DEGIRO
Pros and Cons
Pros
- Zero commission on US shares and selected ETFs
- Diverse range of investment products including stocks, ETFs, bonds, and options
- User-friendly trading platform with advanced order capabilities
- No deposit, withdrawal, or inactivity fees
- Educational resources including a Knowledge Center and Investors Academy
Cons
- No valid regulatory oversight
- Limited trading instruments available
- No support for MetaTrader platform
- Lack of advanced educational resources
- Withdrawal restrictions on invested funds
Basic Information
User Reviews
DEGIRO Overview
Founded in 2008 and headquartered in Amsterdam, DEGIRO is a European brokerage firm that has become a prominent player in the online trading space. Initially serving professional markets, DEGIRO expanded its services to retail clients in 2013, providing access to a wide range of trading instruments, including forex and stocks. While the broker has gained recognition for its low-cost trading model, it is important to note that DEGIRO operates without a valid regulatory license, which may raise concerns for potential traders regarding security and oversight.
DEGIRO offers a user-friendly trading platform equipped with advanced features that facilitate trading across various financial instruments. Clients can engage in forex trading, benefiting from low fees and zero commissions on select products, such as US stocks and ETFs. The platform allows for a customizable trading experience, with tools for real-time market analysis and portfolio management. Customer support is available via phone and email, ensuring assistance during trading hours. Despite its advantages, traders should weigh the lack of regulation against the broker’s competitive offerings and low-cost structure when considering DEGIRO for their trading needs.
Is DEGIRO Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| No valid regulatory information | Ireland | None |
Is DEGIRO Regulated and How Are Client Funds Protected?
DEGIRO is currently not regulated by any recognized financial authority, which raises significant concerns regarding its legitimacy and trustworthiness. Without a valid regulatory framework, investors face increased risks, including a lack of investor protection and potential exposure to fraud. Client funds are not safeguarded under any regulatory compensation scheme, which means that in the event of financial difficulties, there are no guarantees for recovering lost investments. Due to the absence of regulatory oversight, trading with DEGIRO may not be considered safe for most investors.
Trading Products and Services
What trading instruments does DEGIRO offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, Major & Minor Pairs | Many |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Many |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Many |
| Stocks | Apple, Tesla, BP, Vodafone | 100+ |
| Cryptocurrencies | BTC, ETH, XRP, LTC | Many |
DEGIRO offers a diverse range of trading instruments across various asset categories, making it a suitable choice for different types of traders. With access to Forex, commodities, indices, stocks, and cryptocurrencies, users can easily engage in trading and develop a well-rounded investment portfolio. This breadth of options meets the needs of beginners looking to explore basic trades, as well as more experienced traders who seek to implement complex strategies.
By supporting multiple asset categories, DEGIRO enables users to diversify their portfolios effectively, which can lead to reduced risk and improved potential returns. Whether you are a long-term investor or a technical trader, the variety of products available allows for flexible trading strategies tailored to individual preferences.
Account Types and Trading Conditions
What Account Types and Fees Does DEGIRO Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and casual traders | Low-cost trading, access to global markets, user-friendly platform | Suitable for small-capital investors |
| Professional Account | Experienced traders and institutions | Higher leverage, advanced trading tools, lower spreads | Requires proof of trading experience and volume |
| Corporate Account | Corporate clients and businesses | Customizable trading solutions, dedicated support | Requires corporate documentation and identification |
| Demo Account | New traders and those testing strategies | No risk trading environment, access to full platform features | Ideal for practice without real money |
Account Opening Process
To open an account with DEGIRO, follow these steps:
1. Complete the online registration form, providing personal details such as your name, email address, and phone number.
2. Submit employment and financial information to comply with regulatory requirements.
3. Verify your identity by providing a valid ID and proof of address (such as a utility bill or bank statement).
4. Once your account is set up, you can fund it and start trading. Additionally, DEGIRO allows account flexibility, enabling users to upgrade to a professional account later if their trading activity qualifies.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| CFDs (Stocks) | Variable | €0.50 per trade | Commission-free for US stocks under certain conditions |
| CFDs (Indices) | 1.0 | €0.50 per trade | Standard commission applies |
| Cryptocurrencies (BTC/USD) | 1.0% | 0.1% | Variable depending on market conditions |
Other Fees
DEGIRO charges no deposit or withdrawal fees, and there are no inactivity fees. However, there are some additional costs to be aware of:
– Platform usage fees: Generally, there are no fees for using the trading platform.
