Updated September 29, 2026 · BrokerCue Editorial Team
Saxo vs Smartbroker
Where Saxo and Smartbroker differ
| Compare |  Saxo |  Smartbroker |
|---|---|---|
| Minimum deposit | CHF 0 | €0 |
| Markets | Stocks, ETFs, Forex, CFDs, Options, Futures, Bonds, Funds | Stocks, ETFs, Crypto, Bonds, Funds, Metals |
| Regulators | Danish Financial Supervisory Authority (FSA), Financial Conduct Authority (FCA) | Federal Financial Supervisory Authority (BaFin) |
| Platforms | SaxoInvestor, SaxoTrader | Web, App |
| Stock trade fee | $1 | Not confirmed |
| Inactivity fee | €0 | Not confirmed |
| Retail accounts that lose money | 64% | Not confirmed |
| Currency conversion fee | 0.25% | Not confirmed |
| Options contract fee | $2 | Not confirmed |
| Deposit and withdrawal fees | Free deposits and withdrawals | Not confirmed |
| Account types | Joint, Corporate | Not confirmed |
| Interest on cash | Not confirmed | 2.25% |
Same on both: Account fee (€0), Investor protection (EU ICS up to EUR 20,000).
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Key differences
- Smartbroker scores higher overall: 9.4 vs 9.3.
- Regulators: only Saxo offers Danish Financial Supervisory Authority (FSA), Financial Conduct Authority (FCA).
- Regulators: only Smartbroker offers Federal Financial Supervisory Authority (BaFin).
- Saxo is licensed in 1 more country.
- Markets: only Saxo offers Forex, CFDs, Options.
- Markets: only Smartbroker offers Crypto, Metals.
- Platforms: only Saxo offers SaxoInvestor, SaxoTrader.
- Platforms: only Smartbroker offers Web, App.
- Features: only Saxo offers Demo account, Fractional shares.
- Features: only Smartbroker offers Crypto.
Our verdict on each
Saxo
Saxo suits investors who want a Danish bank with no account or inactivity charge and a wide market list, but the stock trade fee is $1 and the FX fee is 0.25%. Costs stay predictable for long holders, less so for frequent traders.
Smartbroker
Smartbroker runs a European brokerage with a €0 account fee and a €0 minimum deposit, which puts it at 1 on the site for deposit levels. It suits investors who want stocks, ETFs, funds and crypto in one account and would rather not pay a monthly charge.
Score breakdown
| Area | Saxo | Smartbroker |
|---|---|---|
| Cost | 9.1Account fee and inactivity fee are both €0 and €0, and the minimum deposit is CHF 0. Stock trades cost $1. | 9.5Higher |
| Offer | 9.3Higher | 9.2Low-fees model across stocks, etfs and crypto, supervised by BaFin and Federal Financial Supervisory Authority (BaFin) and reachable on email, phone and help centre. |
| Trust | 9.5 | 9.5 |
Side by side, item by item
| Markets | Saxo | Smartbroker |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Forex | Yes | No |
| CFDs | Yes | No |
| Options | Yes | No |
| Futures | Yes | No |
| Crypto | No | Yes |
| Bonds | Yes | Yes |
| Funds | Yes | Yes |
| Metals | No | Yes |
How they place
| Ranking | Saxo | Smartbroker |
|---|---|---|
| Stock and ETF brokers | 78 of 471 | 60 of 471 |
Every fact side by side
| Fact | Saxo | Smartbroker |
|---|---|---|
| Features | Demo account, Fractional shares, Mobile app | Crypto, Mobile app |
| Pricing model | Low fees | Low fees |
| Legal entity | Saxo Bank A/S | Smartbroker AG |
| Headquarters | Denmark | Germany |
| Founded | 1992 | Not confirmed |
| Support channels | Not confirmed | Email, Phone, Help centre |
Where each stands against the rest
| Fact | Saxo | Smartbroker | Median |
|---|---|---|---|
| Stock trade fee | $1highest quarter | Not confirmed | $0 |
| Account fee | €0at the median | €0at the median | €0 |
| Inactivity fee | €0below the median | Not confirmed | €2.45 |
| Retail accounts that lose money | 64%lowest quarter | Not confirmed | 72.21% |
| Currency conversion fee | 0.25%below the median | Not confirmed | 0.45% |
| Options contract fee | $2highest quarter | Not confirmed | $0.625 |
Median across 92 listed brokers.
Pros and cons
Saxo
Pros
- Account fee and inactivity fee are both €0 and €0
- Minimum deposit is CHF 0 and deposits and withdrawals carry no charge
- Regulated in Denmark by the Danish Financial Supervisory Authority and in the UK by the Financial Conduct Authority
Cons
- Stock trade fee of $1 sits well above the site median of €0
- FX fee of 0.25% applies on top of trading costs
- Investor protection is limited to the EU scheme at EU ICS up to EUR 20,000
Smartbroker
Pros
- Account fee of €0, matching the $0 account fee at eToro and sitting at 1 among 138 brands on account fee.
- Nothing to pay to open, with a minimum deposit of €0 against a site median of €4.64.
- One account covers stocks, etfs and crypto.
Cons
- Protection is limited to what the scheme pays, listed as EU ICS up to EUR 20,000, so larger balances rely on your own holdings.
- Support runs on email, phone and help centre only, with no live chat listed.
- Markets stop at stocks, etfs and crypto, with no forex, options or futures listed.
Who each suits
Saxo
Who it suits
- Investors holding stocks and ETFs long term who want no account or inactivity charge
- Traders who need forex, options, futures and CFDs on one account
- Joint and corporate account holders
Who should look elsewhere
- Beginners wanting commission-free share dealing, where eToro charges $0 per trade
- Small-balance traders unwilling to meet the Vantage minimum deposit of $5
- Frequent currency converters put off by the 0.25% FX fee
Smartbroker
Who it suits
- European investors who want a German-regulated account holding stocks, etfs and crypto under one roof.
- Anyone with spare cash to park while they decide, with 2.25% on the daily deposit account.
- People who trade away from a desk, since access runs through Web and App.
Who should look elsewhere
- Vantage, if you would rather start against a published floor of $5 than an open entry of €0.
- eToro, if your trading runs past the stocks, etfs and crypto list here and you want to weigh its range against Smartbroker's.
- Anyone holding a large cash balance, since protection is listed as EU ICS up to EUR 20,000.
Country by country
| Country | Saxo | Smartbroker |
|---|---|---|
| Germany | No | Yes |
Questions about each
Saxo
What does Saxo charge to hold an account?+
The account fee is €0 and the inactivity fee is €0, so there is no annual or dormancy charge. Saxo ranks 1 of 138 on account fee and 1 of 56 on inactivity fee. That makes it a straightforward choice for long-term holdings.
How much does it cost to buy a stock?+
Stock trades cost $1 through Saxo. That places it at 107 of 161 on this measure, and above the site median of €0. Active share traders should weigh that before opening.
Smartbroker
What does Smartbroker charge to hold an account?+
The account fee is €0, so there is no monthly charge for keeping the account open. Entry is also open, with a minimum deposit of €0. Trading costs still apply on individual orders, and the pricing page is where per-trade charges are set out.
Is my money protected at Smartbroker?+
Smartbroker is regulated by BaFin and Federal Financial Supervisory Authority (BaFin), and the listed investor protection is EU ICS up to EUR 20,000. The German regulator supervises the firm, while the compensation scheme pays out on eligible balances up to the stated limit.
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