How to Open a Saxo Bank Account
(2026, European investors)
Saxo is one of the few EU-regulated brokers offering full UCITS ETF access alongside stocks, options, and bonds in a single account. The application is thorough — 16 form sections plus smartphone biometric verification — but takes under 30 minutes if you prepare your documents first.
Some of the links on this site are affiliate links, meaning we may earn a commission at no extra cost to you if you sign up through them. This does not affect our reviews or recommendations — we only feature products we genuinely believe are useful for investors. This site provides educational content only, not personalized investment advice. Investments can lose value and past performance does not guarantee future results. You are responsible for your own financial decisions and for confirming the tax and legal rules that apply in your country.
What you’ll need before opening your account
Saxo’s KYC process is stricter than most neobrokers. Having everything ready before you start means you will not stall halfway through the form. The full application saves as you go, so you can close and return — but it is faster to complete in one sitting.
- Photo ID — passport, national ID card, or driver’s licence
- Proof of address — utility bill, official bank statement, or residence permit dated within the last 3 months. Mobile and internet bills are not accepted.
- Tax ID (TIN) — e.g. BSN for Dutch residents, Steuer-ID for German residents, AHV number for Swiss residents, codice fiscale for Italian residents
- Smartphone — required for the biometric face scan handoff (QR code or SMS link)
- Base currency — choose EUR if you are a eurozone investor buying EUR-denominated UCITS ETFs. This avoids a 0.25% FX markup on every buy and sell. Swiss investors should choose CHF.
- Service tier — you start automatically on Classic (0.08% commission, min EUR 5; 0.15% p.a. custody fee). Platinum and VIP tiers require EUR 200,000+ and EUR 1,000,000+ in funded assets respectively. No action required at signup.
Italian residents are onboarded through BG Saxo, a joint venture between Saxo Bank and Banca Generali. BG Saxo is a separate legal entity with materially different pricing: EUR 2 flat commission per Borsa Italiana order up to EUR 50,000, 0% custody fee, and full regime amministrato tax handling (BG Saxo calculates and reports your Italian taxes). The account opening URL and process may differ from the standard Saxo flow described below.
Saxo Classic fees for EU ETF investors
Saxo is not the cheapest broker for small portfolios. The custody fee floor means it becomes cost-competitive once your portfolio is large enough to dilute the EUR 5/month minimum. Run the numbers before you commit.
| Fee | Classic tier | Notes |
|---|---|---|
| Commission per trade | 0.08% of trade value | Minimum EUR 5 per European ETF order |
| Commission-free ETFs | None | AutoInvest buy orders are free in select markets |
| FX markup | 0.25% | 0% for EUR-account investors buying EUR-denominated ETFs |
| Annual custody fee | 0.15% p.a. | Minimum EUR 5/month; applies to total portfolio value |
| Platform fee | EUR 0 | No fixed monthly subscription |
| Minimum deposit | EUR 0 | No funding threshold to activate account |
| Fractional shares | No | Full shares only; affects AutoInvest minimum |
Complete the online application form
Go to home.saxo and click Open Account in the top-right or centre of the screen. Select your country of residence first — Saxo redirects you to the correct regional URL and legal entity. Use a desktop or laptop for this step; the form is complex enough that mobile adds friction.
- Basic details — first name, middle name, last name, email address, country of residence
- Residential address — street, house number, city, postcode
- Personal information — phone number, date of birth, country of birth
- Employment details — employment status, employer name, industry sector
- Financial information — net worth, annual income, source of wealth, base currency selection
- Investment experience — product knowledge questionnaire and trading objectives
- Citizenship — country of citizenship, passport number
- Tax information — country of tax residence, Tax Identification Number (TIN)
- Additional declarations — US person status (FATCA), PEP status
- W-8BEN form — US tax treaty certification; required for all non-US investors
- General business terms — sign-off on terms, order execution policy, conflict of interest disclosure
- Security credentials — create a password (minimum 12 characters, at least 1 number and 1 letter)
- Phone verification — 6-digit SMS code sent to your mobile number
- Identity verification handoff — QR code or SMS link to your smartphone
- ID document scan — live photo of your passport, national ID, or driver’s licence
- Proof of residence upload — utility bill, bank statement, or residence permit (no older than 3 months)
Set your base currency in section 5 (Financial information). EUR for eurozone investors, CHF for Switzerland. This controls how uninvested cash is denominated. Changing it later is possible but involves a currency conversion at the 0.25% FX rate.
A referral or promo code field appears during the initial account creation phase, though its exact position can vary by regional URL. If you have a code, look for it early in the flow before proceeding to the financial information sections.
Identity verification and approval
Saxo uses a smartphone biometric handoff for identity verification. Once you reach section 14, the platform generates a QR code or sends an SMS link so you can continue the process on your phone. This is the most common point where applications stall — read the requirements below before you start.
- Scan QR code or open SMS link on your smartphone
- Photograph your ID document (both sides if national ID)
- Complete a biometric face scan (live selfie)
- Upload proof of residential address
- Saxo’s system cross-references biometric data against document details automatically
- Blurred ID photo (use rear camera, not front-facing)
- Proof of address older than 3 months
- Mobile phone bill submitted as utility bill
- Name on address document is abbreviated or does not match account data
- IP address location mismatches declared country of residence
- Passport scan excludes the signature page
| Application path | Typical approval time |
|---|---|
| Digital (documents fully meet requirements) | Minutes to a few hours |
| Manual compliance review | Up to 2 business days |
| Corporate account | Approximately 1 week |
Fund your account and place your first trade
Your account is active after approval but execution is blocked until you fund it. There is no minimum deposit — but the EUR 5 minimum commission means buying a EUR 200 ETF slice costs 2.5% in commission. For most investors, a lump sum of at least EUR 2,000 makes the per-trade commission economically reasonable (0.25%).
