Changing my review as DEGIRO changes terms
THIS REVIEW HAS BEEN EDITED AND DOWNGRADED FIRST FROM 4 TO 3 STARS THEN TO 2 STARS and was published at the portuguese degiro trustiplot but I believe it deserved to be here.
First review - SEP/2019: Cheap comissions! Good platform overall, however they could include more information on stocks and update the documents and financials section which usually is not updated. I am very satisfied with them overall and I hope they continue to grow.
MAY/2020:
Regarding my fisrt review, no improvements have been made.
The last DEGIRO actions have resulted in lost of trust towards this platform. After discussing with fellow investors, we concluded DEGIRO is losing its competitive advantages in a competitive market. Not because they did not improve when others are improving, but because they are changing terms which we didn't agree to in the first place. We invested with DEGIRO because of its strategic model and to us it seemed comissions were going to get lower and lower with an increasing market share and lower operational costs. However, This has not been the case. Last email I got, was a change in "US products with reduced dividend tax rate". While I may understand why this could happen, I don't understand if they don't properly explain it to me. Companies were cut and there was no transparency as to why. I like things clear.
Also, there was a delist of several US stocks in DEGIRO which forced investors to close positions in the short term (WITH A LOSS) that were bought for the long term.
My newest positions were already acquired in a different broker because right now I am not feeling DEGIRO is the safest place. Please review your strategic view of the company. You can still thrive and be market leader. But a change is necessary.
I still need to state that I am still somewhat satisfied with the current terms. But your peers are growing at a faster pace than yours for a reason.
Please consider this, You are losing the confidence of investors.
NEW REVIEW JAN 2022
DEGIRO announced a while back it was going zero fees. I don't mind paying for a service i find good but this was a welcomed change obviously as it seemed DEGIRO was moving for the Direction it was envisioned. This announcement was loud and clear.
What was not loud was the increase in AutoFx fees from 0.1 to 0.25% and What was not clear was that a week later they reintroduced a fee of 0.50 cents (they call it a third party fee like it has nothing to do with them). So while they Scream of lowering fees and going zero, they are actually increasing fees in a NON-TRANSPARENT way.
This is my problem with DEGIRO. LACK OF TRANSPARENCY AND DISTRUSTFUL MARKETING that includedS changes of terms at their Will.
There is another issue. They charge us 35%tax of portuguese dividends, while it should be taxed at 28. While they have explained to me why this happens and even told me they would reimburse the remaining 7%, they still haven't done so. This happened last year. I have reminded them of their Promise and they just replied that I would have to wait. I should not have to wait, neither should I have to tell them I want this Money back.
I Will not reinvest whatever position i close with DEGIRO. I Will withdraw and Invest this Money elsewhere. DEGIRO is not my only brokerage, as I Started to Invest new Money on a diferent platform since my last review. Now this is my official farewell to DEGIRO. I am extremelly disapointed.
New update, Growing even more disapointed. They announced today they are increasing their transaction fee to by 0.5€. It is getting absurd now. One more and I'll lower to 1 star
Sincerly,
Francisco AS
January 15, 2022
Unprompted review
