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Our top alternative brokers to Saxo Bank
Interactive Brokers
4.9
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Swissquote
4.7
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Our top alternative brokers to Saxo Bank
Interactive Brokers
4.9
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Swissquote
4.7
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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 Bank Swissquote DEGIRO Interactive Brokers
Overall score 4.8 4.7 4.3 4.9
Fees score 2.9 2.3 5.0 4.3
Account opening score 2.6 4.0 1.3 3.4
Deposit and withdrawal score 4.8 4.1 3.3 2.5
Web platform score 4.5 4.2 3.9 4.3
Markets and products score 5.0 4.9 3.6 5.0
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Waiting list and longer account opening time
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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 affluent investors who value safety and are ok with higher fees
  • DEGIRO is recommended for price-sensitive buy-and-hold investors and traders looking only to carry out transactions
  • Interactive Brokers is recommended for traders looking for low fees and a professional trading environment

Important factors of finding Saxo Bank alternatives

So far BrokerChooser has reviewed 63 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 alternatives
Saxo Bank

Saxo Bank is a Danish investment bank founded in 1992, providing online trading and investments. The company is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA). 

Saxo Bank is a global service provider. In the different regions, its subsidiaries are present in the form of separate legal entities. The services offered by each entity might change slightly especially in case of their fees and products available to trade. In this review, we tested Saxo Bank UK.

Saxo Bank is considered safe because it has a long track record, has a banking background, and is regulated by top-tier financial authorities.

Saxo stops accepting customers in the MENA region between May and August 2020. This is because of COVID-19 and the higher volume of account openings.

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

Pros Cons
Great trading platform High bond, options and futures fees
Outstanding research High minimum deposit
Broad product portfolio Lacks live chat and 24/7 availability

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Fees
2.9

Saxo Bank has average trading and non-trading fees overall. The fees for forex, mutual funds and stock index CFDs are low, while they are average for real stocks, ETFs or stock CFDs. Bond, options and futures fees are high.
Pros Cons
Low fund fees Inactivity fee
No withdrawal fee High bond, options and futures fees
Transparent fee structure
Lower fees for Platinum and VIP clients
Saxo Bank alternatives trading fees
Saxo Bank Swissquote DEGIRO Interactive Brokers
US stock $10.0 $25.0 $0.6 $1.0
UK stock $9.6 $30.0 $2.4 $7.2

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

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Account opening
2.6

Saxo's account opening is fully digital, user-friendly, and available in most of the world. On the other hand, the minimum deposit is high in certain countries, and account verification can take longer.
Pros Cons
Fully digital Minimum deposit is high in certain countries
User-friendly Relatively slow account verification
Available in almost every country MENA customers are temporarily not accepted
Saxo Bank alternatives minimum deposit and account open times
Saxo Bank Swissquote DEGIRO Interactive Brokers
Minimum deposit $10,000 $0 $0 $0
Time to open account 1-3 days 1 day >3 days 1-3 days

Learn more about Saxo Bank minimum deposit here.

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Deposit and withdrawal
4.8

Saxo provides multiple deposit and withdrawal options free of charge on a user-friendly interface.
Pros Cons
Credit/Debit card available None
Free withdrawal
No deposit fee
Saxo Bank and alternatives withdrawal options and fees
Saxo Bank Swissquote DEGIRO Interactive Brokers
Bank Transfer Yes Yes Yes Yes
Credit/Debit card No No No No
Electronic wallets No No No No
Withdrawal fee $0 $10 $0 $0

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Web trading platform
4.5

Saxo Bank's web trading platform is one of the best among online brokers. It's easy to use, but also provides features favored by professionals, such as an advanced order panel. On the negative side, there is no two-step login.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report
Good search function
Saxo Bank - Web trading platform
Saxo Bank and alternatives trading platform scores
Saxo Bank Swissquote DEGIRO Interactive Brokers
Web platform score 4.5 4.2 3.9 4.3
Mobile platform score 4.5 4.7 4.5 3.5
Desktop platform score 4.5 - - 3.0

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

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Markets and products
5.0

Saxo Bank's product portfolio is great. It covers all asset classes and a lot of markets globally. Mutual funds and crypto are the only areas where its selection could be improved.
Saxo Bank and alternatives markets and products
Saxo Bank Swissquote DEGIRO Interactive Brokers
Stock Yes Yes Yes Yes
ETF Yes Yes Yes Yes
Forex Yes Yes No Yes
Fund Yes Yes Yes Yes
Bond Yes Yes Yes Yes
Options Yes Yes Yes Yes
Futures Yes Yes Yes Yes
CFD Yes Yes No Yes
Crypto Yes Yes Yes Yes

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Verdict

Saxo Bank is a great broker, providing a complex and good service.

