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Intro and winners
How did we come up with this list of best discount brokers in 2023 for citizens in Germany? A great broker to buy stocks with love fees is the backbone of many trading strategies.
- So we checked trading fees, with a special focus on stock and ETF fees,
- We scrutinized non-trading fees (e.g. inactivity fees and withdrawal fees),
- We took measure of their investment product selection,
- We opened an account and tested their services with our own money.
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Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology. Now let's jump straight to the results.
The top 5 picks for the best online discount brokers for German citizens in 2023:
- DEGIRO is the best discount broker in Germany in 2023. - Low trading and non-trading fees, one free ETF trading per month.
- Interactive Brokers - Low trading and non-trading fees, free stock and ETF trading for US customers.
- eToro - Low trading fees, high non-trading fees, free stock and ETF trading.
- Trading 212 - Commission-free real stocks and ETFs, high CFD fees.
- Firstrade - Low trading and non-trading fees, free stock, ETF, fund and options trading.
| DEGIRO | Interactive Brokers | eToro | Trading 212 | Firstrade | |
|---|---|---|---|---|---|
| Broker intro | German-Dutch discount broker | International broker providing all asset classes | Global social trading broker | Global CFD broker, but real stocks/ETFs are also available | US discount broker |
| Fees score | 4.5 stars | 4.5 stars | 4.3 stars | 4.0 stars | 4.4 stars |
| Markets and products score | 3.8 stars | 5.0 stars | 4.4 stars | 4.1 stars | 3.2 stars |
| Deposit and withdrawal score | 3.0 stars | 3.0 stars | 3.8 stars | 4.3 stars | 2.2 stars |
Fees at the top 5 discount brokers for German citizens in 2023:
What makes a good discount broker? Well, did we mention low fees? This includes commissions, financing rates, and, let's not forget, non-trading fees like inactivity or withdrawal fees. The tables below give you a good summary.
| DEGIRO | Interactive Brokers | eToro | Trading 212 | Firstrade | |
|---|---|---|---|---|---|
| US stock | $1.0 | $1.0 | $0.0 | $0.0 | $0.0 |
| UK stock | $3.1 | $3.4 | $0.0 | $0.0 | - |
| US stock index options | $7.5 | $6.5 | - | - | $0.0 |
| Mutual fund | $3.9 | $15.0 | - | - | $0.0 |
| DEGIRO | Interactive Brokers | eToro | Trading 212 | Firstrade | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | No | Yes | No | No |
| Withdrawal fee | $0 | $0 | $5 | $0 | $0 |
Available investments at the top 5 discount brokers for German citizens in 2023:
Besides lowest trading fees and non-trading fees, a good discount brokerage firm should also offer access to a lot of markets and products, because providing low fees in more than one asset class is not an easy job. All brokers in our list offer real stocks, but we also looked into whether you can trade currencies, options or mutual funds.
| DEGIRO | Interactive Brokers | eToro | Trading 212 | Firstrade | |
|---|---|---|---|---|---|
| Stocks | Yes | Yes | Yes | Yes | Yes |
| ETFs | Yes | Yes | Yes | Yes | Yes |
| Forex | No | Yes | Yes | Yes | No |
| Funds | Yes | Yes | No | No | Yes |
| Bonds | Yes | Yes | No | No | Yes |
| Options | Yes | Yes | No | No | Yes |
| Futures | Yes | Yes | No | No | No |
| CFDs | No | Yes | Yes | Yes | No |
| Crypto | No | Yes | Yes | No | Yes |
Best discount brokers
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And now, let's see the top discount brokers in detail one by one, starting with the winner, DEGIRO.
