Saxo vs Nordnet For Investing In Denmark – Which Is Better for Expats?

You’ve decided to start investing in Denmark. You know you need a Danish broker so SKAT reporting happens automatically. Now you’re staring at the two most popular options for expats: Nordnet and Saxo. Both are solid. Both handle Danish tax reporting. Both offer the aktiesparekonto (ASK). So which one?

The short answer: Saxo if you need English and want access to global markets. Nordnet if you want the simplest possible setup for automatic monthly investing and pension accounts. But that framing glosses over some important differences, including one factual error that keeps circulating: Saxo Bank Denmark does not charge a depot fee. We’ll get to that.

Language and Interface

The picture here is more nuanced than most comparisons suggest.

Nordnet’s app is available in English. There’s a flag icon on the login screen you tap before signing in, and it switches the app language to English. Nordnet confirmed this directly in their own customer service responses. The web platform at nordnet.dk, however, is Danish-only. Every menu, every report screen, every fund detail page. Customer service is available in English, but the browser interface isn’t.

Saxo is fully English across the board. Platform, support, documentation, both the SaxoInvestor and SaxoTrader interfaces. For an expat who wants everything in English without workarounds, Saxo is the cleaner choice.

In practice, if you invest primarily through the app, Nordnet’s English option closes most of the gap. If you prefer doing research and managing your portfolio through a browser, the web platform remains Danish.

Account Types

Pension is the one area where Nordnet has a structural advantage. If you want to consolidate a private ratepension or aldersopsparing with your broker, Nordnet handles it. Saxo doesn’t offer pension accounts.

Fees at a Glance

There’s a persistent myth that Saxo charges a depot (custody) fee in Denmark. It doesn’t. Saxo’s official Danish pages confirm zero depot fees for Danish accounts. The 0.12% figure that circulates online applies to Saxo’s international/non-Danish entities. For Danish residents: both brokers are custody-fee-free.

A few things to flag on trading fees. Nordnet’s standard minimum is DKK 29 per trade per spot trade on stocks and ETFs outside of månedsopsparing. Saxo’s minimum varies by market, but on US stocks it runs from USD 1 on the Classic tier. For small trades under roughly DKK 5,000, Saxo is usually cheaper per trade. For larger trades, the gap narrows.

Neither platform charges for buying through månedsopsparing. If you’re a buy-and-hold investor who only places a handful of trades per year, the per-trade minimums are largely irrelevant.

Månedsopsparing: Automatic Monthly Investing

This is Nordnet’s strongest card for passive investors. Four structured options, from a guided service to self-directed fund picking, with a minimum starting at DKK 100 per month on the basic tier.

Saxo’s Auto-Invest (Månedsopsparing) is also commission-free on purchases, with no stated minimum and support for up to 10 instruments. Nordnet’s edge is the structured guidance for new investors, particularly the guided and advised tiers that hold your hand through fund selection.

Market Access

This is where the platforms genuinely diverge.

If you want to buy American or Nordic stocks and a handful of global ETFs, Nordnet covers it. If you want emerging markets, individual European bonds, listed options, or any leveraged instruments, you need Saxo.

Worth noting: Saxo’s wider product range also means a steeper learning curve. The platform is not designed around passive investors the way Nordnet is.

SKAT Reporting

Both platforms report trades, dividends, holdings, and capital gains directly to SKAT. Your årsopgørelse (annual tax assessment) is populated automatically. This is the primary reason to use a Danish broker rather than an international platform like Interactive Brokers or DEGIRO, which require you to handle Danish reporting yourself.

On this point, neither broker has a meaningful advantage. Both work.

The Aktiesparekonto on Both Platforms

The ASK rules are identical regardless of broker: contributions capped at DKK 174,200 in 2026, gains taxed at a flat 17% annually (lagerbeskatning), one account per person across all brokers.

Since neither Saxo nor Nordnet charges depot fees in Denmark, the cost difference on an ASK held long-term comes down to trading fees on the initial purchase and any rebalancing. For buy-and-hold investors using månedsopsparing on either platform, that cost is zero.

Nordnet runs an introductory rate of DKK 10 per trade on new ASK accounts for the first 3 months. Saxo’s standard minimum applies from day one, but is typically competitive for larger single purchases.

Three Scenarios

Scenario 1: New expat, passive investor, DKK 2,000/month into a global index fund.

Nordnet. Set up a månedsopsparing on the ASK or aktiedepot, pick a fund, let it run. Zero trading fees, Danish-only platform is manageable for a one-time setup, zero depot fees. Total annual overhead: DKK 0.

Scenario 2: Active investor with DKK 300,000 to deploy across US tech, European equities, and emerging markets.

Saxo. Access to 31 exchanges, English platform, lower per-trade minimums on international stocks, and the ability to use sub-accounts in USD or EUR to avoid repeated conversion fees. Zero depot fees either way, so market access is the deciding factor.

Scenario 3: Long-term buy-and-hold, maxing the ASK each year.

Either, genuinely. Both charge zero depot fees. Use Nordnet if you want guided fund selection and pension accounts in the same place. Use Saxo if you want lower minimums on individual ETF purchases or need English for confidence.

Common Mistakes Expats Make

Assuming Saxo charges a depot fee. It doesn’t, not for Danish accounts. This keeps appearing in comparisons written before Saxo updated its Danish fee structure. Check the primary source (home.saxo/da-dk) before using any third-party comparison.

Avoiding Nordnet purely because of language. The app has an English toggle on the login screen. The web platform is still Danish-only, but for investors who manage their portfolio through the app, Nordnet is more accessible than it looks.

Paying spot-trade fees for purchases you could be making through månedsopsparing. Both platforms offer commission-free monthly buying. If you’re buying the same fund every month via a manual spot trade, you’re paying fees you don’t need to.

Assuming you can only use one broker. You can hold accounts at both simultaneously. The only constraint is the ASK: you can have exactly one ASK total, across all brokers combined.

Frequently Asked Questions

Can I have accounts at both Saxo and Nordnet at the same time?

Yes. Many investors use Nordnet for månedsopsparing and ASK, and Saxo for international stocks or products Nordnet doesn’t carry. The ASK itself is limited to one account across all brokers, not one per broker.

Are my investments protected if either broker fails?

Both are Danish banks licensed and regulated by Finanstilsynet. Your securities are held segregated from the broker’s own assets. The Danish Investor Guarantee Fund covers up to EUR 100,000 per client in uninvested cash in the event of insolvency.

Which is better for ETFs?

Saxo has the larger selection (7,400+). Nordnet’s månedsopsparing makes commission-free ETF buying easier for monthly investors. If you want a specific ETF that isn’t in Nordnet’s fund universe, Saxo is the better bet.

Do dividends reinvest automatically?

Neither broker auto-reinvests dividends. They land in your cash account, and both platforms report them to SKAT. You can approximate reinvestment by directing your månedsopsparing toward the same fund, but it’s not the same as true DRIP.

What if I leave Denmark?

Both platforms generally allow you to keep an existing account after leaving, but policies on opening new accounts or accessing certain features may change. Check directly with each broker before relocating. This is particularly relevant for ASK accounts, which are only available to Danish residents.