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comdirect Review

COMDIRECT Review

 

Overall, comdirect is infamous for its high trading fees and the complicated account opening process for non-German and non-Austrian residents. comdirect requires no minimum deposit amount to open an account. Deposits to trading accounts can be made free of charge but the only method available is a bank transfer.

 

comdirect at a Glance

 

📅 Year Founded1994
📍 Head Office
Quickborn, Germany
⚖️ Financial Regulatory Bodies
BaFin
📈 Managed accounts
Yes
📊 Institutional accounts
Yes
☪️ Islamic AccountNo
💰 Minimum Deposit
$0
👍 Demo Trading Account available
Yes
🌐 Countries not accepted for tradeNot indicated
💰 Withdrawal options
Bank transfer
📒 Deposit optionsBank transfer
💻Platform(s) providedCOMDIRECT Web

ProTrader

COMDIRECT app.
🖥️ OS compatibility
Web, Android, iPhone
📈 Tradable assets
Stock, ETF, Forex, Fund, Bond, Options, Futures, CFD, Crypto, Warrants
📓 Languages supported on the websiteGerman
📓  Customer support languagesGerman
☎️ Customer service hours24/7
Maximum LeverageNot indicated
👉 Open a account👉 Click Here

 

Overall Rating

4.2/5

Rated #358 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

70

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

comdirect Review – 18 key points quick overview:

 

 

comdirect is a forex broker company in Germany.

 

Finding a reputable comdirect review locally or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

 

Below is an in-depth review regarding comdirect to help you make an informed decision before opening your account or trading on their platform.

 

A Forex broker like COMDIRECT provides traders with access to one or more platforms that will allow them to buy and sell foreign currencies. Forex brokers are also known as retail or currency trading brokers. Retail currency traders in turn use these broker companies to gain access to the 24-hour currency market for speculation purposes.

 

Forex broker services can also be provided for institutional clients and large companies such as investment banks.

 

COMDIRECT is a German investment bank that gives traders access to several German, European and overseas markets.

 

COMDIRECT was established in 1994 and is headquartered in Quickborn. The broker is regulated by the Federal Financial Supervisory Authority (BaFin).

 

Its parent company is Commerzbank, which holds 80% of COMDIRECT’s shares and provides further financial stability for the online broker. The company is listed on both Xetra and the London Stock Exchange (LSE).

 

COMDIRECT charges fairly high trading fees and the account opening process for non-German and non-Austrian residents is very complicated and can take even weeks to complete.

 

Most of the brokers and other services are rendered in German, hence a potential customer should have fairly good German language skills to do business with them.

 

comdirect Awards and Recognition

 

comdirect Awards

 

In the world of forex broker companies being honored with awards from esteemed organizations or publications, count much for the company’s reputation.

Although COMDIRECT is rated highly by some customers in personal reviews on review websites, there is no information available on the COMDIRECT homepage or elsewhere about any awards received.

 

comdirect Accounts

 

comdirect Accounts 

 

A forex account is a trading account held by a trader with a company like COMDIRECT, that is issued with the primary purpose of trading through its platforms. Usually, the number and type of accounts that a trader can open with a broker company differ according to the country in which the brokerage operates, the country of residence of the trader, and the regulatory authorities under whose jurisdiction it operates.

 

Overall Rating

4.2/5

Rated #358 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

70

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

comdirect Types of Accounts and Their Features

 

COMDIRECT offers accounts to customers in most European countries. Account opening is easy and digital for German and Austrian residents but opening an account by a non-German or non-Austrian citizen is a quite complicated exercise.

 

They have to go through a notarial identification process in their home country and send their application via post.  Furthermore, a customer will need to have a fair knowledge of German as the whole process must be conducted in German.

 

📍 COMDIRECT offers the following four account types:

 

comdirect Depot Account

 

This is the base account for securities trading and even if a trader would like to trade with any other asset type on the German exchanges, they have to register a ‘Depot’ account first.

 

Währungsanlagenkonto

This type of account allows a customer to trade on exchanges outside Germany and has to be registered to his base ‘Depot’ account.

