Once you have opened your DEGIRO account you will need to do some research to help yourself identify suitable and cheap stocks that may fit your trading needs.
A great place to start for this would be taking a look at the full list of available markets with DEGIRO. Here you will notice that more than 50 exchanges in 30 countries are on offer, so you should have plenty of choices.
Here we will guide you through an example on how to find penny stocks. Images are just for demonstration purposes, the share we select is a random pick and should not be taken as investment advice.
Step 1 – Find the share you wish to trade
The very first step is of course to find a suitable share you would like to trade. The Finviz stock screener is an excellent starting point for helping identify stocks that fit the bill. This database can help you quickly and easily sort and compare stocks to buy.
Once you have opened the platform it is as simple as clicking the screener tab and applying the price filter “under $5” which matches the definition of what can be considered a “penny stock”. You can also add further filters here depending on your need such as “average volume” over a certain amount. This one can be helpful as with too little volume you may find it hard to match and execute your trade.
Once you have identified the stocks you like, you can check the ticker code which you can then input in our DEGIRO search bar.
Step 2 – Open the DEGIRO platform
As mentioned above, once you have completed your research and selected a couple of stocks you like, you can then log into your DEGIRO account and search for the stock in the trading platform as shown by the image below.
If you don’t have one yet, you can open a DEGIRO account by following the link (Investing involves risk of loss).
With the ticker code from before entered, the stock should pop up and you simply need to click the name to open it.
You should now be ready to place your penny stock order. On the asset page which you went to in the above step, you should now see two buttons, green for buy, and red for sell. Once you are ready and hit the green button, you will be presented with a small menu of options as highlighted below.
Here you can enter the order type, price you are willing to pay, and the number of stocks you want to buy. This will then present you with the total amount due and you can set if your order should expire at the end of the day, or stay open indefinitely until executed at your set price or not.
When you are ready you can click the blue button “Place order”. A final page will appear when you can run over everything to make sure the details are right before confirming and having the platform execute the trade.
DEGIRO penny stocks: London Stock Exchange with GBX
A term you may come across when trading UK shares on the London Stock Exchange, GBX is short for Penny Sterling, or £0.01 since this exchange trades in pence instead of Pounds. All this means is that where you see a stock at 100 GBX, this is equal to £1 and so on with higher values.
The London Stock Exchange advantage you’ll get with DEGIRO
When trading you have to consider not only the shares costs but also the Exchange Connection Fee. This is an annual fee that must be paid for each exchange you use. With the London Stock Exchange though, there are no additional fees. This is a good money saver, especially for newer, and casual traders.
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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