Saxo offers a user-friendly and well-designed trading platform, backed by great research. The product portfolio covers all asset types and many international markets.

It has some drawbacks though. The fees for bonds, options and futures are high. There is also a high minimum deposit for certain countries. Lastly, there is no live chat or 24/7 customer support.

In general, Saxo Bank is one of the best online brokerage companies out there. By opening an account, you will get a broad, well-developed service constantly responding to the needs of clients.

Saxo Bank
Summary Saxo Bank is a Danish investment bank. It is regulated by more than 10 financial authorities, including the top-tier UK FCA.
Fees score 2.9
Recommended for Investors and traders looking for a great trading platform and solid research

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Saxo Bank alternatives
Swissquote

Swissquote is a Swiss investment bank established in 1996. It has two main trading arms: a Swiss unit for trading stocks, funds, options and futures and a company in the UK for CFDs and forex.

Formally, Swissquote Bank Ltd is based in Switzerland and is regulated by the Swiss Financial Market Supervisory Authority (FINMA), the country's financial regulator.

The other entity, Swissquote Ltd, is UK-based and offers CFDs and forex. It is regulated by the Financial Conduct Authority (FCA), the UK's financial authority.

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

For clarity, in this review we focus on the Swiss entity, but also discuss services of the UK arm, especially in the case of CFD and forex trading. To make it clear which company we are talking about, we will refer to the Swiss entity as "Swissquote (CH)" and to the UK-based entity as "Swissquote Forex (UK)".

Recommended for affluent investors who value safety and are ok with higher fees

Pros Cons
Access to many markets and products High trading fees
No inactivity fee Confusing trading platform selection
Rock-solid background Some research tools are not free

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Fees
2.3

Swissquote doesn't charge an inactivity fee and you can trade an impressive selection of funds for favorable fees. On the other hand, trading fees are generally high, including for stocks and ETFs, and there is a fee for withdrawing your money.
Pros Cons
Low forex fees High trading fees
Low fund fees High stock and ETF fees
No inactivity fee High bond fees
Saxo Bank vs. Swissquote: Trading fees
Swissquote Saxo Bank
Apple benchmark fee $50.2 $20.2
Vodafone benchmark fee $60.5 $19.7
EURUSD benchmark fee $15.8 $15.7

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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Account opening
4.0

Swissquote offers a fully digital account opening, although we encountered some technical difficulties during the identification process. There is no minimum deposit for trading accounts, but a high minimum for forex and robo-advisory accounts.
Pros Cons
Fully digital Technical difficulties
No minimum deposit for trading account Forex and robo-advisor accounts have high minimum
Saxo Bank vs. Swissquote: Minimum deposit, time to open an account
Swissquote Saxo Bank
Minimum deposit $0 $10,000
Time to open account 1 day 1-3 days

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

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Deposit and withdrawal
4.1

Depositing at Swissquote is quick with credit/debit card and can be done in several base currencies. On the negative side, you can only withdraw money via bank transfer.
Pros Cons
Quick deposit and withdrawal - within 3 days Credit/Debit card withdrawal not available
Several account base currencies for forex account
Saxo Bank vs. Swissquote: Withdrawal options
Swissquote Saxo Bank
Bank Transfer Yes Yes
Credit/Debit card No No
Electronic wallets No No
Withdrawal fee $10 $0

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Web trading platform
4.2

The Swissquote (CH) eTrading platform has a lot of functions, so many that sometimes it can get complicated. Customizability is good and a there is a clear overview of trading fees, but you may run into some bugs.
Pros Cons
Clear fee report Account login and search function bugs
Good customizability (for charts, workspace) Easy to get lost among functions
Available in several languages
Web trading platform of Swissquote, a Saxo Bank alternative
Saxo Bank vs. Swissquote: Trading platform scores
Swissquote Saxo Bank
Web platform score 4.2 4.5
Mobile platform score 4.7 4.5
Desktop platform score - 4.5

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

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Markets and products
4.9

At Swissquote (CH) you have access to many markets and trade with a lot of different product types. At Swissquote Forex (UK) you can trade only forex and some CFDs.
Saxo Bank vs. Swissquote: Markets and products
Swissquote Saxo Bank
Stock Yes Yes
ETF Yes Yes
Forex Yes Yes
Fund Yes Yes
Bond Yes Yes
Options Yes Yes
Futures Yes Yes
CFD Yes Yes
Crypto Yes Yes

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Verdict

Swissquote is an investment bank with a rock-solid background:

  • It is Swiss,
  • it is listed on an exchange
  • and it is a bank

It has two main entities, one in the UK and one in Switzerland. If you open an account at the London-based entity you can trade forex and CFDs, while the Swiss entity gives you access to asset classes ranging from stocks to options.

Swissquote offers a broad range of products across many markets. There are many stocks, mutual funds, and a lot of different other types of products, from bonds to cryptos.

