Vanguard FTSE Global All-Cap reaches $1 billion in two weeks! Two ways to stress test spending from your portfolio.
September 4, 2026
Raph & Francesca
β Featured
Banker on Wheels Resources
Vanguard FTSE Global All-Cap UCITS ETF At 0.07% Grows To $1 Billion In Just A Couple of Weeks
Banker on Wheels
VALL/VGLA ETF Assets under management jump to $1 billion since launch - an incredible achievement for an ETF which started trading only 2 weeks ago. For context, that is money arriving faster than Vanguard's own flagship VWCE gathered in its first entire year, and it has happened with no marketing push beyond the number that matters: the whole investable world, 10,000+ stock index, small caps included, for 0.07%. Europe's investors have already voted with their savings plans, and the verdict seems unambiguous.
So you have read our comprehensive review of Interactive Brokers (affectionately abbreviated IBKR or even IB by its users) and you have decided to open an account. This guide will walk you through the steps of the process. In some ways, this broker account opening process can be longer than for other brokers. Thatβs because IBKR is more sophisticated. But, we make this process a bit simpler. In the end going through it is worth the hassle given the benefits the broker may give you in the long run. Letβs get started!
Show more
π Portfolio Construction
Asset Allocation
The Withdrawal Clock: How Retirement Length Changes Spending
Morningstar
This article examines how the safe withdrawal rate changes dramatically with retirement time horizon. Using Morningstarβs forward-looking assumptions and Monte Carlo simulations, it estimates that a 40% equity/60% fixed-income portfolio can support a 3.9% starting withdrawal rate over 30 years, but about 4.4% over 25 years and 9.7% over 10 years, assuming a 90% probability of success. The piece also shows how retirees can use these figures to adjust spending during retirement. Someone withdrawing too much may need to reduce spending or give up inflation adjustments, while someone whose portfolio has grown strongly may actually be able to increase spending or use the surplus for gifts and one-off expenses.
Vanguard Global All-Cap ETF jumps to β¬180m in AUM (updated with Distributing and Accumulating Share Classes) & Women and Wealth
August 28, 2026
Raph & Francesca
Expertise is great, but it has a bad side effect. It tends to create an inability to accept new ideas.
Dean Williams
β Featured
Banker on Wheels Resources
Your Battle Plan For The Next Market Chaos: Crafting a Rock-Solid IPS in 2026
Banker on Wheels
History shows that reacting emotionally to market turmoil is rarely the right move. Panic selling, driven by loss aversion and herd mentality, often leads to locking in losses and missing out on eventual recoveries. The urge to avoid further losses can be so strong that it overrides long-term investment plans, causing investors to make decisions they later regret.
Enter the IPS: not just paperwork, but your battle plan
Enter the Investment Policy Statement (IPS): not just paperwork, but your battle plan. It defines your goals, pins down your risk tolerance, and hands you clear rules for stormy marketsβno matter how βunprecedentedβ they may feel. By acknowledging that market downturns and periods of uncertainty are inevitable, an IPS helps investors prepare emotionally and financially for the rough patches. By staying focused on long-term objectives and maintaining a diversified portfolio, investors can weather the storms of uncertainty and emerge stronger on the other side.
Ready to build your IPS? Hereβs what to considerβand how often to revisit it. Letβs jump in.
So you have read our comprehensive review of Interactive Brokers (affectionately abbreviated IBKR or even IB by its users) and you have decided to open an account. This guide will walk you through the steps of the process. In some ways, this broker account opening process can be longer than for other brokers. Thatβs because IBKR is more sophisticated. But, we make this process a bit simpler. In the end going through it is worth the hassle given the benefits the broker may give you in the long run. Letβs get started!
Show more
π Portfolio Construction
Asset Allocation
60/40: Why Higher Correlation Doesnβt Mean Less Diversification
Morningstar
If bonds no longer reliably zig when stocks zag, perhaps the traditional balanced portfolio no longer works.
But that conclusion rests on a simplistic reading of a single statistic. Correlation describes whether two assets tend to move in the same direction, but it says nothing about the size of those moves or whether they help or hurt investors. Stocks and bonds can be positively correlated because they are both rising (good news) or because they are both falling (bad news).
The 60/40 portfolio was never designed around the idea that bonds would offset every stock market decline. Its purpose is to combine two assets with different risk characteristics to create a smoother investment experience. The objective of diversification isnβt to avoid periodic losses. Those are an unavoidable part of investing. The real goal is to reduce the severity of those short-term losses so investors can remain committed to their long-term plan through difficult markets.
Vanguard FTSE Global All-Cap Starts Trading, The Price of Not Investing & Cost to Retire Around the World
August 21, 2026
Raph & Francesca
Wealth consists not in having great possessions, but in having few wants.
Epictetus
β Featured
Banker on Wheels Resources
Vanguard FTSE Global All-Cap UCITS ETF At 0.07% Starts Trading On XETRA and LSE
Banker on Wheels
Today, Vanguard has launched the FTSE Global All-Cap UCITS ETF (VGLA) on multiple European Exchanges. Itβs the cheapest single-ticket exposure to the entire global equity market, with large, mid and small caps across developed and emerging markets, at a total expense ratio of just 0.07%.
The ETF began trading today (20 August) on Deutsche BΓΆrseβs Xetra and LSE, with parallel listings on Borsa Italiana, Euronext Amsterdam and the SIX Swiss Exchange.
It is the ETF equivalent the US-listed VT β Vanguard Total World Stock Index Fund ETF (0.06% TER) and the Vanguard FTSE Global All Cap Index Fund long popular with UK investors, but still with 0.23% fee.
Itβs the first time Vanguard has offered whole-market coverage, small caps included, in a European ETF without an ESG screen. For the first time, the fee is very close to US-listed ETFs, as well.
So you have read our comprehensive review of Saxo Bank and you have decided to open an account. This guide will walk you through the steps of the process.
In some ways, this broker account opening process can be a bit longer. Thatβs because SAXO is more sophisticated. But, we make this process a bit simpler. In the end going through it is worth the hassle given the benefits the broker may give you in the long run. Letβs get started.
Vanguard FTSE Global All-Cap UCITS ETF At 0.07% Grows To $1 Billion In Just A Couple of Weeks
europe finally gets THE GLOBAL market in one cheap etf
Vanguard has launched the FTSE Global All-Cap UCITS ETF (VGLA / VALL) on multiple European Exchanges. Itβs the cheapest single-ticket exposure to the entire global equity market, with large, mid and small caps across developed and emerging markets, at a total expense ratio of just 0.07%.
The ETF began trading on 20th of August on Deutsche BΓΆrseβs Xetra and LSE, with parallel listings on Borsa Italiana, Euronext Amsterdam and the SIX Swiss Exchange.
It is the ETF equivalent of US-listed VT β Vanguard Total World Stock Index Fund (0.06% TER) and the Vanguard FTSE Global All Cap Index Fund long popular with UK investors, but still with 0.23% fee.
Itβs the first time Vanguard has offered whole-market coverage, small caps included, in a European ETF without an ESG screen. For the first time, the fee is very close to US-listed ETFs, as well.
KEY TAKEAWAYS
Vanguardβs new FTSE Global All-Cap UCITS ETF started tradingΒ on Xetra, Borsa Italiana, the London Stock Exchange, Euronext Amsterdam and SIX.
At a 0.07% TER it is the cheapest broad global equity ETF in Europe β half the price of Vanguardβs own FTSE All-World (VWCE, 0.14%) and less than a third of its ESG Global All Cap (V3AM, 0.24%). It matches the 0.07% of the cheapest large/mid-cap all-country ETF (Amundi Prime All Country World, WEBN) while adding small caps, and undercuts the next all-cap fund (SPDR MSCI ACWI IMI, 0.17%) by ten basis points.
It tracks the FTSE Global All Cap Index: roughly 10,000 large-, mid- and small-cap stocks across developed and emerging markets β around 98β99% of the worldβs investable market capitalisation.
Both share classes went live together on 20 August: Accumulating (IE000VAHT5T0) and Distributing (IE000CVUM3N6, quarterly payouts). A currency-hedged class at 0.10% is provided for in the prospectus but has not been listed.
Update as of 4th September 2026: The ETF proves extremely popular. VALL/VGLA ETF Assets under management jump to $1 billion since launch.
VGLA starts trading on five exchanges
replicating an index with roughly 10,000 stocks
VGLA physically replicates the FTSE Global All Cap Index, a market-cap-weighted benchmark of roughly 10,000 stocks across developed and emerging markets and capturing approximately 98β99% of the worldβs investable market capitalisation. The addition of small caps is what separates it from the FTSE All-World range, which stops at large and mid caps and covers around 90% of the investable universe.
Key Information
Field
Detail
Fund name
Vanguard FTSE Global All-Cap UCITS ETF (USD)Β
ISIN
IE000VAHT5T0 (Accumulating) and IE000CVUM3N6 (Distributing)
TER
0.07%
Index
FTSE Global All Cap Index (net total return, USD)
Index coverage
~10,000 large-, mid- and small-cap stocks, developed + emerging markets (~98β99% of investable market cap)
Replication
Physical (optimised sampling)
Use of income
Accumulating and Distributing Share Classes
Domicile
Ireland (UCITS)
Base currency
USD
Share class inception
18 August 2026
First trading day
20 August 2026
Where it trades
The ETF listed simultaneously on five venues.
The accumulating share class (IE000VAHT5T0)
Note the ticker differs on Xetra (VGLA) versus everywhere else (VALL, plus a USD line VALU in London).
Exchange
Ticker
Trading currency
SEDOL
Xetra (Deutsche BΓΆrse)
VGLA
EUR
BW9L7S4
Borsa Italiana (Milan)
VALL
EUR
BW9L7W8
London Stock Exchange
VALL
GBP
BW9N973
London Stock Exchange
VALU (VALL on IBKR)
USD
BW9N906
Euronext Amsterdam
VALL
EUR
BW9L7Y0
SIX Swiss Exchange
VALL
USD
BW9MHM1
The distributing share class (IE000CVUM3N6, quarterly distributions)
The distributing share class is not listed in Milan yet.
