DEGIRO vs Saxo Bank (2026):
Low-cost classic vs full-service platform
DEGIRO built its reputation on near-zero commissions and no frills. Saxo Bank is a premium Danish platform with savings plans, cash interest, managed portfolios, tax handling, and 19,000+ instruments. The right choice depends on how much you need beyond a cheap entry point — and how much the tax admin burden matters to you.
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TL;DR — who should pick which
- You buy UCITS ETFs manually once a month and don’t need automation.
- You want the lowest possible cost on core ETFs (€1 handling under Fair Use policy).
- You don’t need savings plans, cash interest, or managed portfolios.
- You are comfortable handling your own tax reporting.
- You prefer a simple, no-subscription interface.
- You want automated recurring investing (AutoInvest savings plans).
- You want tax admin handled for you — especially in Belgium or Italy.
- You hold cash and want it earning interest.
- You need access to bonds, options, or managed portfolios.
- You want a licensed bank with long operating history and deep product access.
Side-by-side comparison
| Feature | DEGIRO | Saxo Bank |
|---|---|---|
| ETF commission | €1 handling (Core Selection, Fair Use) / €3 otherwise | 0.08% per trade, min €5 (Classic) |
| Custody / platform fee | None | ~0.15% p.a. Classic (+ Danish VAT in some EU countries) |
| FX conversion | 0.25% | 0.25% (Classic) — same |
| Interest on cash | ❌ None | ✅ Yes — threshold and rate vary; verify for your balance |
| Savings plans / AutoInvest | ❌ Manual only | ✅ Yes — AutoInvest feature (pricing: verify on Saxo’s site) |
| Tax handling | Declaratory — you file yourself | Administered in several EU countries (IT, BE and others) |
| Managed portfolios | ❌ No | ✅ SaxoSelect robo-advisor |
| Account types | Personal only | Personal, joint, business (varies by country) |
| Demo account | ❌ No | ✅ 20-day demo ($100,000 virtual funds) |
| Account currencies | EUR only | 20+ currencies |
| Payment for order flow | Yes — DEGIRO uses PFOF | No — Saxo does not use PFOF |
| Securities lending | Opt-in (changed Oct 2025) | Opt-in (always) |
| Fractional shares | ❌ No | ❌ No (most instruments) |
| ETF / instrument range | ~5,000 ETFs, 50+ exchanges | 19,000+ instruments, broad UCITS ETF selection |
| Minimum deposit | None | None (€2,000+ recommended) |
| Regulation | BaFin (DE) + AFM (NL) — flatexDEGIRO banking licence | Danish FSA — full banking licence (est. 1992) |
| Investor protection | €20k (securities) + €100k (cash) | DKK 150k (~€20k) securities — Danish Guarantee Fund |
Fees compared in detail
DEGIRO wins on raw commission cost — especially for small regular purchases. But Saxo Bank’s custody fee is partially offset by cash interest for investors who hold meaningful cash balances. At larger portfolio sizes, the gap narrows.
- Core Selection ETFs: €1 handling fee per trade on Tradegate. Fair Use: first trade per ETF per month at this rate; a second same-direction trade ≥€1,000 also qualifies. This is not zero — it is €1 per trade.
- All other ETFs/stocks: €2 + €1 handling = €3 per trade.
- No custody fee.
- FX conversion: 0.25% AutoFX applied automatically on foreign-currency trades.
- No interest on uninvested cash.
- DEGIRO pushes Tradegate for Core Selection — using other exchanges costs more and may trigger exchange connectivity fees.
- Classic tier: 0.08% per ETF trade, minimum €5 per trade on European ETFs.
- Custody fee: ~0.15% p.a. on Classic tier. ⚠️ EU clients through Saxo’s Danish entity may pay an additional 25% Danish VAT on top, bringing the effective rate to ~0.19% p.a. Always verify on Saxo’s site for your country.
- FX conversion: 0.25% spot markup on Classic — same as DEGIRO.
- Platinum (≥€200k) and VIP (≥€1M): reduced commissions and FX markups.
- Interest paid on uninvested cash — rate and qualifying threshold vary. Some sources indicate the threshold is above €100,000; verify current terms.
| Cost item | DEGIRO | Saxo Bank |
|---|---|---|
| Trade commission (1× €500/month) | €1.00 (Core Selection handling fee) | €5.00 (0.08% × €500 = €0.40 → min €5) |
| Annual custody fee (€6,000 avg balance) | €0 | ~€9–€11 (0.15%–0.19% × €6,000) |
| Total annual cost (12 months) | €12 | ~€69–€71 |
Simplified illustration. Does not include cash interest Saxo may pay (which can offset custody costs at higher balances). Saxo custody fee rate and Danish VAT treatment vary by country. Always verify current fee schedules directly with each broker.
