Best discount brokers in Germany in 2020

Choose the best discount broker in 2020 for citizens in Germany, we did the research for you. Fees, fees, and fees. We do not like them and surely you do not either. Checking carefully, we uncovered all the hidden fees. After testing 71 brokers, 5 made it to the top. And now, without further ado...

The top 5 picks for the best discount brokers for German citizens in 2020:

1. DEGIRO is the best discount broker in Germany in 2020. Low trading and non-trading fees, one free ETF trading per month.
2. TradeStation Global is the second. Low trading and non-trading fees, high fund fees.
3. Revolut rounded out the top three. Low trading and non-trading fees, free stock and ETF trading. Third place.
4. Interactive Brokers in the fourth place. Low trading fees, average non-trading fee, free stock and ETF trading for US customers.
5. XTB. Low forex and non-trading fees, high stock CFD fees. Just made it to the list with being number five.

What makes a good discount broker? Certainly, damn low fees. This holds for commissions, financing rates, and a lot of people forget, non-trading fees like inactivity or withdrawal fees. Besides low fees, it also should offer access to a lot of markets and products.

Easy to list, but hard to figure it out. We are testing brokers along more than 100 criteria with real accounts and real money. We know what's up.

Not sure which broker? For a tailored recommendation, check out the broker finder tool. You can enter your country and it will show only the relevant brokers. Want more details? Compare brokers with this detailed comparison table.

And now, let's see the best discount brokers for German citizens in 2020 one by one, starting with the winner, DEGIRO.

DEGIRO is a Dutch online discount broker. It is privately owned and was established in 2008 by former employees of another brokerage company.

DEGIRO is regulated by top-tier financial authorities such as the Netherlands Authority for the Financial Markets (AFM) and the Dutch Central Bank (DNB). It is registered with the Chamber of Commerce and Industry in Amsterdam.

As of July 2020, DEGIRO no longer keeps a waiting list for new clients.

Recommended for price-sensitive buy-and-hold investors and traders looking only to carry out transactions

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#1 DEGIRO
Fees

5.0

DEGIRO has low trading and non-trading fees. In most asset classes, it is the best on the market. You can trade some ETFs for free once a month - a great deal for buy-and-hold investors.

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#1 DEGIRO
Account opening

5.0

DEGIRO no longer keeps a waiting list for new users, and no minimum deposit is required. The account creation process is once again fast and fully digital.

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#1 DEGIRO
Deposit and withdrawal

3.3

DEGIRO deposits and withdrawals are free of charge via bank transfer. On the other hand, you cannot deposit funds using a credit or debit card.

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#1 DEGIRO
Markets and products

3.6

At DEGIRO, you can access many markets and trade a lot of different products. CFD and forex are not available, though.

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#1 DEGIRO
Web trading platform

3.9

DEGIRO's web platform is simple and easy to use, even for beginners. On the negative side, you cannot set price alerts.

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#1 DEGIRO
Verdict

DEGIRO is a good choice if you want a simple platform and don’t want to spend too much on fees.

Transaction costs are generally very low. DEGIRO also has one of the best trading platforms for Europeans. In addition, the account opening process is now fast again, as a recent temporary waiting list has been scrapped.

On the other hand, education and research tools are limited. We should also mention that there is no forex trading, and most clients can only deposit and withdraw by bank transfer.

All in all, DEGIRO is a great online broker. There is no minimum deposit and no inactivity fee, so feel free to go ahead and give it a try.

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TradeStation Global is the brand of TradeStation International Ltd, which is based in the UK and is regulated by the top-tier Financial Conduct Authority (FCA).

TradeStation Global is a combined product offered by Interactive Brokers (IB) and TradeStation. Here are its most important elements:

• The account opening, deposit/withdrawal options, and available products are the same as at Interactive Brokers.
• You can use both Interactive Brokers's and TradeStation's own desktop platform.
• TradeStation Global charges its own fees, and offers its own customer support and educational tools.

Both Interactive Brokers and TradeStation are reputable brokers, regulated by top-tier financial authorities. While Interactive Brokers is listed on the NASDAQ, TradeStation itself is not: only TradeStation's parent company Monex is listed, on the Tokyo Stock Exchange.

Recommended for traders and investors looking for low fees and a wide selection of products

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#2 TradeStation Global
Fees

4.0

TradeStation Global has low trading fees, especially for stocks and ETFs. It's also great that there is no inactivity fee and the first withdrawal each month is free of charge. On the other hand, mutual fund fees are high.

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#2 TradeStation Global
Account opening

2.8

TradeStation Global's account opening is fully digital and fast. On the negative side, the process is complicated and there is a high, $1,000 minimum deposit required in order to use TSG's own desktop platform.

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#2 TradeStation Global
Deposit and withdrawal

2.5

TradeStation Global offers many account base currency options and one free withdrawal per month. The main drawbacks are that you can only use bank transfer and the process is not user-friendly.

