Saxo Bank Alternatives

May 2019
Our top picks for Saxo Bank alternatives
Swissquote DEGIRO
Saxo Bank Alternatives

The best alternatives to Saxo Bank are

  1. Swissquote - Swiss investment bank
  2. DEGIRO - Dutch discount broker
  3. Interactive Brokers - US discount broker

Let's see in a bit more detail how the Saxo Bank alternatives compare to Saxo Bank and each other:

Saxo Bank alternatives comparison
Saxo BankSwissquoteDEGIROInteractive Brokers
Overall score4.74.54.64.8
Fees score 3 stars 2 stars 5 stars 4 stars
Account opening score 3 stars 5 stars 5 stars 3 stars
Deposit and withdrawal score 5 stars 4 stars 3 stars 2 stars
Web platform score 5 stars 3 stars 4 stars 4 stars
Markets and products score 4 stars 4 stars 3 stars 5 stars
Visit broker Visit broker Visit broker Visit broker

Why are these brokers considered good alternatives to Saxo Bank? There are many areas based on which Saxo Bank can be compared with others. When we say a given online broker is a good alternative to Saxo Bank we mean these brokers are comparable in the following areas:

  • The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
  • The type of clients they target, i.e. beginners, experienced investors, or day traders.

Saxo Bank alternatives recommendations

Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:

  • Saxo Bank is recommended for investors and traders looking for a great trading platform and solid research
  • Swissquote is recommended for beginners and investors
  • DEGIRO is recommended for price-sensitive buy and hold investors and traders looking for only execution
  • Interactive Brokers is recommended for traders who prefer low fees and a professional trading environment

Important factors of finding Saxo Bank alternatives

So far Brokerchooser has reviewed 29 online brokers in detail, which gives this comparison a solid starting point.

Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we

  • open a live account
  • check over 100 criteria, with weighting based on readers' preferences
  • refresh data regularly

Whether Saxo Bank or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:

Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. The amounts Saxo Bank charges you are considered average. When picking an alternative, you could prioritize brokers that are cheaper than Saxo Bank.

Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you can make a deposit with a credit card at Saxo Bank, this might not be the case at its alternatives.

Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.

Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given Saxo Bank alternative is a must.


Now let's dive into the details of how Saxo Bank and its alternatives perform in the most important areas!


Saxo Bank

Saxo Bank logo

Saxo Bank is a Danish investment bank providing online trading and investments. It is a leading European retail brokerage innovator. Saxo is privately owned, established in 1992, and headquartered in Copenhagen.

Saxo is considered safe as it is regulated worldwide by more than 10 financial regulators, including top-tier regulators, like the UK FCA.

Best trading platform

Recommended for investors and traders looking for a great trading platform and solid research

Pros
  • Outstanding research
  • Great trading platform
  • Broad product portfolio
Cons
  • High forex, bond, options, and futures fees
  • Slow account opening
  • Missing live chat

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Saxo Bank
Fees 3 stars

Saxo Bank has average trading and non-trading fees.
Pros
  • No withdrawal fee
  • Transparent fee structure
  • Lower fees for Platinum and VIP clients
Cons
  • Inactivity fee
  • High financing rate
  • High forex, bond, options and futures fees
Saxo Bank alternatives trading fees
Saxo BankSwissquoteDEGIROInteractive Brokers
Apple benchmark fee$20.0$30.2$1.4$2.2
Vodafone benchmark fee$15.0$73.0$11.1$17.9
EURUSD benchmark fee$58.4$18.9-$23.0

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Saxo Bank
Account opening 3 stars

Account opening is available for residents of almost every country and is fully digital.
Pros
  • Fast account opening
  • Fully digital account opening
  • Available for residents of almost every country
Cons
  • Minimum account balance is higher than $500
  • Sales team pushy
  • Classic accounts available only in a single currency
Saxo Bank alternatives minimum deposit and account open times
Saxo BankSwissquoteDEGIROInteractive Brokers
Minimum deposit$725$0$0$0
Time to open account1-3 days1 day1 day1-3 days

Learn more about the Saxo Bank minimum deposit here.

