portugal Spain, Sweden, Switzerland – 4.00 EUR + 0.05%
  • Poland – 5.00 EUR + 0.16%
  • Czech Republic, Greece, Hungary, Turkey – 10.00 EUR + 0.16%
  • Canada – 2.00 EUR + CAD 0.01 per share
  • Australia, Hong Kong, Japan, Singapore – 10.00 EUR + 0.06%

Your total cost ultimately depends on the exchange you use and whether or not it’s in your own currency. Clarity on foreign transaction fees shows real room for improvement

You also pay 2.50 EUR per year as a connectivity fee for every exchange you trade on that is not the London Stock Exchange.

As with most stockbrokers, you will always pay a hefty fee for any trades you make over the phone.

You’ll also pay a dividend fee when you use a DEGIRO Custody account. Right now, the fee is 1 EUR + 3% of the dividend. It caps at 10% of the total dividend. We’ll talk more about the difference between accounts later in the DEGIRO review.

Here’s something new: DEGIRO offers free ETF trading on certain products each month. If you are a passive investor looking to stick to ETFs, then you can save a bundle. In theory, you can even build a complete portfolio based on free ETFs.

Non-Leveraged products

DEGIRO offers the chance to buy non-leveraged stocks, ETFs, bonds, futures, and options. As noted above, you have access to a few dozen financial markets, so there’s no shortage of opportunities to trade with DEGIRO.

Leveraged products

DEGIRO also allows you to leverage some of your stocks and ETFs. DEGIRO allows you to buy on margin while assessing very low interest rates. You can also use options for leverage.

If you want to buy leveraged products, you have access to them via three European exchanges:

  • Euronext Access Paris
  • Xetra
  • Borse Frankfurt

Your choices are limited, but given DEGIRO fees, they are worth considering if leveraging funds is important to you.

DEGIRO ISA Review

DEGIRO operates in the United Kingdom, but it doesn’t provide tax-wrapper accounts like the ISA. Instead, DEGIRO is a no-frills stockbroker.

DEGIRO SIPP Review

DEGIRO operates in the United Kingdom, but self-invested personal pension products (SIPP) aren’t available.

DEGIRO Platform Review

The DEGIRO platform is a no-frills operation that caters solely to investors willing to give up tools and toys to save – really save – on fees. As a result, the typical DEGIRO review tends to focus on what the platform lacks rather than what it offers because its value proposition is solely on cost savings. We don’t think this is an appropriate way to go, particularly given the value the broker offers.

DEGIRO offers five account types:

  • Basic
  • Custody
  • Active
  • Trader
  • Day Trader

It’s worth noting that although the DEGIRO platform is user-friendly, DEGIRO doesn’t offer a demo account. There’s no way to play around with the platform without committing money. So, if you’re not someone who dives into new sites quickly, then you might consider another low-cost option that includes this feature, like a free account.

Degiro Platform Review
Let’s talk about the different accounts. You need to know what account type you want before you sign up because you can’t switch accounts once you sign up. To switch between two accounts, you need to create a whole new account, and even if you do that, DEGIRO treats them as two separate accounts, which means you pay transfer fees.

The Basic account is strangely named because it’s the most versatile account offered by DEGIRO. You don’t have access to leveraged products, but you also don’t pay the extra fees.

If you’re interested in leveraged products, then you need to choose an Active, Trade, or Day Trader account.

Here’s the big thing you must know before you set up an account with DEGIRO. When you have all accounts bar the Custody account, DEGIRO lends share positions to third parties. Doing so helps them keep fees low, and it can be of benefit to you. However, you lose your money if both DEGIRO and third party go bust at the same time. When you combine this strategy with the lower protection threshold from the Dutch regulator (20,000 EUR vs. £50,000 from FCIS), cracks start to form. In an ideal world, DEGIRO wouldn’t make it the default option and would instead allow you to opt-into an account that offers this.

Another reason to reconsider DEGIRO is Brexit. DEGIRO can operate in the UK under the umbrella of EU law. If or when the UK formally leaves the EU, DEGIRO may shutter its UK operations, essentially leaving you out in the cold as well as facing a tax bill for selling your assets. With the UK’s exit increasingly likely and imminent, it’s important to consider whether low fees are worth trading on the platform for less than six months.

Finally, there are a few complaints that crop up among users. There are no instant execution or price alerts, which irritates regular traders. The exchange fees can also be hard to spot, but this isn’t uncommon for an online broker. Each exchange carries its own fees, and hidden fees are unfortunately part and parcel of trading.