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#2 TradeStation Global
Markets and products

5.0

With TradeStation Global, you can access the same range of product types and exchanges as at Interactive Brokers. This selection is one of the widest among online brokers.

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#2 TradeStation Global
Web trading platform

4.3

You can use your TradeStation Global account to log in to the Interactive Brokers web trading platform. The TSG Client Portal is simple and easy to use even for beginners. On the negative side, it is not customizable.

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#2 TradeStation Global
Verdict

TradeStation Global has low trading fees, provides access to a lot of products and markets and has great customer support. The TradeStation Global desktop platform has great charting tools, plenty of indicators, highly customizable watchlists (Radar Screen) and a great programming tool (EasyLanguage).

On the other hand, the deposit and withdrawal process is not user-friendly and you can use only bank transfer. The account opening is complicated and for full account verification to use the TSG desktop trading platform, a minimum deposit of $1,000 is required. Margin rates are higher than at Interactive Brokers (IB). Lastly, the education section could be expanded with more materials, as it is quite limited.

If you want access to IB's product range and an account without inactivity fees, feel free to try TradeStation Global.

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Revolut is a fast-growing fintech startup founded in 2015 and mainly known for its banking and payment services. In 2019, the company also launched its commission-free stock trading, which is provided by Revolut Trading Ltd. 

Revolut is regulated by multiple top-tier regulators, including the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Clients' assets are protected up to $500,000 ($250,000 cash) under the Securities Investment Protection Corporation's (SIPC) insurance. Revolut is also regulated by the UK Financial Conduct Authority (FCA). 

Recommended for beginners looking for free trading and a great mobile-only trading platform

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#3 Revolut
Fees

5.0

Besides trading stocks for free with Revolut, you also don't have to pay any inactivity or withdrawal fees. It only charges a 0.01% annual custody fee.

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#3 Revolut
Account opening

5.0

Revolut has an easy, fast, and fully digital account opening, requiring no minimum account balance.

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#3 Revolut
Deposit and withdrawal

3.5

Revolut offers several deposit options, and both deposits and withdrawals are free even when using wire transfers. On the negative side, you can only use a USD-based account for trading.

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#3 Revolut
Markets and products

2.0

Revolut has a limited product portfolio, as you can only trade certain US stocks, cryptos and gold. It lacks other popular asset classes like mutual funds, bonds or options.

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#3 Revolut
Web trading platform

Revolut does not offer a web trading platform, as it's available only on mobile. This is a drawback, as web-based applications are convenient to use and accessible from all devices.

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#3 Revolut
Verdict

Revolut's fees are great. With all three types of accounts, you can trade US stocks for free (though monthly limits may apply). Account opening is easy, fully digital, and fast. You can use an awesome and user-friendly mobile trading platform.

Revolut has some drawbacks though. The product portfolio covers only US stocks and some crypto currencies. There are only a few research tools, while it offers no educational material at all. Customer service could also be improved. 

If you want to trade US stocks for free and are looking for an easy-to-use mobile platform, Revolut is a great choice.

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Interactive Brokers was founded in 1978 and is one of the biggest US-based discount brokers. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

As it has licenses from multiple top-tier regulators, Interactive Brokers is considered safe. Having a long track record and publicly disclosed financials while being listed on a stock exchange are also great signs for its safety.

Recommended for traders looking for low fees and a professional trading environment

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#4 Interactive Brokers
Fees

4.3

Interactive Brokers has low trading fees; while for US clients, stock and ETF trading is free. On the negative side, there is a high inactivity fee for non-US clients.

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#4 Interactive Brokers
Account opening

3.4

IB's account opening process is fully digital and the required minimum deposit is low. On the negative side, the process is complicated, and account verification takes relatively long.

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#4 Interactive Brokers
Deposit and withdrawal

2.5

Interactive Brokers offers many account base currency options and one free withdrawal per month. The main drawbacks are that you can only use bank transfer, and the process is not user-friendly.

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#4 Interactive Brokers
Markets and products

5.0

Through Interactive Brokers you can access an extremely wide range of markets and all product types are available.

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#4 Interactive Brokers
Web trading platform

4.3

Interactive Brokers's web platform is simple and easy to use, even for beginners. On the negative side, it is not customizable.

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#4 Interactive Brokers
Verdict

Interactive Brokers is one of the biggest US-based discount brokers, regulated by several top-tier regulators globally. We recommend this broker for advanced traders.

On the plus side, IB has low fees, a vast range of markets and products available with diverse research tools. 

There are some drawbacks though: there is a high inactivity fee and the account opening process is complicated. The desktop platform is complex and hard to get a handle on, especially for beginners.

If you have experience navigating complex platforms and enjoy transparent, low-cost trading, Interactive Brokers could be a great fit for you.

