Choose the best discount broker 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 57 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 2019:
- Degiro is the winner. Very low fees.
- Interactive Brokers, place two. Very low fees, especially in the USA.
- eToro. Free stock and ETF trading in Europe, but high non-trading fees. Third place.
- Tastyworks in the fourth place. Low US options and stock fees.
- Tradestation made it to the best discount broker list. Low fees, especially for high-volume traders..
| Broker | Info | Fees | |
|---|---|---|---|
| #1 | Degiro | Dutch discount broker | |
| #2 | Interactive Brokers | US discount broker | |
| #3 | eToro | Global social trading broker | |
| #4 | Tastyworks | US options and stockbroker | |
| #5 | Tradestation | US stockbroker |
All 5 brokers are considered safe. They are regulated by top-tier financial regulators.
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, the ease of opening an account and depositing are also important. They should offer access to a lot of markets and need to have a great platform.
Easy to list, but hard to figure it out. We are testing brokers along ~100 criteria with real accounts and real money. We know what's up.
Boring, but important stuff: some brokers offer CFD products. They are complex and very risky, thus not suitable for everyone. You can easily lose all of your invested money. If you don't have a clue what a CFD is, start with these CFD trading tips.
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 2019 one by one. Starting with the winner, Degiro.
#1 Best discount broker
Degiro
4.7
5 stars
Best discount broker
DEGIRO is a trending Dutch online discount broker. It is privately owned and was established in 2013 by former employees of another brokerage company.
DEGIRO is considered safe as it is regulated by top-tier financial regulators, the Dutch AFM and DNB. It is registered with the Chamber of Commerce and Industry in Amsterdam under number 34342820.
Recommended for price-sensitive buy and hold investors and traders looking for only execution
- One of the lowest fees in the market
- Broad access to international markets
- Easy to use web and mobile platform
- Limited research and education
- No forex trading
- No credit/debit card deposit and withdrawal
#1 Degiro
Fees
5 stars
DEGIRO has low trading and non-trading fees. In most asset classes, it is the best in the market. There are some ETFs which you can trade free once per month. It's a great offer for buy-and-hold investors.
- Low trading fees
- Low non-trading fees
- No withdrawal fee
- At some ETFs, one free trade per month
- Yearly service fee for mutual funds
- Higher trading fees for Asian and smaller European stock exchanges
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Apple benchmark fee | $1.4 | $2.2 | $0.0 | $5.2 | $2.2 |
| Vodafone benchmark fee | $5.2 | $17.9 | $0.0 | - | - |
| EURUSD benchmark fee | - | $23.0 | $19.1 | - | - |
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| USA | $0.004 per share + €0.5 | $0.005 per share, min $1, max 0.5% of trade value | Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients | $5for opening and the closing is free | $0.01 per share; min $1 |
| Germany | 0.058% + €4, max €60 | 0.1%, min €4, max €99 | Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients | Not available | Not available |
| UK | 0.022% + £4, max £5 | £6 up to £50,000 Trade Value; £6 + 0.05% of incremental trade value > £50,000; max £29 for > £50,000 Trade Value | Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients | Not available | Not available |
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | No | Yes |
| Withdrawal fee | $0 | $0 | $25 | $45 | $35 |
#1 Degiro
Account opening
5 stars
DEGIRO has an easy and fast account opening process. Also, there is no minimum deposit.
- Fully digital
- No minimum deposit
- User-friendly
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $0 | $200 | $0 | $500 |
| Time to open account | 1 day | 1-3 days | 1 day | 1-3 days | 1-3 days |
#1 Degiro
Deposit and withdrawal
3 stars
DEGIRO deposit and withdrawal is free of charge via bank transfer. On the other hand, you cannot deposit with credit or debit card.
- Free withdrawal
- No deposit fee
- Several account base currencies
- Credit/Debit card not available
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | Yes | No | No |
| Electronic wallets | No | No | Yes | No | No |
| Withdrawal fee | $0 | $0 | $25 | $45 | $35 |
#1 Degiro
Markets and products
3 stars
At DEGIRO you can access many markets and trade with a lot of different products, except for forex.