Before we wrap up, it’s important to note that you need to consider tax efficiency before trading with DEGIRO. DEGIRO doesn’t offer any tax-efficient accounts nor does its existing account offer any tax-efficient features. There’s no opportunity for automatic dividend reinvestment, so you will need to keep a close eye on your accounts at the end of the tax year. Is this a reason to steer clear from DEGIRO? Not at all. If you have a savvy accountant, then the savings from cheaper execution rates may offset what you spend on increased taxes. You’ll need to decide whether you believe in the idea that it’s better to make the money and pay tax on it then to never have made the profit at all.

Opening an Account

You can open your DEGIRO account in as little as ten minutes. However, it will take two or three business days for full access to the DEGIRO WebTrader platform. Your first account is the Basic account, but you can add on the other options once you’re up and running.

To get started, DEGIRO allows people from 18 countries to open an account, to simplify things if you are resident in the UK, EU, Norway or Switzerland you are fine, outside of these countries sadly you will have to find an alternative provider.

If you’re a UK citizen, you must use a bank located in England, Scotland, Wales, or Northern Ireland. DEGIRO doesn’t accept transfers from Jersey, Guernsey, Gibraltar, or the Isle of Man. It also doesn’t accept transfers from UK overseas territories.

Once you complete the registration form, you need to manually transfer money to your new DEGIRO account. You don’t have to spend much: the minimum deposit is only £0.01. Once the transfer reaches your DEGIRO account and the team clears your identification, you can then begin trading. The good news is you can use Instant Deposit for free when you open the account. Though, it will cost fees after yous tart trading. DEGIRO doesn’t allow you to fund or withdraw using your credit or debit card. You need to manually transfer every single time you fund your account.

Your UK passport will allow you access to DEGIRO for now, but it’s unclear whether you can maintain a DEGIRO account in 2021. If you are a dual-citizen and hold a passport from another EU country, then you can technically use DEGIRO, but you will still need a European bank account. For example, if you also hold citizenship in the Republic of Ireland, you need to fund your DEGIRO account with a bank in the Republic of Ireland.

DEGIRO doesn’t allow you to connect a bank account from:

  • Bulgaria
  • Croatia
  • Cyprus
  • Estonia
  • Latvia
  • Lithuania
  • Malta
  • Romania

Transferring Your Investments to DEGIRO

As with most brokers, there’s no real way to transfer your investments to DEGIRO. If you want to close your current account and open a new one, you’ll need to sell your investments, withdraw, and then fund your DEGIRO account with the minimum deposit via bank transfer.

Customer Service

DEGIRO garners mixed customer service reviews. Some love it, and some say that the service is the worst they ever experienced. Again, DEGIRO doesn’t exist to cater to the whims of its clients. If you want a personal broker, then you need to pay management fees. Its low-cost status may be at the heart of some of the more visceral complaints people leave on its TrustPilot page.

To get in touch with customer service, you’ll need to phone or send an email. They also provide customer service in 18 languages, so there are no worries if you don’t speak Dutch or German.

Unfortunately, DEGIRO doesn’t provide chatbots or internal mail. If you have a very pressing query, you really do need to pick up the phone. They do offer support between 7 AM and 9 PM on weekdays, which would be generous for an ISA platform but is less so for a broker providing access to Asian and Australian markets.

Even still, DEGIRO has won awards for its customer service, so it’s clearly doing something right, at least in terms of industry standards

Who is DEGIRO Suitable for?

DEGIRO is a great platform if you understand the fundamentals of investing and your big interest is finding the lowest fees. It’s incredibly cheap, offers more products than the typical investor needs, and you can use the instant transfer to set your account up on the same day.

It can be used as a novice investor and some say it only caters to novice investors. However, there’s nothing stopping experienced investors from trading with DEGIRO as long as you have access to the resources you need elsewhere. Remember that charting is basic and there are no price alerts or stock suggestions. If you’re used to frills, you need to adjust expectations.

Who wins when the trade with DEGIRO? While investment always come with the risk of losing everything, those who want to trade ETFs are likely to be the big winners, especially if you focus on DEGIRO’s free ETF of the month.

DEGIRO FAQs

Who owns DEGIRO?

DEGIRO is one of the largest retail stockbrokers in Europe. Although the company is a Dutch one, in December 2019, Germany’s flatex AG announced its intention to acquire 100% of DEGIRO. At the time, it owned 9.4% of the company. The final 90.6% should come under flatex’s control in the second quarter of 2020, pending formal regulatory approval from the Dutch government and relevant authorities. However, the group chose to leave DEGIRO brand in place.
flatex’s acquisition made DEGIRO one of the largest stockbrokers in Europe. Early in 2020, Muhamad Charour, flatex AG’s CFO, said he expected the acquisition to help the company reach 1 million customers within 2020. DEGIRO had 450,000 customers in 2018.

