DEGIRO review 2026 from Spain: fees, taxes and hidden costs
//13 min read
DEGIRO built its reputation as the low-cost escape route from expensive retail banks, but is it as cheap as the marketing suggests? In 2026 the short answer is: for its free ETF list and for Spanish stocks, yes; for an international portfoliospread across several currencies and exchanges, you need to run the numbers.
DEGIRO is usually the first broker name an investor in Spain hears when looking for an alternative to a traditional bank. This Dutch broker has been in every comparison for years, and it earned that place: a simple service, low commissions and a track record that inspires confidence.
But "cheap" is not the same as "free", and DEGIRO's pricing has several line items that never make the headline: exchange connectivity fees, currency conversion, cash balance handling. For a dividend investor holding stocks from several countries, those details are the difference between an excellent broker and a merely adequate one.
This review looks at DEGIRO from the point of view of an investor living in Spain who wants to build a long-term portfolio of stocks, ETFs and dividends. I have had an account with DEGIRO since 2017, so what follows is real experience rather than a brochure. It is not financial or tax advice; it is a practical guide to compare before opening an account.
No connectivity fee on the local market, minimal costs
European dividend portfolio
Medium-high
Good costs, but per-market connectivity adds up
Frequent US stock buyer
Medium
The 0.25% currency conversion hits every trade
Active trading / derivatives
Medium
Options and futures exist, but specialised platforms go deeper
Investor who hates managing details
Medium
Cash balance and connectivity fees demand attention
The short conclusion: DEGIRO is still one of the best entry points to investing in Europe, especially for passive ETF strategies. Where it loses shine is the peripheral costs, which have crept up over the years.
What DEGIRO is and how safe it is
DEGIRO has been operating since 2008 and since 2021 it is part of flatexDEGIRO, Europe's largest retail broker by number of clients. Flatex, its German parent, has been running since 1999. That size and history matter: this is not a recently launched fintech burning venture capital, but a consolidated, listed financial institution.
For an investor based in Spain, the relevant safety points are:
Registered with the CNMV as an entity authorised to operate in Spain.
Protection up to EUR 20,000 under the Dutch investor compensation scheme, which covers broker failure (not market losses).
Asset segregation: your shares and ETFs are held by an entity separate from the broker's balance sheet.
As with any foreign broker, the protection differs from that of a Spanish bank, and it is worth understanding before moving meaningful savings. In terms of solidity, though, DEGIRO is among the most reliable options in the European market.
DEGIRO's fee structure
The model combines tight pricing with a structure that looks simple at first glance:
Item
Cost
Comment
Custody
EUR 0
No general custody fee
Buying/selling shares
from EUR 0 + EUR 0.5 external costs
Depends on the market
Selected ETFs
EUR 0 (one trade per month per ETF)
The "free" ETF selection list
Exchange connectivity
up to EUR 2.50/year per foreign market
The Spanish market is exempt
Currency conversion (AutoFX)
0.25%
Previously 0.10%; a meaningful increase
Cash balance
quarterly charge (offset on small balances)
Detail below
The star of the model is the list of ETFs with no purchase commission: indices such as the S&P 500 or the MSCI World can be bought once a month per ETF with no trading fee. For a dollar-cost averaging strategy on indexed ETFs, that is hard to beat on cost.
Exact fees per market and product are on the official DEGIRO fee page — worth reading before opening an account, because that is where DEGIRO fragments its costs the most.
The fees that never make the headline
This is the part of the review the marketing does not cover. Four items to watch:
1. Currency conversion at 0.25%
If you buy US stocks, DEGIRO converts your euros into dollars automatically (AutoFX) and charges 0.25% per operation — plus another 0.25% when you receive dividends in dollars or sell. When this fee was 0.10% it was very competitive; after the increase, portfolios with heavy US exposure have cheaper alternatives. It is the cost that penalises the international investor the most.
