AwardsBest Europe-Based Broker 2026
Key Takeaways
Over the past couple of years, Saxo has transformed itself from a trading-first platform into one of Europe's most compelling for long-term investors. In 2024 and 2025 it rolled out a new pricing. Custody fees have been removed across core European countries. Trading commissions are now among the lowest available, sometimes even beating Interactive Brokers.
It also launched the SaxoInvestor interface which gives passive ETF investors a cleaner, simpler experience than IBKR's platform. Tax wrappers, and tax reporting are rolling out across markets like France, Italy, or Belgium. In Switzerland cost-free ETF savings plans are now available. Most importantly - hence our updated review - in 2025, Swiss bank J. Safra Sarasin Group acquired a 71% controlling stake, purchasing it from the previous Chinese majority owner. For European investors, this matters.
A Swiss-owned, Danish-regulated, S&P A- rated broker offers genuine counterparty risk diversification away from US-domiciled platforms. In the age of trade wars, that is not a minor consideration. Let's face it, there are very few international brokers that combine this breadth of market access with a low fee structure while operating from Europe.
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 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 out 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 very competitive. FX fees are also below average. In most countries SAXO does not charge custody. The broker is very attractive in Switzerland. Despite custody fees, it remains very competitive in the Middle East, particularly for wealthy investors that typically pay larger custody fees. In some countries like Singapore or the Czech Republic it may be required to opt in for security lending to fully waive custody fee. In the UK, custody is still expensive compared to local brokers, unless you hold Mutual Funds instead of ETFs.
SAXO typically charges around 0.25% for currency conversion except where stated above, 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 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. As of May 2026 Spain/Portugal have a minimum €100k deposit requirement.
ETF restrictions for US-listed ETFs and UCITS ETFs in smaller Central and Easterns European countries may apply. This may include Bulgaria, Croatia, Greece, Hungary, Lithuania, Romania, Slovakia, and Slovenia. It is due to lack of translated KID documents by ETF providers. Unfortunately, this is very frustrating for investors from small CEE countries and not unusual. Similar restrictions apply for other brokers that - like SAXO - strictly follow PRIIPs regulations. However, for SAXO there may be issuers like Xtrackers that offer equivalents to popular Vanguard ETFs (example of list for approved ETFs in Greece here).
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.
Saxo Bank receives generally positive feedback from users, particularly praised for competitive fees and strong regulatory standing as a Swiss broker. While most users appreciate the platform's improvements and reliability, some express concerns about occasional issues.
⚠️ 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.
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For the vast majority of European Investors, taxes are managed through the reporting tool available with SAXO.
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