Best Giropay Brokers 2024
Giropay is an internet payment company based in Germany. The system enables direct transfers, meaning traders enjoy swift and secure deposits using just their online banking login details. Giropay is represented by the familiar blue and white stripe logo and is used by thousands of participating banks and merchants.
Learn more as we review the benefits, deposit limits and test accounts, plus find out how the brand compares to other options such as Skrill, Sofort or PayPal. We also list the best brokers that accept Giropay deposits in 2024.
Best Giropay Brokers
We've tested dozens of brokers and these are the top 5 that offer Giropay:
Giropay Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage | Visit |
|---|---|---|---|---|---|
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$10 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures | R StocksTrader, MT4, MT5, TradingView | 1:2000 | Visit |
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- | CFDs, Forex, Stocks, ETFs, Cryptos, Futures, Commodities | MT4, MT5 | - | Visit |
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$0 | Forex, CFDs, indices, shares, commodities, cryptocurrencies | MT4, AutoChartist, DupliTrade | 1:400 | Visit |
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$250 | CFDs, Forex, Indices, Stocks, Commodities, Cryptocurrencies | WebTrader, MT4, TradingCentral | 1:30 (Retail), 1:400 (Professional) | Visit |
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$250 | Forex, commodities, cryptocurrencies, stocks, indices | MT4, TradingCentral | 1:30 (Retail), 1:400 (Pro] | Visit |
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$10 | CFDs, Forex, Stocks, Indices, Commodities, Cryptos | MT4, MT5 | 1:30 (EU), 1:500 (Global) | Visit |
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€100 | CFDs on Forex, Cryptocurrencies, Metals, Indices, Stocks, Oil & Gas, Agriculture, ETFs | Libertex (and mobile app), MT4, MT5 | Up to 1:30 (Retail) | Visit |
#1 - RoboForex
Why We Chose RoboForex
RoboForex is an online broker, established in 2009 and registered with the IFSC in Belize. Traders can choose from five accounts (Prime, ECN, R StocksTrader, ProCent, Pro) catering to different needs with trades from 0.01 lots and spreads from 0 pips. RoboForex has also enhanced its offering over the years, adding CFD instruments and launching its stock trading platform, plus the CopyFX system.
"RoboForex is great if you want a vast range of 12,000+ day trading markets with ECN accounts, powerful charting and loyalty promotions. It also stands out for stock traders with its user-friendly R StocksTrader platform, featuring 3,000+ shares, fees from $0.01 and sophisticated watchlists."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures
- Regulator: IFSC
- Platforms: R StocksTrader, MT4, MT5, TradingView
- Minimum Deposit: $10
- Minimum Trade: 0.01 Lots
- Leverage: 1:2000
Pros
- RoboForex offers over 12,000 instruments, providing more short-term trading opportunities than the vast majority of online brokers, with forex, stocks, indices, ETFs, commodities, and futures.
- The broker offers two commission-free withdrawals each month in the Free Funds Withdrawal program, helping day traders to minimize transaction costs.
- The R Stocks Trader platform rivals leading solutions like MT4, with netting and hedging capabilities, comprehensive backtesting, Level II pricing, and a flexible workspace.
Cons
- RoboForex now restricts base currency options to USD and EUR. This limitation may inconvenience day traders preferring to manage their accounts in other currencies, while potentially leading to conversion fees.
- RoboForex provides a variety of account types, which, while offering flexibility, can be overwhelming for newer traders trying to choose the most suitable option for their trading style. Alternatives, notably eToro, provide a smoother entry into online trading with one retail account.
- While RoboForex offers competitive spreads, some of its account types come with high trading commissions up to $20 per lot, trailing the cheapest brokers, such as IC Markets.
#2 - InstaForex
Why We Chose InstaForex
InstaForex is a forex and CFD broker founded in 2007. The broker offers diverse market coverage to over 7 million clients, spanning traditional assets like currencies and shares, as well as other interesting opportunities such as IPOs. Traders can also access copy trading services, PAMM accounts and investment opportunities. InstaForex is regulated by the BVI FSC.
"InstaForex maintains its position as a top forex broker, with more currency products than most rivals. The tight spreads and low minimum deposits make it accessible to all experience levels, especially those familiar with the MT4 and MT5 platforms."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, ETFs, Cryptos, Futures, Commodities
- Platforms: MT4, MT5
Pros
- The broker is a particularly good pick for serious forex traders, with over 100 currency pairs, tight spreads from 0.0 pips and a market-leading selection of curated forex market resources
- The broker is accessible for beginners, with low minimum deposits, Cent accounts (for global clients) and zero-commission trading available
- There’s a copy trading service available with just a $10 minimum deposit, allowing clients to become both followers and providers
Cons
- The broker’s global branch offers weaker regulation via the offshore jurisdiction of the British Virgin Islands, which means non-EU traders will receive limited safeguards
- The broker’s website and client cabinet feel outdated and difficult to navigate for newcomers
- Market coverage and account conditions vary significantly between the global and EU entities - for example, only 300+ instruments are available for global clients, whilst European traders can access 2500+
#3 - Axi
Why We Chose Axi
Axi is a global forex and CFD trading firm, founded in 2007 in Sydney, Australia. Highly leveraged trading opportunities plus a $0 minimum deposit make it a popular choice among 60,000+ traders worldwide. Axi also stands out for its resources, including copy trading and Autochartist.