2. Exchange connectivity
Every foreign market you use costs up to EUR 2.50 per year. That sounds trivial, but if you hold stocks on five different exchanges — normal in a European dividend portfolio: Madrid, Amsterdam, Paris, Milan, Frankfurt — the total adds up, and it is charged whether you trade or not. The Spanish market pays no connectivity fee, which makes DEGIRO particularly attractive for local stocks.
3. Cash balance handling
Uninvested cash carries a quarterly charge, offset for small balances. In practice: DEGIRO is not a place to park liquidity. If you have spare cash, either invest it or withdraw it. Brokers like Trade Republic have turned interest on cash into their main selling point — the exact opposite approach.
4. Share lending
On the standard account, DEGIRO may lend your shares to third parties without compensating you. It is a legal, common practice among low-cost brokers (part of how they fund the low commissions), but you should know it exists: it implies a small counterparty risk and you receive nothing in return.
Products and markets available
One of DEGIRO's big advantages over newer fintech apps is the breadth of its catalogue:
Stocks on dozens of exchanges: Spain, the rest of Europe, the US and several international markets.
ETFs, including the selection list with no purchase commission.
Bonds, corporate and government, on European markets.
Options and futures on the main European and US derivatives exchanges.
Mutual funds, though with a less competitive catalogue than specialised platforms.
For a dividend investor this matters more than it seems: many European payers — the classic names in Amsterdam, Paris or Milan — simply do not exist on brokers that only offer fractional exposure via Xetra or a reduced catalogue. On DEGIRO you buy the share on its home exchange, with its real liquidity and no intermediate structures.
The trade-off is the one you already know: every active foreign exchange triggers its annual connectivity fee. Breadth, yes, but with a meter running.
Platform, app and order types
DEGIRO's platform (web and app) is functional before it is pretty. If you come from Trade Republic or a neobank, the interface will feel a generation behind; if you come from traditional Spanish banking, it will feel like a huge upgrade.
What matters for investing well is covered:
Limit, market, stop-loss and stop-limit orders on most markets.
Price alerts, so you can follow positions without living inside the app.
Financial data and news built in, enough for a first screen of a company without leaving the platform.
Consolidated annual report of positions, dividends and withholdings, useful when preparing your tax return.
What I miss is deeper analysis (advanced charting, powerful screeners) and a more polished app experience. But for the buy-hold-collect-dividends pattern it is more than enough: the platform is not the reason to pick or reject DEGIRO.
Pros and cons at a glance
In favour:
✅ Very competitive fees on Spanish stocks and on the ETF selection list.
✅ Genuine breadth of markets and products (stocks, ETFs, bonds, derivatives).
❌ Currency conversion at 0.25%, expensive for US-heavy portfolios.
❌ Annual connectivity fee for each foreign market.
❌ Cash balances are penalised: not a place to park liquidity.
❌ Share lending with no compensation on the standard account.
❌ Functional but dated interface compared with the new generation.
DEGIRO for the dividend investor
My specific reading for a dividend portfolio:
The good: receiving dividends carries no fee of its own, trading Spanish stocks is among the cheapest on the market, and the product range (stocks, ETFs, bonds, options) covers any income strategy.
What to watch: dividends from foreign stocks arrive in their original currency, so every payment in dollars goes through the 0.25% AutoFX charge. On top of that you will face each country's withholding tax — 15% in the US when the broker applies the treaty rate, up to 35% in Switzerland — which you then have to reclaim or offset in your tax return through double taxation relief. DEGIRO provides an annual report that helps, but managing the taxes on international dividends is on you: the full guide is in our dividend tax hub.
The Modelo 720 / D-6 nuance: because this is a foreign broker, your positions are not reported for you. Depending on the amounts, you may have to declare assets held abroad. It is not complicated, but it is a formal obligation that does not exist with a Spanish broker.
