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 59 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:
- DEGIRO is the best discount broker in Germany in 2020. Low trading and non-trading fees, one free ETF trading per month.
- TradeStation Global is the second. Low trading and non-trading fees, high fund fees.
- Revolut rounded out the top three. Low trading and non-trading fees, free stock and ETF trading. Third place.
- Interactive Brokers in the fourth place. Low trading fees, average non-trading fee, free stock and ETF trading for US customers.
- XTB. Low trading and non-trading fees, high stock CFD fees. Just made it to the list with being number five.
| Broker | Info | Fees score | |
|---|---|---|---|
| #1 | DEGIRO | Dutch discount broker | 5.0 |
| #2 | TradeStation Global | UK-based global broker | 4.1 |
| #3 | Revolut | UK discount broker | 5.0 |
| #4 | Interactive Brokers | US discount broker | 4.3 |
| #5 | XTB | Global CFD and forex broker | 4.0 |
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.
#1 Best discount broker
DEGIRO
Disclaimer: As of March 25, 2020, DEGIRO has introduced a temporary waiting list for new client registrations, until further notice. This is due to the surge of new registrations amid the ongoing heavy market volatility. Because of this situation, the account creation process may take much longer, although it is uncertain how long exactly. We will update the review as we find out more details.
Be also aware that investing involves a risk of loss.
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, 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.
Recommended for price-sensitive buy-and-hold investors and traders looking only to carry out transactions
| Pros | Cons |
|---|---|
| • One of the lowest fees on the market | • Limited research and education |
| • Fast and seamless account opening | • No forex trading |
| • Easy to use web and mobile trading platform | • No credit/debit card deposit and withdrawal |
#1 DEGIRO
Fees
DEGIRO has low trading and non-trading fees. In most asset classes, it is the best on the market. There are some ETFs that you can trade once a month for free, which is a great deal for buy-and-hold investors.
| Pros | Cons |
|---|---|
| • Low trading fees | • Higher trading fees for Asian and smaller European stock exchanges |
| • Low non-trading fees | |
| • Low stock and ETF fees |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| US stock | $0.6 | $1.5 | $0.0 | $1.0 | $10.0 |
| UK stock | $2.4 | $2.4 | - | $7.2 | $10.0 |
| EURUSD benchmark fee | - | $17.9 | - | $17.9 | $15.0 |
| Mutual fund | $10.3 | $25.0 | - | $15.0 | - |
| US Treasury bond | - | $7.5 | - | $5.0 | - |
| US stock index options | $5.0 | $15.0 | - | $7.0 | - |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | No | No | Yes | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#1 DEGIRO
Account opening
As of March 25, 2020, DEGIRO has introduced a waiting list for new accounts. Expect longer waiting times for an otherwise easy and fast account opening process. No minimum deposit is required.
| Pros | Cons |
|---|---|
| • Fast | • Waiting list and longer account opening time |
| • Fully digital | |
| • No minimum deposit |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $1,000 | $0 | $0 | $250 |
| Time to open account | 1 day | 1 day | 1 day | 1-3 days | 1 day |
#1 DEGIRO
Deposit and withdrawal
DEGIRO deposits and withdrawals are free of charge via bank transfer. On the other hand, you cannot deposit with credit or debit card.
| Pros | Cons |
|---|---|
| • Free withdrawal | • Credit/Debit card not available |
| • No deposit fee | |
| • Several account base currencies |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | No | No |
| Electronic wallets | No | No | No | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#1 DEGIRO
Markets and products
At DEGIRO you can access many markets and trade with a lot of different products. CFD and forex are not available.
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | Yes | No | Yes | Yes |
| Forex | No | Yes | No | Yes | Yes |
| Fund | Yes | Yes | No | Yes | No |
| Bond | Yes | Yes | No | Yes | No |
| Options | Yes | Yes | No | Yes | No |
| Futures | Yes | Yes | No | Yes | No |
| CFD | No | Yes | No | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#1 DEGIRO
Web trading platform
DEGIRO's web platform is simple and easy to use. Even beginners can easily navigate it and buy stocks. On the negative side, you cannot set price alerts.
| Pros | Cons |
|---|---|
| • User-friendly | • Limited customizability (for charts, workspace) |
| • Clear fee report | • No price alerts |
| • Two-step (safer) login |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Web platform score | 3.9 | 4.3 | - | 4.3 | 4.4 |
| Mobile platform score | 4.5 | 3.5 | 4.0 | 3.5 | 4.3 |
| Desktop platform score | - | 3.0 | - | 3.0 | 4.4 |
#1 DEGIRO
Verdict
DEGIRO is a good choice if you want a simple platform and don’t want to spend too much on fees.
