While surfin’ the internet I came across some tool in order to compare brokers. I filled in a couple of things and my number one was DEGIRO. Never heard of them before. Apparently, a couple of former BinckBank employees established this broker platform in 2008 for corporate investors. Because they were convinced costs could easily be lowered.
In september 2013 they launched a website for individual investors. They seem to be the cheapest broker out there. Their fees are up to 80% cheaper compared to my current broker. They don’t charge any fees other than transaction fees which are ridiculously cheap. Also, there’s no minimum.
It seems rather easy to open an account here. Within five minutes you can start trading.
Sounds rather tempting, doesn’t it? It seems they started this price war between online brokers.
What do you guys think?
I have just openend an account with them. That was easy! I also phoned them. The scariest thing here is that they will lend your stocks to third parties. Is this also the case with BinckBank? Also, they don’t have a bank license…
When investing in dollars it is important to note that they don’t hold dollar accounts yet. So all dollar purchases are immediately converted into euros. They won’t help you with the W-8BEN form.