Exchange
Ticker
Trading currency
SEDOL
Xetra (Deutsche BΓΆrse)
VGLD
EUR
BW9MJ25
London Stock Exchange
VACD
USD
BW9N928
Euronext Amsterdam
VALLD
EUR
BW9MJ70
SIX Swiss Exchange
VALLD
USD
BW9MJ81
21st August 2026 Update: IBKR has the accumulating class under VALL for both the USD and GBP Share Classes.
Vanguardβs global range: before and after
until today, it was mainly vwce plus an esg etf
Until this morning, Vanguardβs global equity ETF shelf in Europe was essentially one product: the FTSE All-World UCITS ETF (VWCE) β the βVWCE & Chillβ cultural phenomenon we dissected in our deep dive into Vanguardβs European ETF business. Alongside it sat only the ESG Global All Cap UCITS ETF (V3AM), launched in March 2021 at 0.24%, which does include small caps but applies exclusionary ESG screens to the index.
VWCE was kept competitive through two fee cuts in quick succession: from 0.22% to 0.19% effective 7 October 2025 , then from 0.19% to 0.14% in July 2026.
Those cuts came against a backdrop of dependence: our analysis estimated that VWCE alone generated roughly 38% of Vanguardβs Irish UCITS ETF revenue, which long made deep cuts on the flagship economically unattractive β and helps explain why launching an entirely new, broader fund at 0.07% is a bigger statement than any fee cut on VWCE could have been.
VGLA changes the shape of the line-up: broader coverage than either existing fund, no screens, and a fee half of VWCEβs freshly-cut 0.14% and less than a third of V3AMβs 0.24%.
Vanguard ETF
Launched
Index
Coverage
Small caps
TER
FTSE Global All-Cap (VGLA)
20 Aug 2026
FTSE Global All Cap
~10,000 stocks, ~98β99% of investable market cap
Yes
0.07%
FTSE All-World (VWCE)
2019 (range since 2012)
FTSE All-World
~3,600 stocks, ~90% of investable market cap (large + mid caps)
No
0.14% (0.22% β 0.19% Oct 2025 β 0.14% Jul 2026)
ESG Global All Cap (V3AM)
Mar 2021
FTSE Global All Cap Choice
All-cap, ESG screens exclude part of the parent index
Yes (ESG-screened)
0.24% (unchanged since launch)
VGLA did not arrive alone. Vanguard listed it the same day as two siblings: a FTSE Global Small-Cap UCITS ETF (0.22%, accumulating βΒ IE0007TPRF31, distributing β IE000F8RXD33) and a FTSE All-World ex-US UCITS ETF (0.12%, accumulating βΒ IE0009A5ADV9, distributing β IE000G1H7OC0) β a three-fund set that lets investors hold the whole market in one line, or build it in modules.
What it means for investors
one ETf, unless you filter out small growth stocks
For anyone building a one-fund portfolio, VGLA is now the simplest answer: the entire investable world, small caps included, in a single ETF at 0.07%, without ESG screens (which we dislike, even though Vanguard is less problematic than competitors).
Unless explicitely investing in small cap value stocks and filtering out small growth equities, investors who have used a two-fund combination of a global equity ETF plus a blend small-cap satellite can collapse that into one holding β at a lower blended cost.
Both share classes were available from day one β the distributing line (IE000CVUM3N6) began trading on 20 August alongside the accumulating one.Β Vanguardβs prospectus documentation also provides for a currency-hedged variant at a 0.10% ongoing charge, according to reporting on the filing.
Should you switch? Existing VWCE holders shouldnβt rush to sell. Switching can trigger taxes and trading costs that dwarf a few basis points of fees, and the new fund still has to demonstrate tracking. But for new money, the default choice for global equity exposure just got cheaper and broader at the same time.
We will be releasing an updated Global Equity ETF ranking across all providers in the coming weeks,Β including how VGLA stacks up against the competition on cost, coverage and tracking, and including the recent fee drop on VWCE.
You can read our Q1 2026 Global Equity ETF Ranking here.
Thank you for reading. Good Luck and Keepβem* Rolling!
Avantis expands Small Cap Value ETF Availability, Return Stacked ETFs vs DBMF & 4 Alternative Paths to Retirement
August 14, 2026
Raph & Francesca
If you live in harmony with nature you will never be poor; if you live according what others think, you will never be rich.
Seneca
β Featured
Banker on Wheels Resources
Equity Allocation: Is Your Overconfidence In Understanding Risk Leading You To Financial Ruin?
Banker on Wheels
Investing comes with various risks. One of the most critical is not achieving your goals. To reduce it, a certain amount of equity risk is needed.
On the flipside, some investors take more risks that they are able, willing or need to take. The excessive risk often comes from overconfidence in an βabilityβ to estimate the odds of the equity market.
In todayβs article, Larry argues that being on the conservative side and thinking of equities as βuncertainβ is more prudent. More than the specific terms of the framework, focus on Larryβs key takeaway β for a lot of investors the perception of the equity market often flips from measurable βRiskβ to βUncertaintyβ we cannot measure when unprecedented events unfold.
Misjudging how our brain works when faced with black swans increases your risk of ruin.
So you have read our comprehensive review of Interactive Brokers (affectionately abbreviated IBKR or even IB by its users) and you have decided to open an account. This guide will walk you through the steps of the process. In some ways, this broker account opening process can be longer than for other brokers. Thatβs because IBKR is more sophisticated. But, we make this process a bit simpler. In the end going through it is worth the hassle given the benefits the broker may give you in the long run. Letβs get started!
Show more
π Portfolio Construction
Asset Allocation
Portfolio Protection: Another Look at different protections
CAIA Association
Risk mitigation strategies can be separated into three distinct categories: First Responders, Second Responders, and Diversifiers.
First Responders are the portfolioβs fast-twitch muscles. Their job is to respond immediately when markets become disorderly. Long volatility strategies sit in this category. They are designed to provide explicit and reliable protection during sudden market declines, even if that protection comes at the cost of carrying them during quieter periods.
Second Responders are the portfolioβs slow-twitch muscles and are intended to complement the First Responders. Rather than reacting to sudden panic, they seek to identify and exploit persistent trends as they emerge. Trend-following strategies are often less effective in the opening stages of a crisis but become increasingly valuable as market dislocations deepen and trends become established.
Diversifiers are capital-efficient, liquid alpha strategies whose job is to lift the average return of a risk mitigation program without importing short volatility or negative skew into a portfolio that benefits from the opposite. They matter for the longevity of a program, but they are deliberately optional and not explicitly defensive.
Banker, Cyclist or Retriever? Choose your investing style!
We have divided our guides into easily digestible chunks to make your journey more enjoyable.
Author: Raph Antoine Β· Last updated: June 16, 2025
Key Takeaways
Three Characters β Weβve designed three distinct characters to guide you through your investment journey. Choose the one that aligns with your investment goals, the amount of time youβre willing to dedicate to managing your portfolio, and your eagerness to deepen your understanding of financial markets.
Three Main Sections β Our content is organized into three primary sections to cater to different levels of expertise and interest: A beginnerβs guide for those new to investing. An in-depth look at ETF selection and best practices, tailored for informed decision-making, and a section dedicated to investment strategies.
For Investors From All Around The World β Our resources, including the beginnerβs guide and investment strategies, are designed to be universally applicable, benefiting investors worldwide. The ETF section is an exception. It caters to non-US investors by focusing on UCITS ETFs, which offer tax advantages for these investors.
How Do I See If An Article Is for me?
Look at the TOP left corner of our articles
Resource Guidance on the website
This image shows that this guide is Golden Retrievers given the icon in the top-left corner. It tells you the article is aimed at passive investors. The minimum knowledge level to understand it is βBeginnersβ.
Each character icon signals the difficulty and investing style of the resource, and the minimum knowledge level to understand it.
Each resource on this website is tagged according to the path you want to choose. The Icon reflects your Investing Style. From Simple Passive Portfolios (Golden Retrievers), through semi-passive (Cyclists) to Advanced Investing (Bankers).
The Golden Retriever, The Cyclist and The Banker!
We have created three characters to help you on your investing journey. Pick one of them depending on your objectives, time you want to spend managing your portfolio and willingness to increase your knowledge about financial markets.
The Golden Retriever
The Golden Retriever, aka Wise Passive Investor β has the simplest and easiest to understand portfolio with minimum maintenance, as he assumes β probably correctly β that a dog is just as likely to beat the market in the long run as a professional investor. The Golden Retriever follows the bone (aka money) in the most fee-efficient and transparent way. Simplicity often wins.
The Cyclist
The Cyclist, aka Semi-Passive DIY Investor β Accepts that markets are mostly efficient, but given her experience in travelling across the globe, she has the desire to incorporate a couple of active bets, and high-level tweaks (e.g. optimising taxes or offsetting job risks) to her predominately index portfolio. She also wonβt bother overdoing this because, after accounting for costs and time doing research, trying to beat the market canβt compete with real life experiences like cycling the world.
The Banker
The Banker, aka Evidence-Based Investor β Has a good grasp of the markets, and wants to squeeze out all the returns based on academic research, for example using Factor Investing or Risk Parity Strategies. But, Equity Risk Factors underperform over long periods of time, and sticking to his guns will be challenging. Strategies with leverage also have their own risks. Implementation is not straightforward, and outcome β far from guaranteed.
What Does It Take To Be One Of Them?
Initial setup varies from a few weeks to a few months
You can become a Golden Retriever in just a few weeks. Your portfolio will be almost on autopilot. Customising your portfolio as a cyclists can take a bit longer, and maintenance is usually simple. To become a Banker, you need to acquire some portfolio management knowledge.
