It depends on order size, exchange and currency. For a small EUR ETF order on Euronext, Saxo’s entry tier is cheaper: 0.08% with a €2 minimum against IBKR Fixed at €3 plus a €0.75 ETF exchange fee, so €2.00 vs €3.75 on a €500 order. On Xetra both charge €3 on a small order. Above about €4,690 per order on Euronext and €3,750 on Xetra, IBKR’s 0.05% is cheaper. Any currency conversion strongly favours IBKR: 0.03% on automatic conversion against Saxo’s 0.25%.

Not in France, the Netherlands or Belgium. France charges €0 custody except on unlisted securities held in a PEA. The Netherlands and Belgium charge no custody fee, but Dutch clients pay a service fee of 0.01% of portfolio value per month, capped at €40, rebated the following month as trading credit valid for one month. Stock lending is an optional income programme, not a fee waiver: Saxo splits lending revenue 50/50 and no revenue is guaranteed.

Yes, and each country is priced differently. France has the Plan Épargne Programmé Saxo: €0 per purchase on 20 eligible ETFs, executed on the 5th of the month, not available inside a PEA. The Netherlands has AutoInvest at €0 per purchase on a selection of funds and ETFs, executed on the 4th or 28th, with the 0.01% monthly service fee still applying. Belgium has AutoInvest at €2 per month per plan, charged even in months with no purchase, on about 80 ETFs in whole units.

IBKR has two routes: automatic conversion at 0.03% of trade value, or a manual spot FX order from 0.002% with a USD 2.00 minimum per order. Automatic is cheaper below about USD 6,667 per conversion. Saxo charges 0.25% at every tier. Converting €10,000 costs €3.00 at IBKR on automatic conversion and €25.00 at Saxo. Buying a USD asset with €500 a month for ten years costs about €18 at IBKR and €150 at Saxo in conversion alone.

They differ by country. France uses Classic, Platinum (€200,000 initial deposit or 120,000 points) and VIP (€850,000 initial deposit or 500,000 points). The Netherlands and Belgium use Bronze, Silver (from €200,000) and Gold (from €1,000,000), measured on total assets. Higher tiers cut ETF commissions from 0.08% to 0.05% and 0.03% on Euronext and Xetra. The 0.25% FX rate does not change with tier.

IBKR’s Recurring Investments feature invests a set amount daily, weekly or monthly in available US, Canadian and European shares, using fractional shares. IBKR Ireland does not state whether UCITS ETFs qualify. Normal commissions apply: budget €3.00 per purchase on Fixed, plus €0.75 on Euronext ETFs, with €1.25 as the fractional minimum. There is no zero-commission ETF savings plan at IBKR for EU clients.

They are protected differently. Saxo Bank A/S is a Danish bank, so cash is covered by the Danish deposit guarantee up to €100,000 per depositor; investments are not covered by that scheme. IBKR Ireland is an investment firm, not a bank, so cash has no deposit guarantee; the Irish Investor Compensation Scheme covers 90% of a loss up to €20,000 for private individuals if the firm fails, not market losses.

Partly, and it depends on the country. In Belgium, Saxo settles the stock exchange tax and withholding tax automatically at no charge. In the Netherlands, it settles exchange tax and withholding automatically. In France, it issues the IFU annual tax statement. IBKR provides an annual tax statement through Client Portal and offers PEA accounts for French tax residents, ISK accounts for Swedish tax residents and TBSZ accounts for Hungarian tax residents.

Generally not. Under the EU PRIIPs rules, retail investors can only be offered funds that publish a Key Information Document, and US-listed ETFs do not produce one. EU investors at both brokers build portfolios from UCITS ETFs, which track the same indices in an EU-compliant structure.