 

live trading account

This type of account allows a customer to trade on COMDIRECT’s own Over-the-counter (OTC) market with special conditions. Securities that are traded over the counter are traded via a broker-dealer network as opposed to on a centralized exchange.

 

CFD-Konto

This account is used when a trader would like to trade CFDs. It can be done within a ‘COMDIRECT Depot’ account, or as a separate registration.

 

Overall Rating

4.2/5

Rated #358 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

70

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

comdirect Deposits and Withdrawals

 

comdirect Deposit and Withdrawal

 

COMDIRECT requires no minimum deposit amount to open an account. Deposits to trading accounts can be made free of charge but the only method available is a bank transfer.

 

Customers can however choose from 12 base currencies – Australian Dollar, British Pound, Canadian Dollar, Hungarian Forint, Japanese Yen, Mexican Peso, Norwegian Krone, Polish Zloty, South African Rand, Swedish Krona, Turkish Lira, or US Dollar to keep accounts.

 

They can also deposit money only from accounts that are in their name.

 

Traders can also only use bank transfers as a method to withdraw money from their COMDIRECT accounts, and it may take more than 3 business days to be processed. Like with deposits, they can only withdraw money to accounts in their name.

 

comdirect Cost and Fees, Commissions, and Spreads

 

comdirect Fees

 

The cost of trading depends on different factors like commissions, spreads, and margins.

 

The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

 

The amount of money required in your account to open a position is called the margin and is calculated according to the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your account.

 

Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions depends on the asset being traded and the type of service offered by the broker.

 

Execution-only brokers, which do not involve in personal investment advice and give traders complete control over how they trade the markets, usually charge lower commissions.

 

While the contract for differences (CFDs) trading is a form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, its trading on shares will incur a commission. CFD trades on other markets have no commission but do wrap a spread around the market price of a certain instrument.

 

📍 COMDIRECT accounts may incur the following costs:

➡️ COMDIRECT charges high trading fees, but the fee structure is transparent for customers to see.

➡️ When you trade stocks at COMDIRECT, the commission is calculated from a base fee and a volume-based value. The fees are different for each exchange.

➡️ A financing rate, or margin rate, is charged when you trade on margin or short a stock. The financing rates are based on the base currency of your margin account and will thus vary.

➡️ COMDIRECT charges no account, deposit, or withdrawal fees and has low non-trading fees. It charges no inactivity fee for the first 3 years but after that, a charge of €1,95 will apply.

 

comdirect Leverage

 

comdirect Leverage

 

Leveraged product trading magnifies a trader’s potential profit – but of course, also increases the potential loss. This facility that enables traders to get a larger exposure to the market than the amount they deposited to open a trade, is called leverage.

 

The amount of leverage is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that a trader has $1 000 in a trading account and is trading ticket sizes of 100 000 USD/JPY, that leverage will equate to 100:1.

 

The COMDIRECT website does not give any indication if, or what leverage ratio may be offered.

 

comdirect Bonuses

 

comdirect Bonuses

 

Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are to really benefit from a bonus.

 

The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts giving some expenses back to the trader, once the person has proved himself as an active trader.

 

Hence, although no deposit bonuses are a great way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, which may not be worthwhile.

 

The European Securities and Markets Authority (ESMA) has also recently placed investor protection measures on the marketing, distribution, or sale of CFDs which prevent brokers from providing the retail client with a payment, monetary or excluded non-monetary benefit about the marketing, distribution, or sale of a CFD, thus ruling out the offering of such bonuses.

 

According to the company website and other sources, COMDIRECT does not offer any bonuses.

 

comdirect Trading Platforms, Software, and its Features

 

comdirect Trading Platforms

 

The forex trading software, also called the platform, provided by a broker company to its clients to carry out their trades can be a multi-asset one that allows clients to trade forex as well as other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

 

Some companies provide their own proprietary platform, while others prefer well-known platforms. If there is a choice, the trader should keep in mind what he would like to trade.

 

📍 COMDIRECT provides trading on two web trading platforms:

 

Web Trader

Firstly, traders can use COMDIRECT’s website itself for managing their accounts and investing in securities, like stocks or bonds. If you would like to trade with CFDs or forex though, you have to use the CFD Pro Trader. Unfortunately, the website – and thus trading with it – is only available in German.