It is far cheaper than its big European competitors and only TradeStation Global comes close to competing with DEGIRO's fees. The account opening process is also fast, you will usually have your account ready to use within a day. It is also one of the best trading platforms for Europeans.
However, its low prices come with some shortfalls. Education and research tools are limited, there is no forex trading, and you can only deposit and withdraw money 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.
| DEGIRO | |
|---|---|
| Summary | DEGIRO is a Dutch discount broker established in 2008. It is regulated by the Dutch FMA. As of March 25, 2020, DEGIRO introduced a waiting list for new customers. Longer than usual account opening times are expected. |
| Fees score | 5.0 |
| Recommended for | Price-sensitive buy-and-hold investors and traders looking only to carry out transactions |
#2 Best discount broker
TradeStation Global
TradeStation Global is the brand of TradeStation International, which is based in the UK and regulated by the top-tier FCA. TradeStation International is the subsidiary of TradeStation, while introducing broker of Interactive Brokers (IB).
Therefore, TradeStation Global is a combined product of TradeStation and IB. You can reach IB's markets almost at IB's fees. You can trade on both IB's and TradeStation's desktop platform. The customer service is by TradeStation.
Both Interactive Brokers and TradeStation are reputable brokers, regulated by top-tier financial authorities. While Interactive Brokers is listed on 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
| Pros | Cons |
|---|---|
| • Low trading fees | • Not user-friendly deposit and withdrawal |
| • Wide range of products | • Complicated account opening |
| • Fast and relevant customer service | • Limited education materials |
#2 TradeStation Global
Fees
TradeStation Global has low trading fees, especially for stock and ETF. It's also great that there is no inactivity fee and the first withdrawal in each month is free of charge. On the other hand, mutual fund fees are high.
| Pros | Cons |
|---|---|
| • Low trading fees | • High fund fees |
| • Low non-trading fees | |
| • Low stock and ETF fees |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| US stock | $0.6 | $1.5 | $0.0 | $1.0 | $10.0 |
| UK stock | $2.4 | $2.4 | - | $7.2 | $10.0 |
| EURUSD benchmark fee | - | $17.9 | - | $17.9 | $15.0 |
| Mutual fund | $10.3 | $25.0 | - | $15.0 | - |
| US Treasury bond | - | $7.5 | - | $5.0 | - |
| US stock index options | $5.0 | $15.0 | - | $7.0 | - |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | No | No | Yes | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#2 TradeStation Global
Account opening
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 required deposit.
| Pros | Cons |
|---|---|
| • Fast | • Minimum deposit is higher than $500 |
| • Fully digital | • Not user-friendly |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $1,000 | $0 | $0 | $250 |
| Time to open account | 1 day | 1 day | 1 day | 1-3 days | 1 day |
#2 TradeStation Global
Deposit and withdrawal
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.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • Several account base currencies | • Not user-friendly |
| • No charge for the first withdrawal every month. |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | No | No |
| Electronic wallets | No | No | No | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#2 TradeStation Global
Markets and products
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.
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | Yes | No | Yes | Yes |
| Forex | No | Yes | No | Yes | Yes |
| Fund | Yes | Yes | No | Yes | No |
| Bond | Yes | Yes | No | Yes | No |
| Options | Yes | Yes | No | Yes | No |
| Futures | Yes | Yes | No | Yes | No |
| CFD | No | Yes | No | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#2 TradeStation Global
Web trading platform
You can use Interactive Brokers' web trading platforms. Client Portal is simple and easy to use even for beginners. On the negative side, it is not customizable.
| Pros | Cons |
|---|---|
| • User-friendly | • Limited customizability (for charts, workspace) |
| • Clear fee report | • Difficult to set the alerts |
| • Two-step (safer) login |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Web platform score | 3.9 | 4.3 | - | 4.3 | 4.4 |
| Mobile platform score | 4.5 | 3.5 | 4.0 | 3.5 | 4.3 |
| Desktop platform score | - | 3.0 | - | 3.0 | 4.4 |
#2 TradeStation Global
Verdict
TradeStation Global has low trading fees, has access to a lot of products and markets, and has great customer support. The TradeStation Global desktop platform has great charting tools, and plenty of indicators highly customizable watchlists (Radar Screen), and visualized order placing (Matrix).