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | Yes | Yes | Yes | Yes |
| Forex | No | Yes | Yes | No | No |
| Fund | Yes | Yes | No | No | Yes |
| Bond | Yes | Yes | No | No | No |
| Options | Yes | Yes | No | Yes | Yes |
| Futures | Yes | Yes | No | Yes | Yes |
| CFD | Yes | Yes | Yes | No | No |
| Crypto | Yes | Yes | Yes | No | No |
#1 Degiro
Web trading platform
4 stars
DEGIRO’s web platform is simple and easy to use. Even beginners can easily navigate it and buy stocks. On the negative side, it is a bit complicated to customize.
- User-friendly
- Two-step (safer) login
- Modern design
- Limited customizability (for charts, workspace)
- No price alerts
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Web platform score | |||||
| Mobile platform score | |||||
| Desktop platform score | - | - |
#1 Degiro
Verdict
DEGIRO is a good choice if you want a simple platform and don’t want to spend a fortune on fees.
It is far cheaper than its big European competitors and only Interactive Brokers can compete with DEGIRO fees. DEGIRO also has great access to international markets and trading products. And it is als one of the best trading platforms for Europeans.
However, cheapness comes with some shortfalls. Education and research tools are limited, there is no forex trading and limited deposit and withdrawal options.
All in all, it is a great online broker. As there is no minimum deposit and no inactivity fee, feel free to try it out.
| Degiro | |
|---|---|
| Summary | DEGIRO is a Dutch discount broker established in 2008. It is regulated by the Dutch FMA. |
| Fees score | |
| Recommended for | Price-sensitive buy and hold investors and traders looking for only execution |
#2 Best discount broker
Interactive Brokers
4.8
5 stars
Best online broker
Interactive Brokers was founded in 1978 and it is one of the biggest US-based discount brokers. It is regulated by several regulators globally, including top-tier authorities like FCA and SEC. Interactive Brokers Group is listed on the New York Stock Exchange.
Interactive Brokers is considered safe because it has a long track record, is listed on a stock exchange, discloses its financials, and is regulated by top-tier regulators.
Recommended for traders who prefer low fees and a professional trading environment
- Broad product portfolio
- Low fees
- Great and diverse research tools
- Funding and withdrawal only through bank transfer
- Complicated account opening process
- Not user-friendly and complicated desktop trading platform
#2 Interactive Brokers
Fees
4 stars
Interactive Brokers has low trading fees and high non-trading fees. The fees are transparent.
- Low trading fees
- Transparent fee structure
- Inactivity fee
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Apple benchmark fee | $1.4 | $2.2 | $0.0 | $5.2 | $2.2 |
| Vodafone benchmark fee | $5.2 | $17.9 | $0.0 | - | - |
| EURUSD benchmark fee | - | $23.0 | $19.1 | - | - |
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| USA | $0.004 per share + €0.5 | $0.005 per share, min $1, max 0.5% of trade value | Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients | $5for opening and the closing is free | $0.01 per share; min $1 |
| Germany | 0.058% + €4, max €60 | 0.1%, min €4, max €99 | Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients | Not available | Not available |
| UK | 0.022% + £4, max £5 | £6 up to £50,000 Trade Value; £6 + 0.05% of incremental trade value > £50,000; max £29 for > £50,000 Trade Value | Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients | Not available | Not available |
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | No | Yes |
| Withdrawal fee | $0 | $0 | $25 | $45 | $35 |
#2 Interactive Brokers
Account opening
3 stars
The account opening process is fully digital, but slow and complicated.
- Fully digital
- No minimum deposit for most accounts
- Slow
- Not user-friendly
- Confusing messages throughout the process
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $0 | $200 | $0 | $500 |
| Time to open account | 1 day | 1-3 days | 1 day | 1-3 days | 1-3 days |
#2 Interactive Brokers
Deposit and withdrawal
2 stars
Interactive Brokers offers a lot of base currencies and one withdrawal per month is free. On the negative side, only bank transfer is available.
- Several account base currencies
- No charge for the first withdrawal each month
- Credit/Debit card not available
- Slow withdrawal - over 3 days
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | Yes | No | No |
| Electronic wallets | No | No | Yes | No | No |
| Withdrawal fee | $0 | $0 | $25 | $45 | $35 |
#2 Interactive Brokers
Markets and products
5 stars
Interactive Brokers allows you access to a very wide range of markets and you can trade with all product types. IB's product range is the widest available.
