Internaxx is a Luxembourgish online broker, founded in 2000 and recently acquired by Swissquote. The broker is specialized in international investors and ex-pats. Internaxx is regulated by the Luxemburg based top-tier regulator, Commission de Surveillance du Secteur Financier (CSSF).
Internaxx is considered safe because it is regulated by CSSF and has a banking license.
Internaxx pros and cons
Internaxx has great research tools provided by third-party Morningstar, the professional research firm. Internaxx has extensive fund selection, more than 600 funds offered for the clients. The customer support is also great.
Internaxx has high fees, especially if you trade with lower volumes. You have to go through a sluggish account opening process that's only partially digital. Education materials are limited to a couple of articles.
|• Great research by Morningstar||• High fees|
|• Outstanding investment fund offering||• Slow and not fully digital account opening process|
|• Good customer service||• Limited education materials|
|🗺️ Country of regulation||Luxembourg|
|💰 Trading fees class||High|
|💰 Inactivity fee charged||Yes|
|💰 Withdrawal fee amount||$0|
|💰 Minimum deposit||$0|
|🕖 Time to open an account||>3 days|
|💳 Deposit with bank card||Not available|
|👛 Depositing with electronic wallet||Not available|
|💱 Number of base currencies supported||9|
|🎮 Demo account provided||No|
|🛍️ Products offered||Stock, ETF, Fund, Crypto|
Compared to other brokers we tested, Internaxx has high trading fees and average non-trading fees. On the other hand, the fund fees are low and there is no withdrawal fee.
|• Low fund fees||• High trading fees|
|• No withdrawal fee||• High stock and ETF fees|
|• Inactivity fee|
|Assets||Fee level||Fee terms|
|US stock||High||€14.95 + 0.1% (1-9 trades/month); €14.95 flat fee (10+ trades/month, trade volume < €100,000); 0.03% (10+ trades/month, trade volume > €100,000)|
|Mutual fund||Low||Quarterly fee is €15 or 0.1%. If more than 2 transactions, €24,95 is charged.|
|Inactivity fee||High||€25 per quarter between 1 and 11 trades and €45 per quarter for 0 trade|
We ranked Internaxx's fee levels as low, average or high based on how they compare to those of all reviewed brokers.
To get things rolling, let's go over some lingo related to broker fees. What you need to keep an eye on are trading fees, and non-trading fees.
- Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
- Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.
In the sections below, you will find the most relevant fees of Internaxx for each asset class. For example, in the case of stock investing, commissions are the most important fees.
We also compared Internaxx's fees with those of two similar brokers we selected, Degiro and Saxo Bank. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Internaxx alternatives.
To have a clear overview of Internaxx, let's start with the trading fees.
Internaxx's trading fees are high, especially if you trade at a lower volume. At the same time, the fee structure is transparent.
Stock fees and ETF fees
Internaxx has generally high stock and ETF commission compared to other stockbrokers we tested.
If you prefer stock trading on margin, you should check Internaxx margin rates.
Margin rate is charged when you trade on margin. This means that you borrow money or stocks from your broker to trade. For this borrowed money/stock you have to pay interest. It can be a significant proportion of your trading costs.
Internaxx financing rates are high.
|USD margin rate||5.1%||1.3%||-|
|GBP margin rate||5.0%||1.3%||-|
|EUR margin rate||5.0%||0.8%||-|
The financing rates vary based on the base currency of your margin account and calculated as base rate plus a markup.
|Currency||Base Rate*||Loans < 50,000 (Base Rate + 4,99%)||Loans >50,000 (Base Rate + 2,99%)||Loans >250,000 (Base Rate +2,49%)||Loans>1,000,000 (Base Rate + 1,99%)|
Internaxx's fund fees are low but you should count with the quarterly administration fee. In order to give an unbiased view, we have to mention that apart from the fact Internaxx does not apply any charges for fund trading the fund provider can apply its own fees.
If you do less than two transactions per quarter, you need to pay only the quarterly administration fee of 0.1%, minimum €15. In the meantime, if you do more than two transactions per quarter, every subsequent transaction will be charged by €24.95.
Keep in mind that in case of mutual fund trading there is a minimum deposit amount, that equals € 2,000 or equivalent.
