Saxo Bank – reviews on the premium level trading platform

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Saxo Bank Review 2020

Summary

Recommended for investors and traders looking for a great trading platform and solid research

Saxo Bank is a Danish investment bank founded in 1992, providing online trading and investments. The company is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA).

Saxo Bank is a global service provider. In the different regions, its subsidiaries are present in the form of separate legal entities. The services offered by each entity might change slightly especially in case of their fees and products available to trade. In this review, we tested Saxo Bank UK.

Saxo Bank is considered safe because it has a long track record, has a banking background, and is regulated by top-tier financial authorities.

We selected Saxo Bank as Best forex broker, Best web trading platform and Best broker for research for 2020, based on an in-depth analysis of 57 online brokers that included testing their live accounts. Check out the complete list of winners.

Saxo Bank pros and cons

The Saxo trading experience is driven by an excellent, well-designed trading platform. The research service is also superb, with Saxo’s proprietary research team constantly feeding trade ideas. Saxo has a wide-ranging product portfolio, meeting the needs of even heavy traders.

On the negative side, Saxo’s bond, options and futures trading fees are high. The minimum deposit is relatively high, ranging between $600-10,000 depending on your residency. There is no live chat customer support or 24/7 availability.

Pros Cons
• Great trading platform • High bond, options and futures fees
• Outstanding research • High minimum deposit
• Broad product portfolio • Lacks live chat and 24/7 availability
Saxo Bank main features and highlights
��️ Country of regulation Denmark, UK, France, Switzerland, Singapore, Japan, South Africa, Australia
�� Trading fees class Average
�� Inactivity fee charged Yes
�� Withdrawal fee amount $0
�� Minimum deposit $600
�� Time to open an account 1-3 days
�� Deposit with credit card Available
�� Depositing with electronic wallet Not available
�� Number of base currencies supported 19
�� Demo account provided Yes
��️ Products offered Stock, ETF, Forex, Fund, Bond, Options, Futures, CFD, Crypto, SaxoSelect

Gergely Korpos

Author of this review

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Saxo Bank review
Fees

Saxo Bank has average trading and non-trading fees overall. The fees for forex, mutual funds and stock index CFDs are low, while they are average for real stocks, ETFs or stock CFDs. Bond, options and futures fees are high.

Pros Cons
• Low fund fees • Inactivity fee
• No withdrawal fee • High bond, options and futures fees
• Transparent fee structure
• Lower fees for Platinum and VIP clients
Saxo Bank fees snapshot
Assets Fee level Fee terms
US stock Average $0.02/share; min $10, but using VIP pricing the minimum can be as low as $3
EURUSD Low The fees are built into spread, 0.6 pip is the average spread cost. Using VIP pricing the spread can be as low as 0.4 pips.
Mutual fund Low Mutual funds are available only in certain countries. The broker doesn’t charge any fee for mutual fund trading.
Inactivity fee High In the UK, £25 after one quarter of inactivity. SIPP and ISA accounts are exempt from this fee. In non-UK countries, $100 after 6 months of inactivity.

We ranked Saxo Bank’s fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let’s go over some lingo related to broker fees. What you need to keep an eye on are trading fees, and non-trading fees.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of Saxo Bank for each asset class. For example, in the case of stock investing commissions are the most important fees.

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We also compared Saxo Bank’s fees with those of two similar brokers we selected, Swissquote and DEGIRO. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Saxo Bank alternatives.

We analyzed the fees of Saxo UK. Fees can vary from country to country, but Denmark, France, Norway, Australia, Singapore, Hong Kong, the United Arab Emirates and Russia have fees similar to the UK.

To have a clear overview of Saxo Bank, let’s start with the trading fees.

Saxo Bank trading fees

Saxo Bank has average trading fees overall. The fee structure is transparent and you can easily calculate costs. The fee structure differs among various account types. We analyzed the fee structure of the Classic account. Saxo’s Platinum and VIP accounts have a more favorable pricing structure.

We recommend Saxo if you want high-quality service and are willing to pay slightly higher fees in exchange. If you want a bargain, you can find discount brokers out there. Now, let’s see a breakdown of the different asset classes.

Stock fees and ETF fees

Saxo Bank has average stock and ETF commissions. It is cheaper than Swissquote but more expensive than DEGIRO.