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Saxo Bank
Deposit and withdrawal 5 stars

Saxo provides multiple deposit and withdrawal options free of charge on a user-friendly interface.
Pros
  • Free withdrawal
  • No deposit fee
  • Several account base currencies
Cons
  • Credit/Debit card deposit and withdrawal not available
Saxo Bank and alternatives withdrawal options and fees
Saxo BankSwissquoteDEGIROInteractive Brokers
Bank TransferYesYesYesYes
Credit/Debit cardNoNoNoNo
Electronic walletsNoNoNoNo
Withdrawal fee$0$10$0$0

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Saxo Bank
Web trading platform 5 stars

Saxo Bank's web trading platform is easy-to-use and well-designed. However, it doesn't provide a two-step login and the customizability is limited.
Pros
  • User-friendly
  • Good search function
  • Looks nice
Cons
  • No two-step (safe) login
  • Limited customizability (for charts, workspace)
Saxo Bank - Web trading platform
Saxo Bank and alternatives trading platform scores
Saxo BankSwissquoteDEGIROInteractive Brokers
Web platform score 5 stars 3 stars 4 stars 4 stars
Mobile platform score 5 stars 3 stars 4 stars 4 stars
Desktop platform score 5 stars -- 3 stars

Learn more about Saxo Bank's web trading platform in the detailed Saxo Bank review.

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Saxo Bank
Markets and products 4 stars

At Saxo Bank you can reach many markets and trade with a lot of different products, except for funds.
Saxo Bank and alternatives markets and products
Saxo BankSwissquoteDEGIROInteractive Brokers
StockYesYesYesYes
ETFYesYesYesYes
ForexYesYesNoYes
FundNoYesYesYes
BondYesYesYesYes
OptionsYesYesYesYes
FuturesYesYesYesYes
CFDYesYesYesYes
CryptoYesYesYesYes

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#1 Saxo Bank alternative - Swissquote
Swissquote

Swissquote logo

Swissquote is a Swiss investment bank, established in 1996. It has two main arms: 

The Swiss arm for stocks, funds, options, and futures

The UK arm for CFDs, and FX

Formally, Swissquote Bank Ltd is based in Switzerland and regulated by FINMA, the Swiss financial regulator. This one offers stocks, funds, bonds, futures and options. The other, Swissquote Ltd is UK based, regulated by the FCA, the UK financial regulator, and offers CFDs and FX.

Swissquote is considered safe because Swissquote Bank Ltd has a banking license, it is listed on the Swiss stock exchange, and discloses detailed financials regularly.  

For clarity, we will call the Switzerland Swissquote for stocks "Swissquote (CH)", and the UK Swissquote for CFDs and FX "SwissquoteForex (UK)".

Best for funds

Recommended for beginners and investors

Pros
  • Extensive market and product access
  • High investor protection amount
  • Digital account opening
Cons
  • High trading fees
  • Overcomplicated trading platform
  • Better part of the research not free

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Swissquote
Fees 2 stars

Swissquote has high trading fees and average non-trading fees. As a plus, there is no inactivity fee.
Pros
  • No inactivity fee
Cons
  • High trading fees
  • Withdrawal fee
Saxo Bank vs. Swissquote: Trading fees
SwissquoteSaxo Bank
Apple benchmark fee$30.2$20.0
Vodafone benchmark fee$73.0$15.0
EURUSD benchmark fee$18.9$58.4

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

More Visit broker

Swissquote
Account opening 5 stars

Swissquote offers a fast, easy, and fully digital account opening. Also, there is no minimum account balance requirement.
Pros
  • Fast account opening
  • Fully digital account opening
  • No minimum account balance
Cons
  • Video identification of documents may not be available for some locations
Saxo Bank vs. Swissquote: Minimum deposit, time to open an account
SwissquoteSaxo Bank
Minimum deposit$0$725
Time to open account1 day1-3 days

If you are interested more in Swissquote minimum deposit, this overview will help you.

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Swissquote
Deposit and withdrawal 4 stars

The depsoit is fast and user-friendly. On the flip side, you can only withdraw by bank transfer.
Pros
  • No deposit fee
  • Several account base currencies
  • Credit/Debit card deposit
Cons
  • Credit card withdrawal is not available
  • Withdrawal is not user-friendly
Saxo Bank vs. Swissquote: Withdrawal options
SwissquoteSaxo Bank
Bank TransferYesYes
Credit/Debit cardNoNo
Electronic walletsNoNo
Withdrawal fee$10$0

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Swissquote
Web trading platform 3 stars

The Swissquote (CH) platform has a lot of functions, even too many. It can get complicated. SwissquoteForex (UK)' MetaTrader 4 is a well thought out platform.
Pros
  • Two-step (safe) login
  • Price alerts
  • Available in several languages
Cons
  • Poor search function
  • Limited order types
Web trading platform of Swissquote, a Saxo Bank alternative
Saxo Bank vs. Swissquote: Trading platform scores
SwissquoteSaxo Bank
Web platform score 3 stars 5 stars
Mobile platform score 3 stars 5 stars
Desktop platform score- 5 stars

Learn more about Swissquote's web trading platform in the detailed Swissquote review.