Who regulates DEGIRO?

DEGIRO isn’t based in the UK, which means the Financial Services Compensation Scheme (FSCS) doesn’t protect your money. Instead, you need to turn to its home regulator in the Netherlands – the Dutch Autoriteit Financiele Markten (AFM). The Dutch authority only protects up to 20,000 EUR from failure. Additionally, you need to go through the Dutch regulator if you have any complaints as the UK Financial Ombudsman Service has no authority here.
DEGIRO is also registered at the Financial Conduct Authority (FCA) in the UK under number 595455
The company boasts 65 international awards, including Best Stockbroker 2019 and Best Customer Service 2019 from Rankia (Spain). In the UK, DEGIRO won Best Broker for Stock Trading 2020 from BrokerChooser.
DEGIRO also partners with well-known groups and exchanges including:
CME Group
Euronext
Eurex
Borsa Italian Italian Exchange
NASDAQ
Xetra
What about cybersecurity? While no site is ever 100% safe, DEGIRO does use two-factor authentication, which adds an extra level of security.

How do I close my account at DEGIRO?

To close your DEGIRO account, you need to send an email to clients@degiro.co.uk. It can take a few days for the customer service team o answer you. Once your request is received, they close your DEGIRO account and return any deposits to your nominated bank account via bank transfer.

How to withdraw money from DEGIRO?

You can withdraw money into your bank account from WebTrader. All you need to do is log in and choose ‘Deposit/Withdraw’. Then, you ‘Transfer funds from your investment account to your nominated bank account’.
Unfortunately, there’s no way to deposit or withdraw via your credit or debit card. Everything happens via bank transfer.

Is DEGIRO any good?

If you’re looking for a low-cost broker and you aren’t concerned with an all-in-one, sophisticated platform, then yes, DEGIRO is a good choice. If anything, it offers you the chance to trade a long list of exchanges and choose between as many products, even if it doesn’t provide forex trading. The WebTrader platform is easy to use and the customer support is decent. The mobile trading platform loses functionality, but that’s hardly different from most other brokers and platforms. Although a demo account would be ideal, anyone who isn’t brand new to share dealing should be able to figure out how to open an account and start using the trading platform.
DEGIRO is also financially solvent and expected to grow as flatex AG takes over, so you could see improvements in DEGIRO’s core features. If you’re interested but waiting to see what happens next, check out the inevitable DEGIRO review update likely to arrive later in the year.

How to contact DEGIRO

If you want to contact the DEGIRO UK, you can contact the Service Desk between 7AM and 9PM. Your options include:
Email: clients@degiro.co.uk
Phone: +44 (0) 20 3695 7834
If you have a complaint, then you can email complaints@degiro.co.uk

6 Comments. Leave new

  • If the new EU/Brexit deal is approved and passed – will UK based citizens still be able to trade with the Degiro still able to buy & sell UK LSE listed companies through the Degiro platform & at the current trading fees?

    Reply
    • Hi David

      This is a great question. Official feedback from Degiro is as follows: Degiro is “Deemed authorised and regulated by the Financial Conduct Authority. The nature and extent of consumer protections may differ from those for firms based in the UK. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website”.

      The FCA explanation can be found here: https://www.fca.org.uk/brexit/temporary-permissions-regime-tpr and the FCA says: “the TPR will allow you to continue operating in the UK within the scope of your current permissions for a limited period after the end of the transition period, while you seek full UK authorisation, if required. The TPR covers both your firm’s pre-existing business and any new business entered into during the TPR”.

      So to summarise, as the UK is such an important market, getting the FCA authorisation for EU firms makes perfect sense and there is a system in place by the FCA to manage the transition.

      Kind Regards
      Peter

      So basically there are temporary measures in place while things get settled down

      Reply
  • Dear Peter

    Thanks for your review. Very useful.

    I’ve been using DEGIRO for about 8 weeks now, due to its very low fees, for which I cannot fault it. However, I have maintained my Hargreaves Lansdown (HL) Share Trading Account and I’m glad I did.