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | Yes | Yes | Yes | Yes |
| Forex | No | Yes | Yes | No | No |
| Fund | Yes | Yes | No | No | Yes |
| Bond | Yes | Yes | No | No | No |
| Options | Yes | Yes | No | Yes | Yes |
| Futures | Yes | Yes | No | Yes | Yes |
| CFD | Yes | Yes | Yes | No | No |
| Crypto | Yes | Yes | Yes | No | No |
#2 Interactive Brokers
Web trading platform
4 stars
The Interactive Brokers web platform is simple and easy to use, even for beginners. On the negative side, it is a bit complicated to customize.
- User-friendly
- Clear fee report
- Two-step (safer) login
- Limited customizability (for charts, workspace)
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Web platform score | |||||
| Mobile platform score | |||||
| Desktop platform score | - | - |
#2 Interactive Brokers
Verdict
IB is one of the biggest discount US brokers regulated by top-tier regulators. If you like low-cost trading and easily navigate on a really complicated platform, Interactive Brokers is for you. We mainly recommend IB for traders.
It has low trading fees, a wide range of product portfolio, and diverse research tools.
On the flip side, only bank transfer is available for deposit and withdrawal. The account opening and the desktop platform are not user-friendly and complicated.
Interactive Brokers is definitely recommended if you want low fees, a lot of products and you are experienced to cope with a complicated platform.
| Interactive Brokers | |
|---|---|
| Summary | Interactive Brokers is a US discount broker. IB is listed on stock exchange and regulated by several authorities, like the top-tier FCA and SEC. |
| Fees score | |
| Recommended for | Traders who prefer low fees and a professional trading environment |
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#3 Best discount broker
eToro
4.5
5 stars
Best social trading
eToro is a well-known fintech startup, an Israeli social trading broker established in 2007. eToro serves UK clients by an FCA regulated entity and Australians by an Australian entity. All other customers are served by a Cypriot entity. eToro is not listed on any exchange, does not disclose its annual report on its site and does not have a bank parent. It is also one of the 5 best trading platforms for Europeans.
eToro is considered safe because it's UK arm is regulated by a top tier regulator and it is a well-known fintech startup.
eToro is a multi-asset platform which offers primarily CFDs, but you can also invest in stocks and crypto assets. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% 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 traders and those interested in social trading (copying other traders’ trades)
- Free stock and ETF trading in the EU
- Seamless account opening
- Social trading experience
- Poor customer service
- Trading platform outages
- Limited educational tools
Visit broker
66% of retail CFD accounts lose money
#3 eToro
Fees
4 stars
eToro offers free stock trading in Europe and has low fees for non-EU clients. On the negative side, the non-trading fees and financing rates are high.
- Free stock and ETF trading in the EU
- Low fees for non-EU clients
- Transparent fee structure
- High financing rate
- $25 withdrawal fee
- $10 monthly inactivity fee
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Apple benchmark fee | $1.4 | $2.2 | $0.0 | $5.2 | $2.2 |
| Vodafone benchmark fee | $5.2 | $17.9 | $0.0 | - | - |
| EURUSD benchmark fee | - | $23.0 | $19.1 | - | - |
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| USA | $0.004 per share + €0.5 | $0.005 per share, min $1, max 0.5% of trade value | Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients | $5for opening and the closing is free | $0.01 per share; min $1 |
| Germany | 0.058% + €4, max €60 | 0.1%, min €4, max €99 | Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients | Not available | Not available |
| UK | 0.022% + £4, max £5 | £6 up to £50,000 Trade Value; £6 + 0.05% of incremental trade value > £50,000; max £29 for > £50,000 Trade Value | Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients | Not available | Not available |
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | No | Yes |
| Withdrawal fee | $0 | $0 | $25 | $45 | $35 |
More
Visit broker
66% of retail CFD accounts lose money
#3 eToro
Account opening
5 stars
Account opening is enjoyable and super fast.
- Fast
- No minimum deposit
- User-friendly
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $0 | $200 | $0 | $500 |
| Time to open account | 1 day | 1-3 days | 1 day | 1-3 days | 1-3 days |
More
Visit broker
66% of retail CFD accounts lose money
#3 eToro
Deposit and withdrawal
4 stars
It is easy to deposit with a lot of options, including credit cards. However, there is a withdrawal fee, and only USD accounts are available.
