Best DEGIRO Alternatives (2024)

Having been around since 1978 and surviving multiple financial crises, the Interactive Brokers’ major advantage is its reputation. It is also publicly listed on the NASDAQ exchange (ticker: IBKR), making it a bit more regulated than other platforms.

Other significant advantages of using Interactive Brokers are its wide selection of financial products from over 150 markets, solid trade execution (IB SmartRouting), and supporting 24 currencies in its account. There are also 100+ currency pairs available for exchange.

Some downsides of using Interactive Brokers are: 

• The complex fee structure;
• Lengthier than average registration and fund deposit processes; 
• Limited commission-free trading (only available for US investors). 

However, the last point is largely mitigated by using narrower spreads and lower FX fees than most of its competitors. 

Speaking of the fee structure, there are two distinct plans to choose from – Tiered and Fixed, with the former fees depending on the trade volume. The fees also vary across different markets. You can see the full fee structure here.

There are 3 apps to choose from when accessing your account: Interactive Brokers Trader Workstation (TWS) desktop app, IBKR GlobalTrader mobile app, and Client Portal web-based app.

The Interactive Brokers Trader Workstation (TWS) app offers many basic and advanced features, such as a demo account, watch lists, alerts and monitoring in real-time, advanced technical analysis tools, and more. One of the downsides of the platform is that the learning curve can be steep for beginners, even with the provided educational materials.

The IBKR GlobalTrader mobile app is a much more intuitive choice for beginner investors, offering stocks, ETFs, and options trading in a more user-friendly format. Other app features include automatic currency conversions and fractional shares (only for certain US stocks).

There is also a web-based application named Client Portal, which is halfway between TWS and Global Trader in terms of user experience and available features. It offers some of the advanced trading tools of the TWS in a more user-friendly format.

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Founded in 2004, Trading 212 claims the title of the first-ever commission-free broker in both the U.K. and Europe. As of 2023, it has over 2 million users with over €3.5 billion in assets under management (AUM). 

It offers two distinct account types: Trading 212 Invest, which offers commission-free stocks and ETFs trading, and Trading 212 CFD, which offers CFD trading only.

The Trading212 Invest account has been rapidly gaining popularity with beginner investors especially, and with good reasons:

• The minimum deposit is just €/£1 (€/£10 for bank transfers);
• Commission-free stocks and ETFs trading is available (along with fractional shares);
• The platform is very simple to use (for both account opening and trading).

Trading212 is available in 100+ countries, but that list does not include the U.S. or Canada, among some other countries. The account opening and fund depositing process is one of the simplest ones on the market. Trading is also easy and intuitive when using the platform, both on mobile and web-based apps. There are almost zero fees for the end user when depositing funds by bank transfer and trading stocks or ETFs.

It is important to note that Trading 212 can offer commission-free trading primarily due to its share lending program, which is mandatory for Trading 212 users. In a nutshell:

• Trading 212 holds the right to lend your shares to a third party (borrower);
• This doesn’t affect your ability to trade the shares, receive dividends, etc.
• Trading 212 has to always hold collateral in the form of US Treasury Bonds that is equal to or more than 102% of the value of the shares lent. 

However, that doesn’t mean there are no fees on Trading 212. Some of the fees that Trading 212 charges are;

• 0.7% for deposits by cards, Google Pay, Apple Pay & other (it’s free up to the first €2,000);
• 0.15% (Trading 212 Invest) or 0.50% (Trading 212 CFD) currency exchange fees;
• Overnight fees on CFDs.

There may be some additional smaller fees applied by different exchanges or countries. You can see the fee structure in more detail here for Trading 212 Invest and here for Trading 212 CFD. Other cons of the platform include a limited offer of financial products, supporting only 3 currencies (USD, EUR, and GBP), and high spreads on Forex CFDs.

For those of you who are thinking about joining Trading 212, you can even claim a free share when you sign up by following this link. After you verify your identity and fund the account, be sure to include promo code “IITW” to claim free shares worth up to €100.

To sum it all up, Trading 212 is a good choice for beginner investors who want a simple, effective, and cheap way to buy stocks and ETFs.

If you need more info, feel free to check out our more detailed review of Trading 212.