The tax difference — more important than it looks
Most broker comparisons skip this. For European retail investors, the difference between an administered and declaratory tax regime is a real annual burden — not just admin overhead. This is one of the clearest practical advantages Saxo Bank holds over DEGIRO.
- DEGIRO operates under a declaratory (self-reporting) regime in most EU countries. You receive an annual tax report and must calculate and file taxes manually.
- DEGIRO has a documented track record of errors in its annual tax reports — errors that fall on you to catch and correct.
- In Belgium: DEGIRO handles the TOB (stock exchange transaction tax) — but you remain responsible for dividend tax and the Reynders tax on ETF profits. You also need to declare your DEGIRO account to the Belgian National Bank.
- In Italy: you operate under the dichiarativo regime — DEGIRO provides an annual statement, but all capital gains, IVAFE, and dividend declarations are your responsibility to compute and file.
- Saxo Bank operates under an administered (sostituto d’imposta) regime in several EU countries — withholding and reporting is handled at broker level.
- In Belgium: Saxo handles the TOB, dividend tax, and Reynders tax on ETF profits automatically. Due to Saxo’s direct Belgian presence, you also do not need to declare your account to the National Bank of Belgium.
- In Italy: Saxo offers the regime amministrato — capital gains taxes, dividend withholding, and IVAFE are handled by Saxo directly.
- Tax treatment varies by country — always verify for your specific country of residence on Saxo’s official site.
Savings plans: the second biggest practical difference
Automatic contributions remove the biggest behavioural risk in long-term investing: forgetting or procrastinating a monthly buy. For passive investors, whether a broker automates this matters more than most fee differences.
- No AutoInvest or savings plan feature — DEGIRO does not offer automatic recurring purchases.
- Every trade is manual: you must set a reminder, log in, and execute each buy yourself.
- No fractional shares, so purchases must be in whole ETF units — small leftovers stay as idle cash.
- If you miss a month, that contribution is lost. No automation to catch you.
- AutoInvest allows scheduled recurring purchases into selected ETFs — set amount, frequency, and target holdings, and Saxo executes automatically.
- Removes execution friction and monthly behavioural drift entirely.
- Available on 100+ UCITS ETFs depending on country.
- Pricing note: AutoInvest execution cost has been updated on some Saxo plans and may now be free or low-cost in certain countries. Always verify current AutoInvest pricing on Saxo’s official site before opening — this changes.
Cash interest and managed portfolios
Two areas where Saxo Bank offers real value that DEGIRO simply does not — though both require a careful read of current terms before you rely on them.
DEGIRO: pays nothing on cash held in your account. Uninvested euros earn zero. If you hold a cash buffer while deploying capital gradually, that money is idle.
Saxo Bank: pays interest on uninvested cash in EUR and other eligible currencies. The rate and qualifying balance threshold vary by account tier and market conditions — some sources indicate interest only applies above a €100,000 minimum balance. Verify current terms on Saxo’s site, as this can change. At lower balances, this benefit may not apply.
DEGIRO: execution-only. No robo-advisor, no managed option. You pick ETFs, place trades, and rebalance manually.
Saxo Bank (SaxoSelect): choose a risk profile and strategy — sustainable ETFs, factor-based, global core — and Saxo manages allocation and rebalancing. Annual management fees apply on top of standard platform costs. This is a premium offering, not a cheap robo-advisor; compare total cost against dedicated platforms like Scalable Capital if managed investing is your primary goal.
ETF range and product selection
For a standard UCITS ETF portfolio — VWCE, IWDA, CSPX — both brokers cover you. The gap opens when you need niche ETFs, individual bonds, or instruments beyond standard index trackers.
- ~5,000 ETFs across 50+ exchanges.
- Core Selection: ~200 ETFs with the €1 handling fee structure on Tradegate. Covers all major UCITS providers: iShares, Vanguard, Xtrackers, SPDR.
- Also offers stocks, options, bonds, warrants, leveraged products.
- Sufficient for a standard two- or three-fund UCITS portfolio.
- DEGIRO routes Core Selection trades through Tradegate — if your preferred ETF isn’t on Core Selection, you pay €3 and may be pushed toward a less liquid venue.
- 19,000+ tradeable instruments across all asset classes and global markets.
- Broad UCITS ETF coverage including niche, factor, and thematic ETFs.
- Individual bonds, futures, forex, CFDs, structured products.
- AutoInvest available on eligible ETFs.
- 20+ account currencies — useful for non-EUR investors or those investing across multiple currency zones.