COMDIRECT also has a dedicated user-friendly app for trading, available on both Android and iOS.

 

Pro Trader

Comdirect has an advanced desktop trading platform featuring great customization options. The design may be somewhat outdated, and it is better suited for advanced traders.

ProTrader launches in a separate Java client on a computer.  It is also only available in German.

You can however have all information in one window, which is quite extraordinary. You can create your own layouts with the help of 47 technical indicators, which is a great feature.

 

comdirect Markets, Products, and Instruments

 

comdirect Market Instruments

 

📍 Most brokers offer all or some of the following market instruments for trading:

 

Forex:

Forex trading, or currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies for one another at floating rates.

 

Commodities:

As with currency exchange markets, commodity markets offer trading in contract-based tradable goods.

 

Indices:

Equity or stock indices can represent a specific set of the largest companies of a nation or they can represent a specific stock market. It is actual stock market indexes that measure the value of a specific section of a stock market.

 

Precious metals:

This involves the trading of gold, silver, and other precious metals as hard commodities that are contract-based tradable.

 

Energy:

The high volatility of energy prices due to political, environmental, and several other factors, is a typical feature of this product, making it a popular trading choice.

 

Cryptocurrencies:

📍 Tradable cryptocurrencies include the following:

Bitcoin (BTC) is the digital currency with the largest market capitalization and price levels and dominates 50% of the total crypto market cap.

Litecoin (LTC) is similar to Bitcoin but differs in terms of scalability.

Ethereum (ETH) is the second-largest cryptocurrency after Bitcoin and allows developers to create smart contracts on a platform.

Ripple (RPL) is popular among big banks with the Ripple network a next-generation real-time gross settlement system.

Bitcoin Cash (BCH) was created as a new version of the blockchain with different rules.

com direct offers all asset classes for trading. Within most classes, the product selections are also good, covering German, European, and overseas exchanges.

The following cryptocurrencies are also available: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH / BCC), Dash (DASH), Litecoin, Monero (XMR), NEO (NEO), Ether Classic (ETC) and Zcash (ZEC).

 

Overall Rating

4.2/5

Rated #358 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

70

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

comdirect Safety and Regulation

 

 comdirect Safety and Security

 

Before deciding to join a brokerage company to start trading, a potential trader needs to establish whether a broker like COMDIRECT is safe and secure to trade with. One of the most reliable benchmarks to measure the safety of a brokerage is to establish which regulating authorities are watching and overseeing its actions and whether the company complies with those regulations.

 

COMDIRECT is regulated by the German Federal Financial Supervisory Authority (BaFin). The broker also has a sound banking background and is listed on the London Stock Exchange (LSE) and Xetra.

 

Clients can count on up to €100 000 protection for cash deposits and €20 000 for securities. COMDIRECT provides negative balance protection to retail clients from the European Union for forex spot and CFD trading. Professional and non-EU clients are not covered with any negative balance protection.

 

comdirect Customer Support

 

comdirect Customer Support

 

Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it.

 

The customer support team of COMDIRECT can be reached via phone and email but all communication is in German only.

 

There is a new ‘Live-Support’ feature on their website, which lets a trader share his or her platform with a manager for direct interaction.

 

Customer service is available 24 hours per day, seven days a week.

 

comdirect Education and Training

 

comdirect Education and Training

 

Before starting to trade, potential COMDIRECT clients should arm themselves with all possible information and trading skills needed to be successful in the world of forex and commodity trading. If COMDIRECT ’s website itself does not provide enough means, a trader should explore other information sources to obtain that skills and knowledge.

 

📍 COMDIRECT does offer to learn in the following ways:

➡️ Through a demo CFD account

➡️ With platform tutorial videos

➡️ General educational videos

➡️ Webinars

➡️ Quality educational articles

 

Just like all its other services, all content is available in German only.

 

comdirect Research

 

comdirect Research

 

Potential traders need to be enabled to do as much as possible research about speculative trading before commencing to do it and while trading with a specific brokerage. Trading successfully relies heavily on knowledge and understanding of the markets and the platforms offered by a broker, therefore research options offered by brokers form an integral part of its features when choosing the right company to trade with.