Saxo Bank stock and ETF commission of a $2,000 trade

Saxo Bank Swissquote DEGIRO
US stock $10.0 $25.0 $0.6
UK stock $9.6 $30.0 $2.5
German stock $11.0 $27.5 $5.6

The fee structure is volume-based, but there is a minimum fee.

Saxo Bank stock fees

Market Commission
USA & Canada
NASDAQ, NYSE, ARCA, AMEX $0.02/share (min $10.0)
Toronto Stock Exchange, TSX Venture Exchange CAD 0.03/share (min CAD 20)
Europe / Middle East / Africa
Athens Exchange 0.35% (min €12)
BME Spanish Exchanges, Irish Stock Exchange, Milan Stock Exchange, NASDAQ OMX Helsinki, NYSE Euronext Amsterdam (AEX), NYSE Euronext Brussels, NYSE Euronext Lisbon, Vienna Stock Exchange 0.10% (min €12)
Deutsche Börse (XETRA), NYSE Euronext Paris 0.10% (min €10)
London Stock Exchange 0.10% (min £8.0)
London Stock Exchange (IOB) 0.10% (min $20)
NASDAQ OMX Copenhagen 0.10% (min DKK 65)
NASDAQ OMX Stockholm 0.10% (min SEK 65)
Oslo Stock Exchange 0.10% (min NOK 65)
Prague Stock Exchange 0.28% (min CZK 500)
SIX Swiss Exchange 0.10% (min CHF 18)
Warsaw Stock Exchange 0.30% (min PLN 75)
Johannesburg Stock Exchange 0.25% (min ZAR 100)
Asia / Pacific
Australian Securities Exchange 0.10% (min AUD 8.0)
Hong Kong Exchanges 0.15% (min HKD 100)
Singapore Exchange 0.15% (min SGD 25)
Tokyo Stock Exchange 0.15% (min JPY 1,500)

If you prefer stock trading on margin or short sale, the only way to do it is trading with CFDs.

Forex fees

Saxo Bank has low forex fees overall. In comparison with Swissquote, Saxo Bank has lower forex fees across the board, while DEGIRO doesn’t offer forex trading at all.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Saxo Bank forex benchmark fee of a $20,000 30:1 long position held for one week

Saxo Bank Swissquote DEGIRO
EURUSD benchmark fee $15.5 $16.5
GBPUSD benchmark fee $12.8 $13.6
AUDUSD benchmark fee $13.7 $15.2
EURCHF benchmark fee $4.6 $5.9
EURGBP benchmark fee $10.2 $11.1

Fund fees

Saxo’s mutual fund fees are low. Saxo itself doesn’t charge a fee when you trade with mutual funds. However, please note that mutual funds have annual maintenance fees; these are charged by the issuer of the mutual fund, not the broker.

Mutual funds are available only in certain countries, like Germany, Denmark or Poland. Throughout this review, we examined the fees of Saxo’s UK product selection, but since mutual funds are not available on the UK market, the following benchmark comparison only serves as general information.

Saxo Bank commission for a $2,000 fund purchase

Saxo Bank Swissquote DEGIRO
Mutual fund $0.0 $9.0 $10.3

Bond fees

Saxo Bank has generally high bond fees.

Saxo Bank commission of a $10,000 government bond trade

Saxo Bank Swissquote DEGIRO
US Treasury bond $88.0 $75.0
EU government bond $88.0 $55.0 $11.3

You pay a 0.2% volume-based commission and a minimum fee. The minimum fee is very high at €80.

Options fees

Options fees are generally high.

Saxo Bank stock index options commission of 10 contracts

Saxo Bank Swissquote DEGIRO
US stock index options $40.0 $19.9 $6.5
UK stock index options $36.0
German stock index options $44.0 $11.0 $9.9

Fees vary depending on the currency of the underlying product:

Saxo Bank’s options fees for stock index

Currency of the underlying product Commission per contract
EUR 4
GBP 3
USD 4
AUD 7
CAD 6
CHF 4
HKD 45
JPY 1,000
NOK 65
SEK 75
SGD 15

Futures fees

Similarly to options trading, Saxo Bank charges high fees for futures.

Saxo Bank stock index futures commission of 10 contracts

Saxo Bank Swissquote DEGIRO
US stock index futures $40.0 $19.9 $6.5
UK stock index futures $36.0 $29.2
German stock index futures $44.0 $11.0 $9.9

Futures fees are mostly the same as options fees. The only exception is CHF, where the fee is CHF 8 for futures, double the rate charged for options.

