AwardsBest Europe-Based Broker
Key Takeaways
Check if SAXO Bank is available in your country. Select a country to see local regulatory details.
We view SAXO Bank as a Tier 1 Broker. We justify this Broker classification by its long track-record, three Banking licences in key European jurisdictions including Denmark, the Netherlands and Switzerland, presence on multiple continents, good reputation and an Institutional Franchise with Professional Investors representing close to 30% of its revenues. In June 2023, Saxo was designated a systemically important bank by the Danish Financial Supervisory Authority.
SAXO is significantly smaller than its rival Interactive Brokers, but has built a strong reputation for its risk control culture and institutional-grade infrastructure. Its trading systems were originally designed for professional traders, and over time the platform evolved to better serve long-term investors, especially after the 2019 acquisition of the Dutch broker BinckBank. Today, a meaningful portion of SAXO’s business comes from investors rather than traders SAXO maintains high reporting standards despite being privately owned and holds an A- investment grade rating from S&P Global Ratings. It operates as a licensed bank in multiple European jurisdictions and is regulated across the EU, UK, Switzerland and Asia. In the EU, customers typically sign up through their local or the Danish entity and benefit from investor protection schemes of up to €20,000 on securities and €100,000 on cash, depending on the jurisdiction.
Saxo Bank, founded in Denmark in 1992, is best known for its sophisticated online trading infrastructure and its evolution into a full-service investment platform. The bank remains privately owned and is not listed on a stock exchange, yet its financial reporting standards are comparable to those of publicly listed institutions.
In 2025, a majority stake in Saxo Bank was acquired by J. Safra Sarasin Group, marking a significant change in its ownership structure. Founder and CEO Kim Fournais remains a key shareholder, preserving continuity in leadership and strategy. This ownership profile, combined with its banking licences and strong regulatory oversight across multiple jurisdictions, reinforces Saxo’s position as a well-capitalised and institutionally robust broker with a strong reputation for risk management.
SAXO consistently posts solid profits and has a high Tier 1 Capital Ratio. It is regulated as a Bank in three European Countries. The company is rated A- by S&P Ratings, which means the estimated probability of default is very low, as measured by 10-year peer cohort probability of default. For comparison – based on historical data, a couple of 100 similarly rated financial companies went out of business over a 10-year period. In 2023, SAXO Bank was also assigned a systemically important bank status in Denmark, which may increase chances of some form of state intervention in case of bankruptcy, but it is not a guarantee.
Cash is held with Reputable Banks, including Citibank.
SAXO has a good reputation, as one of the most sophisticated brokers. However, the track record is not perfect, as it did have a few regulatory fines in the past, including due to lack of certain measures and procedures.
Transaction fees are competitive, but the platform fee structure is dependent on the country you invest from. The lack of a uniform EU-wide pricing is an improvement area, and reason why we cannot give it maximum subscore. Central and Eastern Europe platform fees are waived, if you decide to allow SAXO to lend your securities. Most Western European countries don’t require security lending and charge custody. The broker is also very attractive in Switzerland.
Investing with SAXO used to be problematic due to high custody and inactivity fees. This is no longer the case in most regions. Over the past two years, SAXO significantly revised its platform fee structure across Europe and Switzerland, making it much more competitive for long-term investors.
No custody fees in most of Europe — In many EU countries, custody fees are waived entirely. In some cases, this requires opting into Security Lending, although Western European countries no longer require this.
Very low custody in Switzerland — Custody fees are capped at CHF 10 per month, making SAXO one of the most affordable Tier-1 brokers in Switzerland.
No inactivity fees — Previously a major drawback, inactivity fees have been removed across the UK, Switzerland, the Nordics, Central & Eastern Europe and most other regions.
| Country | Custody Fee | Security Lending | FX |
|---|---|---|---|
| Belgium | None | Optional | 0.50% |
| Denmark | None | Optional | 0.25% |
| France | None | Optional | 0.25% |
| Netherlands | €3.50/month, +0.01%, Max. €48.50 | Optional | 0.65% |
| Poland | None | Optional | 0.25% |
| Any other EU | None (may require Security Lending) | Removes custody fee | 0.25% |
| Switzerland | 0.22% / year (max 10 CHF per month) | Optional | 0.25% |
SAXO trading commissions are competitive, particularly on major European ETF exchanges. Pricing is asset-based, with low minimums that make trading cost-efficient even for smaller transactions. On some exchanges, such as Euronext, minimum fees can be lower than those of leading brokers like Interactive Brokers. For investors who trade periodically rather than frequently, transaction costs are rarely the limiting factor. Check the Geeky Section below to understand the detailed cost structure.
There are three types of accounts:
| Exchange | Minimum Fee | Typical Fee |
|---|---|---|
| Euronext | €2 | 0.08% |
| Xetra | €3 | 0.08% |
| US Markets | $1 | 0.08% |
| Six Swiss | 3 CHF | 0.08% |
| Milan | € 3 | 0.08% |
SAXO typically charges around 0.25% for currency conversion, which is fairly standard among European and UK brokers. While spreads are tight, FX costs can become noticeable for investors who trade frequently across currencies, but for long term investors the impact is low.
Most of our readers have simple Index portfolios. Using our Broker Total cost calculator, you can estimate the total cost of holding ETFs throughout the investment period. If you opt-in for Security Lending (or are not required to in some countries – see optional in table above) there is no custody charge and the overall cost drops significantly beating IBKR for lower investment amounts, as EuroNext pricing is very competitive (€2 minimum fee is lower than IBKR’s EuroNext Fixed Plan charge). Otherwise, the custody fees make it more expensive than IBKR. Below, we assume no custody fees.
Deposits and withdrawals are free of charge.
SAXO has a very sophisticated platform catering not only to Investors, but also traders, wealth management boutiques and other institutional investors. But, for the vast majority of investors, most of its sophisticated features are not necessary to be successful in achieving their financial goals. For these goals, a simple interface like SAXOInvestor is preferred. It is available in most, but not all countries. Advanced investors may explore a few of them, including the ones listed below – Margin Accounts, or Derivatives.
Opening an account with Saxo is a straightforward and quick process, taking about 15 minutes and completed entirely online, mirroring the simplicity found with most brokers today. The application involves three main steps: providing personal data, account approval through proof of identity and residency, and funding, which is exclusively done via wire transfer and may be the only time-consuming part due to potential delays in fund transfers. Notably, Saxo does not require a minimum deposit to open an account, making it accessible for individuals looking to start trading with minimal financial commitment.
For most countries, you will have the option to select the SaxoInvestor platform. If no such option is available, choose SAXOTraderGo or Open the account by default.
In most European countries, you sign up with SAXO using a single account but can use three different interfaces.
Most ETF Investors may prefer SaxoInvestor, if available:
Interest on cash is not the most generous in the market. For SAXO the rates are fairly average.
SAXO is fairly sophisticated. It serves as a gateway for smaller institutional players and wealth management boutiques. It provides access to U.S. ETFs, Bonds, Asian Markets, or Synthetic leverage through options.
Users generally view Saxo positively as a comprehensive broker with competitive fees and extensive market access, though platform complexity and interface issues create mixed experiences, particularly for mobile users and former Binck customers.
⚠️ This sentiment analysis is based on our proprietary algorithm relying on sentiment from public user reviews and discussions. This section does not represent the view of Banker on Wheels.
For the vast majority of European Investors, taxes are managed through the reporting tool available with SAXO.
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