Yes, in most scenarios IBKR is cheaper — especially on FX conversion (~0.03% vs Saxo’s 0.25%) and there are no custody fees at IBKR. Saxo charges 0.15%/year on Classic accounts, though this is fully avoidable via the stock lending programme. For investors who primarily hold EUR-denominated UCITS ETFs and don’t do frequent currency conversions, the cost gap narrows considerably.

In some markets, yes. Saxo has a direct banking presence in several EU countries and handles certain withholding taxes and transaction levies automatically. In Belgium, for example, Saxo withholds the transaction tax (TOB), dividend tax, and the Reynders tax on ETF capital gains — you don’t need to declare these separately. Where Saxo operates locally, investors also typically don’t need to register their account with local financial authorities. IBKR does not administer taxes on your behalf in any EU market — all reporting and calculations are your responsibility.

Saxo has three tiers: Classic (no minimum), Platinum (~$200,000), and VIP (~$1,000,000). Higher tiers unlock lower commissions, dedicated account managers, and SaxoTraderPRO access. Notably, the FX conversion rate stays at 0.25% regardless of tier — that’s the one cost that doesn’t improve with Saxo’s tier system. Tiers can also be reached via Saxo Rewards points earned through trading activity, though passive investors are unlikely to earn enough to tier up this way.

Saxo’s SaxoTraderGO is more polished, intuitive, and comes with better built-in research tools — including native TradingView integration, daily market commentary, and in-platform screeners. IBKR’s TWS is more powerful for advanced strategies but has a steep learning curve. For simple ETF investing, most EU users find Saxo easier to navigate day-to-day. IBKR’s Client Portal and GlobalTrader app help close the gap for non-professional users, but Saxo remains the better experience overall.

Yes. Saxo charges 0.15%/year (Classic), 0.12% (Platinum), or 0.09% (VIP), with a minimum of €5/month. The fee is fully avoidable by opting into Saxo’s stock lending programme, where Saxo lends your securities to institutions and splits the lending income 50/50. Most passive investors who are comfortable with lending will pay zero custody fee in practice. Note that the €5/month minimum means the fee is proportionally expensive for very small portfolios even if you do opt in.

IBKR costs around 0.03% all-in (with a $2 minimum per manual conversion via IDEALPRO). Saxo charges a flat 0.25% at every tier — there is no way to get a lower FX rate at Saxo regardless of account size. On a €10,000 EUR-to-USD conversion: ~€3 at IBKR vs ~€25 at Saxo. Over ten years of €500/month contributions, that compounds to a difference of roughly €1,500 in total FX drag. For investors primarily in EUR-denominated ETFs, this gap is much smaller in practice.

Both typically take 1–3 business days for approval after you submit your documentation. The process differs meaningfully in effort: Saxo’s onboarding is clean and guided — straightforward on both mobile and desktop. IBKR’s process is more involved, with multiple verification and suitability steps that are best handled on a desktop rather than mobile. Budget more time and patience for IBKR’s setup, especially if it’s your first time dealing with a non-neobroker platform.

EU retail investors at both brokers are generally limited to UCITS ETFs due to PRIIPs/KID regulations — US-listed ETFs like VTI or SPY cannot be marketed to EU retail clients without a KID document, which US funds don’t produce. Both brokers offer a professional investor reclassification route under MiFID II for eligible clients, which unlocks access to US-listed ETFs. Most EU investors will build portfolios around UCITS equivalents at both platforms — same underlying index exposure, compliant wrapper.

For most long-term EU ETF investors buying USD-denominated assets, IBKR wins on total cost — particularly FX conversion, which compounds significantly over time. Saxo is the better choice if you value platform quality, want automatic tax handling in your market, prefer a fully licensed bank with €100k cash protection, or want a savings plan to automate monthly investing. The two brokers are closer than they appear on commissions; FX, tax admin, and platform experience are where the real decision lives for most EU investors.