Not necessarily. But itβs easier to manage and understand.
The big misconception in investing is that a complex and sophisticated portfolio guarantees superior performance, as compared to a simpler one. Risks and Returns donβt necessarily depend on the complexity of your portfolio or your knowledge. The portfolio risk, whether itβs as straightforward as a Golden Retrieverβs or as intricate as a Bankerβs, varies based on how itβs built and the way assets are allocated.
To choose a portfolio, consider the following: Will you fulfil your life objectives with this portfolio? And crucially, will you remain level-headed and avoid rash decisions when (not if) its performance inevitably derails?
Are Retrievers Less Knowledgeable?
Sometimes they may be the smartest.
We divide our guides based on the desired complexity of your portfolio and willingness to learn more. So, if you see:
Golden RetrieverPassive Investing
It suits two types of audiences. First, Individuals who aim to learn just enough to maintain an efficient portfolio, allowing them to focus on other important aspects of life. Second, it may also be ideal for those who value knowledge but prefer to keep their investing strategy straightforward. Thatβs because a lot of smart Golden Retrievers are aware of investment pitfalls, including behavioural, tax and cost implications of active investing.
CyclistSemi-Passive DIY
Seeks customization in her investment approach, akin to a cyclist making precise adjustments for optimal performance. Itβs particularly beneficial for those looking to enhance tax efficiency or balance specific risks, including perhaps job-related uncertainties (human capital).
BankerEvidence-Based
Has sophisticated investment needs. You must be comfortable navigating complex financial landscapes and looking for advanced portfolio strategies.
Which Investor Are You?
How To choose a character
Golden Retrievers comprise approximately one-third of readers who prefer simplicity, utilizing just 1β2 ETFs for their entire portfolio strategy.
Cyclists represent the largest segment at 58% of the audience. These readers maintain primarily passive approaches while experimenting with portfolio customization, including tax optimization and selective active positions.
Here are some of the practicalities of being a Golden Retriever:
Chewy β The Golden RetrieverPassive Investing
For whomAll Investors can set up this type of portfolio, including very beginners.
Why To Be A DogInvesting requires minimal effort. You can live your life to the fullest without spending time managing your portfolio, but still following best market practices.
Initial Time RequiredYou will need 4β8 weeks to become familiar with the materials to set up a portfolio and implement it.
Ongoing Portfolio MaintenanceYou only need a day or two per year to rebalance a portfolio.
Main ChallengesSticking to your strategy can be challenging during market crashes, and when certain markets that your friends are invested in outperform.
Number of ETFsYou wonβt need more than a couple of ETFs.
Examples of FundsGlobal Equity ETFs or with the addition of bonds Vanguard Lifestrategy ETFs
Bankeronwheels.com ResourcesA significant part of our guides are targeting Golden Retrievers.
2. The Cyclist
Should You be Kumiko β (η΅ε) - The Cyclist?
Here are some implications of being a Cyclist:
Kumiko β The CyclistSemi-Passive DIY
For whomIntermediate or Advanced Investors.
TypeIndex portfolio with some active bets.
Why to be a CyclistAllows to (i) Invest in a customised way, improving tax efficiencies, potentially reducing fees, implementing some personal views for example related to sustainability, offsetting human capital and potentially increase risk-adjusted returns.
Initial Time RequiredYou will need 2β3 months to become familiar with the materials to set up a portfolio and implement it.
Ongoing Portfolio MaintenanceYou will likely need a day or two per quarter to rebalance a portfolio and optimise it from a tax perspective.
Main ChallengesMay require more research and maintenance. You will be prone to potential behavioural biases, and may find it challenging keeping the active part relatively small and a consistent over time.
Number of ETFsUsually involves at least three funds.
Examples of FundsRegional tilts to capitalization-weighted indices, adding diversifiers, Socially-responsible Screening or Tax-efficient regional ETFs.
TypeInvesting incorporating Equity Risk Factors or Strategies like Risk Parity.
Why To Be a BankerAllows for potential outperformance compared to capitalisation-weighted indices.
Initial Time RequiredYou will need at least months to become familiar with academic research related to risk factors, and implement it.
Ongoing Portfolio MaintenanceYou will likely need a day or two per quarter to rebalance a portfolio and optimise it from a tax perspective.
Main ChallengesSubstantial research, maintenance and adequate ETF selection. Potential behavioural biases, keeping the active, underperforming parts consistent over long periods of time. Poor UCITS availability for certain strategies and tax leaks for US ETFs.
Number of ETFsUsually involves at least three funds, but multifactor funds can make implementation simpler.
Examples of FundsMulti-factor ETFs, Leveraged Portfolios, Risk-Parity ETFs, Small Cap Value, CTAs etc.
Bankeronwheels.com ResourcesCurrently, only a few guides target bankers. This will increase over time.
What Guides Are Available?
Discover the three main sections
Our guides are divided into three sections:
πBeginnersβ Guides
All Investors
These resources are compiled to introduce beginners to investing, including books and movies. Most of these resources are agnostic to your location and can be read by US, European or any other investors.
These guides focus predominately on UCITS ETFs covering Equities, Fixed Income, Fund of Funds, Alternatives and Sustainable Investing. These guides are mainly for non-US Investors.
These guides cover portfolio construction, asset allocation, asset classes or risk management. Most of these resources are agnostic to your location and can be read by US, European or any other investors.
Current Complexity of our Community Membersβ Portfolios
0%Golden RetrieversAbout a third of our readers want to keep it extremely simple and efficient by using 1 to 2 ETFs for their entire portfolio.
0%Cyclists58% of our readers are passive but are experimenting with tweaking their portfolio, including tax optimisation and customisation or sometimes a few active bets.
0%Bankers12% of our readers are experienced enough to implement factor investing.
So you have read our comprehensive review of Saxo Bank (abbreviated SAXO) and you have decided to open an account. This guide will walk you through the steps of the process.
In some ways, this broker account opening process can be longer than for other brokers. Thatβs because SAXO is more sophisticated. But, we make this process a bit simpler. In the end going through it is worth the hassle given the benefits the broker may give you in the long run.
Letβs get started!
We added special considerations (Marked asβ οΈ) to pay attention to. They may be different to other brokers and/or have special importance.
STEPS TO OPEN AN ACCOUNT
Β
Phase 1 (Steps 1 to 3). This phase is a standard registration process: click the open account button, create your login credentials, and verify your email. Crucially, the country of residence (not your citizenship) you select during registration determines exactly which Saxo legal entity you are assigned to. While this guide focuses on the standard Saxo Bank onboarding flow, we also highlight the specific compliance and regulatory differences applicable to π¬π§ UK residents.
Phase 2 (Steps 4 to 10). A few standard steps: provide personal information including employment status, source of wealth, trading experience, choose your base currency and answer regulatory questions. Pay attention to your base currency selection, as Saxo generally does not allow the base account currency to be changed once the account has been funded. We also point out some of the additional suitability and compliance questions shown to π¬π§ UK applicants.
Phase 3 (Steps 11 to 16). Configure and finalize your account by completing the W-8BEN tax declaration, accepting the legal agreements and submitting proof of identity and address. Pay attention to your tax residency and the treaty in place between your country and the US to ensure that you benefit from the reduced US withholding tax rates where applicable. We also explain some of the additional legal declarations and verification steps required for π¬π§ UK-based applicants under Saxoβs FCA-regulated onboarding framework.
Enter your name, email address and country of residency:
β οΈAttention: the βCountryβ field is your country of main residence, not your country of citizenship
β οΈ Dynamic Routing & Legal Residency. Saxo Bank uses a centralized onboarding flow with automated jurisdiction routing. The country of residence selected during signup determines which legal entity and regulatory framework applies to your account. Most mainland European residents are onboarded through Saxo Bank A/S in Denmark, while UK residents are redirected to the FCA-regulated British entity. Some countries may additionally involve localized partnerships, such as BG SAXO in Italy.
Start the Application. Ensure you select your country of tax residence; Saxo cross-references this automatically during the digital ID verification step, and any mismatch will result in your application being instantly flagged and rejected by compliance.
Required Documents. Before clicking βContinue,β note the βList of documents and information to have readyβ link at the bottom of the form.
Click βContinueβ but before make sure to complete the βIβm not a robotβ reCAPTCHA human check verification right above the submit button to clear the automated security gate.Β
β οΈUK Accounts. Selecting the United Kingdom as a country of residency immediately triggers a notification redirecting users toward Saxoβs dedicated UK onboarding environment. To proceed with the UK application, you will need to enter your first and last name, provide an email address, and choose a password. After that, complete the CAPTCHA verification to proceed.Β
You will receive an email with a link to complete your application later if you prefer. The email is important because you will be able to set up a password just towards the end of the application (so if you do not complete immediately you most likely have to use the password reset function) and will include your account ID that is also your username.
UK Accounts. If you are on the UK website, the process is slightly different. You will need to verify your email address before continuing with the application. Check your inbox for the verification code, enter it in the required field, and then click βSubmitβ to procee
Step 5οΈβ£ β Employment And Source Of Income Information
Employment Details: Enter your current employment status and your employerβs information. You can choose among:
Employee, private company
Employee, public sector company
Private company, Member of Board of Directors or Executiveβ¦
Public sector/state, Member of Board of Directors or Executβ¦
Political/Public office
Self employed
Retired
Student
Unemployed
β οΈNote that if you select βUnemployedβ, the system will still require you to list the details and company name of your most recent job before you can continue.
PEP Status. The platform will ask you to declare your PEP (Politically Exposed Person) status. If you donβt know if this applies to you, click the small information icon (i) to see the official definition.
Step 6οΈβ£ β Financial Information and Choice of Base Currency
Indicate your source(s) of wealth and how much you plan to deposit each year
Choose the base currency of your account per your convenience and your total investable assets.Β
Attention. Always be in a position to provide documents to justify your source of wealth (payslips, employment letter, inheritance documents, trading gain statements from former brokers etc). Be sure to keep these in your records, should you be required to provide them one day.
