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 managed portfolios, tax handling, multi-asset access, 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 fee, unlimited trades, no cap).
- 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 tax admin handled for you — especially in Belgium or Italy.
- You need access to bonds, options, or managed portfolios.
- You want a licensed bank with long operating history and deep product access.
- You want a platform that grows with a larger, more complex portfolio without switching brokers.
Side-by-side comparison
| Feature | DEGIRO | Saxo Bank |
|---|---|---|
| ETF commission | €1 handling fee (Core Selection, Tradegate, unlimited trades) / €3 otherwise | 0.08% per trade, min ~€2–3 depending on exchange (Classic) |
| Custody / platform fee | None | 0–0.15% p.a. Classic — removed in FR, BE, IT, NL and CH; + Danish VAT where still charged; waivable via stock lending |
| FX conversion | 0.25% | 0.25% (Classic) — same |
| Interest on cash | ❌ None | ❌ None (Classic and Platinum) — VIP tier only (≥€1M assets) |
| Savings plans / AutoInvest | ❌ Manual only | ❌ Not available for EU clients — Switzerland only |
| 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. Saxo’s custody fee has been removed in several key EU markets and is waivable via stock lending where it still applies — but on commission alone, DEGIRO is cheaper at standard portfolio sizes.
- Core Selection ETFs: €1 handling fee per trade on Tradegate — unlimited trades, no daily or monthly cap. The old Fair Use Policy was removed in October 2025. 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 varies by exchange: approximately €2 on Euronext, €3 on Xetra. Lower than the historical €5 floor.
- Custody fee: 0–0.15% p.a. on Classic tier — removed in France, Belgium, Italy, and the Netherlands (2024–2025) and Switzerland (February 2025). Still charged elsewhere with 25% Danish VAT on top (~0.19% p.a. effective). Where it still applies, fully waivable via Saxo’s stock lending programme. 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 on uninvested cash — VIP tier only (≥€1M assets). Not available on Classic or Platinum accounts.
| Tier | Threshold | ETF commission | Custody fee (approx.) | FX markup |
|---|---|---|---|---|
| Classic | No minimum | 0.08%, min ~€2–3 (varies by exchange) | 0–0.15% p.a. (country-dependent) | 0.25% |
| Platinum | ≥€200,000 | 0.05%, min €3 | ~0.12% p.a. | 0.20% |
| VIP | ≥€1,000,000 | 0.03%, min €2 | ~0.09% p.a. | 0.15% |
Saxo’s cost advantage over DEGIRO never emerges purely on commission — the value case for Saxo is tax handling, platform quality, and product breadth, not lower fees. Platinum and VIP tiers reduce costs but require very large portfolios. Verify current tier thresholds and rates on Saxo’s official site.
| Cost item | DEGIRO | Saxo Bank |
|---|---|---|
| Trade commission (1× €500/month) | €1.00 (Core Selection handling fee) | ~€2–3 per trade (exchange minimum; 0.08% × €500 = €0.40) × 12 = €24–36/yr |
| Annual custody fee (€6,000 avg balance) | €0 | €0 (FR, BE, IT, NL, CH) or ~€9–€11 elsewhere (0.15%–0.19% × €6,000) |
| Total annual cost (12 months) | €12 | ~€24–36 (FR/BE/IT/NL/CH) or ~€33–47 (elsewhere) |
Simplified illustration. Saxo custody fee removed in France, Belgium, Italy, Netherlands, and Switzerland — still charged elsewhere at ~0.15%+VAT. Saxo cash interest available at VIP tier only (≥€1M assets). Always verify current fee schedules directly with each broker.
| Investor profile | Annual DEGIRO cost | Annual Saxo cost | Winner |
|---|---|---|---|
| €200/month, ~€2,400 avg portfolio | €12 trading + €0 custody = €12 | €24–36 trading (min ~€2–3 × 12) + €0–4 custody = ~€24–40 | DEGIRO by ~€12–28 |
| €500/month, ~€6,000 avg portfolio | €12 trading + €0 custody = €12 | €24–36 trading + €0–11 custody = ~€24–47 | DEGIRO by ~€12–35 |
| €1,000/month, ~€15,000 avg portfolio | €12 trading + €0 custody = €12 | €24–36 trading + €0–23 custody = ~€24–59 | DEGIRO by ~€12–47 |
Average portfolio estimated as roughly half the year-end balance for an investor starting from zero. Saxo trade minimum approximately €2 on Euronext, €3 on Xetra. Saxo custody fee removed in France, Belgium, Italy, Netherlands, and Switzerland — ranges reflect remaining EU markets where the 0.15% Classic rate (Danish VAT excluded) still applies. Saxo’s cost advantage does not emerge on pure price — the value case is tax handling, product breadth, and platform quality, not lower fees at standard portfolio sizes.
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.
