We’ve put together a series of reviews on stock market trading platforms. We’ve asked professional Muslims to review the stock trading platform they use. Each review has been done in an interview style.
DEGIRO is an Amsterdam based trading platform. It was founded in 2008 but only started offering stock brokerage services to retail investors from 2013. Before the advent of fee-free trading platforms, DEGIRO was easily one of the cheapest, if not the cheapest, platforms to trade on.
Our thanks goes to Shakir Miah for his review of DEGIRO. Shakir is an Automotive Specialist in London. He graduated from Loughborough University with a BA in Automotive Management in 2015. Shakir currently works for Mercedez-Benz and has previously worked for Audi and Honda, where he held management responsibilities for a dealership in northern England. When Shakir isn’t trading on the stock markets, he is working on his two eco-friendly businesses: Tokoouk, a bicycle business and BMBU, a sustainably sourced toilet tissue business. Shakir founded and co-founded both businesses, respectively.
1) How and why did you get into trading?
I got into trading through a friend, who introduced me to the concept of buying and selling shares on the stock market. I became quite interested in trading. I had some savings but rather than leaving it in the bank and doing nothing with it, I thought of using the money to buy stocks and make more money from trading.
I initially started using it for long term investment (the first stock I bought was in a mining company). Now my views are completely different about investing, when I first joined I thought that I would have money just sitting in my trading account for long term investments. If the company grows then I can earn points from the benefits of the shares. Now I’m open to short term trading, too.
2) Why do you use DEGIRO over another trading platform?
I started off with DEGIRO...it was the first trading platform that I downloaded. It was one of the cheapest I could find. With the very little knowledge I had at that time, my main intention was to buy a stock called Bolt Metallic. DEGIRO was one of the platforms that allowed me to buy that stock, so I went for DEGIRO.
3) When did you sign up for DEGIRO?
Late february, early April 2020.
4) How did you find the sign-up process?
The sign-up process was quite complicated because I wasn’t aware of all the information they required. DEGIRO also needs you to accept a declaration, so any decision you make cannot be changed afterwards. I felt like I was taking a risk knowing that when I sign the declaration I can't go back and change anything.
5) What are the three best things about DEGIRO?
Degiro keeps up to date information about different shares.
Gives you a monthly newsletter which informs you how companies are doing.
Caters easily to trades involving big amounts of money.
6) What are the three worst things about DEGIRO?
It’s a very complicated platform to use, if you're getting into trading, I wouldn't suggest you start out with DEGIRO.
There is a flat rate fee for buying shares.
You also pay a commission on the amount you invest.
7) How reliable is DEGIRO?
I would say DEGIRO is a reliable platform to use. To be honest there has never been a problem where I needed to contact customer service.
8) What is the DEGIRO customer service like?
DEGIRO is overall a good platform personally for me. I haven’t had any problem with the trading platform for me to contact the customer service. All the information is provided on the DEGIRO website.
9) Do you have any trading tips for fellow investors?
Do a lot of research and groundwork before buying your first shares. Talk to people who are experienced in buying and selling stock before stepping into it. Trading has a lot of risks in it, and you need to understand if the risk is something you can take.
And don't forget the golden rules:
Rule number 1 is never lose money. Rule number 2 is never forget rule number 1.
11) Does DEGIRO in any way help you be shariah compliant?
Not really. I would say to be shariah compliant you should obviously do research into the stocks you are buying, what the company buys, what the company sells, level of debt the company is in. I would say the platform does not indicate that to you, you have to do your own research
12) Would you recommend DEGIRO to anyone else?
I would recommend DEGIRO to experienced traders, not for someone who is starting out as it is quite complicated to use.
Interviewer and scribe: Adil Ajmain
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