- Log in to your Saxo account via home.saxo
- Go to the main menu and select Deposits and Transfers
- Choose bank wire transfer, card deposit, or portfolio transfer
- For bank wire: initiate a transfer from a bank account in your own name to the Saxo IBAN displayed in the portal
- Once cash clears, funds appear in your account sub-wallet denominated in your base currency
- Navigate to the trading platform or SaxoInvestor to place your first order
AutoInvest is Saxo’s automated recurring investment feature. It is zero-commission on buy orders in most markets and executes automatically once a month. Key constraints:
- Monthly execution only — on the 4th, 5th, or 28th depending on your region (e.g. 5th for Switzerland; 4th or 28th for Netherlands)
- Asset selection limited to approximately 100 to 250 UCITS ETFs (mainly iShares and Amundi); no individual stocks, no crypto
- No fractional shares — your monthly amount must exceed the full share price of your target ETF
- Execute time: approximately 11:00 AM CET; if the date falls on a weekend or bank holiday, executes the next business day
- To edit or cancel: Portfolio tab, AutoInvest section, click Adjust. Changes must be saved by the banking day before execution date
- Activate the Invest Extra Cash toggle to auto-deploy any residual cash left over from rounding
Which Saxo platform should you use?
Saxo offers multiple interfaces. For ETF-focused investors, SaxoInvestor is the starting point — it is cleaner and designed for buy-and-hold portfolios. The full trading platform (SaxoTraderGO) is more powerful but significantly more complex.
Simplified interface for long-term investors. ETF screener, portfolio overview, and AutoInvest setup all accessible here. Recommended for most retail ETF investors.
Available on web and mobile app.
Full trading platform with advanced order types, options chains, charting, and screening. Useful for investors who want access to stocks, bonds, or derivatives alongside ETFs.
Available on web and desktop app.
Ready to open your Saxo account?
Have your ID, proof of address, and TIN ready. Set your base currency to EUR before you start. Application takes under 30 minutes.
No minimum deposit required. Classic tier applies by default. Italian residents: apply via BG Saxo.
Frequently asked questions
What documents do I need to open a Saxo Bank account?
You need a valid government-issued photo ID (passport, national ID card, or driver’s licence), a proof of residential address dated within the last 3 months (utility bill, official bank statement, or residence permit — mobile and internet bills are not accepted), and your Tax Identification Number. Some countries also require a national identifier: BSN for Dutch residents, AHV number for Swiss residents, codice fiscale for Italian residents.
How long does it take to open a Saxo Bank account?
The application form takes 20 to 30 minutes to complete. Digital sign-ups with clean documentation are approved within minutes. If your application is flagged for manual compliance review, Saxo aims to process it within 2 business days. Corporate accounts take approximately 1 week. If you have not received a decision after 2 business days, contact Saxo via chat (fastest) or submit a support case.
Is there a minimum deposit to open a Saxo Bank account?
No. There is no minimum funding requirement to open or activate a standard individual Saxo Bank account. You must fund your account before placing your first trade, but there is no prescribed minimum amount. That said, the EUR 5 minimum commission makes very small trades expensive on a percentage basis. A practical starting amount depends on your intended order size.
Can I open a Saxo Bank account from my country?
Saxo services investors across a large number of countries including Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Italy, Netherlands, Norway, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, UK, and others. Your country must appear in the residency dropdown at signup — if it is not listed, Saxo cannot open an account. Note that Italian residents are onboarded via BG Saxo with different pricing and a separate legal entity structure.
What are the fees on Saxo Bank’s Classic tier for EU ETF investors?
On the Classic tier: 0.08% commission per trade with a minimum of EUR 5 per European ETF order; a 0.15% per annum custody fee with a floor of EUR 5 per month; and a 0.25% FX markup on trades in currencies other than your base currency. There are no commission-free ETFs and no fractional shares on the Classic tier. AutoInvest buy orders carry no commission in select markets. The EUR 5/month custody floor means small portfolios face a higher effective custody rate — the floor stops applying once your portfolio exceeds EUR 40,000.
What is Saxo AutoInvest and how do I set it up?
AutoInvest is Saxo’s automated recurring investment feature. It executes monthly (on the 4th, 5th, or 28th depending on your region) and lets you buy from a curated selection of roughly 100 to 250 UCITS ETFs, mainly from iShares and Amundi. No fractional shares are supported, so your monthly contribution must cover the full share price of your target ETF. To set it up: go to the Portfolio tab, select AutoInvest, choose your ETF, set your monthly amount, and confirm. Changes must be locked in by the banking day before the execution date. Activate the Invest Extra Cash toggle to automatically deploy any leftover cash from rounding.
Some of the links on this site are affiliate links, meaning we may earn a commission at no extra cost to you if you sign up through them. This does not affect our reviews or recommendations — we only feature products we genuinely believe are useful for investors. This site provides educational content only, not personalized investment advice. Investments can lose value and past performance does not guarantee future results. You are responsible for your own financial decisions and for confirming the tax and legal rules that apply in your country.