Belgium is the strongest concrete use case for choosing Saxo over DEGIRO. With a DEGIRO account, you are responsible for the Reynders tax on ETF profits and dividend tax — and you must declare your account to the National Bank of Belgium (NBB) annually. DEGIRO only handles the TOB for you.
With Saxo Bank, all three are handled automatically: TOB, dividend withholding, and Reynders tax. And because Saxo has a direct Belgian presence, the NBB account declaration requirement does not apply. For Belgian investors, this is not a marginal benefit — it eliminates a real annual compliance burden entirely.
Automation: neither broker offers savings plans for EU clients
Automated contributions remove the biggest behavioural risk in long-term investing. Neither DEGIRO nor Saxo Bank offers this for EU clients — both require manual execution on every trade. If automation is a priority, the comparison ends here and Trade Republic or Trading 212 are the right starting points.
- 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.
- EU clients: no automated savings plan feature — every purchase is manual. Saxo does not offer recurring auto-invest for EU account holders.
- You must log in, set a reminder, and execute each buy yourself — same limitation as DEGIRO.
- Switzerland only: Saxo Switzerland launched free ETF savings plans in 2025. This is not available through EU Saxo entities.
- No fractional shares on most instruments, so small leftover cash sits idle after each purchase.
Cash interest and managed portfolios
One area where Saxo Bank offers real value (managed portfolios) and one where both brokers are effectively identical for most investors (cash interest — VIP tier only at Saxo).
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: cash interest is available at VIP tier only (≥€1M in assets or 500,000 loyalty points). Classic and Platinum account holders receive no interest on uninvested cash. For the vast majority of retail investors, Saxo and DEGIRO are identical here — both pay zero on idle cash.
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.
- No automated savings plans for EU clients — manual execution only (AutoInvest available in Switzerland only).
- 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 tax handling (administered regime in IT, BE, and other countries), joint or business accounts, access to bonds and options, no PFOF, and a professional platform that grows with a larger portfolio. The higher base cost is offset by features that deliver real practical value — especially the tax admin advantage, which most comparisons undervalue. Note: AutoInvest savings plans are not available for EU clients, and cash interest applies at VIP tier only.
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 tax convenience, broader product 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.
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DEGIRO for lowest-cost manual ETF investing. Saxo Bank if you want tax handling, no PFOF, multi-asset access, and a full-service platform. Both are established, regulated EU brokers.
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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. Since October 2025, the old Fair Use Policy has been removed — there is no daily or monthly trade cap, and you can buy as many times as you like at the €1 rate. 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 routes Core Selection trades through Tradegate; if your ETF isn’t listed there or you want a different exchange, costs rise to €3.
Does Saxo Bank offer automated savings plans for EU investors?
No — not for EU clients. Saxo Bank does not offer automated recurring investment plans through its EU entities. Every purchase must be executed manually. This puts Saxo on equal footing with DEGIRO on automation: both require you to log in and place trades yourself. The exception is Saxo Switzerland, which launched free ETF savings plans in 2025 — but this is available only to Swiss-resident clients through the Swiss entity. EU investors who want automation are better served by Trade Republic (€1 flat per execution) or Trading 212 (free recurring buys).
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, 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.
Is Saxo Bank good for beginner investors?
Yes, with caveats. Saxo Bank is a good fit for beginners in Belgium or Italy who want tax admin handled from day one, and for anyone who wants access to a broader product range without switching brokers later. The 20-day demo account with $100,000 in virtual funds is a genuine advantage: you can learn the platform and place practice trades before depositing real money, which DEGIRO doesn’t offer. Note that Saxo does not offer automated savings plans for EU clients — every purchase is manual, same as DEGIRO.
Where Saxo is less suited for beginners is on cost. Exchange minimums of ~€2–3 per trade and a custody fee of ~0.15% (where still charged — already removed in France, Belgium, Italy, Netherlands, and Switzerland) make it more expensive than DEGIRO for small portfolios. For investors whose only goal is the lowest possible cost on a basic monthly ETF purchase, DEGIRO is simpler and cheaper. But if you want tax handling, a managed option, and a platform that grows with your portfolio, Saxo is a reasonable and well-supported starting point.
What is Saxo Bank’s minimum deposit?
Saxo Bank has no official minimum deposit requirement to open an account. However, a starting balance of at least €2,000 is widely recommended in practice. Saxo’s exchange minimums (~€2 on Euronext, ~€3 on Xetra) only become proportionate at a trade size of approximately €2,500–3,750 — below that, you’re paying above the stated 0.08% rate. The custody fee has been removed in France, Belgium, Italy, the Netherlands, and Switzerland; where it still applies at ~0.15% Classic, a meaningful balance makes it proportionally small.
For investors starting with €50–€100/month, DEGIRO’s €1 Core Selection handling fee is more cost-efficient at the low end. Saxo’s fee structure is designed for investors who have at least a few thousand euros to deploy per trade — and who value tax handling, platform quality, and product breadth over pure fee minimisation.
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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.