On the other hand, the deposit and withdrawal process is not user-friendly and you can use only a bank transfer. The account opening is complicated and for full account verification, a minimum deposit of $1,000 is needed. Lastly, the education section could be extended with more materials, as of now, it is limited.
If you prefer low fees with IB's product range, feel free to try TradeStation Global.
| TradeStation Global | |
|---|---|
| Summary | TradeStation Global is an introducing broker for EU clients. It is regulated by the top-tier UK FCA. |
| Fees score | 4.1 |
| Recommended for | Traders and investors looking for low fees and a wide selection of products |
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#3 Best discount broker
Revolut
Revolut is a fast-growing fintech startup founded in 2015 and it's 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 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
Recommended for beginners looking for free trading and a great mobile-only trading platform
| Pros | Cons |
|---|---|
| • Free stock trading | • Limited product portfolio |
| • Fast and easy account opening | • Basic research and missing educational tools |
| • Great mobile trading platform | • Poor customer service |
#3 Revolut
Fees
Besides trading stocks for free with Revolut, you don't have to pay any inactivity or withdrawal fee. There is only a 0.01% annual custody fee.
| Pros | Cons |
|---|---|
| • Low trading fees | None |
| • Low non-trading fees | |
| • Free stock trading |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| US stock | $0.6 | $1.5 | $0.0 | $1.0 | $10.0 |
| UK stock | $2.4 | $2.4 | - | $7.2 | $10.0 |
| EURUSD benchmark fee | - | $17.9 | - | $17.9 | $15.0 |
| Mutual fund | $10.3 | $25.0 | - | $15.0 | - |
| US Treasury bond | - | $7.5 | - | $5.0 | - |
| US stock index options | $5.0 | $15.0 | - | $7.0 | - |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | No | No | Yes | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#3 Revolut
Account opening
Revolut has an easy, fast, and fully digital account opening and there's no minimum account balance.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • No minimum deposit |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $1,000 | $0 | $0 | $250 |
| Time to open account | 1 day | 1 day | 1 day | 1-3 days | 1 day |
#3 Revolut
Deposit and withdrawal
Revolut offers several deposit options and both deposits and withdrawals are free even with wire transfers. On the negative side, you can only use USD-based accounts for trading.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • Only USD-accounts for trading |
| • Free withdrawal | |
| • No deposit fee |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | No | No |
| Electronic wallets | No | No | No | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#3 Revolut
Markets and products
Revolut has a limited product portfolio as you can only trade with certain US stocks and cryptos. It lacks other popular asset classes, like mutual funds, bonds, options, etc.
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | Yes | No | Yes | Yes |
| Forex | No | Yes | No | Yes | Yes |
| Fund | Yes | Yes | No | Yes | No |
| Bond | Yes | Yes | No | Yes | No |
| Options | Yes | Yes | No | Yes | No |
| Futures | Yes | Yes | No | Yes | No |
| CFD | No | Yes | No | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#3 Revolut
Web trading platform
Revolut doesn't offer a trading platform on the web, it's available only on mobile. Offering a web-based application is very common today as it is convenient to use and accessible from all devices. This is a drawback.
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Web platform score | 3.9 | 4.3 | - | 4.3 | 4.4 |
| Mobile platform score | 4.5 | 3.5 | 4.0 | 3.5 | 4.3 |
| Desktop platform score | - | 3.0 | - | 3.0 | 4.4 |
#3 Revolut
Verdict
Revolut's fees are great. With all three types of accounts, you can trade US stocks for free. The 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 stocks from the US market. There are only a few research, while educational tools are totally missing. The customer service could be improved.