More about base currency
Base Currency Definition. Your accountβs base currency is the primary denomination used for your aggregate portfolio accounting, performance reporting, and the currency in which default platform fees are calculated.
Supported Currencies. Saxo supports an extensive list of major base currencies directly in the registration dropdown menu, including: EUR, USD, GBP, CHF, AUD, CAD, CNH, CZK, DKK, HKD, HUF, JPY, NOK, NZD, PLN, SEK, SGD, and ZAR.
The Multi-Currency Sub-Account Feature. To trade global assets efficiently without incurring constant conversion spreads, Saxo utilizes a Sub-Account structure. While you choose one main master base currency during this application step, you can easily open free sub-accounts in different currencies (e.g., a USD sub-account alongside your primary EUR account) directly within the platform later. This allows you to fund, hold cash, and receive dividends natively in multiple currencies, shielding your capital from unnecessary FX conversion costs during foreign transactions.
β οΈ Strict Base Currency Lock. Pay close attention to your choice in the dropdown menu: Saxo Bank does not allow you to change your master account base currency once the account has been funded. Even when onboarding via regional partnerships like BG SAXO, all currency options remain unlocked and available for selection. However, if you make a mistake here and select the wrong one, you will have to contact support immediately before sending any money to fix it, or rely exclusively on adding sub-accounts later.
Funding & Conversion Tips. When moving cash between your multi-currency sub-accounts inside the platform, always execute transfers during regular Forex market trading hours. Saxo disables cross-currency sub-account transfers on weekends and major holidays to protect users from liquidity gaps and conversion errors.
β οΈ Confirm your citizenship. Under MiFIR regulations, Saxo Bank must collect unique National Client Identifiers for transaction reporting. As shown, once you select your nationality (e.g., Italy), the form dynamically loads your countryβs tax field, requiring Italian residents to provide their alphanumeric Codice fiscale. If you hold multiple citizenships, check the βI have an additional nationality (incl. US)β box. Ensure everything is entered exactly as it appears on your passport to avoid compliance delays during document verification. Click βContinueβ.
Confirm your Tax Residency and details. Select your primary tax jurisdiction from the βWhich countries are you resident in for tax purposes?β dropdown menu. If you have dual-tax liabilities or fall under US FATCA reporting regulations, make sure to check the βI have an additional tax residency (incl. US)β box. Finally, populate your accurate Country of Birth and type your City of Birth exactly as detailed on your primary passport to clear the backend identity match. Click βContinueβ.
Confirm your Residencial Address. Fill in your complete address details across the required fields, including Street Name, House Number, City/Town, and Postcode/ZIP.
β οΈ Critical Match Warning: The exact text data you type into these fields must perfectly replicate the information on the physical Proof of Address document (such as a utility bill or bank statement) you will be asked to upload later. Any spelling variations, missing house numbers, or zip code discrepancies between this digital input and your paperwork will automatically trigger a compliance review and stall your account activation.Β
Claiming Tax Treaty Benefits. The W-8BEN form allows non-US investors to benefit from reduced US withholding tax rates under their countryβs tax treaty with the United States. Without a valid declaration, US dividends may be taxed at 30% instead of the lower treaty rate (often 15%). Select your country carefully and complete the confirmation checkboxes before clicking βSign and continueβ.
FOR UK INVESTORS
Β
π¬π§ Compared to the standard European onboarding flow, UK applicants are presented with the same W-8BEN declaration process before accessing U.S. securities. However, UK applicants are asked to confirm whether special tax rates or treaty conditions apply to them.
Step 1οΈβ£2οΈβ£ β Accept General Business Terms
Legal Frameworks & Terms Acceptance. This final step legally ties your account to Saxo Bankβs regulatory infrastructure. The scrollable text contains mandatory legal agreements, including the General Business Terms, Risk Disclosure Statements, and Best Execution Policy.
The Checkboxes: To submit your application, complete the following options:
βοΈ βI accept the aboveβ β Mandatory. You must check this box to agree to the business and custody terms, or the platform will not let you proceed.
β Marketing Communications β Optional. Leave this box blank if you want to opt out of promotional emails, texts, and phone calls.
β οΈDo Not Close or Refresh: Once you click the blue βContinueβ button, Saxo begins processing your file on their servers. As noted on the left panel, this can take up to 3 minutes. Do not close your browser tab, go back, or refresh the page during this time, or your application may be interrupted.
Step 1οΈβ£3οΈβ£- Password and Phone Number Verification
Set Your Password β Mandatory. Your chosen password must be at least 12 characters long and contain at least 1 number and 1 letter. The interface will display green indicator text once these security benchmarks are successfully met.
Verify Your Phone Number β Mandatory. The platform will instantly send a 6-digit SMS text code to your registered mobile device. Type this code into the βVerification Codeβ field to link your phone. If the text fails to arrive after a minute, check the βI didnβt receive a verification codeβ box to trigger a resend option. Click the blue βContinueβ button to lock in your security credentials and proceed.
Step 1οΈβ£4οΈβ£- Upload your proof of residency and sign the contract
Proof of Residential Address. To clear the final Know Your Client (KYC) security stage, you must submit an official document that explicitly matches the exact full name and home address details you entered earlier in your application.
Accepted Document Types. As displayed in the dropdown menu selection, the platform accepts any of the following official documents:
Utility bill (issued within the last 6 months)
Bank statement (issued within the last 6 months)
Latest Tax statement (issued within the last year)
Residence Permit / Residence certificate (issued within the last 6 months)
Credit card statement (issued within the last 6 months)
β οΈOnline Account Opening Confirmation: Right below the address upload zone, you must look for the βClick here to downloadβ link. This dynamically generates your personalized registration contract. You are required to download this document, review it, physically or digitally sign it, and upload the completed file back to the βOnline Account Opening Confirmationβ drop zone before hitting continue.
Β π¬π§ As shown in the second screen, British clients must answer additional declaration questions, including whether the account is being opened on behalf of another person and whether any health-related conditions could impact their ability to use or understand the platform.
Step 1οΈβ£5οΈβ£ π¬π§ β Verify Your Identity & Address
Identity Verification Requirements. You must verify your identity. The platform requires two components:
Take a picture of a valid ID: You can use a driverβs license, passport, or national identity card.
Take a Selfie: Make sure you have a mobile phone or computer webcam ready for a quick face scan.
Recommended Browsers. To minimize technical issues or camera loading errors during the biometric scan, Saxo explicitly recommends using Google Chrome, Safari, Firefox, or Microsoft Edge.
β οΈ Biometric Privacy Consent: Clicking the blue verification button confirms your consent for Saxo and its automated service providers to securely collect, process, and store your facial data strictly for identity validation.
Flexible Completion: If you do not have your physical documents or a functional camera on hand right now, you can click the βDo it laterβ link to skip this step temporarily and resume it when you are ready. Otherwise, click βVerify Identity Nowβ to complete the check.
Successful Submission. Once you finish the live selfie scan and document upload via Veriff on your smartphone, your screen will automatically refresh to this confirmation landing page.
Finalizing the Session. The message βThank you! Your verification data has been successfully submittedβ confirms that your biometric data, ID scans, and compliance forms have been securely packaged and sent to Saxo Bankβs automated compliance queue.
Next Step: Simply click the dark green βContinueβ button to close the active verification interface.
Transition to Smartphone. To complete the secure identity verification, Saxo Bank routes you to a mobile-friendly onboarding terminal powered by Veriff. You will need a functioning smartphone with a camera to finish this part.
How to Connect Your Device. The platform offers two quick methods to transfer the session to your phone:
Option 1 (QR Code): Open your smartphoneβs camera app and scan the unique QR code on the left to immediately open the secure link.
Option 2 (SMS Link): Select your country code (e.g., Italy +39), enter your mobile phone number on the right, and click βNextβ to receive a secure login link via text message.
β οΈNo Smartphone? If you do not have a mobile device available or your phoneβs camera is broken, you can bypass this handoff by clicking the βDonβt have a smartphone? Continue with your current deviceβ link at the very bottom to attempt verification using your computerβs webcam instead.
Final Submission Screen. After clearing the verification checkpoint, you will land on this final confirmation page. Your registration data is now officially saved and locked.
The Waiting Period. Saxo Bankβs compliance team will begin processing your account. Keep a close eye on your inbox: you will receive a confirmation email once your account is approved, or an immediate notice if they require any clarifying documents from you.
Explore the Platforms: While your application is under review, you donβt have to just wait around. You can click the βDemo our platformsβ link to log into a simulated environment and get familiar with Saxoβs trading interfaces and financial products with zero risk. You can now safely close this browser window.
Upon completing the application,Β youβllΒ be given a choice between logging in to Saxo Investor or SaxoΒ TraderGo. Saxo Investor is primarily investing focused, SaxoΒ TraderGoΒ has a suite of more advanced features like margin, CFD and currency trading. You have access to both at any given time, but one is more likely to be suitable for your use than the other.Β Β
Millions of Europeans Locked Out Of ETFs. Surely, You Must be KIDing?
How a Three-Page Document Locks Millions of Europeans Out of Mainstream ETFs
Last week, I had a coaching session with a High Net Worth client from Athens. He is fluent in English, works in Big Tech, holds a postgraduate degree, and has been investing for a number of years. He wanted to open a broker account with SAXO β a Tier 1 Broker to diversify his Interactive BrokersΒ counterparty risk and buy VWCE β the Vanguard FTSE All-World UCITS ETF that sits at the core of most European passive portfolios.
He could not.
The broker didnβt allow it. The reason is that no Greek-language Key Information Document (known as βKIDβ) exists for VWCE. The broker strictly interprets the regulation requiring a KID in the official language of the investorβs country. Since Vanguard does not publish a Greek KID, the trade is blocked. Not because the product is unsuitable, or because the investor cannot understand it.