However, nothing comes for free: Swissquote's trading fees are relatively high

All in all, Swissquote is a great stockbroker. As you can trade many products and no inactivity fee is charged, feel free to give it a try.

Swissquote
Summary Swissquote is a Swiss online broker with a banking license. It is listed on the Swiss stock exchange and regulated by several authorities globally, including the top-tier UK FCA.
Fees score 2.3
Recommended for Affluent investors who value safety and are OK with higher fees

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Saxo Bank alternatives
DEGIRO

DEGIRO review - Waiting list

Compare to best alternative

Disclaimer: As of March 25, 2020, DEGIRO has introduced a temporary waiting list for new client registrations, until further notice. This is due to the surge of new registrations amid the ongoing heavy market volatility. Because of this situation, the account creation process may take much longer, although it is uncertain how long exactly. We will update the review as we find out more details. Be also aware that investing involves a risk of loss.

DEGIRO is a Dutch online discount broker. It is privately owned and was established in 2008 by former employees of another brokerage company.

DEGIRO is regulated by top-tier financial authorities, the Netherlands Authority for the Financial Markets (AFM) and the Dutch Central Bank (DNB). It is registered with the Chamber of Commerce and Industry in Amsterdam.

Recommended for price-sensitive buy-and-hold investors and traders looking only to carry out transactions

Pros Cons
One of the lowest fees on the market Waiting list for new accounts
Regulated by multiple top-tier regulators Limited research and education
Easy to use web and mobile trading platform No forex trading

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Waiting list and longer account opening time

Fees
5.0

DEGIRO has low trading and non-trading fees. In most asset classes, it is the best on the market. There are some ETFs that you can trade once a month for free, which is a great deal for buy-and-hold investors.
Pros Cons
Low trading fees Higher trading fees for Asian and smaller European stock exchanges
Low non-trading fees
Low stock and ETF fees
Saxo Bank vs. DEGIRO: Trading fees
DEGIRO Saxo Bank
Apple benchmark fee $1.4 $20.2
Vodafone benchmark fee $5.3 $19.7
EURUSD benchmark fee - $15.7

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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Waiting list and longer account opening time

Account opening
1.3

At DEGIRO, no minimum deposit is required. On the other hand, as of March 25, 2020, DEGIRO has introduced a waiting list for new accounts. To test this, we have applied for multiple accounts, but sadly we are still on the waiting list and could not proceed.
Pros Cons
Fully digital Slow
No minimum deposit None of the test accounts have been onboarded yet
Saxo Bank vs. DEGIRO: Minimum deposit, time to open an account
DEGIRO Saxo Bank
Minimum deposit $0 $10,000
Time to open account >3 days 1-3 days

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

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Waiting list and longer account opening time

Deposit and withdrawal
3.3

DEGIRO deposits and withdrawals are free of charge via bank transfer. On the other hand, you cannot deposit with credit or debit card.
Pros Cons
Free withdrawal Credit/Debit card not available
No deposit fee
Several account base currencies
Saxo Bank vs. DEGIRO: Withdrawal options
DEGIRO Saxo Bank
Bank Transfer Yes Yes
Credit/Debit card No No
Electronic wallets No No
Withdrawal fee $0 $0

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Waiting list and longer account opening time

Web trading platform
3.9

DEGIRO's web platform is simple and easy to use. Even beginners can easily navigate it and buy stocks. On the negative side, you cannot set price alerts.
Pros Cons
User-friendly Limited customizability (for charts, workspace)
Clear fee report No price alerts
Two-step (safer) login
Web trading platform of DEGIRO, a Saxo Bank alternative
Saxo Bank vs. DEGIRO: Trading platform scores
DEGIRO Saxo Bank
Web platform score 3.9 4.5
Mobile platform score 4.5 4.5
Desktop platform score - 4.5

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

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Waiting list and longer account opening time

Markets and products
3.6

At DEGIRO you can access many markets and trade with a lot of different products. CFD and forex are not available.
Saxo Bank vs. DEGIRO: Markets and products
DEGIRO Saxo Bank
Stock Yes Yes
ETF Yes Yes
Forex No Yes
Fund Yes Yes
Bond Yes Yes
Options Yes Yes
Futures Yes Yes
CFD No Yes
Crypto Yes Yes

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Waiting list and longer account opening time

Verdict

DEGIRO is a good choice if you want a simple platform and don’t want to spend too much on fees.

It is far cheaper than its big European competitors and only TradeStation Global comes close to competing with DEGIRO's fees. The account opening process is also fast, you will usually have your account ready to use within a day. It is also one of the best trading platforms for Europeans.

However, its low prices come with some shortfalls. Education and research tools are limited, there is no forex trading, and you can only deposit and withdraw money by bank transfer. Also, there is a waiting list for new accounts at the moment.