If you want to trade with US stocks for free and prefer an easy-to-use mobile platform, Revolut is a great choice.
| Revolut | |
|---|---|
| Summary | Revolut is UK-based fintech startup that offers commission-free stock trading. Revolut Trading Ltd is regulated by the FCA. |
| Fees score | 5.0 |
| Recommended for | Beginners looking for free trading and a great mobile-only trading platform |
#4 Best discount broker
Interactive Brokers
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, the broker is considered safe. Also, 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
| Pros | Cons |
|---|---|
| • Wide range of products | • Extremely complex desktop trading platform |
| • Many great research tools | • Complicated account opening process |
| • Regulated by several authorities | • High inactivity fee |
#4 Interactive Brokers
Fees
Interactive Brokers has low trading fees and for US clients, stock and ETF trading is free. On the negative side, there is a high inactivity fee for non-US clients.
| Pros | Cons |
|---|---|
| • Low trading fees | • Inactivity fee |
| • Low stock and ETF fees | |
| • Low financing rate | |
| • Free stock and ETF trading for US clients |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| US stock | $0.6 | $1.5 | $0.0 | $1.0 | $10.0 |
| UK stock | $2.4 | $2.4 | - | $7.2 | $10.0 |
| EURUSD benchmark fee | - | $17.9 | - | $17.9 | $15.0 |
| Mutual fund | $10.3 | $25.0 | - | $15.0 | - |
| US Treasury bond | - | $7.5 | - | $5.0 | - |
| US stock index options | $5.0 | $15.0 | - | $7.0 | - |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | No | No | Yes | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#4 Interactive Brokers
Account opening
IB's account opening process is fully digital and the required minimum deposit is low. On the negative side, the online registration is complicated and account verification takes around 2 business days.
| Pros | Cons |
|---|---|
| • Fully digital | • Not user-friendly |
| • No minimum deposit for most accounts types | • Confusing messages throughout the process |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $1,000 | $0 | $0 | $250 |
| Time to open account | 1 day | 1 day | 1 day | 1-3 days | 1 day |
#4 Interactive Brokers
Deposit and withdrawal
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.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • Several account base currencies | • Not user-friendly |
| • First withdrawal each month free |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | No | No |
| Electronic wallets | No | No | No | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#4 Interactive Brokers
Markets and products
Through Interactive Brokers you can access an extremely wide range of markets, with every product type available.
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | Yes | No | Yes | Yes |
| Forex | No | Yes | No | Yes | Yes |
| Fund | Yes | Yes | No | Yes | No |
| Bond | Yes | Yes | No | Yes | No |
| Options | Yes | Yes | No | Yes | No |
| Futures | Yes | Yes | No | Yes | No |
| CFD | No | Yes | No | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#4 Interactive Brokers
Web trading platform
Interactive Brokers's web platform is simple and easy to use even for beginners. On the negative side, it is not customizable.
| Pros | Cons |
|---|---|
| • User-friendly | • Limited customizability (for charts, workspace) |
| • Clear fee report | |
| • Two-step (safer) login |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Web platform score | 3.9 | 4.3 | - | 4.3 | 4.4 |
| Mobile platform score | 4.5 | 3.5 | 4.0 | 3.5 | 4.3 |
| Desktop platform score | - | 3.0 | - | 3.0 | 4.4 |
#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 a vast range of markets and products available, with diverse research tools and low costs.
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-understand, especially for beginners.
If you have experience navigating complex platforms and you like transparent low-cost trading, Interactive Brokers could be a great fit for you.
| Interactive Brokers | |
|---|---|
| Summary | Interactive Brokers is a US discount broker. It is listed on a stock exchange and regulated by several authorities, including top-tier ones like the FCA and the SEC. |
| Fees score | 4.3 |
| Recommended for | Traders looking for low fees and a professional trading environment |
#5 Best discount broker
XTB
XTB is a global CFD and forex broker with headquarters in London and Warsaw. The company is regulated by several financial authorities worldwide, including the UK's Financial Conduct Authority (FCA) and the Polish Financial Supervision Authority (KNF). XTB is listed on the Warsaw Stock Exchange.