But because a three-page disclosure document has not been translated.
It sounds like an easy fix. Why didnβt the issuer bother translating a three-page document? But if it were that simple, it would already be fixed. The real barrier is a chain of three independent failures. And it doesnβt just affect small countries. Yes, investors in smaller countries β Greece or the Czech Republic β cannot access mainstream ETFs, like those from Vanguard. But investors in large countries β France, Italy or Poland β may also not be able to buy niche ETFs, like those from Avantis.Β
KEY TAKEAWAYS
Investors in a dozen EU countries are blocked from buying mainstream ETFs from Vanguard. The barrier is a chain of 3 independent failures: Vanguard never registered the fund, the national regulator requires a local-language KID, and the broker enforces that strictly.
But, the same investor, buying the same ETF, on the same exchange, gets a different outcome depending on which broker they use. Interactive Brokers and Swissquote let a Greek investor buy VWCE. Saxo and DEGIRO block it. Brokers have different setups and attitudes towards litigation risk.
Workarounds may exist. Consent-based brokers (IBKR, Swissquote, or Lightyear) use English-language consent clauses. For investors with portfolios above EUR 500k (dropping to EUR 250k once the EU Retail Investment Strategy enters force), MiFID II elective professional opt-up removes you from PRIIPs entirely, provided you meet additional conditions. Others like SAXO have a wide enough substitute list to construct a diversified equity portfolio, even without Vanguard.
The same rule prohibits bigger countries like Italy, France or Poland from buying Avantis ETFs.Β Brokers may also block investors from bigger countries like Italy or Poland investing in more niche ETFs like those from Avantis, until the issuer registers those locally.
Interestingly, the same Greek investor could open an account at Interactive Brokers and buy the same VWCE on the same exchange, at the same price, within minutes. Or he could use Swissquote. Same investor. Same ETF. Same regulation. The only thing that changes is the brokerβs interpretation of a single article in a regulation.
The problem started in 2023, when PRIIPS rules were implemented for ETFs. Unfortunately, this is not a Greek problem, and it is far worse than most investors realise.
WHY INVESTORS IN SMALLER COUNTRIES CAN'T ACCESS VANGUARD ETFs
Problem #1 - The ETF issuer didn't register the ETF
there are 15 countries where VWCE is not registered
Where VWCE is registered
Where Is Your Vanguard ETF Registered?
Retail & Institutional
Institutional Only
Not Registered
Source: Vanguard, Banker on Wheels
Before a KID can be translated, the ETF must be registered for distribution in the country. This is a separate step called passporting.
The ETF issuer submits a notification file to its home regulator β typically the Central Bank of Ireland β which transmits it to the host countryβs National Competent Authority (βNCAβ). The host NCA charges registration fees, and the issuer must appoint a local facilities agent, translate the KID and key legal documents, and maintain all of this on an ongoing basis, re-translating the KID every time performance scenarios or risk indicators change. For a single country, the annual cost across a full ETF range may run to tens of thousands Euros.
For VWCE, Vanguard has simply never passported into 15 EEA countries, including Greece, Hungary, Romania, Bulgaria, Croatia, Slovenia, Slovakia, and the Baltics. There is no Greek KID for VWCE because Vanguard never submitted the paperwork.
The commercial logic is straightforward. The expected AUM inflow β particularly from financial advisors as registration means the ETFs can be marketed through them β does not justify the cost and hassle.
But why do countries differ in application?
Can you do anything about it? Sometimes. Itβs the ETF issuer business logic, although some issuers may be more keen to register the ETF in your country than others. If there is enough demand they may follow the process. For mainstream ETFs, you can try to find equivalent ETFs from issuers that have registered the ETF in your country (e.g. iShares instead of Vanguard)
Problem #2 - INVESTOR'S COUNTRY DOESN'T ALLOW a KID in ENGLISH
Out of those 15 countries, investors in 7 may still be able to buy VWCE
REGULATORY BARRIER
The PRIIPs KID Language Wall
All 30BlockedNo BarrierNO VWCE Reg. β
22No barrier
8Blocked
Scroll right to see all columns β
Country β²
VWCE REg.β²
KID Language Required β²
NCA Position β²
Barrierβ²
Source: NCAs, ESA, EIOPA, Vanguard, Banker on Wheels
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investors can trade if A country is strategic or has ties to one of the most spoken languages
What are the rules of the game?
The EU regulation, which is not a directive β so EU states cannot implement it the way they want -is strict:
βThe key information document shall be written in the official languages, or in one of the official languages, used in the part of the Member State where the PRIIP is distributed, or in another language accepted by the competent authorities of that Member State, or where it has been written in a different language, it shall be translated into one of these languages.β
In practice, this means:
Countries like Germanyβ NCA wants KIDs only in German (see Strict in the NCA column above). The position is strict. But, in practice the country is very strategic to Vanguard and all ETFs get translated, so there is no barrier.
Countries like Poland or Portugal β NCAs are more flexible, as long as clients sign off a declaration that they can understand English. In practice, Vanguard registered there, but even if it didnβt a broker could still make you declare you understand english and that would do the trick.
But, what about those countries where Vanguard didnβt register the ETF share class you want to buy?Β
Investors may still be able to buy:
Cyprus&Malta β thanks to British heritage, the local NCA approved English.
Countries like BelgiumΒ β it turns out theΒ distributing share class is registered so the accumulating class in the table above mayΒ de facto qualifyΒ as well. If it wasnβt registered at all, the NCA flexibility would still help. Amundiβs equivalent Prime All Country World UCITS ETF (WEBN) is not registered in Belgium, but the local NCA accepts other languages. Amundi already translates KIDs into French and German for neighbouring markets, so the requirement is met without additional effort (and paradoxically non-registration may even mean better TOB tax treatment for Belgian investors).Β
8 out of 15 countries are too rigid and not strategic enough
We saw that Vanguard also didnβt register VWCE in Iceland, Bulgaria, Croatia, the Czech Republic, Estonia, Greece, Hungary, Latvia, Lithuania, Romania, Slovakia, or Slovenia.
They fall into two camps:
Not Strategic & Flexible Countries β like Estonia, IcelandΒ or the Czech Republic.Β NCAs approve KIDs in English on the condition that the broker checks that you understand it. Your local authorities did the right thing giving you flexibility.Β
Not Strategic & Inflexible Countries β like Greece, Bulgaria or Slovakia.Β NCA wants KIDs in local language only, so investors are in a limbo. Local authorities didnβt give you flexibility.Β
But, thatβs all theoretical limitations. How does it work in practice with brokers? Do they treat the strategic & flexible camp differently to the not strategic & inflexible?
Can you do anything about it? In theory, yes. You may try to pressure local authorities. EIOPA says it is up to each country. Some countries have acted to give investors optionality. Others have not. But, in practice things are more complicated, as we will see shortly.
Problem #3 - BROKERS HAVE DIFFERENT setups & RISK ATTITUDES
illustrative examples
3 categories of brokers (+ Professional opt-in)
How Brokers Handle the KID Language Rule
β
Blanket English Communication ConsentENGLISH KIDs ACCEPTED
General English communication consent at account opening is treated as satisfying Article 7.
"Where possible we will provide you with a UCITS KIID or PRIIPs KID in your preferred language, but where this is unavailable the KID may only be made available in a different language. If you proceed to place your order you will be deemed to have understood and accepted the details in the KID." β Swissquote Bank Europe SA, Securities T&Cs
"You declare that you accept and understand that the official language of Lightyear is English. Lightyear will make available information and all documents, including the Lightyear mobile and web application (the βAppβ) and the Services, the website, key information documents, and customer communications including marketing materials available to you in English. " β Lightyear Terms of Service
English terms and stance is implict in the TWS message for ETFs that are not tradable which reads "This product requires a KID in English or in a language approved for your country. Retail clients can trade packaged retail products only if an appropriate KID is available" - Interactive Brokers (for which EU clients are consolidated into Irish entity under Central Bank of Ireland supervision)
Interactive Brokers
Swissquote LUXEMBOURG ENTITY
Lightyear
β
Bilingual Consent ModelENGLISH KIDs ACCEPTED
Customer agreement published bilingually (e.g. Greek/English) - language question is omitted.
"In addition, the Customer can retrieve the
legally required key information documents for
so-called packaged investment products via the
Application or have them sent to the Customer
by email or post. (...) Notwithstanding the appropriateness tests,
Trade Republic recommends that Customers
obtain an overview of the respective risks of the
contemplated Securities or Crypto-Asset
transaction by means of the Help Center, key
information documents and information sheets
provided and, if applicable, by means of further
information on the part of the issuer (e.g.
securities prospectus) or from third parties (e.g.
publications in the trading-related press).
Trade Republic
β
Strict EnforcementETF NOT AVAILABLE
If no KID exists in the required language, the order is rejected at entry. No consent workaround offered to retail clients.
Unfortunately, simply having a KID (Key Information Document) in a language you understand is not enough to allow us to offer the ETF or investment fund. Each product must be officially authorized to be offered in your country (known as βpassportingβ) and have a KID available in your local language. Of course, we cannot speak for other brokers. How they interpret the rules is up to them. However, for us, the regulations are unambiguous, and we adhere to them as closely as possible. β DEGIRO Help Centre
Before an instrument becomes available for trading, the instrument provider must ensure that it complies with regulatory requirements in each country where it intends to distribute the fund. This involves obtaining necessary approvals and meeting local regulations. If the instrument is not distributable in your country, Saxo cannot make it available for trading.
A common reason is related to the languages version permitted in your country of residence. The EU requires the provider of the instrument to have the KID translated to local languages. β SAXO Help Pages
Saxo Bank
DEGIRO
β
MiFID II Professional Opt-UpPRIIPS EXEMPT
Reclassification as a professional investor removes the client from PRIIPs entirely. The only fully regulator-approved solution. Currently requires 2 of 3: portfolio over EUR 500k, 10 significant trades/quarter, or 1 year in finance. The EU Retail Investment Strategy will lower the portfolio threshold to EUR 250k (3-year average).