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Swissquote
Markets and products 4 stars

At Swissquote(CH) you can reach many markets and trade with a lot of different product types. At SwissquoteForex (UK) you can trade only Forex and some CFDs.
Saxo Bank vs. Swissquote: Markets and products
SwissquoteSaxo Bank
StockYesYes
ETFYesYes
ForexYesYes
FundYesNo
BondYesYes
OptionsYesYes
FuturesYesYes
CFDYesYes
CryptoYesYes

More Visit broker

#2 Saxo Bank alternative - DEGIRO
DEGIRO

DEGIRO logo

DEGIRO is a trending Dutch online discount broker. It is privately owned and was established in 2013 by former employees of another brokerage company.

DEGIRO is considered safe as it is regulated by top-tier financial regulators, the Dutch AFM and DNB. It is registered with the Chamber of Commerce and Industry in Amsterdam under number 34342820.

Best discount broker

Recommended for price-sensitive buy and hold investors and traders looking for only execution

Pros
  • One of the lowest fees in the market
  • Broad access to international markets
  • Easy to use web and mobile platform
Cons
  • Limited research and no education
  • No forex trading
  • No credit/debit card deposit and withdrawal

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DEGIRO
Fees 5 stars

DEGIRO has low trading and non-trading fees. In most asset classes, it is the best in the market. There is one free ETF trading per month, a great offer for buy-and-hold investors.
Pros
  • Low trading fees
  • Low non-trading fees
  • No withdrawal fee
  • One free ETF trade per month
Cons
  • Yearly service fee for mutual funds
  • Higher trading fees for Asian and smaller European stock exchanges
Saxo Bank vs. DEGIRO: Trading fees
DEGIROSaxo Bank
Apple benchmark fee$1.4$20.0
Vodafone benchmark fee$11.1$15.0
EURUSD benchmark fee-$58.4

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

More Visit broker

DEGIRO
Account opening 5 stars

DEGIRO has an easy and fast account opening process. Also, there is no minimum deposit.
Pros
  • Fully digital account opening
  • No minimum account balance
  • User-friendly
Cons
None
Saxo Bank vs. DEGIRO: Minimum deposit, time to open an account
DEGIROSaxo Bank
Minimum deposit$0$725
Time to open account1 day1-3 days

If you are interested more in DEGIRO minimum deposit, this overview will help you.

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DEGIRO
Deposit and withdrawal 3 stars

DEGIRO deposit and withdrawal is free of charge via bank transfer and SOFORT. On the other hand, you cannot deposit with credit or debit card.
Pros
  • Free withdrawal
  • No deposit fee
  • Several account base currencies
Cons
  • Credit/Debit card deposit and withdrawal not available
Saxo Bank vs. DEGIRO: Withdrawal options
DEGIROSaxo Bank
Bank TransferYesYes
Credit/Debit cardNoNo
Electronic walletsNoNo
Withdrawal fee$0$0

More Visit broker

DEGIRO
Web trading platform 4 stars

DEGIRO’s web platform is simple and easy to use. Even beginners can easily navigate it and buy stocks. On the negative side, it is a bit complicated to customize.
Pros
  • User-friendly
  • Two-step (safe) login
  • Looks nice
Cons
  • Limited customizability (for charts, workspace)
  • No price alerts
Web trading platform of DEGIRO, a Saxo Bank alternative
Saxo Bank vs. DEGIRO: Trading platform scores
DEGIROSaxo Bank
Web platform score 4 stars 5 stars
Mobile platform score 4 stars 5 stars
Desktop platform score- 5 stars

Learn more about DEGIRO's web trading platform in the detailed DEGIRO review.