- Better for investors who want to go beyond a basic passive portfolio or need access to specific instruments DEGIRO doesn’t offer.
Platform experience and ease of use
- Clean, functional web and mobile interface — designed for straightforward execution.
- Find ETF → buy → done. Minimal noise.
- Limited charting: basic price history only, no integrated research tools.
- Portfolio overview is clear and simple.
- Ease of use rating: solid for basic ETF investing, less suited for investors who want analysis tools on-platform.
- No demo account to test the platform before funding.
- SaxoTraderGO: polished web and mobile app with integrated news, market screeners, analyst research, and analytics.
- SaxoTraderPRO: professional-grade desktop platform with advanced charting, 100+ technical indicators, and customisable workspace.
- Analyst research is built-in — every instrument has aggregated news, analyst ratings, and fundamental data without leaving the platform.
- 20-day demo account: test the platform with $100,000 virtual funds before depositing real money.
- Steeper learning curve than DEGIRO — more features to navigate, which can feel overwhelming for pure ETF investors.
Account options: a practical filter
Most comparison guides skip this. For couples, business owners, or parents investing on behalf of children, account type availability can immediately eliminate one broker from the shortlist.
- Personal accounts only. No joint accounts, no business accounts, no accounts for minors.
- Account opening is quick — typically within a day.
- Standard ID verification required (passport or ID card). No digital ID integration like itsme.
- If you need any account type other than a personal retail account, DEGIRO cannot serve you.
- Personal, joint, and business accounts available — availability varies by country.
- Joint accounts available in some markets (e.g., Netherlands) — useful for couples investing together.
- Business accounts available — useful for entrepreneurs or companies wanting institutional-quality access.
- Account opening takes a few days (more thorough onboarding than DEGIRO).
- No children’s accounts (neither broker offers this).
Regulation, safety, and transparency
Both are legitimate, regulated EU financial institutions — safe for retail investors. But there are meaningful differences in how they handle order flow, securities lending, and their regulatory history that informed investors should know.
- Regulated by BaFin (Germany) and AFM (Netherlands).
- Parent company: flatexDEGIRO AG — listed on XETRA with a German banking licence.
- Securities held in segregated entities — separate from DEGIRO’s own assets.
- Investor protection: €20,000 (securities) + €100,000 (cash deposits — German deposit guarantee).
- Past regulatory issues: DEGIRO has had documented past issues with the Dutch AFM regulator. This is not disqualifying, but it is worth knowing — and a point most competitor reviews flag.
- Regulated by the Danish Financial Supervisory Authority (DFSA) — full banking licence, established 1992.
- EU passporting across all EU member states.
- 2025 ownership: J. Safra Sarasin, a Swiss private banking group, acquired a 70% majority stake in Saxo Bank. This adds further institutional backing and financial stability.
- Investor protection: DKK 150,000 (~€20,000) under the Danish Guarantee Fund — lower cash coverage than DEGIRO’s German guarantee.
- 30+ years of uninterrupted operation — one of Europe’s longest-running online brokers.
PFOF and securities lending — what you should know
DEGIRO uses PFOF. This means DEGIRO routes your orders through market makers who pay for the order flow. The consequence: your execution price may be slightly worse than the true mid-market price. PFOF is banned in several EU jurisdictions under MiFID II and is increasingly under regulatory scrutiny.
Saxo Bank does not use PFOF. Saxo routes orders without receiving payment from market makers — a transparency advantage for investors who care about execution quality.
Both brokers offer securities lending — your shares and ETFs may be temporarily lent to third parties, generating income (you receive 50% of proceeds). This is a common broker revenue model.
Saxo Bank: always opt-in — you actively choose to participate per account or sub-account. DEGIRO: changed to opt-in in October 2025 (previously it was opt-out by default). On both platforms today, you can disable securities lending in your account settings if you prefer not to participate. For long-term ETF investors, the income benefit is typically small; the counterparty risk is limited but real.
Full verdict: which broker wins?
For disciplined manual ETF investors making one purchase per month into Core Selection ETFs — DEGIRO is hard to beat. €1 handling fee, no custody fee, no subscription. If you are comfortable filing your own taxes, don’t need automation, and want the lowest possible cost structure, DEGIRO is the rational choice.
Saxo Bank is the better choice for investors who want automation (AutoInvest), tax handling (administered regime in IT and BE), cash interest, joint or business accounts, no PFOF, and a platform that grows with a larger, more complex portfolio. The higher base cost is offset by features that deliver real compounding and practical value — especially the tax admin advantage, which most comparisons undervalue.