Interactive Brokers
Swissquote
Saxo Bank
Source: Broker customer agreements, Banker on Wheels
We examined the customer agreements of few illustrative European brokers to understand how they handle the regulation. The approaches fall into three camps, and the differences are not about regulation. They are about setups and risk appetite β some read it conservatively and block trades, others engineer contractual workarounds that give investors access to the full ETF universe:
Dealing with you only in English (Interactive Brokers, Swissquote or Lightyear) β brokers mayΒ treat a blanket English communication consent as satisfying the language requirement for investors in some countries. Swissquote Luxembourg goes further with a KID-specific clause: if the KID is not available in your language and you proceed to trade, you are βdeemed to have understood and acceptedβ it.
Dealing with you in your language andΒ in English (e.g. Trade Republic) β some publish bilingual customer agreements and may (or not) include some language about KIDs. For Trade Republic we havenβt found any reference to KIDs language in the English+Greek double-language version.Β
Taking a conservative stance (SAXO or DEGIRO) β someΒ enforce the rule very strictly. For DEGIRO, no registration in your country β no trade. Itβs not even a matter of KID language. SAXO also mentions the KID translation hurdle in its help pages. Why are some brokers not making a distinction between non strategic flexible and inflexible countries? Perhaps because if they let a Czech investor buy VWCE with an English KID and that investor later loses money, the investor could argue they did not truly understand the risks because the KID was not in their language. The broker is then in a position where they have to defend the adequacy of their language check.
What are the solutions?
In practice, there are alternative ETFs. Czech investors may use e.g. Amundi Prime All Country World UCITS ETF (see all registered countries) or Invesco FTSE All-World UCITS ETF (countries). Greek investors may use iShares Core MSCI World UCITS ETF (countries), or Invesco MSCI World UCITS ETF (countries).
A fourth path exists: MiFID II professional opt-up removes you from PRIIPs entirely. That is the only route that is unambiguously regulator-approved. In this case SAXO will allow an investor to tradeany ETF. By mid-2027, the β¬500k portfolio requirement to become an elective professional client drops to β¬250k.
Can you do anything about it?Β Yes and No. You cannot pressure brokers. Brokers have their own risk and business logic. There may have different setups too. But, you can look for brokers that are more flexible.
WHY INVESTORS IN BIG COUNTRIES CAN'T ACCESS NICHE ETFs
ITALIAN, FRENCH OR POLISH INVESTORS MAY NOT BE ABLE TO BUY AVANTIS ETFs
If you followed me until now, you should also understand why a lot of brokers may block investors in bigger countries buying niche ETFs like the Avantis Global Small Cap Value UCITS ETF (βAVWSβ).
AVWS is currently only registered in Switzerland, Germany, Austria, the UK, Denmark, Ireland and the Netherlands.Β
All other investors are locked out, unless they use e.g. Interactive Brokers.
The same logic applies. Italy accepts only Italian KIDs and until the ETF is registered in Italy brokers may not give access to it. Some brokers may also block e.g. Polish investors to avoid potential litigation risk, even if English is conditionally allowed.
Finally, even if the KID is translated, the ETF may not be automatically available with the broker. For niche ETFs, you may need to request it. Brokers can also be incentivised by ETF providers to promote certain brands more than others. They are the gatekeepers.
β
We must take a new stance towards cooperation: in removing obstacles, harmonising rules and laws, and coordinating policies. There are different constellations in which we can move forward. But what we cannot do is fail to move forward at all.
Mario DraghiβThe Future of European Competitiveness Report
What's NEXT?
Our Greek coaching client could use his existing Interactive Brokers account. He could buy VWCE on the same exchange, at the same price, that Saxo blocked him from accessing. But he is likely to prefer a quasi equivalent iShares ETF to diversify away his broker counterparty risk. Here is why he thinks it may be worth it.
Other investors can mix brokers and issuers. Buy Avantis with Interactive Brokers. Use iShares Core MSCI World instead of Vanguard with SAXO. Those with portfolios above β¬500k (dropping to β¬250k by mid-2027) can opt up to MiFID II professional status and sidestep PRIIPs entirely.
These are workarounds. They should not be necessary.
A regulation designed to protect retail investors is, in practice, locking millions of them out of building blocks of a diversified portfolio.
Reducing ETF registration cost and burden could help. NCA flexibility especially for very small countries, could also help, but may not be enough for risk-averse brokers.Β
The real fix is at EU level. Let investors sign off on understanding the risks in any language they understand, as long as a KID is available.
What happens if I spend 10 years in the UK, then move to Greece. I can no longer trade because I may not understand English? We live on a continent where people move across borders, speak multiple languages, and use AI to translate a three-page document in seconds. As Draghi put it, βwhat we cannot do is fail to move forward.β
This seems like an easy place to start.
What else should you consider?
In the upcoming guide, we will look at broker tax reporting. Which ones gives you hassle-free tax submissions?
Thank you for reading. Good Luck and Keepβem* Rolling!
Weekend Reading β BlackRock launches 0.12% TER Global Equity ETF & Xtrackers cuts fees across ETF range
A calm and modest life brings more happiness than the pursuit of success combined with constant restlessness
Albert Einstein
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Banker on Wheels Resources
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Interactive Brokers is a Top Tier platform. Passive Investors β Will appreciate very competitive ETF trading commissions and FX rates and no ongoing platform fees. Family subaccounts and the ability to put investing on autopilot using monthly standing orders largely justify opening an account. The beginners amongst them might find its interface and features complex, though.
Semi-active Investors β Will find that the platform is a treasure trove to invest in a variety of assets, including Emerging Market Equities and Bonds, as they scale the learning curve.
Advanced Investors β For investing geeks, it opens the door to running a family hedge fund by unlocking access to U.S. markets including Factor ETFs, advanced portfolio management techniques including synthetic leverage or margin loans.
Global Small Caps: Why Investors Shouldnβt Ignore Them (Morningstar)
If youβre cynical about whether the small-cap rally of 2026 will last, I donβt blame you. The month of January has long been associated with strong returns for the asset class, but overall performance in recent years has disappointed. Previous reboundsβlike in November 2024 when smaller companies were considered a βTrump Tradeββfizzled. Within a few weeks of the election, large was back in charge. What has been especially frustrating is that small caps have underperformed in conditions typically considered favorable. Theyβve lagged during times of economic growth, falling interest rates, and market recoveries. This is an asset class once believed to possess a long-term performance advantage.
Corporate Bonds: Decomposing return sources (Liberty Street Economics)
The U.S. corporate bond market is an ideal laboratory for studying the relationship between risk premia and maturity because of its large size (standing at roughly $16 trillion as of the end of 2024) and because the maturities are well defined (in contrast to equities).Overall, the evidence from the market highlights that risk premia, while modest in absolute size, play a meaningful role in shaping the term structure of returns. The upward-sloping profile of both the risk-free rate and the risk premium generates a sizeable term premium, with the latter accounting for a nontrivial share of long-term yields.
In this episode, we explore one of the most important but overlooked questions in investing: what is the purpose of your portfolio? Through a series of powerful clips and reflections from Aswath Damodaran, Meb Faber, Ben Hunt, Cullen Roche, Corey Hoffstein, Daniel Crosby, Larry Swedroe, and Wes Gray, we examine how goals like financial freedom, funded contentment, liability driven investing, retirement planning, and multi generational wealth shape the way we invest. This conversation goes beyond beating the market and focuses on preserving and growing wealth, reducing financial stress, aligning money with meaning, and defining what a life well lived truly looks like.
Lots of asset classes promise uncorrelated returns, but few deliver diversification. One that does is managed futures. Sure, they are expensive and spikey, but when all correlations go to 1 β meaning everything is trading in lockstep, as we saw during the GFC and Covid β they seem to be the rare diversifier that works.
Fighting Words: The Energy Transition in 2026 - 98 pages PDF (JP Morgan)
This year we look at energy arguments, battles and debates: the impact of data centers on power prices,
the cost of solar plus storage as baseload power, the βprimary energy fallacyβ that ignores waste heat,
the true cost of small modular reactors, Germanyβs decision to shut down nuclear, Chinaβs dominance of
renewable supply chains, solid oxide fuel cells as turbine alternatives, the misplaced fascination
with small country energy transitions, satellite vs factor-based oil & gas basin methane emissions, the
mostly profitless EV industry, xAI mobile gas plant permits, and more.
Hard Lessons: Stan Druckenmiller. Invest, then investigate (Morgan Stanley)
Legendary macro investor Stan Druckenmiller joins Hard Lessons for a conversation with Iliana Bouzali, Global Head of Derivatives Distribution and Structuring at Morgan Stanley. Druckenmiller reflects on his early career and how he learned to act decisively and change course quickly when the facts on the ground shift. Hear how he would construct a portfolio if he had to start over today, why contrarianism is overrated, and which stock he regrets selling too early. Watch the full episode and save the Hard Lessons playlist for more pivotal choices from iconic investors.
Cheap ACWI ETFs: Blackrock launches 0.12% TER all-country world Synthetic ETF & 0.14% EM ETF (ETF Stream)
BlackRock has extended its swap-based ETF roster with the launch of all-country and emerging market equity strategies. The iShares MSCI ACWI Swap UCITS ETF (ACSW) and the iShares MSCI EM Swap UCITS ETF (ESWP) are listed on Euronext Amsterdam with total expense ratios (TERs) of 0.12% and 0.14%, respectively. ACSW and ESWP synthetically replicate the MSCI ACWI index and the MSCI EM index, respectively. Physical ETFs are exposed to a range of structural frictions in emerging markets - including capital gains taxes, foreign ownership limits and rebalancing costs - which can make tracking outcomes less predictable over time.
