Degiro is an elite broker that is well-known for offering various kinds of trading services. It is an online wholesale broker that was founded in the year 2013, and since its inception from the Netherlands, currently, it has branches across 18 European nations that include the UK as well.
The international reach of Degiro provides a commissions structure that is highly competitive and the investor will get worldwide marketplace access. The best thing is with this broker; you will need to pay 85% lower fees than other broker sites. This feature makes Degiro one of the most trusted, competitive, and famous trading platforms around the globe.
Reasons to choose Degiro
If you are a trader who is looking for a world-class trading platform with loaded features, Degiro would be a good choice for you because of its low fees and outstanding access to the global marketplace.
It is a broker that is very proud of its international reach and it offers the client the global trade market access of the UK as well as the USA. They are also capable of embracing the changing shares of the world trade market and always searching for innovative ways to expand its trader options. You can trade almost everything, including bonds, trade shares, options, and futures with Degiro.
Key benefits
- You can start trading with amazingly low rates
- You will get the global market access
- Access the capabilities, comprehensive tools, and assistance
- Opening an account is easy and free
- There is no minimum deposit
Pros and cons of Degiro
You can expect meager fees from its international profile (£1.75 + 0.022% on stocks). Additionally, this broker does not charge any annual fee and that is a great advantage for an investor.
Pros
- The fee structure is low and affordable
- No hidden cost
- Global market access including the UK and US
- You don’t need to pay any commission on ETFs
- Its mobile app is very user-friendly and you can efficiently trade with your smartphone
Cons
- Forex trading is not available with Degiro
- There are no ISA options
How to open an account with Degiro
Degiro offers an easy account opening process for those customers who resides in one of the 18 countries in Europe. If you are willing to get a UK registration, you just need to have a mainland UK bank account in GBP.
Available account types
Degiro has come up with mainly five types of accounts, such as
- Basic Account
- Custody Account
- Trader Account
- Day Trader Account
- Active Account
You will also get many other beneficial account options like availability of account for Minors, Joint account, corporate account, etc.
Steps to open an account:
The account opening process of Degiro is not only a fast digital process but also very simple and easy to understand. You just have to submit a few documents for your registration.
Documents
- A copy of your passport
- Proof of residence or ID card
- Your bank details where you want to make the transactions
The process mentioned above is the initial registration process with Degiro. When the above steps are done, you need to go through an appropriateness test. This test is conducted to verify that you are familiar with the hazards of trading or not. You can transfer money to your Degiro investment account after completing the assessment.
Transfers
You cannot make money transfers if you are from Crown dependencies or UK overseas territories (Jersey, Gibraltar, Isle of the Man, etc.). Additionally, investors from Hungary should make sure that within two days, they trade the sum in their account. And, if they fail to complete the process or hold the money for any reason, the outlay will be reverted to their bank accounts automatically.
What is the minimum deposit amount?
The best thing about Degiro is- there is no minimum deposit amount and that means you can deposit any amount of money according to your choice. This is very beneficial for those traders who want to make small investments at Degiro.
Trading Platform
Degiro is a great platform for trading that has come up with two advanced trading options, such as web-based trading and mobile trading. However, this broker does not offer any desktop trading options to the customers.
Web Trading Platform
Degiro’s web trading platform is very easy to understand and operate because of its user-friendly interface. It can be easily understandable by traders even with rookie knowledge.
- The platform is very secure
- it has two-step Google Authentication process
- Different languages are available on its web trading platform
- The website design looks very sleek
- It has a very productive and good functionality of the search
- You can find out products on typing the product name
- The results of searches depending on the asset classes
- The website lets you view and update currency
- You can select order types( Market, Stop Loss, Limit, Stop Limit, and Trailing Stop)
- organized pattern of portfolio and fee reports
- However, there are no customization options available
- Few clients find it negative due to its lack of an internal matching opportunity
- Degiro does not offer text message notifications and price alert function. You will get alerts only through an email.
Mobile Trading Platform
Degiro offers an excellent and productive mobile trading platform that is available on both the Google play store (Android) and the App Store (iPhone users).
- The mobile trading platform comes with many different language options
- It is easy to understand and user-friendly
- Great interface design
- Login method is very secure with two-step user authentication
- For many customers, it is a bit outdated.
- Unlike many other web trading platforms, Degiro offers search functions that show the asset classes of the search results and it is very beneficial for traders.
- You can place your orders very easily without any hassle and it is pretty similar to the web-based platform.
- The only disadvantage is- Degiro does not have specialized price alerts and notifications.
Customer Support
Degiro has an average customer support and it has a lack of certain functions such as Live Chat, accessibility of the customer service 24/7, relevant answers for the inquiries, etc.
Though, the telephone support feature is useful and it is available in many different languages. Their telephone response time is very quick and effective. According to many traders, email support is not as effective as telephone/ call support and it takes a long response time.
Conclusion
Degiro is considered as one of the most user-friendly and trusted DIY brokers for self-discipline investors. As there is market turbulence associated with trading, you have to make wise decisions to avoid loss of money. The biggest con is the likely tax implications linked with this broker. Additionally, Europeans can’t buy the US-based ETFs.
It is a great platform for those investors who have sufficient knowledge of trading. You can give Degiro a try because of its advanced trading features, security, and low commission fees.