– Overnight interest (swap rates): Applicable for positions held overnight.
– Currency conversion fees: A fee of 0.25% applies for transactions involving currency conversion.
Trading Platforms and Apps
What Trading Platforms and Apps Does DEGIRO Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| Web Version | Windows, macOS | Secure login via encryption, market search, multiple order types, price alerts, technical indicators | Demo account available |
| Mobile App | iOS, Android | Biometric login, push notifications, symbol lookup, quick order execution | No demo account |
| Desktop App | Windows, macOS | Two-factor authentication, advanced charting tools, economic calendar | API interface available |
DEGIRO provides a web version that is accessible on both Windows and macOS, offering a robust set of features ideal for desktop trading. The mobile app supports iOS and Android devices, allowing for convenient trading on the go with secure biometric logins and real-time alerts. The desktop app caters to advanced users, featuring additional tools and two-factor authentication for enhanced security. Overall, DEGIRO’s platforms emphasize fast order execution, secure login options, and efficient market search capabilities, supporting a wide range of trading activities.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| SEPA Transfer | 1-2 business days | No platform fee | Min €50, Max €20,000/day | EUR |
| Credit/Debit Card | Instant | No platform fee, 1.5% charge for deposits | Min €50, Max €5,000/day | EUR, GBP |
| Bank Transfer (International) | 3-5 business days | No platform fee | Min €50, Max €20,000 | EUR |
| PayPal | Instant | No platform fee, 1.5% charge for deposits | Min €50, Max €5,000/day | EUR, GBP |
Minimum Deposit
DEGIRO requires a minimum deposit of €50 for standard accounts. This requirement remains consistent across all payment methods and does not vary by account type or region.
How to Withdraw
To withdraw funds from your DEGIRO account, follow these steps:
- Log in to your DEGIRO account.
- Navigate to the ‘Account’ section.
- Select ‘Withdraw Funds’.
- Choose your preferred withdrawal method.
- Enter the amount you wish to withdraw.
- Confirm your withdrawal request.
- Check your email for confirmation and wait for processing.
Customer Support
DEGIRO Customer Support Overview
Support Channels
DEGIRO offers several support channels to assist customers with their inquiries:
- Email: Customers can reach out via email at clients@degiro.ie for assistance 24/7.
- Telephone: For immediate support, DEGIRO can be contacted at +31 20 261 3072, available from 7 AM to 9 PM.
- Live Chat: Currently, DEGIRO does not offer a live chat option directly on their website.
- Social Media: Customers can follow DEGIRO on platforms like Facebook, LinkedIn, Twitter, and Instagram for updates and support.
Service Availability
DEGIRO’s support is available from 7 AM to 9 PM, providing assistance in multiple languages, including English and Dutch. This ensures that customers can receive help in their preferred language during the operating hours.
Additional Resources
In addition to customer support, DEGIRO provides valuable educational resources to help traders improve their skills. These include a Knowledge Center, Investors Academy, and a blog section with insights and market analysis.
Overall, while DEGIRO offers solid support options, some users have reported longer response times, indicating room for improvement in their customer service efficiency.
Frequently Asked Questions
DEGIRO operates under the supervision of the Dutch Authority for the Financial Markets (AFM) and is a member of the Investor Compensation Scheme, which protects clients in case of insolvency. However, it is important to note that DEGIRO has faced scrutiny regarding its regulatory status in some regions, so clients should conduct their own due diligence.
DEGIRO offers commission-free trading for US stocks and selected ETFs, although external handling costs of €0.50 per trade apply. There are no deposit or withdrawal fees, and an inactivity fee is not charged. Currency conversion incurs a fee of 0.25%. Clients should review the fee schedule for comprehensive details.
Client funds at DEGIRO are held in segregated accounts, separate from the company’s own funds, which enhances security. Additionally, DEGIRO employs robust encryption and cybersecurity measures to protect personal and financial information.
DEGIRO’s trading platform is designed to be user-friendly, offering features like real-time market data, a customizable dashboard, and a quick order window. While many users appreciate the platform’s functionality, some have reported that customer support response times can be longer than expected, which may impact the overall user experience.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.