All in all, DEGIRO is a great online broker. There is no minimum deposit and no inactivity fee, so feel free to go ahead and give it a try.

DEGIRO
Summary DEGIRO is a Dutch discount broker established in 2008. It is regulated by the Dutch FMA. As of March 25, 2020, DEGIRO introduced a waiting list for new customers. Longer than usual account opening times are expected.
Fees score 5.0
Recommended for Price-sensitive buy-and-hold investors and traders looking only to carry out transactions

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Waiting list and longer account opening time

Saxo Bank alternatives
Interactive Brokers

Interactive Brokers was founded in 1978 and is one of the biggest US-based discount brokers. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

As it has licenses from multiple top-tier regulators, the broker is considered safe. Also, having a long track record and publicly disclosed financials while being listed on a stock exchange are also great signs for its safety.

Recommended for traders looking for low fees and a professional trading environment

Pros Cons
Wide range of products Extremely complex desktop trading platform
Many great research tools Complicated account opening process
Regulated by several authorities High inactivity fee

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Fees
4.3

Interactive Brokers has low trading fees and for US clients, stock and ETF trading is free. On the negative side, there is a high inactivity fee for non-US clients.
Pros Cons
Low trading fees Inactivity fee
Low stock and ETF fees
Low financing rate
Free stock and ETF trading for US clients
Saxo Bank vs. Interactive Brokers: Trading fees
Interactive Brokers Saxo Bank
Apple benchmark fee $2.2 $20.2
Vodafone benchmark fee $14.9 $19.7
EURUSD benchmark fee $17.9 $15.7

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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Account opening
3.4

IB's account opening process is fully digital and the required minimum deposit is low. On the negative side, the online registration is complicated and account verification takes around 2 business days.
Pros Cons
Fully digital Not user-friendly
No minimum deposit for most accounts types Confusing messages throughout the process
Saxo Bank vs. Interactive Brokers: Minimum deposit, time to open an account
Interactive Brokers Saxo Bank
Minimum deposit $0 $10,000
Time to open account 1-3 days 1-3 days

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

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Deposit and withdrawal
2.5

Interactive Brokers offers many account base currency options and one free withdrawal per month. The main drawbacks are that you can only use bank transfer and the process is not user-friendly.
Pros Cons
No deposit fee Credit/Debit card not available
Several account base currencies Not user-friendly
First withdrawal each month free
Saxo Bank vs. Interactive Brokers: Withdrawal options
Interactive Brokers Saxo Bank
Bank Transfer Yes Yes
Credit/Debit card No No
Electronic wallets No No
Withdrawal fee $0 $0

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Web trading platform
4.3

Interactive Brokers's web platform is simple and easy to use even for beginners. On the negative side, it is not customizable.
Pros Cons
User-friendly Limited customizability (for charts, workspace)
Clear fee report
Two-step (safer) login
Web trading platform of Interactive Brokers, a Saxo Bank alternative
Saxo Bank vs. Interactive Brokers: Trading platform scores
Interactive Brokers Saxo Bank
Web platform score 4.3 4.5
Mobile platform score 3.5 4.5
Desktop platform score 3.0 4.5

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

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Markets and products
5.0

Through Interactive Brokers you can access an extremely wide range of markets, with every product type available.
Saxo Bank vs. Interactive Brokers: Markets and products
Interactive Brokers Saxo Bank
Stock Yes Yes
ETF Yes Yes
Forex Yes Yes
Fund Yes Yes
Bond Yes Yes
Options Yes Yes
Futures Yes Yes
CFD Yes Yes
Crypto Yes Yes

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Verdict

Interactive Brokers is one of the biggest US-based discount brokers, regulated by several top-tier regulators globally. We recommend this broker for advanced traders.

On the plus side, IB has a vast range of markets and products available, with diverse research tools and low costs

There are some drawbacks though: there is a high inactivity fee and the account opening process is complicated. The desktop platform is complex and hard-to-understand, especially for beginners.

If you have experience navigating complex platforms and you like transparent low-cost trading, Interactive Brokers could be a great fit for you.

Interactive Brokers
Summary Interactive Brokers is a US discount broker. It is listed on a stock exchange and regulated by several authorities, including top-tier ones like the FCA and the SEC.
Fees score 4.3
Recommended for Traders looking for low fees and a professional trading environment

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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
Broker Info Recommended for
Saxo Bank Danish investment bank Investors and traders looking for a great trading platform and solid research
Swissquote Swiss investment bank Affluent investors who value safety and are OK with higher fees
DEGIRO Dutch discount broker Price-sensitive buy-and-hold investors and traders looking only to carry out transactions
Interactive Brokers US discount broker Traders looking for 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.

Gergely Korpos

Gergely Korpos

Co-founder, CPO

Author of this article

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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