DEGIRO Review for Expats 2026
DEGIRO is the cheapest mainstream broker available to EU residents. Acquired by flatexDEGIRO Bank AG (Germany) in 2020, it has ~2.5 million customers and is the largest EU online broker by market share. After 18 months of personal use across two accounts, here’s the honest review.
TL;DR
Rating: 4.0/5 — Best for cost-conscious EU investors who specifically value the free ETF list. Some limitations vs IBKR but the price difference is real.
Get DEGIRO if: EU resident, want lowest-cost broker for ETF buy-and-hold, mostly buy free-list UCITS ETFs monthly, don’t need US ETFs.
Skip DEGIRO if: Not EU resident, US person, active trader (IBKR Pro cheaper at volume), want US ETF access, prefer modern UX over absolute lowest cost.
What DEGIRO is
DEGIRO is a Dutch-founded broker (now German-owned via flatexDEGIRO Bank AG acquisition in 2020). Operates throughout the EU plus UK. The platform combines low-cost brokerage with a German banking license backing.
The product includes:
– Stocks across major exchanges (Euronext, LSE, NYSE, NASDAQ, etc.)
– ETFs (thousands of UCITS + some US ETFs limited)
– Bonds (limited selection)
– Options and futures (separate account, more requirements)
– Forex auto-conversion
– Free ETF list (~200 commission-free ETFs)
– Multi-currency holding (EUR, USD, GBP)
– Banking license via flatexDEGIRO Bank AG
– Free account maintenance
– No inactive fees
Pricing (2026)
DEGIRO’s headline: “Free ETFs” + low per-trade fees.
| Asset | Cost |
|---|---|
| Selected ETFs (~200 commission-free) | €0 per trade + €1 handling fee |
| Other UCITS ETFs | €3 per trade + small handling fee |
| EU stocks | €1-3 per trade depending on exchange |
| US stocks | €1 + 0.5% commission (capped) |
| UK stocks | £2 + 0.5% |
| Forex (auto-conversion) | 0.25% spread |
| Account maintenance | Free |
| Inactive fee | None |
| Bonds | Variable, generally higher cost |
For monthly ETF purchases: Free ETF list covers most major UCITS (VWCE, IWDA, EMIM, AGGH, VUSA, etc.). Pay €1/month handling fee per trade.
Annual cost for buy-and-hold investor making 12 monthly purchases: ~€12/year total. Hard to beat.
What’s good
1. Cost-leader pricing. Cheapest mainstream broker for EU residents on free-list ETF buying. ~30-50% cheaper than Saxo Bank, dramatically cheaper than typical Swiss banks. For systematic ETF investors: best deal in EU.
2. Free ETF list is genuinely useful. Includes VWCE, IWDA, EMIM, AGGH, VUSA — the standard “European Boglehead” portfolio components. List has expanded over time. Most popular UCITS ETFs are covered.
3. Backed by flatexDEGIRO Bank. German banking license. Deposit insurance €100K via German DGS. Reasonable protection for buy-and-hold investors.
4. Available in 18 EU countries. Same product across Netherlands, Germany, Austria, France, Spain, Italy, Belgium, etc. Consistent experience.
5. Decent UX. Web platform and mobile app are clean. Not as polished as Saxo or Lightyear but functional and improving.
6. Multi-currency holding. Hold EUR, USD, GBP balances. Auto-conversion at 0.25% (decent FX cost — cheaper than most banks, more expensive than IBKR Pro).
7. Tax reporting. DEGIRO provides annual statements suitable for tax filing in most EU countries. Some EU countries (Italy, Spain) require manual data entry, but most are well-supported.
8. Broad market access. Major exchanges in Europe, US, UK, Asia. More markets than Lightyear or Trading 212.
9. Options and futures available (separate Trader account, more onboarding requirements). Useful for users who eventually want derivatives.
10. No inactive fees. Unlike Swissquote (CHF 80/quarter), DEGIRO won’t ding you for not trading. Buy-and-hold friendly.
What’s not so good
1. No US-domiciled ETF access. Like all EU brokers under MiFID II, DEGIRO can’t sell US ETFs (SPY, VTI, VOO) to retail clients. UCITS-only. For non-US persons this is fine; for US persons abroad, it’s a dealbreaker.
2. Customer support is mediocre. Email-only for most issues. Response times measured in days (2-5 typically). Phone support exists for very specific issues but is hard to reach.
3. Account opening can be slow. Sometimes takes 2-3 weeks vs IBKR’s 3-5 days, or Lightyear’s 1-2 days. Be prepared for delays.
4. Securities lending program. DEGIRO lends out client securities to short-sellers and earns income from this. You don’t get the income — DEGIRO does. You’re protected by a lending facility, but it’s a meaningful structural difference vs IBKR Pro which offers Stock Yield Enhancement program (you can opt in to earn lending income).