DEGIRO vs Trade Republic vs Interactive Brokers
The three brokers readers ask about the most, in an honest table:
DEGIRO
Trade Republic
Interactive Brokers
Strong point
Free ETFs and market breadth
Automation and simplicity
Full control and minimal FX costs
Currency conversion
0.25%
No explicit charge (trades in EUR)
~0.002% (institutional minimum)
Custody
EUR 0
EUR 0
EUR 0
Uninvested cash
Penalised
Pays interest
Pays interest (conditions apply)
Learning curve
Low-medium
Very low
High
Best for
Low-cost indexing and Spanish stocks
Frictionless automated DCA
Large, international portfolios
My quick rule: if your priority is automating contributions, Trade Republic; if it is market breadth with clear costs, DEGIRO; if you have a large portfolio or heavy US exposure, Interactive Brokers. The full breakdown of fees and taxes is in our broker comparison.
My real experience with DEGIRO
I have had an account with DEGIRO since 2017 and it has been a core part of my investing strategy. It is a great tool to start with: less visual than the newer fintechs, but more than capable of covering an average investor's needs.
To be clear: the drift in several areas — cash balance handling, the currency conversion increase, connectivity fees — has made it less attractive than it was a few years ago. That is why it is no longer my main broker, although I keep older positions in Spanish companies (no connectivity fee to pay) that I am comfortable with and do not plan to close any time soon.
That is probably the best description of DEGIRO in 2026: a broker you can trust for decades, ideal for the "I buy Spanish stocks and free ETFs and leave it alone" pattern, and beatable once your portfolio turns international and active.
How to open a DEGIRO account
The process is fully online and takes a few minutes: sign-up with your ID document, identity verification, a Spanish reference bank account and a first deposit by transfer. There is no meaningful minimum deposit, so you can start small and test the platform before moving larger amounts.
Yes, within European standards: it is part of flatexDEGIRO (operating since 1999/2008), registered with the CNMV, and investors are covered by the Dutch scheme up to EUR 20,000 in case the broker fails. That protection does not cover market losses, exactly as with any other broker.
What does DEGIRO charge for the free ETFs?
ETFs on the selection list pay no purchase commission (one trade per month per ETF; conditions in their fee schedule). You still pay the fund's own TER and, if the ETF trades outside Spain, the annual connectivity fee for that market.
DEGIRO or Trade Republic?
DEGIRO offers more markets and products; Trade Republic is simpler and stronger on automated investment plans and interest on cash. If your priority is automation, Trade Republic; if it is breadth, DEGIRO. The head-to-head is in DEGIRO vs Trade Republic, and the rest of the options in our broker comparison.
How are dividends received in DEGIRO taxed?
The same as with any broker: as savings income in Spanish personal income tax, starting at 19%. Because the dividends are held with a foreign broker, DEGIRO applies no Spanish withholding, so you have to declare them and offset the foreign withholding tax. Full guide in dividend taxation.
Does DEGIRO lend my shares?
On the standard account it can, with no compensation for you. It is standard practice among low-cost brokers and part of how they sustain low commissions; the risk is limited but real.
Does DEGIRO have a minimum deposit?
There is no meaningful minimum to open an account and start investing; you can begin with small amounts and scale up once the platform earns your confidence.
Can I transfer my portfolio to DEGIRO from another broker (or out of it)?
Yes, DEGIRO accepts incoming and outgoing securities transfers, though with a cost per position and timelines that depend on the originating broker and the market. If you plan to move a large portfolio, ask for a transfer quote first: depending on your tax situation it can be cheaper to sell and rebuy (check the capital gains implications before you do).
DEGIRO still deserves its place in any broker comparison for investors in Spain: proven safety, low costs where they matter most and the best commission-free ETF offer for a passive investor. Its weaknesses — 0.25% FX, connectivity fees, cash handling — are the toll of the low-cost model. Judge it against your strategy: if that means Spanish stocks and indexing, few options beat it; if it is a growing global dividend portfolio, compare it with IBKR and Trade Republic first.
This article is educational content, not financial or tax advice. Fees can change: always verify current conditions on the broker's official website. The sign-up link is an affiliate link: it helps us keep the site free for you (transparency).
