Swedish Investors Add 30,700 New Accounts in May as Trading Volumes Climb at Avanza and Nordnet

Swedish retail investors opened a combined 30,700 new brokerage accounts at Avanza and Nordnet in May 2026, as daily trading volumes climbed across both platforms despite a pullback in net inflows from April's elevated levels.

What the Data Shows

Avanza added 13,400 net new customers in May, bringing its total to 2,323,700. Savings capital rose 5% month-on-month to 1,190 billion kronor, driven by market appreciation and continued inflows. Net inflow for May came in at 4.85 billion kronor, down 31% from April's 7.05 billion.

Trading activity accelerated. Brokerage-generating trades rose 16% to 231,900 per day, while turnover in brokerage-generating securities climbed 6% to 6.62 billion kronor per trading day. Foreign stock trades surged 30% to 2 billion kronor per day.

Nordnet added 17,300 new customers in May, reaching a total of 2,204,500. Customers executed 4,832,600 trades during the month, equivalent to 244,000 per trading day, up from 1.93 million transactions in April.

Why It Matters for Investors

The May figures show two distinct patterns: slower capital deployment alongside more active portfolio rebalancing.

Net inflows at Avanza dropped 31% from April, yet daily trading volumes rose. This gap suggests Swedish investors are reshuffling existing holdings rather than bringing in fresh capital. Foreign trade volumes at Avanza surged 30%, pointing to a rotation toward international equities.

The rotation comes as the ECB prepares to raise its deposit rate by 25 basis points on June 11, which would push it to 2.25%. Riksbanken held at 1.75% in May with no immediate move expected. The widening rate gap makes Swedish fixed-income assets less competitive against European alternatives and may be steering investors toward foreign equities to capture higher yields.

• 2,323,700 Avanza customers at end of May (net +13,400)
• 2,204,500 Nordnet customers (net +17,300)
• 1,190 billion SEK Avanza savings capital (up 5% month-on-month)
• 4.85 billion SEK Avanza net inflow (down 31% vs April)
• +30% surge in Avanza foreign stock trades per day
• 244,000 Nordnet trades per day in May

What to Watch

Avanza has added 81,100 customers and drawn 28.4 billion kronor in net inflows year-to-date. At this pace, the platform is tracking toward a record year for customer acquisition.

The June 11 ECB decision will sharpen the picture. A 25-basis-point hike is fully priced. If Christine Lagarde signals further tightening beyond September, Swedish investors with meaningful European bond or rate-sensitive equity exposure may need to revisit portfolio weights before year-end.

Platforms that consolidate domestic and international positions in one view give investors a clearer picture of how rate differentials are shifting their real exposure.