FX conversion rate (both 0.25%), UCITS ETF coverage for standard index portfolios, and neither offers fractional shares. Both platforms require whole-unit purchases on manual trades.
The honest answer: for a pure cost-minimiser investing manually once a month in EUR-denominated ETFs, DEGIRO wins. For everyone who wants automation, tax convenience, broader access, or no PFOF — Saxo Bank is the more complete platform. Neither is wrong; the right pick depends on which of these things actually matters to your situation.
Ready to open an account?
DEGIRO for lowest-cost manual ETF investing. Saxo Bank if you want savings plans, tax handling, no PFOF, and a full-service platform. Both are established, regulated EU brokers.
Go deeper
Frequently asked questions
Is DEGIRO really free for ETF investing?
Not quite free — close, but with a catch. DEGIRO’s Core Selection ETFs on Tradegate cost a €1 handling fee per trade, not €0. The first trade per ETF per calendar month qualifies at this rate; a second same-direction trade in the same month also qualifies if it is at least €1,000. Outside the Core Selection, ETF trades cost €3 (€2 + €1 handling). There is no custody fee. A disciplined investor making one Core Selection purchase per month pays €12 per year — very low, but not zero. DEGIRO’s design pushes Core Selection trades through Tradegate; if your ETF isn’t on that list or you want to trade on another exchange, costs rise.
Does Saxo Bank’s AutoInvest cost anything?
Saxo Bank’s AutoInvest feature allows you to schedule recurring ETF purchases automatically — set an amount, pick eligible ETFs, and Saxo executes on your schedule. Historically, commission costs applied per execution at Saxo’s standard rate. More recent sources — particularly from 2025–2026 — suggest AutoInvest may now be free or low-cost on some Saxo plans and in some countries. Saxo updates its fee structures periodically and they can vary by region. Always verify current AutoInvest pricing on Saxo’s official site for your country before opening an account — the answer to this question can change.
Which broker handles taxes better for European investors?
Saxo Bank has a meaningful advantage here, and most broker comparisons understate it. In several EU countries, Saxo operates under an administered tax regime — the broker handles withholding taxes, transaction taxes, and relevant reporting on your behalf. In Belgium, Saxo handles the TOB, dividend tax, and Reynders tax automatically; Belgian investors also do not need to declare their Saxo account to the National Bank. In Italy, Saxo offers the regime amministrato — capital gains taxes, dividend withholding, and IVAFE are handled at broker level. DEGIRO operates under a declaratory regime in most countries — you receive an annual tax report and must calculate and file taxes yourself. DEGIRO has also had documented errors in past tax reports, which fall on you to catch. Tax treatment varies significantly by country; always verify with Saxo directly for your country of residence.
Is DEGIRO or Saxo Bank safer?
Both are legitimate, regulated EU financial institutions and safe for retail investors. Saxo Bank is a fully licensed Danish bank regulated by the DFSA, with over 30 years of operating history. In 2025, Swiss private bank J. Safra Sarasin acquired a 70% stake, adding further institutional backing. DEGIRO is regulated by BaFin and AFM and operates under a German banking licence — but has had past issues with the Dutch AFM regulator, which is worth knowing. One meaningful difference: DEGIRO uses payment for order flow (PFOF), which Saxo does not. Both brokers offer securities lending, but Saxo is opt-in; DEGIRO changed to opt-in in October 2025 (previously opt-out). On investor protection, DEGIRO offers stronger cash deposit coverage — €100,000 under the German deposit guarantee — versus Saxo’s DKK 150,000 (~€20,000) securities guarantee under the Danish scheme. Securities themselves are segregated at both brokers and not counted as broker assets in the event of insolvency.
Can I use both DEGIRO and Saxo Bank?
Yes — there is no restriction on holding accounts at both brokers. Some EU investors use DEGIRO for low-cost Core Selection ETF execution and Saxo Bank for access to bonds, options, automated savings plans, or managed portfolios. The main trade-off is administrative complexity: two tax statements, a portfolio split across platforms, and double the onboarding effort. For most investors starting out, picking one broker and going deep is simpler and avoids the overhead. If you do use both, be aware that the tax reporting burden across two platforms in the declaratory regime (especially with DEGIRO) increases meaningfully.
QuantRoutine provides educational content only. Nothing on this page is an offer, solicitation, or recommendation to buy or sell any security or to open an account with any specific broker. Investments can lose value, and past performance does not guarantee future results. You are responsible for your own investment, tax, and legal decisions. Always review each broker’s current terms, fees, and eligibility on their official website before opening or funding an account. Fee structures, tax regimes, and platform features are updated by brokers periodically — information on this page reflects research conducted in April 2026 and may not reflect subsequent changes.