Choosing between Saxo Bank and MEXEM feels like picking between two similar options. Both are cheap, both offer ETFs, both target serious investors.
The devil is in the details. One broker handles Belgian dividend taxes for you, the other makes you calculate them yourself. We'll walk you through the real differences that matter for Belgian investors, plus an alternative that sidesteps the broker headaches entirely.
The overview
The table shows an overview of how Saxo compares to MEXEM 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.
MEXEM
Story of MEXEM 🇨🇾
MEXEM was launched in 2018 and grew across Europe quite rapidly as a fast growing broker. They formed an initial and crucial partnership with Interactive Brokers which allows them to offer a variety of investment choices. The broker LYNX also benefits from a partnership like this.
Fees for ETFs
MEXEM is one of the cheapest options for European investors. For instance, buying €1,000 of the popular ETF IWDA by iShares, that tracks the MSCI World index, would cost only €1.95. This makes it an attractive proposition for putting your savings to work.
Convenience
MEXEM targets experienced traders, offers a range of complex order types but doesn't allow for fractional shares for euro-cost averaging strategies. While it excels in customer support, including WhatsApp, it requires investors to manually handle tax reports and declarations. MEXEM manages the stock transaction tax (TOB) but does not assist with dividend or Reynders taxes on ETF profits, and requires investors to declare their accounts to the National Bank of Belgium annually.
Setting up an account
MEXEM offer fast account openings and you should have your account set up within a day. A major drawback is that MEXEM doesn't use itsme. This means you'll have to get your ID card or passport out for identification. They don't support children accounts but you can create a joint account with your partner. You can also create an account for your company.
Safety
Although MEXEM does participate in securities lending, it's entirely up to you whether you opt-in for the service. We found that MEXEM is quite transparent as a broker when it comes to this. Note that MEXEM is under the supervision of the CySEC which is the Cypriot regulator.
The full review
Discover all the pros and cons in our review of MEXEM.
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 MEXEM, 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
The comparison between Saxo and MEXEM reveals two solid options for Belgian investors, each with distinct trade-offs. Saxo simplifies your tax obligations but comes with a steeper learning curve, while MEXEM offers lower fees at the cost of additional administrative burden. What matters most is finding an approach that matches your investment style and available time. If you're comfortable handling tax declarations and want to minimise costs, MEXEM could work well. If you prefer having taxes handled for you and don't mind paying slightly more, Saxo might be your better choice. For those seeking a middle ground that combines low costs with simplicity, consider whether a platform like Curvo which is designed specifically for long-term investing might better serve your needs.