#1 Best discount broker
DEGIRO
Recommended for traders and investors looking for execution only
| DEGIRO snapshot | |
|---|---|
| Trading fee class | Low |
| Fractional share dealing | No |
| OTC share dealing | No |
| Minimum deposit | $0 |
| Inactivity fee | No |
| Easiness of account opening | 5.0 stars |
| Read review | For a detailed analysis of DEGIRO services, check out our review for 2023 |
#2 Best discount broker
Interactive Brokers
Recommended for traders looking for broad market access and a professional trading environment
| Interactive Brokers snapshot | |
|---|---|
| Trading fee class | Low |
| Fractional share dealing | Yes |
| OTC share dealing | Yes |
| Minimum deposit | $0 |
| Inactivity fee | No |
| Easiness of account opening | 3.2 stars |
| Read review | For a detailed analysis of Interactive Brokers services, check out our review for 2023 |
#3 Best discount broker
eToro
Recommended for traders interested in social trading (i.e. copying other investors’ trades) and zero commission stock trading
| eToro snapshot | |
|---|---|
| Trading fee class | Low |
| Fractional share dealing | Yes |
| OTC share dealing | No |
| Minimum deposit | $10 |
| Inactivity fee | Yes |
| Easiness of account opening | 5.0 stars |
| Read review | For a detailed analysis of eToro services, check out our review for 2023 |
#4 Best discount broker
Trading 212
Recommended for equity investors and cfd traders looking for easy-to-use trading platforms
| Trading 212 snapshot | |
|---|---|
| Trading fee class | Low |
| Fractional share dealing | Yes |
| OTC share dealing | Yes |
| Minimum deposit | $0 |
| Inactivity fee | No |
| Easiness of account opening | 4.5 stars |
| Read review | For a detailed analysis of Trading 212 services, check out our review for 2023 |
#5 Best discount broker
Firstrade
Recommended for beginners and investors looking for zero-commission trading, focusing on the us market
| Firstrade snapshot | |
|---|---|
| Trading fee class | Low |
| Fractional share dealing | No |
| OTC share dealing | Yes |
| Minimum deposit | $0 |
| Inactivity fee | No |
| Easiness of account opening | 4.2 stars |
| Read review | For a detailed analysis of Firstrade services, check out our review for 2023 |
Best discount brokers
What makes a good discount broker?
How did BrokerChooser pick the best discount brokers?
We tested brokers based on almost 500 criteria, using real accounts and real money. When we selected the best discount brokers, the primary selection criteria were fees. Importantly, we only included brokers where you can trade real stocks. This means that we excluded brokers where stocks were only offered through CFDs.
We calculated the rankings based on trading fees for all asset classes, such as stock fees; as well as fees not directly related to trading, such as withdrawal fees. We also assigned a higher score to brokers that offer a wide range of asset classes, because providing low fees in more than one asset class is not an easy job and definitely a big plus for investors.
Lastly, we incorporated additional criteria to measure the overall quality of the broker: if the account opening process, customer service and other aspects of the broker are high quality, they all boosted the overall score.
Are these brokers reliable?
These brokers are all considered reliable. They are regulated by at least one top-tier financial authority. We at BrokerChooser distinguish between mid-tier and top-tier regulators, based on various factors with the most important being the investor protection amount.
Still unsure? Check out our broker finder tool and find the best broker for you, or learn more about how to invest your money.
Best discount brokers
FAQ
What is a discount broker?
A discount stock broker is a brokerage company that executes your buy and sell orders at a low trading fee. Discount brokers can afford to charge lower fees because, unlike full-service brokers, they usually don't provide extra services such as research, personal investment advice, tax planning or robo-advisory.
The difference between full-service brokers and discount brokers has blurred somewhat in recent years. Discount brokers started to offer extra services as well, like research; while full-service brokers started to lower their fees. The traditional brokerage and wealth management industry is under fee pressure from increasingly cost-effective online broker companies.
Many US brokers have slashed their fees to zero and now promote commission-free trading, following in the footsteps of brokers such as Robinhood. Drawbacks for some of these commission-free brokers include the limited number of assets you can trade (for example, mutual funds are less likely to be offered), so some investors and traders still prefer traditional discount brokers, where order execution also tends to be better compared with zero-commission brokers.
