Saxo Bank Belgium (Review): Ex-BinckBank Guide

📅 Last updated: 8 May 2026
 ·  🏷 Topic: Saxo Bank, advanced broker
 ·  🇧🇪 For: Belgian retail investors

Saxo Bank A/S is a Danish bank (since 1992) with a comprehensive online investment platform. For Belgian investors, an attractive option thanks to advanced tools and automatic withholding of the new capital gains tax. Note: following the BinckBank merger of 1 July 2024, former BinckBank clients are now Saxo clients.

Key facts

• Type: Danish bank
• Regulation: Danish Finanstilsynet (FSA) — Saxo Bank licence 1149
• Protection — cash deposits: up to €100,000 (Danish Deposit Guarantee — Garantiformuen)
• Protection — securities in custody: up to €20,000 (Danish Investor Compensation Scheme — ICS)
• Note: this differs from the Belgian Deposit Guarantee Scheme; Belgian clients at Saxo are covered under Danish law.
• Interface: NL + FR + EN + 22 other languages
• Platforms: SaxoTraderGO (web/mobile) and SaxoTraderPRO (advanced desktop)
• Mobile app: yes, strong
• Markets: Almost all global exchanges — 50+ global exchanges (per Saxo Belgium, May 2026)

Fee structure

Saxo has a more complex fee model than many competitors. Indicative fees (May 2026):

• Belgian/Euronext share: 0.08% per transaction, min. €2 (Classic tier; reduced rates since 2024 for Belgian clients)
• US share: 0.08% per transaction, min. $1 (Classic tier; no per-share fee)
• ETF: comparable to shares
• Custody fee: none for Belgian clients (as of 2025)
• Inactivity fee: none for Belgian clients (as of 2025)
• Currency conversion (FX): ~0.25% per conversion (all tiers; verify against the current Saxo pricing page)
• Crypto: available only as CFDs and crypto ETPs (no spot crypto custody)

Tax handling — The Belgian exception

Saxo Bank in Belgium has a specific arrangement for automatic withholding of the capital gains tax:

Important nuance: Saxo’s internal opt-out deadline for CGT (30 June 2026) is stricter than the legal deadline (31 August 2026). If you want to opt out at Saxo: do it before 30 June.

NBB CAP registration: MANDATORY — Saxo is a Danish bank, not a Belgian institution.

Strengths

• Advanced charting — TradingView-like tools, technical analysis, multi-screen.
• 50+ global exchanges — for those who want to trade in Asian or Latin American markets.
• Forex and CFDs available — not relevant for most retail investors but useful for some.
• Automatic withholding of the new Belgian CGT — unique among foreign brokers.
• Good mobile app — often highly rated.

Weaknesses

• More complex and pricier on larger orders than DEGIRO; comparable on small ETF orders since the 2024 rate cut.
• Limited securities protection — only €20,000 under Danish ICS (vs. €100,000 cash).
• Complex fee model — harder to predict what a transaction will cost.
• No Belgian protection scheme.
• NBB declaration mandatory.

Who is it suitable for?

Yes:
– ✅ Investor with advanced needs (technical analysis, international markets)
– ✅ Forex/derivatives traders
– ✅ Anyone who wants automatic CGT withholding but a low-cost broker (rather than a Belgian bank)
– ✅ Anyone wanting to hold multiple currencies

No:
– ❌ Simple long-term ETF investor (DEGIRO or MeDirect cheaper)
– ❌ Anyone who does not want to file an NBB declaration
– ❌ Beginners with no need for advanced tools

Comparison

💡 For the average Belgian ETF investor, MeDirect or DEGIRO is more cost-effective. Saxo is for those who genuinely need the advanced tools or broad market access, or who specifically want automatic CGT withholding at a foreign broker.

🔗 See Bolero vs Keytrade vs DEGIRO (NL) and Investing in Belgium (NL).

Sources

1. Saxo Bank — Official site Belgium
2. Danish Finanstilsynet — Saxo Bank licence 1149
3. FOD Financiën — Stock-exchange tax (TOB) and withholding tax
4. FSMA — Belgian financial supervisor
5. NBB Central Point of Contact — Foreign accounts
6. Curvo — Saxo review