 

COMDIRECT offers research options like fundamental data for stocks, indices, funds, and bonds on their website which are easily accessible, although the news is only available in German.

 

COMDIRECT’s charting tools can be utilized best when used on the ProTrader and comprises 47 technical indicators and the possibility to create your own charts. COMDIRECT also has screening tools for almost all asset classes.

 

Conclusion

 

Overall, comdirect is infamous for its high trading fees and the complicated account opening process for non-German and non-Austrian residents. comdirect requires no minimum deposit amount to open an account. Deposits to trading accounts can be made free of charge but the only method available is a bank transfer.

 

Disclaimer

 

COMDIRECT warns potential traders that Forex and CFDs trading always carries a high level of risk, therefore may not be suitable for all investors.

Before clients decide to trade the products offered by COMDIRECT, they are advised to contemplate their investment objectives, financial situation, needs, and level of experience carefully before investing money that they cannot afford to lose.

Especially when traders use COMDIRECT ’s leveraged accounts, they should make sure to maintain a sufficient level of margin to sustain their positions, since trading Forex/CFD and Options on margin and using a higher than necessary leverage can be either beneficial or detrimental to a trader. It is always possible to sustain a loss of some or all of an initial investment.

While COMDIRECT promises to make all efforts to fill a trade at the requested price, trading online does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement, which is accessible through the broker’s website.

Potential traders should first acquaint themselves with all these associated risks and seek advice from an independent financial advisor.

 

Overall Rating

4.2/5

Rated #358 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

70

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Frequently Asked Questions

Trading Environment

 

How many instruments can I trade with COMDIRECT?

You can trade several different instruments with COMDIRECT, which include the following:

  • Stock,
  • ETF,
  • Forex,
  • Fund,
  • Bond,
  • Options,
  • Futures,
  • CFD,
  • Crypto,
  • Warrants

 

Which platforms are supported by COMDIRECT?

COMDIRECT provides the following popular trading platforms:

  • COMDIRECT Web
  • ProTrader
  • COMDIRECT app.

 

Does COMDIRECT offer leverage?

Not indicated on the website.

 

What spreads can I expect with COMDIRECT?

COMDIRECT offers different spreads on its various accounts. If details on the website are not comprehensive, more information can be obtained from the customer support service.

 

Does COMDIRECT charge commission?

More information on commissions can be obtained from the customer support service.

 

Is COMDIRECT regulated and by whom?

COMDIRECT is regulated by BaFin.

 

Is COMDIRECT a recommended forex trading broker for experts and beginners?

COMDIRECT offers a fair trading environment for most types of traders.

 

What is the overall rating out of 10 for COMDIRECT?

6/10

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account as is offered by broker companies like COMDIRECT is usually funded with virtual money. It allows a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account that needs to be funded with the customer’s own real money.

 

Does COMDIRECT offer a demo account?

Yes

 

Can I convert my demo account to a live trading account with COMDIRECT?

This is not clear from the information on the company homepage.

 

Which live trading accounts does COMDIRECT offer?

  • COMDIRECT Depot
  • Währungsanlagenkonto
  • LiveTrading account
  • CFD-Konto

 

What are the available deposit currencies for a live trading account?

Australian Dollar, British Pound, Canadian Dollar, Hungarian Forint, Japanese Yen, Mexican Peso, Norwegian Krone, Polish Zloty, South African Rand, Swedish Krona, Turkish Lira or US Dollar

 

Deposits and Withdrawals

 

What is the minimum deposit required to open an account with COMDIRECT?

$ 0

 

How do you make a deposit and withdraw money with COMDIRECT?

COMDIRECT offers the following deposit and withdrawal methods:

  • Bank transfer.

The same method that was used to fund an account must normally be used to withdraw money. Also, monies will usually only be refunded to accounts in the same name as the trading account.

 

Does COMDIRECT charge withdrawal fees?

No, but fees from financial institutions may be applicable.

 

How long does it take to make a withdrawal?

Withdrawals using certain methods may be processed within a shorter period than others. Withdrawals may take more than 3 business days. Usually, withdrawals take a few days but depending on bank services it may take several days longer for the money to be available in a customer’s bank account.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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