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DEGIRO
Markets and products 3 stars

At DEGIRO you can access many markets and trade with a lot of different products, except for forex.
Saxo Bank vs. DEGIRO: Markets and products
DEGIROSaxo Bank
StockYesYes
ETFYesYes
ForexNoYes
FundYesNo
BondYesYes
OptionsYesYes
FuturesYesYes
CFDYesYes
CryptoYesYes

More Visit broker

#3 Saxo Bank alternative - Interactive Brokers
Interactive Brokers

Interactive Brokers logo

Interactive Brokers was founded in 1978 and it is one of the biggest US-based discount brokers. It is regulated by several regulators globally, including top-tier authorities like FCA and SEC. Interactive Brokers Group is listed on the New York Stock Exchange.

Interactive Brokers is considered safe because it has a long track record, is listed on a stock exchange, discloses its financials, and is regulated by top-tier regulators.

Best online broker

Recommended for traders who prefer low fees and a professional trading environment

Pros
  • Broad product portfolio
  • Low fees
  • Great and diverse research tools
Cons
  • Funding and withdrawal only through bank transfer
  • Complicated account opening process
  • Not user-friendly and complicated desktop trading platform

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Interactive Brokers
Fees 4 stars

Interactive Brokers has low trading fees and high non-trading fees. The fees are transparent.
Pros
  • Low trading fees
  • Transparent fee structure
Cons
  • Inactivity fee
Saxo Bank vs. Interactive Brokers: Trading fees
Interactive BrokersSaxo Bank
Apple benchmark fee$2.2$20.0
Vodafone benchmark fee$17.9$15.0
EURUSD benchmark fee$23.0$58.4

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

More Visit broker

Interactive Brokers
Account opening 3 stars

The account opening process is fully digital, but slow and complicated.
Pros
  • Fully digital account opening
  • No minimum deposit for most accounts
Cons
  • Slow account opening
  • Not user-friendly
  • Confusing messages throughout the process
Saxo Bank vs. Interactive Brokers: Minimum deposit, time to open an account
Interactive BrokersSaxo Bank
Minimum deposit$0$725
Time to open account1-3 days1-3 days

If you are interested more in Interactive Brokers minimum deposit, this overview will help you.

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Interactive Brokers
Deposit and withdrawal 2 stars

Interactive Brokers offers a lot of base currencies and one withdrawal per month is free. On the negative side, only bank transfer is available.
Pros
  • Several account base currencies
  • No charge for the first withdrawal each month
Cons
  • Credit/Debit card deposit and withdrawal not available
  • Slow funding and withdrawal - over 3 days
Saxo Bank vs. Interactive Brokers: Withdrawal options
Interactive BrokersSaxo Bank
Bank TransferYesYes
Credit/Debit cardNoNo
Electronic walletsNoNo
Withdrawal fee$0$0

More Visit broker

Interactive Brokers
Web trading platform 4 stars

The Interactive Brokers web platform is simple and easy to use, even for beginners. On the negative side, it is a bit complicated to customize.
Pros
  • User-friendly
  • Clear fee report
  • Two-step (safe) login
Cons
  • Limited customizability (for charts, workspace)
Web trading platform of Interactive Brokers, a Saxo Bank alternative
Saxo Bank vs. Interactive Brokers: Trading platform scores
Interactive BrokersSaxo Bank
Web platform score 4 stars 5 stars
Mobile platform score 4 stars 5 stars
Desktop platform score 3 stars 5 stars

Learn more about Interactive Brokers's web trading platform in the detailed Interactive Brokers review.

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Interactive Brokers
Markets and products 5 stars

Interactive Brokers allows you access to a very wide range of markets and you can trade with all product types. IB's product range is the widest available.
Saxo Bank vs. Interactive Brokers: Markets and products
Interactive BrokersSaxo Bank
StockYesYes
ETFYesYes
ForexYesYes
FundYesNo
BondYesYes
OptionsYesYes
FuturesYesYes
CFDYesYes
CryptoYesYes

More Visit broker

Saxo Bank alternatives
Bottom line

Based on our analysis, there are several good alternatives to Saxo Bank. They all offer similar products and target similar customers. Here's a recap of the results in a table.

Saxo Bank alternatives
BrokerInfoRecommended for
Saxo BankDanish investment bankInvestors and traders looking for a great trading platform and solid research
SwissquoteSwiss investment bankBeginners and investors
DEGIRODutch discount brokerPrice-sensitive buy and hold investors and traders looking for only execution
Interactive BrokersUS discount brokerTraders who prefer low fees and a professional trading environment

Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.

AUTHOR

Dan Sallai
Dan Sallai
CMO
My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.
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