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Wealth Management
Personal Finance
Common relocation countries for UK HNWs: BDO wealth report 2026 - 22 pages PDF (BDO)
Those on the move need to know whether they will
be able to function as a family in the new country β and be
truly happy there. The survey showed that wealthy families
with relocation on their agenda have more disagreements
than those that do not.
βA 24% capital gains tax bill may still be cheaper than a divorce,β cautions our Tax Partner Richard Montague.
For a UHNW with complex financial affairs, relocation is
not simply moving from A to B: it is a transition between
two potentially very different ecosystems. Structures
like trusts, common in the UK, may not be recognised or
could even be viewed as tax evasion. Inheritance laws vary
widely, and minor issues like the departure date can have a
significant impact.
Movies: The 50 Most Underappreciated Ones of the 21st Century (Time)
TIMEβs film critic Stephanie Zacharek curated this list to highlight 50 films from the 21st century that were either overlooked at the box office or unfairly dismissed by critics upon release. The selection spans a wide range of genres and styles, including indie gems like 20th Century Women, vibrant musicals like Idlewild, and even stylish action films like The Man from U.N.C.L.E. Rather than focusing on established "masterpieces," the list champions "unsung geniuses" and early works from directors who later found massive fame. It features a strong mix of international cinema, such as The Beat That My Heart Skipped, and animated features like Wolfwalkers that deserve a broader audience. Ultimately, the collection serves as a reminder that a movieβs true value isn't always reflected in its awards or opening weekend earnings, but in its lasting emotional impact.
Oil: Trade Through the Strait of Hormuz by Country (Visual Capitalist)
The Strait of Hormuz is one of the worldβs most critical energy chokepoints, with both exporters and importers of crude oil heavily reliant on flows through the Strait. This visualization maps which countries export crude oil and condensate through the Strait of Hormuzβand, more importantly, which countries import those flows. The data is from the U.S. Energy Information Administration and is for Q1 2025. Oil flows through the Strait of Hormuz are heavily concentrated among a few Gulf producers. Saudi Arabia accounts for the largest share of crude and condensate exports transiting the strait, at 37.2% of the total.
Something very unusual happened in the market in the last week of February. It sold off, in part, thanks to an article on Substack. James van Geelen is the founder of Citrini Research, which published a piece a week ago titled, βThe 2028 Global Intelligence Crisis.β It was not written as a forecast of an imminent disaster, but rather as a scenario analysis in which AI capabilities lead to widespread white collar job losses, triggering a deep downturn, and a financial crisis. Nonetheless, the piece went extraordinary viral, gathering all kinds of responses from economists and research shops and even Citadel Securities.
Junk Food: The Countries With the Most McDonaldβs Per Person (Visual Capitalist)
McDonaldβs has had an unstoppable rise over the last six decades on its path to become the worldβs most successful fast food chain, with locations across the world. But which countries have the most McDonaldβs locations per person? This world map highlights the classic burger chainβs worldwide presence by counting how many McDonaldβs locations each country has per 1 million people. The data for this map comes from the companyβs Restaurant Count by Market 2024 report. Burger-lovers and shake aficionados can find the famed golden arches across the world, albeit with relatively more ease in high-density markets like Australia, Canada, Macau, and the United States.
π€ Wondering why finding honest Investing Guidance is so difficult?Β Thatβs because running an independent website like ours is very hard work.Β If You Found Value In Our Content And Wish To Support Our Mission:
Updated MethodologyThis is our updated broker review methodology. New broker review layouts reflecting these changes are currently rolled out.
Introduction
When choosing a broker, investors face a myriad of considerations, from safety measures to fee structures and beyond. Bankeronwheels.com takes a unique approach to broker comparison, designed with the discerning investor in mind. Hereβs how we guide you through making an informed decision:
π―We Focus On Wise Investors
We assess brokers based on typical requirements of our readers, that prioritise long-term compounding, safety and low fees. We penalise brokers that have riskier business models, not enough capital or/and focus on niches such as overpriced speculative instruments.
Investors may have different priorities given the size of their portfolios and overall goals. For beginners, a low-cost Tier 2 broker may be appealing, while an investor with significant assets may prioritise safety and a broker within a banking group or Tier 1 category.
We offer safety considerations to help users make informed decisions. But, we have no safety sub-score. The omission of safety scores is deliberate, as assessing the safety of a broker involves a complex array of factors β often requiring access to private information β including financials and operational data. Instead, our goal is to highlight some safety and transparency considerations that typically go into Probability of Default / Loss Given Default estimations.
ποΈ0+Brokers ReviewedWe are working on adding more each week.
π0 + 0Scores & SubscoresSo you can match brokers to your needs. A granularity that increases transparency.
π’0TiersBroker Categorisation designed in-house by Raph. Because brokers play in different leagues and target different investors.
π0Evaluation CriteriaIncluding Company deep dives, legal documentation reviews, fee simulations and platform testing.
π€0+ContributorsFollowing the methodology & Overseen by Raph with decades of Portfolio Management Experience at Wall Streetβs Top Asset Management Firm
Key Takeaways
Our Two Assessments
Each broker is given two assessments β An absolute score and a relative score called Category Ranking:
1. Absolute Score has three components:
Company sub-score β evaluates brokers based on objective inputs into typical likelihood of survival assessment, transparency, and business risks, focusing on factors like banking affiliation, transparency measures, risk mitigators, and the nature of their product and service offerings, without providing specific safety scores.
Fee sub-score β We assess the impact of recurrent fees, such as custody and inactivity fees, on long-term compounding, differentiating between one-off and ongoing charges.
Platform sub-score β Key considerations for all investors include easy share transfers, availability of UCITS ETFs or automated investing, alongside specialised needs such as U.S. ETF, mutual fund and bond access or derivatives markets.
2. Category Ranking β is a relative rating comparing each broker within their own category. The ranking components have the same inputs as the Absolute score, but the weights change. For example, investors choosing Tier 2 Brokers typically invests smaller amounts and prioritise fees and platform/tax handling over company track record as they are fully covered by National Investment Protection Schemes.
Additional Country-Specific Considerations
Separately each review has a section at the bottom related to local considerations. Presence of tax wrappers for European countries, tax reporting features, standard tax reporting for compliance and ease of tax filings for all investors, as well as customised reports adapted to country-specific tax laws.
Scoring Process
Our review process combines quantitative data analysis with qualitative expert assessment across four stages:
1πWe Collect Data
Initially, we aggregate all publicly accessible data, sourced directly from brokers as well as a diverse array of third-party entities. To meticulously monitor the evolution of broker documentation and various other inputs over time, we maintain comprehensive archives of data snapshots.
2πWe Send Questionnaires
In instances where public data proves insufficient, we proactively seek additional information by distributing detailed questionnaires to relevant entities.
3πWe Conduct Calls
Extending from operational staff to the upper echelons of broker management. These interactions are key in bridging informational gaps, ensuring a holistic understanding of each brokerβs operations. If questionnaires and/or calls are not sufficient to address our key concerns, we will assume the worst case as scoring input.
4βWe Benchmark And Score Brokers
Leveraging our proprietary evaluation framework, we assign scores to brokers, which are then benchmark against peers. This process is overlaid by our expert analysis, ensuring that our assessments are both comprehensive and insightful.
Weight Of Areas In The Methodology
This graph shows you the importance of each subscore to our absolute Broker score. For example, 35% of the total score depends on Company (including Safety Considerations or Transparency). We may overlay it with a qualitative input based on our expert assessment. But, we also provide the subscores, so you can assess based on your own preferrences for certain areas.
Tax wrappers and country-considerations are included separately at the end of the broker review page.
Why fixed weights? The Absolute Score uses the same 35/35/30 weights for every broker, providing a universal benchmark regardless of tier.
Category Ranking
All scores β both overall and subscores β are expressed on a 0β5 scale divided into four quality bands. The scale below shows the score-to-label mapping:
02.53.54.55
Lagger
Fair
Good
Excellent
Score Range
Label
Interpretation
4.5 β 5.0
Excellent
Top-tier in this category; among the very best available
3.5 β 4.4
Good
Above average; solid choice for most investors
2.5 β 3.4
Fair
Acceptable but with notable drawbacks
0.0 β 2.4
Lagger
Below average; significant weaknesses in this area
Company Subscore
Likelihood of survival, Transparency And Business Risks
We will not assess the brokerβs probability of default or provide safety scores. However, we may rely on external metrics like ratings β if available β to estimate the implied risks, based on historical default for similar cohorts. We will also provide safety considerations, that may to some extent play a role in assessing the risks, including but not limited to:
Banking Affiliation: Affiliation with a systemic banking group provides benefits such as implied investment grade ratings, greater oversight, revenue diversification, and potentially increased protection.
Transparency: Credit Ratings, Exchange Listing or Public Accounts increase transparency.
Risk Mitigators: Higher Risk-Adjusted Capital, tighter regulations for banking entities, or profitability potentially decrease risks.
Product and Service Offerings: Offering leveraged products may introduce additional business risks, while additional guarantees could provide increased protection.
Evaluation Criteria
Years In BusinessVery High
Systemic Banking GroupVery High
Mandatory Securities Lending PenaltyVery High
Any Banking GroupHigh
Bank Licence(s)High
Debt RatingHigh
Exchange ListingHigh
Detailed Public AccountsHigh
ProfitabilityHigh
Market CapitalisationHigh
Tier 1 CapitalHigh
Experience of RegulatorsHigh
ReputationHigh
History of FinesHigh
Additional GuaranteesMedium
Leveraged ProductsMedium
Note: The Company subscore is a qualitative expert assessment. There is no automated formula β the analyst considers all 16 criteria holistically and assigns a score from 0.0 to 5.0 based on peer comparison.
Fee Subscore
European and UK Brokers tend to have complex fee structures, making them hard to compare. However, most of our readers have simple portfolios and typically buy & hold, which makes it possible to run illustrative scenarios and compare the overall cost in a savings phase of your life (prior retirement).
