📅 Last updated: 8 May 2026
· 🏷 Topic: DEGIRO, broker review, low costs
· 🇧🇪 For: Belgian retail investors
DEGIRO is a Dutch online broker, since 2021 part of flatexDEGIRO Bank SE (German). For Belgian investors it is the most-chosen “low-cost” broker — dramatically lower transaction costs than Bolero/Keytrade, at the cost of some extra tax work.
Key facts
- Type: Dutch branch of a German bank (flatexDEGIRO Bank SE)
- Regulation: BaFin (Germany) + AFM + DNB (Netherlands)
- Protection scheme: German/Dutch (no Belgian)
- Interface: NL + FR + EN + 9 other languages
- Mobile app: yes
- Markets: Euronext, Xetra, London, US (NYSE/Nasdaq), Hong Kong, Tokyo and more
Fee structure (May 2026, indicative)
| Order type | Fee |
|---|---|
| Belgian/Euronext share | ~€2-3 flat |
| US share | ~€1 + €1 handling + $0.004/share (USD) |
| ETF | ~€3 standard; €1 handling for Core Selection ETFs on Tradegate |
| Connectivity and currency-conversion fees | Exist (watch out) |
The DEGIRO Core Selection list: more than 1,500 ETPs since October 2025; €1 handling per first purchase per ETF per calendar month (commission €0; no minimum order amount for the first monthly purchase). A second purchase in the same ETF in the same month also costs €1, provided it is a buy order of at least €1,000. VWCE and IWDA are on it — which makes it a popular choice for monthly purchases (subject to change — verify at time of purchase).
Tax handling
| Status | |
|---|---|
| TOB | ✅ Automatic (for several years now) |
| 30% withholding tax on dividends | ❌ You declare it yourself in box VII |
| Belgian tax certificate | ⚠️ Limited — DEGIRO provides a Dutch tax overview; you have to do the Belgian conversion yourself |
| New 2026 capital-gains tax | ❌ No automatic withholding — you declare it |
| NBB account declaration | ⚠️ MANDATORY — (1) one-time registration at the NBB CAP as soon as possible after opening; (2) annual declaration in Box XIII, Subsection A (code 1075-89) of the tax return |
Important: DEGIRO + Flatex are two separate accounts. Both must be registered separately with the NBB CAP. See NBB declaration how-to(NL).
Who is it for?
Yes:
– ✅ Wants the lowest possible transaction costs
– ✅ Willing to declare dividends yourself in personal income tax
– ✅ Invests frequently or smaller amounts (€100/month costs only €0-3)
– ✅ Wants international market access
– ✅ Tech-savvy enough to potentially use a tool like tobcalc.com for help
No:
– ❌ Anyone who absolutely doesn’t want any tax work
– ❌ Beginners without an accountant who find tax-return stress hard to handle
– ❌ Anyone who values Belgian protection and a Belgian tax certificate
Strengths
- Very low costs — typically 50-80% cheaper than Bolero/Keytrade.
- DEGIRO Core Selection — free monthly ETF purchase on a specific list.
- Broad market access — almost all global exchanges.
- Since 2021 part of flatexDEGIRO Bank SE — supervised by BaFin (Germany, home regulator) and AFM/DNB (Netherlands, host regulators for the Dutch branch).
Weaknesses
- No Belgian tax certificate — extra work for your personal income tax.
- Connectivity fee for some exchanges (~€2.50/year).
- No dividend withholding-tax deduction — increases admin work.
- Customer service historically via tickets (no telephone hotline).
- NBB CAP registration mandatory (an extra step for some investors).
Practical: getting started with DEGIRO
- Online registration via degiro.be (~10 min).
- Upload ID.
- Fill in the MiFID II questionnaire.
- Account activation (1-3 working days).
- Two CAP registrations at the NBB: DEGIRO securities account + Flatex cash account.
- First deposit (typically min. €1, no cap).
Comparison with alternatives
| DEGIRO | Bolero | Trade Republic | |
|---|---|---|---|
| Cost €1,000 ETF | €1 (Core Selection on Tradegate) / €3 (other) | ~€7.50 | ~€1 |
| TOB | ✅ auto | ✅ auto | ❌ self |
| Dividend WHT | ❌ self | ✅ auto | ❌ self |
| CGT 2026 | ❌ self | ✅ auto | ❌ self |
| Belgian certificate | ❌ | ✅ | ❌ |
| Tax work | Medium | None | High |
💡 For anyone investing €200-500 per month in an ETF: DEGIRO Core Selection saves roughly €18-48 per year vs Bolero (order-size dependent). The extra dividend declaration is straightforward: 30 minutes per year.
🔗 See Bolero vs Keytrade vs DEGIRO(NL) for the three-way comparison.
Frequently asked questions
Is DEGIRO regulated for Belgian investors?
Yes, but not by the FSMA directly. DEGIRO is the Dutch branch of flatexDEGIRO Bank SE, a German bank supervised by BaFin (Germany, home regulator) and by AFM + DNB (Netherlands, host regulators for the Dutch branch). It operates in Belgium under the EU passport for free provision of services. There is no Belgian FSMA licence — Belgian investor protection applies through the German/Dutch schemes, not the Belgian Beschermingsfonds.
What does DEGIRO cost for a Belgian ETF investor?
The DEGIRO Core Selection covers 1,500+ ETPs and charges only €1 handling per first monthly purchase per ETF (commission €0, no minimum order). A second monthly buy in the same ETF also costs €1 provided the order is ≥ €1,000. Other ETFs cost around €3 per trade. Belgian and Euronext shares are approximately €2-3 flat; US shares ~€1 + €1 handling + $0.004/share. Currency-conversion and connectivity fees apply on some exchanges.
Does DEGIRO handle Belgian taxes automatically?
Partially. DEGIRO withholds TOB automatically (has done for several years). However, 30% dividend withholding tax and the new 2026 capital gains tax are NOT withheld — you self-declare both on your personal income tax return (box VII for dividends). DEGIRO provides a Dutch tax overview but no Belgian tax certificate — you convert the figures yourself.
Do I need to declare my DEGIRO account to the NBB?
Yes, and there are two separate obligations. First: one-time registration at the NBB Central Point of Contact (CAP) as soon as possible after opening the account. Second: annual declaration in box XIII, Subsection A (code 1075-89) of your Belgian personal income tax return, every year the account exists. Importantly, DEGIRO and Flatex are two separate accounts — DEGIRO securities + Flatex cash — and both must be registered separately with the NBB CAP.
What is the minimum deposit and how long does account opening take?
Online registration via degiro.be takes about 10 minutes: upload ID, complete the MiFID II questionnaire, wait 1-3 working days for account activation. Then register both the DEGIRO securities account and the linked Flatex cash account with the NBB CAP. First deposit is typically a minimum of €1, with no upper cap.
Who is DEGIRO best suited for — and who should avoid it?
Best for: investors who want the lowest possible transaction costs, are willing to declare dividends themselves on their tax return, invest frequently or in smaller amounts (€100/month costs €0-3), and want broad international market access. Avoid if: you want zero tax admin work, are a beginner without an accountant, or specifically value a Belgian tax certificate and the Belgian Beschermingsfonds. Monthly ETF investors typically save €18-48/year vs Bolero — worth ~30 minutes of extra dividend admin per year.
Sources
- DEGIRO — Official site and Core Selection
- Curvo — DEGIRO review
- NBB — CAP registration of foreign accounts
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