"Axi maintains its position as a top forex and CFD broker for seasoned traders, with more than 70 currency pairs, raw spreads and additional benefits for high-volume trading. Beginners will also appreciate the user-friendly copy trading service and free forex eBooks."
- DayTrading Review Team
- Instruments: Forex, CFDs, indices, shares, commodities, cryptocurrencies
- Regulator: FCA, ASIC, DFSA, FMA
- Platforms: MT4, AutoChartist, DupliTrade
- Minimum Deposit: $0
- Minimum Trade: 0.01 Lots
- Leverage: 1:400
Pros
- The broker's inactivity fee terms are fairly generous, only charging a $10 fee after a long inactivity period of 12 months - some brokers charge after only 3 months
- Among other educational resources, there’s an excellent selection of free eBooks for newly registered beginners
- A strong range of advanced tools are available for experienced day traders, including the Autochartist market scanner, VPS solutions and exclusive MT4 NexGen features
Cons
- The Axi Select program requires a $500 minimum deposit to enter the first Seed stage
- There's a limited choice of third-party charting platforms compared to other brands, with only MT4 available alongside the proprietary app
- The tightest round-trip commission fees of $3.50 are only available to those who can deposit $25,000
#4 - ForexTB
Why We Chose ForexTB
Established in 2015, ForexTB (FXTB) is a multi-asset broker offering CFDs on over 300 instruments via its own web-based platform or the popular MetaTrader 4. FXTB offers a choice of four accounts with premium tiers enjoying tighter spreads and zero commissions, though substantial minimum investments climbing to €250k put these out of reach for most day traders.
"ForexTB is geared towards active traders in Europe who can afford the significant minimum deposit to quality for competitive trading conditions. However, there are better brokers with ForexTB still failing to deliver in key areas, notably pricing, research, education and support."
- DayTrading Review Team
- Instruments: CFDs, Forex, Indices, Stocks, Commodities, Cryptocurrencies
- Regulator: CySEC
- Platforms: WebTrader, MT4, TradingCentral
- Minimum Deposit: $250
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:400 (Professional)
Pros
- The proprietary platform is simple by design but offers essential features with optimal charting tools, plus a limited version is accessible prior to registration.
- FXTB is one of a select few brokers to offer a professional account that maintains negative balance protection, preventing losses beyond account balances.
- An extensive range of payment methods are supported from PayPal to bank cards and wire transfers, with same-day deposits and zero transfer fees
Cons
- FXTB imposes a €20 inactivity fee after just one month, deterring casual traders, while only VIP account holders get unlimited free withdrawals.
- The educational guides lack practical examples, charting analysis and interactive elements, making them of limited use for newcomers, especially compared to category leaders like IG.
- Customer support can't be relied upon for urgent trading queries with just phone and email channels and wait times of several hours during testing, seriously lagging behind alternatives like XTB.
#5 - OBR Invest
Why We Chose OBR Invest
OBR Invest is a CySEC-regulated investment firm offering the MetaTrader 4 platform and 300+ instruments. The brokerage launched in 2012 and has since proven popular with forex and CFD traders with a choice of live accounts to suit different strategies and budgets.
"OBR Invest is a good pick for beginners with its easy-to-use trading platform, free demo account, education centre, and access to popular financial markets."
- DayTrading Review Team
- Instruments: Forex, commodities, cryptocurrencies, stocks, indices
- Regulator: CySEC
- Platforms: MT4, TradingCentral
- Minimum Deposit: $250
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:400 (Pro]
Pros
- Leverage up to 1:400 for professional clients
- Full range of investments including popular cryptocurrencies
- Multiple payment methods with free deposits
Cons
- No copy trading platform
- Withdrawals fees apply for basic accounts
- OBR Invest is not available to US, UK or Belgian clients
Giropay Overview
Launched in 2006 by Postbank (now Deutsche Postbank), Giropay is a direct digital payment system with headquarters in Frankfurt, Germany.
The service is partnered with over 1,500 participating German banks, reaching 17 million online banking customers and 60% of the commercial German banking market. Recent stats also show that Giropay accounts for more than €350 million in transaction volumes each year, giving it a modest slice of the domestic market share.