At Internaxx you can buy cryptos only through ETNs (exchange-traded notes). During our test, we could trade with Bitcoin and Ether ETNs on the Stockholm Stock Exchange. The trading cost here is 0.1% + €49.95 if you trade less than 10 times in a month. If you want to understand what is a crypto ETN check out our crypto blogpost.
Internaxx has average non-trading fees.
The inactivity fee, called account maintenance fee, is charged if you trade less than 12 trades per 3 months. The price is €25. If you don't trade for 3 months at all a quarterly fee of €45 will be applied.
You can deposit or withdraw only by bank transfer. The deposit is free of charge. Withdrawal is free if you transfer less than €50,000 to a member state of EU plus Iceland, Norway, Switzerland, and Monaco. All other withdrawal will be charged by €10.
0.1-1% forex conversion fee is also charged for trades other than your account base currency.
Internaxx does not charge custody fees.
In case you want to trade with stocks or ETFs you can open an account without a required minimum amount. Unfortunately, the process is not fully digital as you need to submit the docs by post.
|• No minimum deposit||• Slow|
|• Low minimum deposit||• Not fully digital|
|• Not user-friendly|
Can you open an account?
Internaxx focuses on international investors, and especially expats, it serves a lot of countries. Due to the recent acquisition by Swissquote, Internaxx now serves residents in more than 230 countries. The list includes all European countries and most major non-European countries, e.g. Australia, Canada, Hong Kong, and even US customers though. To check if your country is available, use the broker selector tool.
What is the minimum deposit at Internaxx?
At Internaxx the amount of minimum deposit is $0 for stock and ETF trading. At the same time if you are more interested in mutual fund trading then your account has to be funded with a minimum € 2,000 or equivalent amount.
There are two types of account:
- multi-currency account
- smart portfolio account
If you decide to open the multi-currency account, you can trade with stocks, ETFs and investment funds.
Smart portfolio account is strongly suggested just in case you are familiar with Robo-advisors. Based on your investment goals, risk tolerance and time horizon you can select from different profiles namely; Defensive, Moderate, Growth or Sustainable Multi-Asset. These multi-currency accounts are automatically rebalanced when needed. € 5,000 or equivalent is the minimum investment amount if you want to start any of the portfolios. If you want to know more about Robo-advisors check this article or these reviews on currently trending ones.
How to open your account
Honestly, we were not satisfied with our account opening experiences at Internaxx. The least to say is the process is not fully digital and took us several days, as the documents proving of identification have to send by post.
For the account opening you will need your photo ID and fresh bank statement for proof of address.
Deposit and withdrawal
At Internaxx, the multi-currency account is a convenient solution to have an account in 9 different currencies. On the flip side, you can deposit and withdraw only via bank transfer.
|• Free withdrawal||• Credit/Debit card not available|
|• No deposit fee||• Slow withdrawal - over 3 days|
|• Several account base currencies|
At Internaxx, you can choose among 9 different base currencies. The available base currencies are: EUR, USD, CAD, GBP, SEK, CHF, AUD, HKD, SGD
Funding your account in a different currency, conversion fee will be charged which varies between 0.1-1%, depending on the deposited amount.
|Number of base currencies||9||9||13|
Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don't have to pay any conversion fee.
A convenient way to save on currency conversion fees is by opening the multi-currency bank account at one of the digital banks. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.
Deposit fees and options
Internaxx charges no deposit fees, but you can make your deposit only through bank transfer.
Depending on the currency and the destination country, the transfer takes 1-2 days. If you transfer on a weekday before 11 am CET, your transaction will be executed on the same day.
You can only deposit money from accounts which are in your name.
Internaxx withdrawal fees and options
Internaxx's withdrawal fees are free if you withdraw less than €50,000 to a member state of EU plus Iceland, Norway, Switzerland, and Monaco. All other withdrawals will be charged by €10.
How long does it take to withdraw money from Internaxx? We tested the bank transfer withdrawal and it took us more than 3 business days.
You can only withdraw money to accounts in your name.