- Credit/Debit card available
- No deposit fee
- User-friendly
- High withdrawal fee
- Only one account base currency
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | Yes | No | No |
| Electronic wallets | No | No | Yes | No | No |
| Withdrawal fee | $0 | $0 | $25 | $45 | $35 |
More
Visit broker
66% of retail CFD accounts lose money
#3 eToro
Markets and products
3 stars
At eToro you can trade with CFDs and forex. There are also real stocks, ETFs, and many cryptos. It also offers innovative services, like social trading or CopyPortfolio.
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | Yes | Yes | Yes | Yes |
| Forex | No | Yes | Yes | No | No |
| Fund | Yes | Yes | No | No | Yes |
| Bond | Yes | Yes | No | No | No |
| Options | Yes | Yes | No | Yes | Yes |
| Futures | Yes | Yes | No | Yes | Yes |
| CFD | Yes | Yes | Yes | No | No |
| Crypto | Yes | Yes | Yes | No | No |
More
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66% of retail CFD accounts lose money
#3 eToro
Web trading platform
4 stars
eToro’s web trading platform is nice looking and easy-to-use. Getting your fee report is a bit of a pain.
- User-friendly
- Modern design
- Social trading
- No clear fee report available
- Cannot be customized
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Web platform score | |||||
| Mobile platform score | |||||
| Desktop platform score | - | - |
More
Visit broker
66% of retail CFD accounts lose money
#3 eToro
Verdict
When looking back, eToro was a bit unreliable in 2017 because of the huge demand for cryptos. It had problems in customer support and the platform sometimes froze. In our latest test eToro improved.
On the plus side, eToro has zero-commission stock trading in Europe. The account opening is really fast and seamless. It has also a lot of innovative features, like social trading.
It has some drawbacks though. Customer service was a letdown, the platform did not work on multiple occasions. Also, it has a tight product range which includes stocks and CFDs. Non-trading fees are high.
To sum up, we recommend eToro for social trading and cheap stock trading.
Risk disclaimer
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFD assets.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% 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.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
Past performance is not an indication of future results.
| eToro | |
|---|---|
| Summary | eToro is a global social trading broker. It is regulated by top-tier regulators, like the UK FCA. |
| Fees score | |
| Recommended for | Traders and those interested in social trading (copying other traders’ trades) |
More
Visit broker
66% of retail CFD accounts lose money
#4 Best discount broker
Tastyworks
4.5
5 stars
Best for options
tastyworks is a young, upcoming US broker focusing on options trading.
The people behind tastyworks are proven experts who built thinkorswim, now operated by TD Ameritrade. tastyworks is privately owned, established in 2017 and headquartered in Chicago.
tastyworks is considered safe as it is regulated by a top-tier regulator, the US FINRA.
Recommended for price sensitive equity and option traders focusing on the us
- Low options trading fees
- Great education materials
- Very good customer service
- Only US options, futures, and stocks
- Can be intimidating for beginners
- Trading platforms have some bugs
#4 Tastyworks
Fees
4 stars
tastyworks has low trading fees and average non-trading fees. Its options fees are very low as well.
- Low trading fees
- No inactivity fee
- Transparent fee structure
- Withdrawal fee
- High financing rate
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Apple benchmark fee | $1.4 | $2.2 | $0.0 | $5.2 | $2.2 |
| Vodafone benchmark fee | $5.2 | $17.9 | $0.0 | - | - |
| EURUSD benchmark fee | - | $23.0 | $19.1 | - | - |
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| USA | $0.004 per share + €0.5 | $0.005 per share, min $1, max 0.5% of trade value | Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients | $5for opening and the closing is free | $0.01 per share; min $1 |
| Germany | 0.058% + €4, max €60 | 0.1%, min €4, max €99 | Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients | Not available | Not available |
| UK | 0.022% + £4, max £5 | £6 up to £50,000 Trade Value; £6 + 0.05% of incremental trade value > £50,000; max £29 for > £50,000 Trade Value | Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients | Not available | Not available |
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | No | Yes |
| Withdrawal fee | $0 | $0 | $25 | $45 | $35 |
#4 Tastyworks
Account opening
4 stars
tastyworks account opening is user-friendly and fully digital. You can open your account without a required minimum. On the flip side, it can be more days until your account is approved.