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Being founded in 2007, regulated by top-tier financial institutions, and having over 30 million global users, eToro is a well-renowned broker. The platform is most known for its social trading feature, which you can use to follow and copy other investors’ trades and portfolios. There is also a wide selection of markets and financial products when investing by yourself, including stocks, ETFs, cryptocurrencies, and CFDs (on stocks, ETFs, commodities, currencies, indices, and cryptocurrencies).

The platform is intuitive and well-suited even for beginners and also offers trading with virtual funds through its demo account. Account opening and depositing funds are both easy and fast. Zero commission trading is available, and the minimum deposit is set at $50 (varies across countries).

eToro Dashboard

The feature that eToro is best known for is probably its social trading feature named Copy Trader. It allows users to copy the trading behavior of other investors in real-time at no extra charge to the user.

Another unique feature of eToro is an automated investing tool named Smart Portfolios. Most Smart Portfolios are created and managed by the eToro Investment Team. Still, Partner Portfolios are created and managed by eToro’s partners, which include asset managers, data research companies, and more.

Low and transparent fees are one of the main pros of using eToro. There are no fees for account management or when trading stocks. The most common fees are: 

• Currency exchange fees when depositing in currencies other than the USD;
• A fixed withdrawal fee of $5 (minimum withdrawal amount is $30);
• $10 inactivity fee after 1 year;
• Market (bid/ask) spreads.

The most important cons when using eToro other than the mentioned fees are supporting only one currency for trading (USD) and having high spreads on certain products. Other cons include the lack of more advanced tools for experienced traders and the platform having custody over your crypto assets.

Overall, eToro is a good choice for most beginner investors looking for a simple and low-cost way to start investing through a reputable broker who offers access to a wide selection of financial products. Its innovative social and automated investing features could also be a way for many beginners to start their investing journey. 

If you need more info, feel free to check out our more detailed review of eToro.

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Founded in 2008, Plus500 is a trading platform best known for its wide choice of CFD products and low fees in its Plus500 CFD account. However, it also offers stocks (physical shares) in the Plus500 Invest account.

The company is also listed on the London Stock Exchange and is available in over 50 countries. There are 16 different base currencies to choose from (including USD, EUR, and GBP, to name a few).

The web platform (WebTrader) offers an intuitive interface with access from multiple devices, including a mobile app. There is also a demo account option to test the features and trade with virtual funds.

Plus500 Dashboard

Plus500 CFD fees come mainly from the buy/sell (Bid/Ask) spreads, which vary widely across different financial products. When using Plus500 Invest, each trade has a fee, depending on the exchange you’re using. It could be as low as 0.006$ per share for US stocks but can be significantly higher for EU stocks (the minimum is between €2 and €6 per trade). 

Keep in mind that there is also a currency conversion fee (up to 0.7% of the trade’s realized net profit and loss) and a $10 monthly inactivity fee (following three months of not logging in to the platform).

Find more detail about Plus500 CFD fees here and Plus500 Invest fees here. If you need more info about Plus500 in general, you can check out our detailed Plus500 review.

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Founded in 1992, Saxo Bank is one of the longest existing global brokers. It is known for its wide variety of financial products (over 60,000), access to a large number of market exchanges (over 120), and a large number of base currencies (18).

Saxo Bank has, more than anything, been trying to appeal to professional investors. It has done so by offering advanced tools, such as its integration with the Trading View charting platform. The apps SaxoTraderGO and SaxoTraderPRO have also been tailored to the professional user, both by the number of their features and their relative complexity.

Saxo Bank Dashboard

Those are probably some reasons why Saxo Bank has one of the highest initial deposit requirements in the industry. These can vary depending on your residency, starting from £500 for UK investors and €2,000 for most European countries. It is important to note that Saxo Bank is unavailable in some big global markets outside Europe, such as the US.

Three distinct account levels are available: Classic, Platinum ($200,000 minimum), and VIP ($1,000,000 minimum), each with its fee structure. Saxo Bank charges up to 0.08% (min. $1) for trading US stocks and ETFs.

The fee structure is fairly complex, and there are also some additional fees to be aware of. Just to name a few of the most common ones:

• Custody fee: Up to 0.15%;
• Inactivity fee (after not logging in for 6 months): €100; 
• Currency conversion fees: between 0.25%.

It is probably best to select the desired financial product from their website to see its full fee structure. 

In a nutshell, Saxo Bank is tailored to professional investors because of its advanced tools, higher-than-average fees, and complex interface. Those are also reasons why it may not be suitable for beginner or even intermediate investors.

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