    A few issues I’d like to highlight with the DEGIRO platform:
    • Unable to trade in some top UK Stocks e.g. Scottish Mortgage Investment Trust (SMT – FTSE100); Virgin Money UK (VMUK – FTSE250); Edinburgh Worldwide Investment Trust (EWI – FTSE250) for some unknown reason. Can you throw any light on this?
    • Limit Orders: cannot set Sell Orders for greater than 20% of current Sell Price and cannot set Buy Orders for less than 20% of current Buy Price. Of course, in this current volatile market climate, with good news about vaccines, etc. and bad news about lockdowns, etc. coming out unexpectedly, the 20% limit isn’t appropriate i.e. it’s too low. One of my Stockholdings shot up significantly more than 20% on 9th November 2020 and caught me out because I’d set a Sell Order at the 20% limit. I’m sure there were many similar instances for other DEGIRO clients. (These limits are referred to as upper bounds and lower bounds by DEGIRO).
    • When you want to place a manual trade, DEGIRO doesn’t give you the opportunity to accept a Buy or Sell ‘Quote’ Price. Once you click Confirm, the manual order is placed at ‘Market’ Price, so you don’t get an opportunity to review the Price you’re getting. This is especially frustrating with volatile Stocks where the Price fluctuates a lot.
    • When you set a Limit Order to Buy or Sell, DEGIRO invariably gives you exactly the Price you have set. In other words, you never, in my experience, get a slightly better Buy or Sell Price. This is not the case with HL.
    • The ‘Market’ Buy or Sell Prices offered by DEGIRO are often less than advantageous than those offered by HL, for example. In one instance I recall it was significantly so. So much so that even with DEGIRO’s low fees, it would have been better to place the trade with HL with its higher fees.

    I’d love to hear your feedback, Peter.

    Many thanks, Lewis

    Reply
    • Hi Lewis

      First off, thank-you for your kind words. Our first recommendation with any concerns regarding your DEGIRO account is to always speak with customer service first, we have found them to be super helpful and responsive.

      I’ve taken the liberty of investigating your concerns and have the following feedback for you:

      Scottish Mortgage Investment Trust (SMT – FTSE100); Virgin Money UK (VMUK – FTSE250); Edinburgh Worldwide Investment Trust (EWI – FTSE250) For SMT and EWI as the name suggests they are investment trusts and not available as standard, however if you contact support they will endeavour to make it available for you. For Virgin Money UK doing an ISIN search I found the product on the platform.

      Limit Orders: It’s always annoying when a limit order leaves some easy money on the table. The old maxim of “cut your losses and let your wins ride” springs to mind.

      When you want to place a manual trade, DEGIRO doesn’t give you the opportunity to accept a Buy or Sell ‘Quote’ Price. The way market orders work is that when placing a market order it is not possible to view the exact execution price because it is unknown until the order is executed.

      When you set a Limit Order to Buy or Sell, DEGIRO invariably gives you exactly the Price you have set. In other words, you never, in my experience, get a slightly better Buy or Sell Price. . This is incorrect. With DEGIRO, orders go to the exchange and the best price available is always given, regardless of the limit set. This is mandatory by law. It is fairly easy to verify that by placing a limit order with a limit price far above/below the best bid/ask price.

      The ‘Market’ Buy or Sell Prices offered by DEGIRO are often less than advantageous than those offered by HL This is also incorrect, with DEGIRO the best execution price is always given regardless of the order type. Prices are defined by the offer and demand on the exchange, not by DEGIRO.

      Again, thanks for your detailed comment and I hope I have helped shed some light on your concerns during the very turbulent markets swings last week. As I said at the beginning, speaking with the excellent customer support at DEGIRO should alway be your first port of call.

      Reply
  • They started cleaning up their database from “passive” customers by demanding all sorts of private documents that go far beyond the usual financial audit and giving the deadlines that are very tight. Even for customers who used their platform for 5 years, while they made a lot of money on all the fees.

    Furthermore when asked to transfer my portfolio to another broker account, since their demands were simply ridiculous, they asked for several hundreds of Euros for that service. And even then, they didn’t transfer it. Instead the liquidated all my positions even though some the positions were negative and I explicitly warned them to avoid this from happening.

    Reply
    • Hi Ri

      I’ve edited your post slightly to make it more readable.

      All financial trading firms are required to carry out KYC procedures including Proof of Identity, Proof of Address and Source of funds, there is nothing unusual in what DEGIRO have asked you to do.

      Secondly, transferring assets to another platform is a tricky procedure, while some online trading platforms like Interactive Investor can do it, other platforms are unable too so the standard operating procedure is to liquidate all your positions and re-buy the positions on the new platform. Ignoring fees (which some platforms will cover for you) it’s typically quicker than waiting for the asset transfer to take place (which can take weeks).

      Sorry to hear you had a bad experience, but in DEGIROs defence I would argue that everything you have said is pretty normal no matter what platform you use.

      Happy and Safe Investing
      Peter

      Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed

Menu
Ready to Join Degiro?Open an Account