5. Some users report account closures with limited notice. Less common than Wise/Revolut closures but happens. Always have backup brokerage option.
6. No real broker research. Compared to Saxo, DEGIRO has minimal research/analyst tools. Basic charting only. For technical analysis enthusiasts: insufficient.
7. Cannot trade bonds easily. Bond market access on DEGIRO is limited — only some bonds available, with higher transaction costs and minimum sizes. For bond-heavy portfolios, Saxo or IBKR is better.
8. UI feels dated. Functional but mobile app and web platform are showing their age. Lightyear and Trading 212 have meaningfully better UX.
9. Custody vs Trader account distinction confuses some users (more on this below).
DEGIRO vs IBKR Pro
| Criterion | DEGIRO | IBKR Pro |
|---|---|---|
| Cost per €5K trade | €1-3 | €2-3 |
| Cost per monthly €500 ETF buy | €1 (free ETF) | €1.50+ |
| Free ETF list | Yes (~200) | No |
| US ETF access | No | Yes (with Pro classification) |
| UCITS access | Yes | Yes |
| FX spread | 0.25% | 0.02% |
| Customer support | Mid-tier | Mid-tier |
| Account minimum | €0 | $0 |
| Securities lending | Yes (DEGIRO keeps income) | Optional Stock Yield Enhancement |
| Country availability | EU + UK | Most countries globally |
| Banking license | Via flatexDEGIRO Bank | No (broker-dealer) |
| Inactive fee | None | None |
Verdict: DEGIRO wins on small/regular ETF purchases. IBKR Pro wins on large trades, FX conversions, and breadth (US ETFs, exotic markets, full product range).
For a typical EU buy-and-hold investor making monthly ETF purchases under €1,000 each: DEGIRO is cheaper for free-list ETFs. For larger trades or active trading: IBKR Pro is cheaper.
DEGIRO vs Lightyear
| Criterion | DEGIRO | Lightyear |
|---|---|---|
| UX | Dated, functional | Modern, polished |
| Per-trade fee (free ETF) | Free + €1 handling | €1 |
| Per-trade fee (non-free) | €3 | €1 |
| Bond access | Limited | None |
| Onboarding | 1-2 weeks | 1-2 days |
| Deposit insurance | €100K DGS | €20K EIS |
| Active development | Slow | Fast |
| ETF universe | Larger | Smaller |
DEGIRO wins on bond access, deposit insurance, ETF universe. Lightyear wins on UX, onboarding speed, modern features.
For systematic ETF investors who value the larger ETF universe and €100K insurance: DEGIRO.
For users wanting modern UX and willing to accept smaller ETF universe: Lightyear.
DEGIRO vs Trading 212
Both cheap EU brokers. Differences:
| Criterion | DEGIRO | Trading 212 |
|---|---|---|
| Per-trade fee | €1-3 | £0 / €0 mostly |
| Banking license | Yes (flatexDEGIRO) | No (investment firm) |
| Fractional shares | Limited | Yes |
| ISA support (UK) | No | Yes |
| Country availability | EU + UK | UK + EU |
| Auto-invest | No | Yes (pies) |
| Bond access | Limited | None |
For UK residents (especially with ISA needs): Trading 212 better.
For EU residents wanting banking license: DEGIRO better.
For users wanting modern features (fractional, auto-invest): Trading 212.
DEGIRO vs Saxo Bank
| Criterion | DEGIRO | Saxo |
|---|---|---|
| Per-trade fee (€5K) | €1-3 | €5-10 |
| UX | Functional | Polished premium-feel |
| Customer support | Email only | Live chat + phone |
| Research tools | Minimal | Strong |
| Product range | Stocks/ETFs (limited bonds) | Everything |
| Banking license | Yes | Yes |
| Best for | Cost-conscious ETF investing | Diversified portfolios, active trading |
For cost-conscious ETF buy-and-hold: DEGIRO wins clearly.
For diversified portfolios, bonds, active trading, research needs: Saxo.
