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Degiro Review 2023 – One of the most awarded brokers

General Information
Broker Name: Degiro
Broker Type: Stock
Country: Netherlands
Operating since year: 2008
Regulation: FCA
Address: Rembrandt Tower - 9th floor, 1096 HA, Amsterdam, The Netherlands
Broker status: Active

CONTENT

  • Degiro Review General Information & First Impressions
  • Degiro Review: Trading Platform Feature
  • Fund and Account Security
  • Registration Process
  • The Trading Accounts
  • Funding and Pricing
  • Trading Products at Degiro
  • Leverage 
  • Customer Service at Degiro
  • Conclusion

 

 

General Information & First Impressions

Degiro’s user-friendly platform provides access to a wide range of investment opportunities, assets like stocks etfs bonds, options and futures, allowing investors to explore various strategies to suit their risk tolerance and financial goals.

While its impressive selection attracts many investors, it’s crucial for potential customers to be aware of Degiro fees, including the handling fee associated with certain transactions.

Understanding the fee structure is essential for making informed investment decisions and maximizing potential returns.

User-Friendly Features

While many traders are familiar with Degiro, it’s essential to assess its current user-friendliness. Upon visiting the broker’s visually appealing website, we encountered some challenges in terms of functionality.

The website seemed disorganized, making it difficult to find exact trading conditions and other crucial information. Such oversights could raise concerns, and if it weren’t for Degiro’s established reputation, it might even be mistaken for a potential scam.

Degiro Regulation compliance

Despite the initial impression, it’s vital to note that Degiro operates under the purview of financial regulatory authorities. Being a regulated online broker ensures a level of security and transparency, providing users with confidence in their investment activities.

However, potential customers might wish for more evident contact information, as currently, the only means of communication available are emails, which could be seen as a limitation in terms of customer support.

Degiro’s Trading Platform – Main Features

While we couldn’t get access to the Degiro platform because of the complicated registration, it looks like a solid tool. It’s an all-in-one experience, with news, portfolios, and an economic calendar integrated into the software.

The interface also looks intuitive enough, making it simple to adapt once you decide to join Degiro. It provides users with some additional safety features, such as face and touch ID login options. The broker also claims for it to have solid analytical functionality.

The issue we already complained about earlier in our Degiro review is a lack of clarity. You can’t test the platform out before you sign up, and there’s no exact functional rundown. So the platform may lack some features you’re accustomed to and regularly use while trading.

As you’ve probably concluded when we mentioned touch and face ID, there’s also a mobile app version of the platform. It looks like there’s also a web version, although the broker isn’t entirely transparent on that either.

Fund and Account Security

Bouncing off from that slightly languid note, the security at Degiro seems to be under control. As we said earlier in our Degiro review, it’s one of the more well-known European brokers.

If it were a scam or acted maliciously towards its customers, we’d have known by now. Instead, it offers robust proof both in the ways of fund and account security and trustworthiness.

That starts from the broker’s regulator, which is the well-known Financial Conduct Authority. Most European traders will recognize the FCA as one of the more capable financial business regulators. 

Registration process at Degiro

One concern we’ve seen about Degiro is that it’s a relatively slow experience. Some users don’t mind that, but in the modern world, brokers have sped up without compromising service quality. That slowness extends to Degiro’s registration, which requires your full personal info, including tax data and such.

From Degiro’s side, we see why that is; the broker’s live accounts don’t need a deposit, so account creation needs to be rigid. However, that creates difficulties for people who just want to look around. Also, account verification seems to be on the slower side for Degiro, possibly causing missed trading opportunities.

We feel like Degiro could trim down its registration process to feel less overwhelming while keeping a good portion of the detailedness. As-is, the process is slower than we’d like and may turn some traders, especially newer ones, off from the service.

Trading Accounts

In our previous section of the Degiro review, we highlighted that live accounts don’t require a deposit, making it more appealing to newer users. While this is a positive aspect, the platform’s complexity might still pose challenges for those new to trading.

However, DEGIRO offers traders the option to choose from five live account types, including a:

  •  Custody account
  • Basic account 
  • Active account
  • Trader account
  • Day Trader account. 

DEGIRO.com offers comprehensive solutions and services to meet diverse trading needs. However, one drawback we mentioned earlier is the absence of different account types, which may have alienated luxury traders seeking exclusive features and specific investors in need of tailored conditions.

This limitation is now addressed by the availability of multiple account types, catering to various investor preferences and ensuring a more personalized and satisfactory trading experience.

Deposit and withdrawal

DEGIRO deposits and withdrawals are free of charge via bank transfer. A big drawback though is that you can’t deposit investment funds using a credit or debit card.

For those looking to trade stocks in their home market within European countries, DEGIRO provides an accessible option with its commission-free investment account.