The Fee subscore quantifies the total cost of ownership over a 10-year period for a standardised investment scenario. Unlike the Company subscore, Fees are scored using a precise, formula-driven methodology.
Model Assumptions
β¬100,000Initial Investment
β¬1,000/moMonthly Contribution
7%Annual Return
10 yearsInvestment Horizon
The fee model accounts for all recurring costs that erode portfolio value over time:
Fee Type
Description
Custody Fees
Annual charge for holding your assets (% of portfolio or flat fee, may be tiered)
Inactivity Fees
Charges for accounts with no trading activity over a period
Trading Commissions
Per-trade costs for buying/selling ETFs (flat, %, or tiered, with minimums)
FX Conversion Fees
Currency exchange costs when trading non-native-currency ETFs
Connectivity Fees
Exchange access charges for foreign market connections
Proprietary Fee Scoring
The fee score is determined using our proprietary formula that considers the total 10-year cost, FX conversion fees, and structural penalties. The model assigns a base score based on overall cost competitiveness, applies notch adjustments for FX fees (which compound significantly over time and disproportionately affect cross-border investors).
The final fee score is clamped between 0.0 and 5.0.
Note: Our calculator assesses visible commissions and fees. However, post PFOF ban in June 2026, and with the advent of Systemic Internalisers β often in the form of Single Market Maker (SMM) Exchanges β Neobrokers have shifted towards an SMM model where most costs are opaque and in the form of spreads. In this case we apply negative notching for lack of transparency, including (i) the presence of only one SMM exchange or equivalent setup β the worst setup, (ii) the presence of only one non-SMM exchange β somewhat mitigated by giving the investor the choice of a Lit Exchange, and (iii) only indirect access to exchanges through third-party brokers β mitigated by the broker operating no SMM and having no less conflict of interest as it chooses the best partner based on execution quality. See below.
Transparency Notching: Best to Worst
The base Fee Score reflects our proprietary 10-year cost and FX model. We then apply negative notching according to how transparent a brokerβs exchange access is β from no penalty (multiple Lit Exchanges) through to the maximum penalty (a single Single Market Maker exchange):
β Best Β· least notchingMost notching Β· Worst βΆ
No notch
Low
Moderate
Maximum
No notchMultiple Lit ExchangesFull price transparency and genuine venue choice
LowIndirect / third-party accessBroker operates no SMM and routes to the best partner on execution quality
ModerateSingle Lit ExchangeOnly one non-SMM exchange offered as an alternative, but the broker incentivises investors to trade through their SMM
MaximumSingle SMM (or equivalent)Costs hidden in spreads β maximum lack of transparency. No alternatives. All orders carry a conflict of interest.
The Platform subscore quantifies features and usability using our proprietary scoring model across 18 attributes. Each feature contributes positively or negatively based on its importance to long-term investors, and the total is clamped to a 0β5 range.
We evaluate four dimensions:
Common Features β Exchange access, recurring investing, multicurrency accounts, bonds etc.
Automation & Convenience β Savings plans, mobile app quality, ease of use, family accounts.
Specialised Needs β Elective Professional Investor Status, margin, separate custody, security lending etc.
Penalties β Single Market Maker Exchange Brokers (or de facto such), mandatory security lending or no share transfer.
Note: The exact point values for each feature are part of our proprietary scoring model. The impact levels above indicate relative importance to the overall platform score.
Investor-Specific Suitability
What are the investor-specific considerations?
You can find those at the top of the review page.
We assess broker suitability based on the three typical investor profiles. For example, Bond Market or Mutual Fund Access could be important for Cyclists that want a more customised portfolio. For Bankers, US ETF access, Margin loans and derivatives could be beneficial to construct risk parity portfolios or access factor ETFs not available in the UCITS format.
β οΈ Suitability not only depends on the portfolio complexity, but also on the investment amount. Given the low Investor Compensation Scheme thresholds in Europe, we emphasize Broker Diversification.
Example: How It Looks on a Review Page
βΆ Suitability
Passive
Usually SuitableCheap, automated but Complex
π€
Semi-Active
SuitableFamily subaccounts, Automated Investing
π
Active
Very SuitableMargin loans, Access to US Markets, Derivatives
Tax treatment varies significantly by jurisdiction and can materially affect net returns. We address country-specific factors separately from the universal score:
π Standard Tax Reporting
Does the broker provide tax reports compatible with your countryβs requirements? Automated tax certificates reduce compliance burden significantly.
π Custom Tax Reporting
Some jurisdictions require specific formats (e.g., German Vorabpauschale, Austrian Meldefonds). We note which brokers support these natively.
π¦ Tax Wrappers
Country-specific tax-advantaged accounts like UK ISAs and SIPPs, French PEA, or Swiss Pillar 3a. Availability of these wrappers can dramatically change the effective cost of investing.
Expert Overlay & Adjustments
After the quantitative scores are computed, our editorial team may apply a small manual adjustment to either the Absolute Score or the Category Ranking to capture factors that the formula cannot fully reflect.
β
Adjustments are incremental
Applied in 0.1 increments. Adjustments rarely exceed Β±0.3.
π
Every adjustment requires a justification
The reason is recorded internally for audit and transparency. Examples: exceptional customer service, recent regulatory action, unique product innovation.
π
Final score is always clamped
Final Score = max(0, min(5, Computed Score + Adjustment))
Why allow adjustments? No formula can capture every nuance. A broker might have an extraordinary customer service reputation, a recent scandal, or a unique feature that our 17 Company criteria and 19 Platform features cannot fully quantify. The adjustment mechanism ensures our scores remain holistic and fair.
Frequently Asked Questions
They are two different metrics. They use the same exact inputs. The only difference is the weight we assign to the sub-scores:
The Broker Score is an absolute score. With this score you can compare any broker across all categories. The criteria and weights are the same whether the broker is backed by a Bank, an independent Tier 1 or Tier 2 broker.
The Category Rank is a relative score. The idea is to compare βcomparableβ brokers. For example, Interactive Brokers plays in a different league than Lightyear. Read here how we think about broker categories. Each category has a different weight of company, fee and platform subscore.
We have two assessments (but we only call one a βScoreβ), because investors needs are often very different. The inputs for both the Broker Score and the Category Ranking are the same, but the weights change. For example, investors choosing Tier 2 Brokers typically invest smaller amounts and prioritise fees and platform/tax handling over company track record as they are fully covered by National Investment Protection Schemes.
Investors with large portfolios typically exceed the Investment Protection Schemes and put a lot of emphasis on the long-term viability of the brokerβs business and its track record. Thatβs why our absolute Broker Score includes a 35% weight to the βCompanyβ.
New investors with smaller portfolios often choose fully-digital brokers and prioritise costs and platform functionality over company track record, as most of these brokers are start ups. National Protection Schemes often protect investors with small amounts, so bankruptcy is less of a risk, but cost reduction in an early phase is especially important due to compounding. In that case investors may look at relative category rankings. Investors may ultimately consider a transfer to a Tier 1 Broker once the account grows larger, for example to reduce counterparty risk if the broker remains unprofitable over the years. In our relative rankings, we heavily penalise brokers that donβt allow share transfers.
Tier 1 category ranking weights β are 35% / 35% / 30% for Company, Fees and Platform. Tier 2 category ranking weights β are 15% / 50% / 35% for Company, Fees and Platform. Banking Brokers category ranking weights β are 15% / 50% / 35% for Company, Fees and Platform.
No one can. We provide a company subscore to help users make informed decisions. Assessing the safety of a broker involves a complex array of factors β often requiring access to private information β including financials and operational data. But in our reviews we research relevant inputs that may play a role in the safety, so you can reduce risks based on those considerations. We also include information that is relevant based on our due diligence calls with brokers.
There are five categories:
1. Direct Brokers (backed by Banks) 2. Traditional Brokerage Arms of Banks 3. Tier 1 Brokers (non-Bank) 4. Tier 2 Brokers (non-Bank) 5. Tier 3 Brokers (non-Bank)
We deliberately decrease the importance of certain aspects that are less relevant to the success of investors, such as availability of stock research or/and videos / educational materials. This is because (i) Brokers should focus on their job and do it well and (ii) Brokers very often donβt educate well given their incentives for you to trade often and obvious conflicts of interest. Promotion of certain markets that harm investors (e.g. CFDs) is also not an advantage.
2025 Year-End Survey: Shape The Future Of Banker on Wheels!
This year's survey is very different
Banker on Wheels started as a simple investing blog in early 2020.
Since then, whatβs grown around it has mattered even more than the guides: a community of international and wise investors who care about doing things properly.
As we head into 2026, we want to make Banker on Wheels more useful, more personal, and more community-driven β and that starts with listening.
The quick survey this year is different. Itβs much more outcome oriented andΒ you will shape what we build next:
Our Free Guides β Make our 2026 Guides more useful to you π―
Weekend Reading β What you want more of and its formatποΈ
Premium Research β Choose what will be released & learn how we want to do it π
Future Rollers Community β What would make you show up (forum, Q&As, meetups)?Β
Your feedback directly influences our roadmap β what we publish, and how we prioritise improvements.
β Itβs anonymous β Takes 5 minutes, but you can skip questions if not relevant β Itβs BoW style β no fluff
π Win a Year of FREE Premium Research!Β
OPTIONAL BONUS: The survey is anonymous, but if you would like to be included in the draw for a year of Premium Research (and be among the first ones to use it) you can also leave an email at the end.
We may be a small website, but weβre proud to have an incredible, high-quality community of passionate investors like you. Together, we can make wise investing a bigger movement β your support means the world to us, whether financial or non-financial. Would you like to contribute to the website?
Did we make a tiny difference in your life? Keep Us Fueled!Β βπ If weβve made a difference for you this year, consider supporting usΒ hereΒ with the cost of a small coffee. Every contribution, no matter how small, helps us stay motivated and continue delivering value to you. Your kind words and symbolic gestures truly brighten our day! β€οΈ
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