New low-cost online broker platform DEGIRO launches in Ireland
An online brokerage firm which claims that its platform charges fees that are 90pc lower than its competitors has just launched in the Irish market.
DEGIRO has launched its online trading platform into 16 different countries since it was established in the Netherlands in 2008 as a trading platform for professional investors
The online broker is a normal platform for traders to use, with the main difference being that the company charges the public the same rates on share trades as it does to institutional investors.
Speaking to the Irish Independent Gijs Nagel, director at DEGIRO, claims that this could help save investors up to 90pc of what they would normally be spending on platform trading fees on standard trades.
"Ireland is the most expensive market for fees we have seen so far, it's ridiculous the prices people are paying here. On average we are about five times cheaper [than traditional brokers] in new markets, in Ireland we are about ten times cheaper." Mr Nagel gives the example of Ryanair shares traded for €5,000, which he says would be traded for a fee of €4 through DEGIRO compared to an average fee of just under €40 across several different Irish brokers.
The company is aiming to handle 25pc of trades made in the Irish market within three years of launch.
The company is currently on course to take in about €20m in revenue by the end of the year, which Mr Nagle says he expects will grow "exponentially" as the online broker platform is rolled out to more countries and gains more of a foothold in the market. It employs about 150 people, with the majority of staff based in the Netherlands.
Currently DEGIRO only offers single transaction trading, although Mr Nagle says that the company is currently looking at making multi-legged trading available to users within the coming months.