How are foreign currency transactions handled at DEGIRO?

When opening an account on our UK platform, your account will denominated in GBP and linked to a GBP bank account. At DEGIRO foreign currency transactions can be handled in two ways; using the AutoFX trader or holding foreign funds manually.

With AutoFX (default), we take the hassle out of currency conversion, you place the order and we will automatically convert the required amount. You will only have a single cash fund position in GBP. Purchases will be charged in GBP and proceeds from sales of foreign products will then convert back into GBP.

With Manual currency holding, you have the possibility to manually purchase foreign currencies. If you frequently trade in foreign currencies the Manual function could be the most cost-effective option. When the manual function is turned on for a particular currency, a cash position will be held in the foreign currency.