- Fully digital
- No minimum deposit
- User-friendly
- Can take 3 business days
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $0 | $200 | $0 | $500 |
| Time to open account | 1 day | 1-3 days | 1 day | 1-3 days | 1-3 days |
#4 Tastyworks
Deposit and withdrawal
2 stars
tastyworks deposit and withdrawal can be improved. The account can be opened only in USD. Also, non-US citizens can only use bank transfer, and there is high withdrawal fee.
- No deposit fee
- User-friendly
- Credit/Debit card not available
- High withdrawal fee
- Only one account base currency
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | Yes | No | No |
| Electronic wallets | No | No | Yes | No | No |
| Withdrawal fee | $0 | $0 | $25 | $45 | $35 |
#4 Tastyworks
Markets and products
1 stars
At tastyworks you can trade with US stocks, ETFs, options, and some futures.
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | Yes | Yes | Yes | Yes |
| Forex | No | Yes | Yes | No | No |
| Fund | Yes | Yes | No | No | Yes |
| Bond | Yes | Yes | No | No | No |
| Options | Yes | Yes | No | Yes | Yes |
| Futures | Yes | Yes | No | Yes | Yes |
| CFD | Yes | Yes | Yes | No | No |
| Crypto | Yes | Yes | Yes | No | No |
#4 Tastyworks
Web trading platform
4 stars
Tastyworks web trading platform feels like entering the cockpit of a plane. It looks organized, but also complicated at first sight.
- Clear fee report
- Good search function
- Great options trading panel with embedded strategies
- Limited customizability (for charts, workspace)
- Can be intimidating for beginners
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Web platform score | |||||
| Mobile platform score | |||||
| Desktop platform score | - | - |
#4 Tastyworks
Verdict
tastyworks is an excellent broker for options trading. It could be a bit complicated if you want to trade stocks only.
tastyworks is a US broker, hence investor protection scheme is excellent. Options fees are very low, among the bests. Its trading platform is aimed at experienced options traders, it can be intimidating for starters.
As there is no minimum deposit, no inactivity or monthly fee, and the account open is seamless, feel free to try it.
| Tastyworks | |
|---|---|
| Summary | Tastyworks is a young US options and stockbroker. It is regulated by FINRA, the top-tier US regulator. |
| Fees score | |
| Recommended for | Price sensitive equity and option traders focusing on the US |
#5 Best discount broker
Tradestation
4.4
4 stars
TradeStation is a US broker with a long history dating back to 1982. Its parent company, the Monex Group is listed on the Tokyo stock exchange.
TradeStation is considered safe as it is regulated by a top-tier regulator, the US FINRA. Clients are eligible for the SIPC investor protection scheme which offers up to $500,000 (cash up to $250,000) per account.
Recommended for traders wanting great research tools and preferring the us markets
- Great mobile trading platform
- Wide range of reserach tools
- High-quality educational tools
- Not user-friendly deposit and withdrawal
- No forex
- Bad customer service
#5 Tradestation
Fees
4 stars
TradeStation has low trading fees and there are multiple fee structures to choose from. Non-trading fees, like inactivity fees are high.
- Low trading fees
- More fee structures you can choose from
- High non-trading fees
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Apple benchmark fee | $1.4 | $2.2 | $0.0 | $5.2 | $2.2 |
| Vodafone benchmark fee | $5.2 | $17.9 | $0.0 | - | - |
| EURUSD benchmark fee | - | $23.0 | $19.1 | - | - |
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| USA | $0.004 per share + €0.5 | $0.005 per share, min $1, max 0.5% of trade value | Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients | $5for opening and the closing is free | $0.01 per share; min $1 |
| Germany | 0.058% + €4, max €60 | 0.1%, min €4, max €99 | Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients | Not available | Not available |
| UK | 0.022% + £4, max £5 | £6 up to £50,000 Trade Value; £6 + 0.05% of incremental trade value > £50,000; max £29 for > £50,000 Trade Value | Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients | Not available | Not available |
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | No | Yes |
| Withdrawal fee | $0 | $0 | $25 | $45 | $35 |
#5 Tradestation
Account opening
4 stars
TradeStation account opening is fully digital and user-friendly. On the other hand, it takes more days until your account is approved.
