Saxo Bank vs Keytrade

The overview

The table shows an overview of how Saxo compares to Keytrade for different criteria. Read on to get the full details!

Saxo Bank

Story of Saxo 🇩🇰

The story of Saxo begins with its founding in Copenhagen in 1992. The company was established with a vision to make global financial markets more accessible to a wide audience. By 1998, Saxo Group had launched one of the first online trading platforms in Europe, offering professional-grade tools and easy access to global financial markets for anyone interested in investing. They serve over 1m customers and have over €100bn under management. In 2018, they purchased the popular online broker BinckBank for €428m. All BinckBank customers were automatically switched over to the Saxo platform for trading.

Fees for ETFs

Saxo is one of the cheapest brokers in Europe. To buy €1,000 worth of IWDA, the cost is €2 for the transaction fee.

Convenience

Saxo Bank, catering to experienced traders, supports a wide array of complex order types. Unfortunately it doesn't handle fractional shares making regular investing less practical although they have recently introduced saving plans. Depending on where you're registered in Europe, Saxo Bank assists investors. For example, in Belgium, it helps with transaction taxes, dividend taxes, and the Reynders tax on ETF profits, and due to its direct presence in Belgium, customers don't need to declare their accounts to the Belgian National Bank.

Setting up an account

Setting up an account with Saxo is streamlined though approval may take a few days. While Saxo does not provide children accounts, it does offer the option to set up joint and business accounts.

Safety

Saxo, with its primary regulator being the Danish Financial Supervisory Authority (DFSA), continues to operate under a Dutch banking license after acquiring BinckBank. Saxo participates in securities lending with an opt-in policy for transparency, and does not engage in payment for order flow (PFOF).

The full review

Learn more about the pros and cons of investing through Saxo in our review.

Keytrade

Story of Keytrade 🇧🇪🇫🇷

Keytrade was started in 1998 and was one of the first online brokers in Belgium. Their offer has grown a lot since then, as they propose full banking services today. In 2005, Keytrade Bank was acquired by Groupe Crelan (formerly Crédit Agricole) and is now part of the Crédit Mutuel Arkéa group. We're looking at the brokerage offer and not their investment plans such as Keyplan or Keyprivate.

Fees for ETFs

Despite reducing their fees in January 2025, Keytrade remains one of the more expensive brokers available to us in Belgium. Buying €1,000 of the popular IWDA ETF will cost you €5.95.

Convenience

Keytrade handles the stock transaction tax (TOB), automatically withholds and declares the 30% dividend tax, and handles the Reynders tax on capital gains. However, Keytrade does not offer automated savings plans or fractional shares, making regular, smaller investments impractical due to high fees. Despite offering traditional support mechanisms like email and phone, Keytrade's customer service is not notably customer-centric, with potential delays in email responses.

Setting up an account

Creating a new Keytrade account is efficient thanks to itsme, as the traditional six-step process can be slow, with some users experiencing long waiting times for account approval. Account setup is only available on the web platform, not on mobile. Where Keytrade stands out is the ability to set up accounts for children and joint accounts. You can also set up a company account.

Safety

Keytrade, regulated by the Belgian FSMA, has no known regulatory issues. As it's asubsidiary of the French Arkéa, Keytrade's clients benefit from the French Fonds de Garantie des Dépôts et de Résolution (FGDR), which protects assets up to €70,000. Keytrade does not engage in securities lending or payment for order flow (PFOF).

The full review

Learn more about the pros and cons of Keytrade in our review.

Curvo: easier than a broker

Brokers push you to trade and to pick individual companies to invest in. Rather than picking individual stocks such as Amazon or Tesla, index funds are a way to buy the whole market, across all sectors and regions of the world. Essentially, you own a small portion of thousands of companies throughout the world. Instead of betting on a particular company, you are placing a bet on the global economy.

Rather than having to pick the right stocks or ETFs among the thousands available through Saxo or Keytrade, you invest in a portfolio that is tailored to you and your goals. These portfolios are composed of globally diversified index funds, meaning you earn a piece of the growth of the global economy, and they're best suited to make the most of your savings long term. And they're secure as they're under supervision of the regulator in the Netherlands (AFM).

We believe that investing is an important tool for our generation to improve our financial well-being and to prepare for our future. We are building Curvo to fulfil that vision, by making good investing easy and accessible to all:

• Diversified portfolio set up for you: The best portfolio for you is built based on your time horizon and financial goals. Simply answer a short questionnaire and you'll get everything set up for you.
• Automated savings plans: Through Curvo's app you can set up a monthly contribution from €50. That means that money is automatically invested for you in your portfolio. Put your savings on autopilot!
• Fractional shares: All the money you send towards your portfolio is fully invested. No cash is left on the side.
• No TOB 🇧🇪 : Significant savings as the portfolios aren't liable for the Belgian transaction tax (or "TOB"). This saves you between 0.12% and 1.32% for every time you buy or sell!
• Sustainable investments: Your investments focus on one guiding principle: don't invest in companies that are considered destructive to the planet. This means that sectors like non-renewable energy, vice products, weapons and controversial companies are all excluded.
• Project yourself into the future: Through Curvo you can see how much your portfolio is expected to be worth in the future. You can answer questions like “how will increasing my monthly contribution by €50, €100 or €200 affect my long-term savings?” to give a concrete idea for the “future you”.

Summary

Choosing between Saxo and Keytrade comes down to your priorities as a Belgian investor. Saxo offers lower fees and better value for money, making it ideal if you want to minimise costs. Keytrade provides a more local experience with Belgian-focused features, though at a higher price point. Both brokers handle your taxes automatically, which saves you significant administrative hassle.

However, both platforms are built primarily for traders rather than long-term investors. If you're looking to build wealth steadily through monthly investing, you might find their interfaces complex and their lack of fractional shares limiting. Consider what matters most to you: the lowest possible fees, local support, or perhaps a simpler approach like Curvo designed specifically for long-term wealth building.