DEGIRO is an online stockbroker offering various ways to invest or speculate on the stock market and other exchange-traded products. In this review, we’ll explore the different DEGIRO account types available to traders. Although DEGIRO is a well-established stockbroker, they only recently began providing services to retail customers. If this is the first time you heard of this company, we urge you to read our complete DEGIRO review to understand its advantages.
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DEGIRO Account Types
DEGIRO is a stockbroker, offering direct market access to products listed on dozens of exchanges around the world. Therefore, the company has no demo trading account available to test trading conditions. After all, prices on public exchanges are transparent, which means unless you’re a new trader, there isn’t much of a need to ‘test’ trading conditions.
Altogether DEGIRO has five different account types. In this guide, we will explore all of them. Or you can simply visit the DEGIRO website(Investing involves risk of loss) for more information on each account type.
DEGIRO Basic Account
As the name suggests, the Basic account is the standard account offered by DEGIRO. With this account, you will have access to shares, bonds, investment funds, and trackers, also known as exchange-traded funds(ETFs). This account offers very competitive fees. By upgrading to either the Active account or Trader account, you’ll benefit from extra features and services.
DEGIRO Custody Account
With the Custody account, you will have access to shares, bonds, investment funds, and trackers (ETFs). The Custody account will be of interest to long term investors that want to hold investments for months and even years. The stocks you buy are stored in a custody account. This means you’re not trading CFDs or with leverage. Therefore, it is not possible to go short. The securities are held separately from DEGIRO clients’ securities’ lending pool and cannot be loaned to third parties for trading on leverage. This account has different conditions and fees but still offers low transaction costs for buying stocks and other investments.
If you’re interested in this account type, be aware that it is no longer available as of today. In fact, DEGIRO does not allow new users to choose to open a Custody account. However, former customers who have opened a custody account can continue to benefit from its advantages.
DEGIRO Active Account
If you choose the Active account from DEGIRO, you will be able to trade shares, bonds, investment funds, and trackers (ETFs). Basic account holders who wish to use features such as Debit Money, Debit Securities, or Derivatives trading facilities may upgrade to an Active account. There aren’t any additional charges for this update. The use of Debit Money is limited to 50% of your available margin.
DEGIRO Trader Account
The Trader account also allows you to trade various shares, bonds, investment funds, and trackers (ETFs). A Basic account holder that wants to begin using Debit Money, Debit Securities, or Derivatives trading facilities may upgrade to a Trader account. Rather than being an upgrade per se, it’s more like changing the account profile to trade using different functions. Therefore, there aren’t any additional charges for changing the account to a Trader account. With this account, you get full use of 100% of your available margin to trade with.
DEGIRO Day Trader Account
Like all the others, the Day Trader account will give you access to shares, bonds, investment funds, and trackers (ETFs). This account allows you to trade more actively while the market is open. As risk will be calculated differently to the other account profiles as a consequence, with the same Security Value, you can gain more exposure to the market.
The following step is where you verify your identity. The process is completed online; there is no paperwork required, and you don’t need to visit any offices.
You will have to upload two documents to confirm your identity and residence. If you have those documents nearby, it will make things much more manageable when the times comes to upload them.
DEGIRO Account currency
When you open an account with DEGIRO, you need to select a base currency. The base currency is the currency your balance is held in, and the profits of your trades will be settled in. There is a good selection of currencies to choose from: CHF, DKK, GBP, NOK, SEK, EUR, CZK, PLN and HUF
There is a feature called AutoFX, where the broker will automatically convert any position to your base currency. If you use Manual currency holding, you can manually purchase foreign currencies on-demand. When it is enabled for a particular currency, a cash position will be held in the foreign currency.
DEGIRO Minimum deposit
DEGIRO has a first-time deposit of a meagre €0.01. This money is only required to activate your account. The process will take about one or two business days, depending on the payment method you used. Once your account is open, you are free to make a larger deposit with no minimum threshold to satisfy; just deposit as much you need to trade or invest.
DEGIRO supports bank wire transfers. However, credit and debit card deposits are, unfortunately, not available. There is a selection of eWallets available for funding your DEGIRO account, which may vary depending on your country of residence. For example, you might be able to use Trustly or Sofort and possibly other local methods.
One of the payment methods that definitely is not available from DEGIRO is PayPal. If you’re looking for a way to trade and invest via PayPal, you can find the right suitable brokers from our list of PayPal brokers.
DEGIRO Account bonus
DEGIRO does not offer a deposit bonus for new clients, nor does it reward clients with bonuses. As DEGIRO is a European broker, it is prohibited from giving bonuses since 2018. If a bonus helps you trade more effectively with lower capital, we have prepared a comprehensive list of brokers offering bonuses without compromising on trading experience. However, there is an opportunity to refer a friend via email or social media to earn 20 euros or pounds in credits that can be applied against future trading fees.
DEGIRO Deposits and withdrawals
DEGIRO does not charge any fee when you deposit to your trading account. Bank wires transfers may take up to 3 business days to be processed. However, eWallets are generally processed instantly, allowing you to trade right after you transfer the funds.
As is the situation for deposits, withdrawals are also without any processing fees. It may take longer for withdrawals to be processed. In rare cases, it might take as long as four business days. Whatever method you chose to withdraw your funds, it must be to your nominated bank account or the same eWallets used initially to fund your DEGIRO trading account.
DEGIRO Account Management
Once you have chosen your DEGIRO account type and successfully activated it, there may be circumstances when you need to know how to manage your account settings.
DEGIRO accounts do not have an expiration. Neither will they go into an inactive status if you do not log in or trade for extended periods. Therefore, there is no inactivity fee applicable.
DEGIRO Account has been blocked
In situations when you find your DEGIRO account is blocked or you can’t gain access, you should contact the Service Desk. You can find details concerning this in the brokers help section.
How to close DEGIRO account
To close your DEGIRO account, the first thing to do is making sure you don’t have any open positions. Next, you can withdraw the funds from your account. Finally, send a written request to the service desk, instructing them to terminate the account.
DEGIRO Account Types FAQ
Can I have two DEGIRO accounts?
Yes, you can open multiple accounts with DEGIRO. However, the username is the only detail that has to be different, giving the accounts a unique identifier. You may even use the same bank details specifying which account (username) you wish to fund when making the transfer.
Can I day trade with DEGIRO?
Yes. If you want to day trade with DEGIRO, you need to choose the Day Trader account profile. This account allows you to trade more actively with the markets you’re trading are in session. With this account, the broker will calculate risk differently from the other profiles available.
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.
Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
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