Who DEGIRO is right for
✅ EU residents (its primary market)
✅ Buy-and-hold ETF investors doing systematic monthly purchases
✅ Investors making €500-2K monthly purchases of free-list ETFs
✅ Cost-conscious investors OK with no US ETF access
✅ Users wanting €100K deposit insurance via German DGS
✅ Users wanting access to the broadest UCITS ETF universe
Who DEGIRO is NOT right for
❌ US persons (PFIC rules + DEGIRO can’t sell US ETFs)
❌ Active traders (IBKR Pro significantly cheaper at volume)
❌ Bond-heavy portfolios (limited bond market access)
❌ Investors needing research/analyst tools (basic only)
❌ Users wanting modern mobile-first UX (Lightyear, Trading 212 better)
❌ Users wanting fractional shares (limited support)
The “Custody” vs “Trader” account distinction
DEGIRO offers two account types — this confuses many new users:
Custody account (Basic)
- No securities lending — your shares stay in your name
- Slightly higher fees (small premium vs Trader)
- Securities held in segregated custody under your name
- More conservative for peace of mind
Trader account (Default, “Basic” plan)
- Allows securities lending (DEGIRO lends your shares to short-sellers, keeps the income)
- Lower fees
- Securities held in pooled custody with other DEGIRO clients
- Protected by lending facility but structurally different from direct custody
Recommendation: For peace of mind with significant balances, choose Custody account. The fee difference is small (~10-20% premium). The lending protection structure has been adequate historically but Custody is structurally cleaner.
For users who don’t care about lending: Trader account default works.
For balances over €100K: Custody account worth considering.
The free ETF list strategy
DEGIRO’s killer feature is the free ETF list. About 200 ETFs trade with no commission (just €1 handling fee).
Most popular free ETFs:
- VWCE (Vanguard FTSE All-World) — global equity exposure
- IWDA (iShares MSCI World) — developed markets
- EMIM (iShares MSCI EM IMI) — emerging markets
- AGGH (iShares Global Aggregate Bond) — global bonds
- VUSA (Vanguard S&P 500) — US large-cap
- CSPX (iShares S&P 500) — same exposure, different issuer
- EUNK (iShares Core EUR Govt Bond) — EUR bonds
- VVSM (Vanguard ESG All-World) — ESG-screened global
For a typical European Boglehead portfolio:
– 60% VWCE (global stocks)
– 20% AGGH (global bonds)
– 20% EUNK (EUR govt bonds for stability)
Monthly auto-investment via three free ETFs: ~€3 total cost. Annual: ~€36 for 12 months of investing. Hard to beat at any other broker.
Onboarding experience
Online application via degiro.com (or your country’s DEGIRO URL). Need:
– Government ID (passport recommended)
– Proof of residency
– Bank account information for funding
– Tax ID (country-specific)
– Source of funds documentation for larger initial deposits
Typical timeline: 7-15 business days approval. Slower than IBKR (3-5 days) or Lightyear (1-2 days). Be patient.
Once approved: funding via SEPA transfer (free) or instant pay-in via Trustly partnership.
Real-world experience over 18 months
What we observed:
Reliable for daily use. Platform functional. No major outages in our window.
Customer support frustrating when needed. Two issues took 5-7 days to resolve via email. No phone option available for our questions.
Free ETF list saved us ~€80/year vs paying €3 per trade on the same ETFs.
Tax reporting was usable but required manual data entry for our Italian tax filing. Other EU countries (Germany, Netherlands) more automated.
No surprise fees — what’s advertised is what’s charged.
The “free trade” model funded by securities lending doesn’t bother us with smaller balances, but worth noting.
Overall: pleasant for the buy-and-hold use case. Frustrating if you have complex questions or want active trading support.
What we’d actually do
For a typical EU expat with €50K-200K portfolio doing monthly ETF investing:
DEGIRO Custody account for the buy-and-hold portion. Free ETF list + low cost + German DGS protection.
Plus IBKR Pro as a secondary account for any larger one-time trades, FX conversions, or US ETF needs.
Combined cost: ~€20/year for buy-and-hold + IBKR commissions only on big trades. Best of both worlds.
For users wanting modern UX above absolute lowest cost: consider Lightyear or Trading 212 instead.
Common DEGIRO mistakes
Mistake 1: Not using the free ETF list.
Some users buy non-free ETFs by accident, paying €3/trade instead of €1. Check the list before buying — DEGIRO marks free ETFs in the interface.
Mistake 2: Trader account when Custody would be better.
For significant balances, the lending exposure matters. Switch to Custody account if you have €100K+.
Mistake 3: Treating DEGIRO as a research platform.
Use Bloomberg, Google Finance, or actual research subscriptions for analysis. DEGIRO is for execution only.
Mistake 4: Frequent forex conversions.
DEGIRO’s 0.25% FX is fine for occasional use. For large or frequent FX: IBKR Pro at 0.02% saves dramatically.
Mistake 5: Not enabling 2FA on the account.
DEGIRO supports 2FA via authenticator app. Enable it. Account security matters when you have substantial balances.
Disclosure
DEGIRO has an affiliate program. We use it. Commission doesn’t affect our recommendation. We rank DEGIRO ahead of Lightyear on ETF cost-per-trade for free-list buyers, behind on UX. Rankings reflect actual user experience over 18 months. See our affiliate disclosure.
Not investment advice. Consult a qualified cross-border financial advisor.
Last updated 2026 Q2. Based on 18 months of personal use across two accounts.
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