The company introduced cross-border payments for German customers in 2014, when it collaborated with the EPS system used by banks in Austria.
Pros Of Trading With Giropay
No Download
There is no need to download software or applications to use Giropay; you just need to ensure that you have a German current account with access to the online banking facility (usually available via your bank’s web or mobile app).
No Registration
You don’t need to register to make a deposit, so funds are transferred directly from your bank account to your trading account without any hassle. This is convenient for investors that want an easy funding process.
Fast
It is a real-time payment method so deposits are normally processed instantly. The time it takes for funds to be processed on the broker’s side may vary though, so it’s worth checking this beforehand. You can find this detail on the website of the respective broker or in our detailed reviews.
Reputable
The company has been established for nearly 16 years and is trusted by millions of German customers holding a Girocard. The payment service is also backed by Deutsche Postbank, which is a subsidiary of the multinational investment bank, Deutsche Bank. In addition, the brand supports integration and partnership with world-class payment providers such as Worldpay.
Secure
The firm uses AES 256-bit encrypted codes under TLS 1.2 for the secure transmission of data. The system is also based on PIN and TAN codes (two factors), providing maximum security before accessing your online banking. Of course, traders should also sign up with reliable and trusted trading brokers.
Free To Use
The payment service is free to use for account holders, but traders should check with their bank or broker for any additional service fees. Brokers may charge a standard fee or a percentage of the transactional volume. With thats said, the best supporting trading platforms offer free deposits with Giropay.
Cons Of Trading With Giropay
Only Supports Euro
Unlike other direct payment methods such as Trustly or Sofort, Giropay only supports EUR. This may be disappointing for traders who want the option to deposit in other popular currencies such as USD or GBP.
Accessibility
Unfortunately, the system is mainly provided to traders with a German bank account. Some availability, through its banking partners, is possible outside of Germany but this is limited to Austria and Netherlands.
Investors based outside of Germany may want to consider other options, such as Trustly or Sofort.
No Buyer Protection Or Chargeback Rights
Giropay does not offer buyer protection, which means that you won’t receive as much support in a dispute as other payment services like PayPal or Klarna. It is also not possible to request a chargeback, refund or recurring payment.
Speed
The transaction process generally takes a few minutes to complete, with transfers processed instantly by the payment provider. Make sure to check with your broker for their own processing times, though. AAAFx, for example, takes up to one business day to credit Giropay deposits. There is also rapid API functionality.
Security
Not only are your bank details safe when using Giropay but your personal data is also protected. The payment provider uses robust encryption processes as well as unique PIN/TAN codes. Sensitive data is also exchanged between you and your bank only, meaning no third party can view your personal information. For security reasons, the company also has a ‘timeout’ enabled at each stage of the payment form.
How To Deposit Using Giropay
If you have a German bank account and your broker offers Giropay, you can make a deposit in a few simple steps…
Select Giropay in the funding section of your account and enter the amount that you wish to deposit. Note that a deposit or withdrawal limit may be applied by your broker. You will be redirected to your bank’s login page which will display the transaction information.
The form will then request your TAN code which will be sent to you as verification of the payment. No TAN is required for amounts up to €30. The transaction is then processed instantly and you will be redirected back to the broker’s website with a payment confirmation.
Fees
Customers can use the service for free, however, fees may be charged by your broker depending on the payment type. For example, AAAFx and EasyMarkets offer commission-free deposits, but other trading platforms like Libertex take a small percentage (€1 to 1%) for withdrawals.
Is Giropay Good For Day Trading?
Giropay is no doubt an excellent payment option boasting several benefits such as fast deposit processing and no registration. However, the service is mainly geared towards German customers, so traders residing in countries outside of Germany, such as Canada, Australia, India or Indonesia, will need to consider other options. With that said, because of the partnerships the firm has with other banks and companies, its services are also available in Austria and Netherlands.
Overall, compared to other payment methods, such as Skrill, Sofort or Trustly, which allow for more supported countries and currencies, Giropay is not the most accessible option for global traders.
FAQ
How Does Giropay Work With My Trading Account?
The firm works by acting as the intermediary between your bank and your trading account, allowing one-time and secure access to your bank in order to collect funds directly. If you’re wondering how to use Giropay, there is a simple guide on the company’s website.
Is Giropay Safe To Use At My Broker?
The firm always uses AES 256-bit encryption throughout its transaction process. The use of PIN/TAN codes also ensures that your bank details are never shared. Still, it is worth checking what security measures are in place with your bank and your broker.
Which Currencies Are Accepted Through Giropay?
The company only supports payments in Euro, which is by definition not an issue for most users, as they are usually required to hold a German bank account to use the service. With that said, it will prove a major drawback for traders outside of Europe.