- Fully digital
- User-friendly
- Slow
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $0 | $200 | $0 | $500 |
| Time to open account | 1 day | 1-3 days | 1 day | 1-3 days | 1-3 days |
#5 Tradestation
Deposit and withdrawal
2 stars
TradeStation deposit and withdrawal can be improved. As a plus, the deposit is free. However, you can use only bank transfer and there is a high, $35 withdrawal fee.
- No deposit fee
- Credit/Debit card not available
- Not user-friendly
- High withdrawal fee (for non-US clients $35 /tansaction)
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | Yes | No | No |
| Electronic wallets | No | No | Yes | No | No |
| Withdrawal fee | $0 | $0 | $25 | $45 | $35 |
#5 Tradestation
Markets and products
2 stars
TradeStation gives you access to a wide variety of US products. However, its non-US offer is not competitive. The forex, CFDs and cryptos are missing.
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | Yes | Yes | Yes | Yes |
| Forex | No | Yes | Yes | No | No |
| Fund | Yes | Yes | No | No | Yes |
| Bond | Yes | Yes | No | No | No |
| Options | Yes | Yes | No | Yes | Yes |
| Futures | Yes | Yes | No | Yes | Yes |
| CFD | Yes | Yes | Yes | No | No |
| Crypto | Yes | Yes | Yes | No | No |
#5 Tradestation
Web trading platform
4 stars
TradeStation has a good web trading platform. It is user-friendly with and looks nice. It also offers a great order management. On the flip side, it lacks the alerts and the clear fee reports.
- User-friendly
- Good customizability (for charts, workspace)
- Good variety of order types
- No clear fee report available
- No price alerts
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Web platform score | |||||
| Mobile platform score | |||||
| Desktop platform score | - | - |
#5 Tradestation
Verdict
TradeStation is a great US broker.
The mobile platform is very user-friendly with many functions. It also offers great research tools, including a wide range of analytical tools. Lastly, education is well-structured and high-quality.
On the other hand, the deposit and withdrawal are not user-friendly and you can use only bank transfer. It lacks many asset classes, e.g. forex or CFDs. The customer service can be improved as the response time at email and chat support are very slow.
Feel free to try TradeStation if you prefer Recommended for buy and hold investors with any experience level.
| Tradestation | |
|---|---|
| Summary | TradeStation is a US stockbroker regulated by FINRA, the top-tier US regulator. |
| Fees score | |
| Recommended for | Traders wanting great research tools and preferring the US markets |
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?
Yes, all three are considered safe. You can be sure none of them is a scam. They are regulated by top-tier regulators. Interactive Brokers is also listed on an exchange.
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 ~100 criteria, with a real account and real money. Not to overwhelm you we list the most important criteria.
The primary selection criteria were fees. We concentrated on stock trading fees and also checked the financing rate, in case you want to trade with a leverage. No inactivity fee was a plus.
The 5 most important criteria for discount brokers are:
| 1. Fees: | Discount brokers' main advantage is the low cost. However, even discount brokers have significant fee differences. Worth to check the fees. |
| 2. Deposit and withdrawal: | Transferring money to your account can be 5 times longer and more expensive at one discount broker compared to another. |
| 3. Account opening: | Some online brokers require at least $10,000 to invest, others don't set a minimal first-time deposit. Check out what the best discount brokers require. |
| 4. Products and markets: | You want to invest in Amazon and Bitcoin? They might not be available. Check the product coverage before opening an account. |
| 5. Trading platform: | A user-friendly and well-equipped trading platform can significantly increase your trading comfort. |
Best discount brokers
Bottom line
You saw the details, now let's zoom out. Here are the best discount brokers of 2019 in Germany:
| Degiro | Interactive Brokers | eToro | Tastyworks | Tradestation | |
|---|---|---|---|---|---|
| Award | Best discount broker | Best online broker | Best social trading | Best for options | |
| Fees score | |||||
| Account opening score | |||||
| Deposit and withdrawal score | |||||
| Markets and products score | |||||
| Web platform score | |||||
| Visit broker | Visit broker |
Visit broker
66% of retail CFD accounts lose money |
Visit broker | Visit broker |
Degiro is our winner, the best discount broker for German citizens in 2019. Very low fees.
All three are considered safe, and 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.