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XTB is a global CFD and forex broker with headquarters in London and Warsaw, founded in 2002. The company is regulated by several financial authorities worldwide, including the top-tier UK Financial Conduct Authority (FCA). In addition, XTB is listed on the Warsaw Stock Exchange, and as such is required to disclose its financials.

XTB is considered safe because it has a long track record, is listed on a stock exchange, and publishes its financial statements transparently.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal service

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79% of retail CFD accounts lose money

#5 XTB
Fees

4.1

XTB has low forex and stock index CFD fees. There is also no withdrawal fee for most transfers. On the other hand, stock CFD fees are high, and XTB also charges an inactivity fee.

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79% of retail CFD accounts lose money

#5 XTB
Account opening

5.0

XTB's account opening process is hassle-free, straightforward and fully digital. Your account will be ready for trading on the same day.

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79% of retail CFD accounts lose money

#5 XTB
Deposit and withdrawal

4.5

XTB deposits and withdrawals are fast, mostly free, and can be done via several channels.

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79% of retail CFD accounts lose money

#5 XTB
Markets and products

2.8

XTB's default product selection includes only CFDs, forex and crypto. Some European clients can also trade real stocks and ETFs. Popular asset classes like bonds, mutual funds, options and futures are not available.

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79% of retail CFD accounts lose money

#5 XTB
Web trading platform

4.4

XTB's xStation 5 platform is user-friendly, can be customized and has a good search function. On the other hand, two-step login is not available.

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79% of retail CFD accounts lose money

#5 XTB
Verdict

XTB is a great CFD and forex broker. It is regulated by several financial authorities globally, including the UK's FCA. The company is listed on the Warsaw Stock Exchange.

On the plus side, its forex and stock index CFD fees are low, and the deposit and withdrawal process is fast and mostly free. We also liked the seamless and hassle-free account opening process.

XTB has some drawbacks, though. Stock CFD fees are high. The product range is mainly limited to FX and CFDs, although real stock and ETF trading is available in some European countries. Fundamental data offered by XTB covers only a few basics such as P/E.

We recommend XTB for clients who prefer forex or CFD trading, and also want to enjoy great deposit and withdrawal options along with fast account opening. Feel free to test it using a demo account.

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79% of retail CFD accounts lose money

Now you know the top three discount brokers. You are probably curious about how we came up with this list. Let's go over three points:

1. What is a discount broker?
2. Why do we think these brokers are safe?
3. What are the most important factors when selecting the best discount brokers?

What is a discount broker?

A discount broker is a brokerage company that executes your buy and sell orders at a low trading fee. Discount brokers' fees can be lower since they don't provide extra services like research, personal investment advice, tax planning or robo-advisory as the full-service brokers.

Discount brokers were appearing with the internet and the online broker services. Brokerage companies started to provide their service online and fully automatized. This was the rise of online trading platforms. An online trading platform is basically a website, where you can insert your own orders and you get only a customer support, no investment advice.

The distance between the full-service brokers and discount brokers has been narrowing in the last years. Discount brokers started to provide extra services as well, like research, while full-service brokers started to lower their fees. The full brokerage and wealth management industry is under fee pressure thanks to the more and more cost-effective online broker companies.

Nowadays, the new discount brokers are the free-trade brokers. These provide commission-free trading and charge an extra fee for ancillary services, like after hour trading. The biggest free-trade online broker in the US is Robinhood. In the UK, Freetrade launched its trading app in 2018. Stay tuned, we will come out with the Freetrade broker reviews soon.

Are these brokers safe?

You can be sure none of them is a scam. They are regulated by at least one top-tier regulator.

However, also brokerage companies can go down. Remember Lehman Brothers? In these cases, it is important to know what happens with your securities and cash. These are usually held in segregated accounts, so even in case of a broker bankruptcy, you are safe.

If everything goes very bad and for example, the broker steals your assets, then you have a last resort, the compensation fund of the country where the broker is regulated.

How did BrokerChooser pick the best discount brokers?

At BrokerChooser, we test online brokers along more than 100 criteria, with a real account and real money. When we selected the best discount brokers, the primary selection criteria were fees.

We made the rank based on the trading fees of all asset classes, such as stock fees, and the fees not related to trading, like the withdrawal fees. We also scored positively if the broker provides a wide range of asset classes, because providing low fees in more than one asset class is not an easy job.

You saw the details, now let's zoom out. Here are best discount brokers in 2020 for citizens in Germany:

DEGIRO is our winner, the best discount broker in Germany in 2020. Low trading and non-trading fees, one free ETF trading per month.

All brokers are considered a great choice. Pick the winner, or any runner-up and save a lot of money on fees. Let us know what you think in the comment section.

Still unsure? Use the broker finder and find the best broker for you or learn more about investing your money.