Keytrade Bank vs Nordnet — which broker is better?

Pros

• Euronext Brussels, Amsterdam and Paris orders from EUR 2.45 up to EUR 250 and EUR 5.95 up to EUR 2,500; US orders on the same ladder in USD up to USD 10,000
• No custody fee on securities for private individuals, no account management fees and no minimum deposit
• Belgian tax handling built in: the TOB and the 30% dividend withholding tax are collected, and from 1 June 2026 the 10% capital gains tax is withheld unless you opt out
• A bank under French ACPR supervision inside a group the ECB supervises directly; FGDR cover up to EUR 100,000 for deposits and EUR 70,000 for securities
• One institution for everything: current account, regulated savings accounts, cards, securities, Keyplan fund savings from EUR 25, pension savings and discretionary management from EUR 15,000
• Broad listed range: shares on Euronext, Xetra, London, Zurich, the Nordic exchanges, the US and Toronto, more than 3,200 trackers, more than 660 funds, options on Euronext, Eurex and US markets
• Free SEPA and instant SEPA transfers, and real-time transfers between your own Keytrade accounts

Cons

• Expensive outside Euronext and the US: EUR 24.95 per order on Xetra, Milan and Madrid, GBP 29.95 in London, CHF 49.95 in Zurich
• 0.50% change costs on every securities trade that involves a currency conversion
• Real-time quotes cost EUR 2.50 to EUR 20 a month per market group unless you make 3 trades a month there; Madrid, Toronto and Oslo are delayed only
• No futures in the tariff list, and we found no fractional shares, demo account or public trading API
• Only for Belgian residents, Belgian tax residents and Belgian citizens; the EUR 100,000 deposit ceiling is shared with Fortuneo, the same bank

Pros

• Commission from 0.25% with a SEK 1 minimum on Nordic orders up to SEK 15,600 — small monthly share purchases are genuinely viable
• Starter offers: 'Kom igång' gives commission-free Nasdaq Stockholm trading and refunded fund fees until total savings reach SEK 50,000 (at most 500 free trades in 12 months), and customers joining between 8 September and 31 December 2026 trade the main Nordic exchanges commission-free until 30 June 2027
• Nordnet Bank AB holds a Swedish banking licence under Finansinspektionen, and parent Nordnet AB (publ) is listed on Nasdaq Stockholm as SAVE
• Two separate protection layers: the Swedish deposit guarantee on cash and the Swedish investor compensation scheme on securities
• Broad for a domestic broker — shares, ETFs, mutual funds with no dealing charge, options, futures, warrants, certificates and bonds
• No custody fee, no platform fee, no inactivity fee and no minimum deposit
• Nordnet reports to the Nordic tax authorities and the ISK wrapper removes per-trade capital gains declarations entirely
• Scale that is easy to verify: 2.5 million customers, SEK 1,374 billion of savings capital and 17.6 million trades in a single quarter

Cons

• Residents of Sweden, Norway, Denmark and Finland only — there is no route in from Germany, Austria, Switzerland or the rest of the EU
• Automatic currency exchange costs 0.25%, and the 0.075% route needs a free currency account — open to everyone only on an ordinary aktie- och fonddepå, restricted to private banking and active trading clients on an ISK or KF, and never available on fund orders
• Commission classes step by order size, and the Nordic minimum jumps from SEK 1 to SEK 39 at SEK 15,600 — though a SEK 15,000 order already costs SEK 37.50 at 0.25%, so the real step at the boundary is small
• Support is weekday office hours only, in Nordic languages plus English; there is no 24/5 desk and Trustpilot sentiment is markedly weaker than app-store sentiment
• The Swedish, Norwegian, Danish and Finnish price lists have different structures and different numbers, which makes cross-border comparison genuinely confusing
• No fractional shares on ordinary orders, no demo account, no spot forex and no CFDs — active traders will find the toolkit thinner than a specialist platform