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Saxo Bank vs Nutmeg: 2023 Comparison

Franklin Carneiro da Silva| Updated: August 22, 2023

Are you confused about whether to choose Saxo Bank vs Nutmeg as a broker for your investing needs?

In this side-by-side comparison, we analyse Saxo Bank vs Nutmeg to help you understand how these apps compare on some of the most common features and make a better-informed decision about the best broker for you.

Below, you’ll find the pros and cons of each broker, as well as a comparison table that features the different fees charged, the financial instruments supported, the regulation, and more. Keep reading!

Ideal for
Advanced traders with a focus on reliability and security

Saxo Bank is a renowned online trading and investment bank that offers a wide range of financial services to individual and institutional clients.

Saxo Bank offers a range of trading platforms, including SaxoTraderGO and SaxoTraderPRO, providing clients with user-friendly and advanced options to access global markets.

Security is a paramount concern for Saxo Bank, which is evident through its strong regulatory oversight, encryption protocols, and segregated accounts.

Ideal for
Automated ETF portfolios for UK users

Nutmeg is one of the largest digital wealth managers in the UK (also known as “Robo-Advisor).

Nutmeg offers investors fully managed ETF portfolios that help investors achieve their financial goals, whether it’s for retirement or a home.

It is regulated by the Financial Conduct Authority (FCA). Besides, client assets are held in two custodians: Barclays and State Street, as per regulatory requirements.

Pros and Cons

Pros

  • Excellent research materials
  • Outstanding trading platforms (SaxoTraderPRO and SaxoTraderGO)
  • Extensive range of investment products
  • Long track record
  • Supervised by worldwide top-tier regulators

Cons

  • High minimum deposit ($2,000)
  • Fees higher than average
  • Fee structure is complex
  • Does not accept US residents

Pros

  • Automated rebalancing and dividend reinvestment
  • Fees Transparency
  • Stocks and shares, Lifetime and Junior ISAs
  • Long performance track record (+10 years)
  • Socially conscious portfolios
  • Minimum account balance of £100

Cons

  • Medium to high fixed fees
  • Cannot buy single shares
Saxo
nutmeg logo
  •  
  • General Information
  • Founded in
  • Demo Account
  • Account Minimum
  • Interest on unninvested cash (annually)
  • Products
  • Stocks
  • ETFs
  • Bonds
  • Funds
  • Options
  • Futures
  • CFDs
  • Leverage Products
  • Forex
  • Cryptocurrencies
  • Commodities
  • Fees
  • US stocks
  • EU stocks
  • ETFs
  • Cryptocurrencies
  • Custody Fee
  • Inactivity Fee
  • Withdrawal Fee
  • Connectivity Fee
  • Currency Conversion Fee
  • Security
  • Regulators
  • Investor Compensation Scheme(per person, per institution)
  • Saxo BankAsset 3
  • General Information
  • Founded in1992
  • Demo Account
  • Account Minimum$0 to $10,000, depending on the country**$/€2,000 for international accounts; £500 (UK)
  • Interest on unninvested cash (annually)USD: Up to 4.31%; EUR: Up to 2.55%
  • Products
  • Stocks
  • ETFs
  • Bonds
  • Funds
  • Options
  • Futures
  • CFDs
  • Leverage Products
  • Forex
  • Cryptocurrencies*Only 9 Crypto FX pairs
  • Commodities
  • Fees
  • US stocksFrom $0.01, $0.015 or $0.02 per share**Min. $1, $5 or $7, depending on account type: VIP, Platinum, Classic
  • EU stocksBetween 0.05% and 0.35%**Min. between €6 and €12 depending on exchange and account type
  • ETFsFrom $1**Depending on exchange and account type
  • Cryptocurrencies-
  • Custody FeeMin. $5**Between 0.05% and 0.15% depending on account type
  • Inactivity Fee£25 (UK) after one quarter of inactivity, $150 after 6 months of inactivity (International)
  • Withdrawal Fee€/$/£0
  • Connectivity Fee€/$/£0
  • Currency Conversion FeeBetween 0.3% and 1.0%**Depending on account type
  • Security
  • RegulatorsASIC, FSA, FCA, SFC, MAS, FINMA, DFSA.
  • Investor Compensation Scheme(per person, per institution)

    Depends on where the account is opened: up to €100,000 for cash and €20,000 for securities (Europe); up to £85,000 (UK); CHF 100,000 (Switzerland); HKD 500,000 (Hong Kong)

  • NutmegAsset 3
  • General Information
  • Founded in2011
  • Demo Account
  • Account Minimum£500**£100 (for lifetime ISA); £500 for other account types
  • Interest on unninvested cash (annually)GBP: BOE bank rate minus 0.75% (never gets below 0%)
  • Products
  • Stocks
  • ETFs*Within their portfolios
  • Bonds
  • Funds
  • Options
  • Futures
  • CFDs
  • Leverage Products
  • Forex
  • Cryptocurrencies
  • Commodities
  • Fees
  • US stocksNot Applicable
  • EU stocksNot Applicable
  • ETFsEmbedded in the management fees
  • CryptocurrenciesNot Applicable
  • Custody Fee$0
  • Inactivity Fee$0
  • Withdrawal Fee$0
  • Connectivity Fee$0
  • Currency Conversion Fee0%
  • Security
  • RegulatorsFCA
  • Investor Compensation Scheme(per person, per institution)

    Up to £85,000 (assets + cash)

Franklin Carneiro da Silva
Co-Founder & Fintech Analyst

Franklin is a CFA Level III Candidate with 3 years of experience in Wealth Management as a Fund Research Analyst and the Host of the "Edge Over Hedge" YouTube Channel.

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