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Web trading platform
Internaxx has a well-designed and user-friendly web trading platform. On the flip side, it lacks the customizability, the two-step login and order types are limited.
|• User-friendly||• No two-step (safer) login|
|• Clear fee report||• Limited customizability (for charts, workspace)|
|• Good search function||• No price alerts|
Inetrnaxx has its own, in-house developed trading platform. We tested the web trading platform for standard, multi-currency account which is available in English, French, German.
Look and feel
Testing Internaxx's web trading platform was a great experience. It is a well-designed and easily manageable trading platform. You can't customize the platform, but the default workplace is easy to use and logical.
Login and security
We could enter the web trading platform via one-step login process. Though the way of asking your password is tricky (only certain characters of it is asked in random order), the two-step login would be safer.
The search function works fairly well if you know the market of your searched product.
For example, you should know that the Apple share is traded on the US market since first, you have to select the market.
You might have some uncertainty if you do not know the exact ticker of the product you want to trade. When you search for Apple, all the shares will pop up that includes the word "Apple". You are expected to know the exact name or the exact ticker code of the equity.
At Internaxx web trading platform, you can use the following order types:
- Stop Loss
- Fill or Kill for the UK market
Compared to other brokers we tested, we missed the stop limit and trailing stop orders. To get a better understanding of these terms, read this overview of order types.
There are also order time limits defined in days:
- 1 day
- 25 days
- GTC (until 90 days)
Alerts and notifications
Unfortunately, you cannot set up price alerts, thus no notifications received after your order was executed.
Portfolio and fee reports
The portfolio and fee report are transparent and easy to understand, providing a clear overview of the costs associated with your account.
We really liked the settlement calendar. This is a unique and helpful feature as you can get a clear picture of the settlement dates of your trades.
Mobile trading platform
Internaxx has a basic, but user-friendly mobile trading platform.
|• User-friendly||• No two-step (safer) login|
|• Good search function||• No price alerts|
|• No Touch/Face ID login|
You can download the in-house developed mobile app of Internaxx, either from Google Play or Apple Playstore. We tested the Andriod version. In both cases, the app is available in English, French, German.
Look and feel
The mobile platform similar to the web platform is well-designed and has a good and logical structure. Another similarity we found that it cannot be customized either.
Login and security
One-step login is the only possibility to get access to the platform. We missed the safer two-step authentication with the option of using biometric authentication. Providing this feature would be more convenient, even if not as safe as the two-step login would be.
Search functions, Order types and alerts
Internaxx mobile trading platform is the same design and functionalities as the web trading platform. In our test, we found the same order types and time limit orders, the limitations of the search function were the same. The alert setting feature is still missing from the platform, just as in the case of the web platform we experienced.
Desktop trading platform
Internaxx has no desktop trading platform.
Unfortunately, there is no desktop version of the Internaxx trading platform. Hopefully, it will change in the near future.
Markets and products
At Internaxx you can trade with stocks, ETFs, mutual funds and cryptocurrencies. You will have access to a wide range of investment funds while the selection of the other asset classes is mid-range.
Compared to other brokers we tested, both ETF and fund selection are outstanding. At the same time for other products as stocks or crypto, you can only access a few markets.
Stocks and ETFs
|Stock markets (#)||19||30||36|
You can trade equities in 19 markets worldwide. This is mid-range to competitors like DEGIRO with 30 stock markets and Saxo Bank with 36 stock markets. You can trade with more than 11,000 ETFs. This offer is impressive, compared with DEGIRO's ~6,000 and Saxo's ~3,000 ETFs.
|Europe||North America||Asia / Pacific|
|Dublin Stock Exchange||Amex||Sydney Stock Exchange|
|Eurnext Amsterdam||Nasdaq||Hong Kong Stock Exchange|
|Eurnext Brussels||New York Stock Exchange||Singapore Stock Exchange|
|Eurnext Paris||Toronto Stock Exchange|
|Frankfurt Stock Exchange Xetra|
|London Stock Exchange|
|Madrid Stock Exchange|
|Milan Stock Exchange|
|Swiss Stock Exchange|
|Fund providers (#)||24||68||17|
Internaxx gives you access to ~600 funds. This is one of the best offers compared to competitors, like DEGIRO's ~540 funds or Saxo which provide access only to 110 investment funds, and only in specific countries.
