Below is a quick breakdown of the various services offered by Degiro. It is an excellent place for learning all there is to know about Degiro. The Degiro Review on TradersUnion is worth checking out if you’re curious.
Training on Degiro
Compared to other brokers like eToro and Oanda, DEGIRO’s research functions are less advanced than those of those other brokerages. The WebTrader platform offered by Degior has a brief appearance and is equipped with primary research functions appropriate for novice and intermediate traders. Its research capabilities are restricted because it does not trade in foreign currency or contracts for difference (CFDs).
On the other hand, DEGIRO’s “Investor’s Academy” provides access to various high-quality instructional resources through its dedicated website. The educational videos and blogs aim to familiarise new investors with the trading environment and the WebTrader platform. This may be helpful for inexperienced traders and investors, but more seasoned market participants are needed. The presence of sophisticated charting tools and analytical functions would have elevated DEGIRO to a higher level.
Types of Accounts
DEGIRO consumers can choose to sign up for one specific kind of live account. The name of this type of account is the Basic account.
The Basic Account is the default form of account in DEGIRO. It enables clients to trade in assets without incurring additional fees or being subject to restrictions.
DEGIRO is unable to offer the custody account type at this time. New investors typically open one of these accounts as their first step in the investing process. However, in contrast to the standard account, clients cannot lend their securities to third parties. This is due to asset segregation, which is needed by the legislation in the Netherlands to ensure that customers do not lose their assets even if the broker declares bankruptcy.
Because of this, you won’t have access to debit money, debit securities, or derivative trading with these accounts. DEGIRO provides three types of accounts for such services: Active, Trader, and Day Trader.
Is DEGIRO a Risky Option?
DEGIRO is regarded as one of Europe’s most reliable and secure brokerage firms. Because it complies with the regulatory and financial requirements of the most reputable authorities, such as BaFln, DNB, FCA, and AFM. DEGIRO places the customers’ assets in distinct legal entities for added security. This ensures that the client’s investments are protected if the broker experiences financial difficulties. As a result of DEGIRO’s recent merger with Flatex AG, the company is now subject to the regulations of the German Deposit Guarantee Scheme, which mandate that the broker provide a guarantee of up to €100,000 for any money that is put into its Cash Account. Although DEGIRO does not offer negative balance protection to its customers, this should not be a concern, given that the company does not engage in forex trading or CFDs.
Assistance to Customers
Although the low-cost structure may seem like an excellent selling feature, DEGIRO certainly has room for improvement in customer service. It does not charge additional fees for most of its services, including deposits, withdrawals, and inactive account maintenance. Management fees must be paid for the client to receive specialized customer service.
Only phone calls and emails are accepted for customer service inquiries at DEGIRO; the company supports 18 languages. They can provide satisfactory solutions to the problems faced by the customers. Phone service is relatively quick to respond, in contrast to the response time for email assistance, which can be rather lengthy. The fact that DEGIRO needs to provide its customers with live chat help is a significant shortcoming on the company’s part.
Is paper trading possible with DEGIRO?
All of DEGIRO’s offerings can be seen on its website. There are no contract notes or paper shares issued. However, if you are considering paper trading, you should read “Best Paper Trading App” by Traders union.
DEGIRO’s research lags behind eToro and Oanda. Degior’s WebTrader program is simple and provides essential research tools. Its research skills are limited because it doesn’t trade forex or CFDs (CFDs).
DEGIRO offers live accounts. Basic accounts. DEGIRO is a famous European brokerage. It meets BaFln, DNB, FCA, and AFM’s financial requirements. DEGIRO uses legal entities to secure consumer assets. DEGIRO’s low prices are a plus, but customer service needs to be improved. Deposits, withdrawals, and dormant account maintenance are free. DEGIRO’s research lags behind eToro and Oanda.