XTB is considered safe because it is regulated by at least one top-tier financial authority, the FCA, and is listed on a stock exchange.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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
| Pros | Cons |
|---|---|
| • Low forex and stock index CFD fees | • High fee for stock CFD |
| • Free and fast deposit and withdrawal | • Limited product portfolio, mostly CFD and FX |
| • Easy and fast account opening | • Poor email support |
#5 XTB
Fees
XTB has low trading fees and low non-trading fees. Within trading fees, there are low fees for forex and stock index CFDs. On the other hand, stock CFD fees are high.
| Pros | Cons |
|---|---|
| • Low trading fees | • High stock CFD fees |
| • Low non-trading fees | |
| • No withdrawal fee |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| US stock | $0.6 | $1.5 | $0.0 | $1.0 | $10.0 |
| UK stock | $2.4 | $2.4 | - | $7.2 | $10.0 |
| EURUSD benchmark fee | - | $17.9 | - | $17.9 | $15.0 |
| Mutual fund | $10.3 | $25.0 | - | $15.0 | - |
| US Treasury bond | - | $7.5 | - | $5.0 | - |
| US stock index options | $5.0 | $15.0 | - | $7.0 | - |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | No | No | Yes | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#5 XTB
Account opening
XTB's account opening process is hassle-free, fully digital and straightforward. Your account will be ready for trading on the same day.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • Low minimum deposit |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $1,000 | $0 | $0 | $250 |
| Time to open account | 1 day | 1 day | 1 day | 1-3 days | 1 day |
#5 XTB
Deposit and withdrawal
XTB deposits and withdrawals are cost-friendly, fast, and can be done in several forms.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | None |
| • Free withdrawal | |
| • No deposit fee |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | No | No |
| Electronic wallets | No | No | No | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#5 XTB
Markets and products
XTB's product selection covers only CFDs, forex and crypto assets. Some European clients can also trade with real stocks and ETFs. Popular asset classes like bonds, mutual funds, options and futures are not available.
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | Yes | No | Yes | Yes |
| Forex | No | Yes | No | Yes | Yes |
| Fund | Yes | Yes | No | Yes | No |
| Bond | Yes | Yes | No | Yes | No |
| Options | Yes | Yes | No | Yes | No |
| Futures | Yes | Yes | No | Yes | No |
| CFD | No | Yes | No | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#5 XTB
Web trading platform
XTB's xStation 5 platform is user-friendly, can be customized and has a good search function. On the other hand, a two-step login is not available.
| Pros | Cons |
|---|---|
| • User-friendly | • No two-step (safer) login |
| • Clear fee report | |
| • Good search function |
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Web platform score | 3.9 | 4.3 | - | 4.3 | 4.4 |
| Mobile platform score | 4.5 | 3.5 | 4.0 | 3.5 | 4.3 |
| Desktop platform score | - | 3.0 | - | 3.0 | 4.4 |
#5 XTB
Verdict
XTB is a great CFD and forex broker. It is regulated by several financial authorities globally, including the UK's FCA, and it 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 free and fast. We also liked the seamless and hassle-free account opening process.
XTB has some drawbacks, though. The stock CFD fees are high. The product range is mainly limited to FX and CFDs, although real stock and ETF trading are available in some European countries. Lastly, its email support did not reply to our queries.
We recommend XTB for clients who prefer forex or CFD trading, and also want to enjoy great deposit and withdrawal options and a fast account opening. Feel free to test it using a demo account.
| XTB | |
|---|---|
| Summary | XTB is a global CFD and forex broker, listed on the Warsaw Stock Exchange and regulated by financial authorities including the UK FCA and Poland's KNF. |
| Fees score | 4.0 |
| Recommended for | Forex and CFD traders looking for low fees and great deposit/withdrawal service |
Best discount brokers
What makes a good discount broker?
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:
- What is a discount broker?
- Why do we think these brokers are safe?
- 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.
Best discount brokers
Bottom line
You saw the details, now let's zoom out. Here are best discount brokers in 2020 for citizens in Germany:
| DEGIRO | TradeStation Global | Revolut | Interactive Brokers | XTB | |
|---|---|---|---|---|---|
| Fees score | 5.0 | 4.1 | 5.0 | 4.3 | 4.0 |
| Account opening score | 5.0 | 2.8 | 5.0 | 3.4 | 5.0 |
| Deposit and withdrawal score | 3.3 | 2.5 | 3.5 | 2.5 | 4.5 |
| Markets and products score | 3.6 | 5.0 | 2.0 | 5.0 | 2.8 |
| Web platform score | 3.9 | 4.3 | - | 4.3 | 4.4 |
|
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75% of retail CFD accounts lose money |
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.
