Best Giropay Brokers 2023
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 2023.
Giropay Brokers
These are the 1 best brokers that accept Giropay deposits and withdrawals:
#1 - Just2Trade
Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.
"Traders seeking a multi-asset broker with an exceptional range of 35,000+ assets, market-leading software and low trading fees should consider Just2Trade. The Try2BFunded program will also appeal to users seeking funded trading accounts."
- DayTrading Review Team
- Instruments: Stocks, ADRs, ETFs, Futures, Options, Commodities, Bonds
- Regulator: CySEC, NFA, FINRA, Bank of Russia
- Platforms: MT4, MT5, TradingCentral
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:20
Payment Methods
Just2Trade accepts these 20 payment methods for deposits and withdrawals:
- AstroPay
- Bitcoin Payments
- Cashu
- Credit Card
- Debit Card
- Ethereum Payments
- Giropay
- Klarna
- Mastercard
- Neteller
- POLi
- PayPal
- Paysafecard
- Przelewy24
- Skrill
- Trustly
- UnionPay
- Visa
- Wire Transfer
- iDeal
CFD Trading
With CFDs on 20+ Polish and 30+ US stocks, as well as energies and seven global stock indices covering US, UK, European, Australian and Japanese markets, Just2Trade offers a superb selection of global assets.
Forex Trading
Traders can access a decent range of 60+ major, minor and exotic forex pairs through standard and ECN accounts with tight spreads from 0.5 and 0.0, respectively. Execution speeds are also faster than most competitors at 50ms, which will appeal to active forex day traders.
Stocks Trading
As well as Just2Trade's 50+ stock CFDs, traders can access a huge variety of thousands of stocks traded on US and international exchanges. The chance to build an investment portfolio and benefit from dividends sets Just2Trade apart from most CFD brokers.
Crypto Trading
Traders can speculate on a modest selection of the largest cryptos by market cap including Bitcoin. On the downside, crypto trading is only available to clients from Asia which is more restrictive than many alternatives.
Pros
- Regulated and trustworthy with authorization from FINRA, NFA & CySEC
- STP/ECN broker with fast execution speeds
- Try2BFunded trader development program with funded accounts for clients who reach profit benchmarks
Cons
- Cryptocurrency is only available in Asia
- Research tools such as stock screeners require third-party applications
- Few standard educational resources compared to other brokers
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.
Deposits & Withdrawals
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 A Good Choice For Traders?
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
What Is The Giropay Payment Method In Germany?
Giropay is a German online payment service that enables direct purchases using a quick transfer from your bank account. This means that there is no need to enter any cardholder details or fill out any lengthy registration forms.
How Does Giropay Work?
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?
The firm always uses AES 256-bit encryption throughout their 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.
Where Can I Use Giropay?
You can primarily use the deposit option if you have a German bank account and are registered for online banking. If you are based in other countries such as the UK, France, Canada, Australia, or the USA, there are alternative payment methods that serve your respective banks. With that said, there are a few countries that can use the service, such as Austria and the Netherlands.
How Can I Get In Contact With Giropay?
If you can’t find your answer in the FAQ section, you can contact the customer service hotline at +49 (0) 69 24 75 38 22 23 or fill out the online contact form. The website is provided in German or English. The firm also offers help via their Facebook and Twitter social media pages. The registered office address is GmbHAn der Welle 4, 60322 Frankfurt, Hessen, Germany.
Does Giropay Offer A Live Demo?
No, the company does not offer a live demo or test account, however, there are short video guides on YouTube as well as some step-by-step content online.
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 from traders outside of Europe.
Which Banks Support Giropay?
The majority of German cooperative and Sparkassen banks support the service. However, the only major private bank is Deutsche Postbank.
How Will A Giropay Transaction Appear On My Bank Statement?
The transaction description on your bank statement will be the name of the broker, rather than Giropay. The Giropay service is simply an intermediary payment processor and your transfer will still be made to your trading account.