Traders can now select from the various account types available, each offering distinct benefits and trading conditions. This allows them to tailor their account to best suit their requirements, whether they are new investors or experienced professionals seeking more specialized features.

With this improvement, DEGIRO has expanded its appeal to a wider range of traders, making it a reliable and budget-friendly platform for investing in their home markets across Europe.

Funding and Pricing

Degiro funds itself via fees instead of spreads, which is a matter of preference for traders. We have an issue with how the broker presents its pricing. It uses cherrypicked data in its “compare to other brokers” page to make itself look better.

The fees are already relatively low, so there’s no need for underhanded tricks like that. But again, the broker opts not to show precise info in favor of shameless self-promotion.

Degiro Trading Platform Fees

Regarding trading fees, Degiro is known for its competitive pricing, which attracts investors seeking cost-effective solutions. While the platform doesn’t offer multiple account types, it compensates by providing transparent fee structures, ensuring traders understand the costs involved.

By keeping trading fees in check, Degiro enables users to maximize their investment potential and retain more of their profits. As a result, it remains a popular choice for individuals looking to open an account and begin their investment journey with a reliable and budget-friendly platform.

Where does Degiro charge the fees?

Degiro.com is also unclear about where it charges fees. For example, we found out it has a connectivity fee on pure chance.

Degiro charges you a bit more if you’re connecting with an exchange outside your home country. Overall, the costs themselves are passable, but Degiro’s method of presenting them is massively frustrating.

As for deposits and withdrawals, we could find very little about what currencies they support or how quick they process. Some sources say the payments go through in 2-3 days. It seems like Degiro supports bank account and e-wallet transfers without any credit card options.

Trading Products at Degiro

As we said near the start of our Degiro review, the broker can connect you to around 50 exchanges. That grants users access to a large portion of relevant tradeable financial assets from around the world.

Note that trading is slightly more expensive if you’re accessing a non-domestic exchange. Additionally, Degiro offers no crypto option, which may be a complete turnoff for modern traders. Here are the asset classes at degiro.co.uk:

  • Shares
  • ETFs
  • Currencies
  • Leveraged Products
  • Bonds
  • Options
  • Futures

Degiro Trading Platform Leverage 

We couldn’t find any relevant information about leverage or any other secondary trading conditions. We could barely find info on the primary ones with how secretive Degiro is.

One thing we should note is that the broker has an educational experience that covers some basic concepts. It goes over trading itself, as well as each particular asset class that Degiro has in store.

It also includes some things such as exchange operating times. The education experience is nice but not broad by any stretch of the imagination, lacking more specialized reading and video materials.

Degiro Customer Service 

As we outlined multiple times earlier in our Degiro review, communication is a significant issue for the broker. Many of its negative reviews come from users not being able to solve problems regarding their accounts and investments.

That checks out with the fact that Degiro displays only its email as a way to contact the broker, and we all know how slow that can be.

The lack of any instant-reply communication types, such as a phone or live chat, makes the broker seem lazy. We know competent customer support teams are difficult to create. But they’re a necessity in onlineForex, stocks trading, especially for the long term investment.

Otherwise, users may get locked out of thousands of dollars with few ways to resolve the issue. We managed to find a phone for Degiro, but even that may be outdated.

Unfortunately, if you have an issue while using the broker’s services, you may be left to your own devices for quite some time.

Phone: +31 20 261 3072

Email: clients@degiro.co.uk

Degiro Review- Conclusion

Degiro does have some high points, such as experience, security, and relatively good pricing and asset variety. We highly recommend Degiro since it is among the best brokers in Europe. It’s particularly suitable for long term investors. 

However, you need to pay attention to some potential setbacks.

This broker is somehow vague and overly complex at the same time. It shoves a lot of information down users’ throats but it’s all clutter. As for the actually important things, the broker lets you guess or sign up and find out.

That’d be somewhat fine if you didn’t need to turn in so much personal info before signing in. Degiro also seems to be suffering from a bit of an identity crisis. On the one hand, it looks more beginner-oriented with a $0 deposit requirement and some newbie-friendly features.

On the other hand, it’s massively perplexing for newer users and doesn’t come off as a good introductory brokerage. While Degiro has some things going for it, there are better alternatives out there.

Degiro Review
degiro logo

Name: Degiro

Description: Degiro does have some high points, such as experience, security, and relatively good pricing and asset variety. However, it's proof that just because a broker looks good on paper doesn't mean it's good in practice. Communication is so crucial in modern brokerages since issues often arise in online trading. And if a broekr can't respond in a timely manner, that creates a massively frustrating experience for customers.

  • Support
  • Platform
  • Spread
  • Trading Instrument
Comments Rating 3.58 (3 reviews)


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3 Comments

  1. Leo Fornachon October 6, 2023
  2. Ali Officer August 24, 2023
  3. Dakota Proby August 15, 2023

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