We found Internaxx crypto selection competitive when we checked its peers. You can invest in Bitcoins and Ether through ETN instruments traded on the Swedish stock exchange. If you want to know more about crypto investing, we recommend our crypto blogpost.
FCA bans the sale of crypto-derivatives to UK retail consumers from 6 January 2021.
Internaxx provides good quality research, though the charting tool could be improved. Research is provided by third parties as Morningstar and Trading Central, both are very reputable research companies with great materials.
|• Trading ideas||• Limited interactive charting|
|• Data on asset fundamentals|
Internaxx offers you recommendations and trading ideas based on both fundamental and technical analysis.
Recommendations are available for stocks, stock indices, and commodities. This is really great and can help you very much.
Fundamental analysis is provided by Morningstar, the technical analysis delivered by Trading Central.
You will find a great depth of financial data for equities, reports, and historical company data. We liked the detailed reports of Morningstar covering individual stocks, sectors and also a quarterly market outlook. Another great feature we appreciated it the timeframe of available data on a given company which is for the last 4 years.
The charting tool has a great design, but the functionality is average. With the Internaxx charting tool, you can use 25 technical indicators. It is good you can add more assets to one chart, but you can open only one chart at a time. Without the save function, that we missed, you have to set your charts each time you log in.
The Dow Jones sourced news flow is good but the search function is a bit sluggish and did not work always when we tested. Unfortunately, you cannot sign up for any newsletters and the economic calendar is missing as well.
Other research tools you will enjoy
Advanced screening tools are also in place for stocks, ETFs and funds. These are great if you want to filter based on multiple criteria.
Every time we contacted Internaxx by phone or e-mail the support team was very kind and provided relevant answers. On the flip side, we missed the live chat as a contact option.
|• Phone support||• No live chat|
|• Fast response time||• No 24/7 support|
|• Relevant answers|
You can contact Internaxx via:
The English, German and French-speaking phone support was quick and we got relevant answers. We had similar experiences with email contacts as well.
The speed and the relevancy of the answers were great in both cases. On the flip side, we missed the 24/7 availability.
You will find some educational articles, but tutorial videos, webinars and demo accounts are completely missing.
|None||• No demo account|
|• No trading platform tutorial videos|
|• No educational videos|
At Internaxx the only way you can learn and educate yourself is:
- Quality educational articles
Unfortunately, these are not suitable for beginners. In our test we also missed the option of opening a demo account.
Internaxx is regulated by the top-tier CSSF, the Luxembourgish financial regulator. It has a banking background and provides up to €100,000 account protection for cash and €20,000 for securities. On the other hand, it's not listed on any stock exchange.
|• Majority of clients belong to a top-tier financial authority||• Not listed on stock exchange|
|• Banking background||• Financial information is not publicly available|
|• Negative balance protection|
Internaxx is a Luxembourgish broker established in 2000 serving clients from all over the globe and regulated by one of the top tier regulator Commission de Surveillance du Secteur Financier (CSSF). Is Internaxx safe? To be certain, it is best to check two things: how you are protected if something goes south and what the background of the broker is.
How you are protected
|Investor protection amount||Regulator||Legal entity|
|All countries||€100,000 for cash and €20,000 for securities||Commission de Surveillance du Secteur
|Internaxx Bank S.A.|
Internaxx provides negative balance protection.
Internaxx was established in 2000. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises.
This means Internaxx has a banking license, so it is subject to tougher regulations than brokers.
On the other hand, Internaxx is not listed on any stock exchange which could mean more security and transparency. Unfortunately, we have not found any financial reports Internaxx disclosed, only a document called 'Pillar 3 disclosures', about their risk management policies.
Most of the products you can trade with at Internaxx are exchange-traded, like stocks and ETFs. This is good news. If Internaxx defaults your assets still will be safe.
Having a banking background and being regulated by CSSF are all great signs for Internaxx's safety.
Internaxx concentrates on funds, stocks and cryptocurrency. You will like their research tools provided by Morningstar, a professional research company. The customer is good as they provide fast and relevant answers,
On the other hand, Internaxx’s trading fees are expensive and the inactivity fee is high. The account opening is not fully digital and therefore sluggish. You should expect only a couple of written educational materials and you can deposit your account only via bank transfer.