CFD fees

Saxo Bank has average CFD trading fees overall. It charges low stock index fees, but high stock CFD fees.

To have a clear understanding of CFD fees we calculated a CFD benchmark fee for the selected products. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

CFD benchmark fees for a $2,000 long position held for one week

Saxo Bank Swissquote DEGIRO
S&P 500 CFD benchmark fee $2.2 $1.2
Europe 50 CFD benchmark fee $2.1 $1.7
Apple CFD benchmark fee $22.2 $2.4
Vodafone CFD benchmark fee $21.3 $11.9

We calculated with 20:1 leverage for stock index CFDs and 5:1 leverage for single stock CFDs.

Trading fees of stock index, commodity, forex and bond CFDs are built into the spread.

Saxo Bank stock CFD fees are volume-based, but there is a minimum fee.

Saxo Bank stock CFD fees

Market Commission
USA & Canada
NASDAQ, NYSE, NYSE MKT $0.02/share (min $15)
Toronto Stock Exchange CAD 0.03/share (min CAD 20)
Europe / Middle East / Africa
Athens Exchange 0.35% (min €12)
BME Spanish Exchanges, Irish Stock Exchange, NASDAQ OMX Helsinki, NYSE Euronext Amsterdam (AEX), NYSE Euronext Brussels, NYSE Euronext Lisbon, Vienna Stock Exchange 0.10% (min €12)
Deutsche Börse (XETRA), NYSE Euronext Paris 0.10% (min €10)
London Stock Exchange 0.10% (min £8)
London Stock Exchange (IOB) 0.10% (min $20)
Milan Stock Exchange 0.17% (min €12)
NASDAQ OMX Copenhagen 0.10% (min DKK 65)
NASDAQ OMX Stockholm 0.10% (min SEK 65)
Oslo Stock Exchange 0.10% (min NOK 65)
Prague Stock Exchange 0.28% (min CZK 500)
SIX Swiss Exchange 0.10% (min CHF 12)
Warsaw Stock Exchange 0.30% (min PLN 75)
Budapest Stock Exchange 0.50% (min HUF 6,000)
Johannesburg Stock Exchange 0.25% (min ZAR 100)
Asia / Pacific
Australian Securities Exchange 0.10% (min AUD 8)
Hong Kong Exchanges 0.25% (min HKD 100)
Singapore Exchange 0.20% (min SGD 25)
Tokyo Stock Exchange 0.15% (min JPY 1,500)

Crypto fees

You can trade cryptos through exchange-traded notes (ETNs). If you want to understand what a crypto ETN is, check out our crypto blogpost.

Bitcoin and Ether ETNs are available on the Stockholm Stock Exchange. The trading cost of these when using Saxo’s Classic account is 0.1% of the trading volume, with a SEK 65 minimum fee.

SaxoSelect fees

SaxoSelect is a robo-advisory service where you can select an investment theme and let Saxo build a portfolio for you.

Average fees charged vary between 0.75-0.95% depending on your residency and the strategy you choose. This total fee covers:

  • an annual service fee
  • a performance fee
  • a trading fee
  • a conversion fee if your account is in a different currency than the portfolio you invested in
  • a financing fee for CFD portfolios

Similarly to mutual funds, SaxoSelect is available only in certain countries, like Germany, Denmark or Poland. It is not available for UK clients.

Non-trading fees

Saxo Bank has average non-trading fees. No account or withdrawal fees are charged, but there is a high inactivity fee.

The inactivity fee depends on your residency. For UK clients, it’s £25 if you don’t trade in the previous quarter, SIPP and ISA accounts are exempt from this fee. For non-UK clients, it’s $100 after six months of inactivity.

Saxo Bank non-trading fees

Saxo Bank Swissquote DEGIRO
Account fee No No No
Inactivity fee Yes No No
Deposit fee $0 $0 $0
Withdrawal fee $0 $10 $0

If you trade with stocks, ETFs or bonds, there is also a custody fee. This is an annual 0.12% of your open positions or a minimum €5/month.

You may also be charged for currency conversion if you trade assets that are denominated in a different currency than your account currency. The currency conversion rate is calculated as the mid FX spot rate +/-1%.

Saxo Bank – broker review

вњ… This Trading Platform is available in Singapore

Overview of the best financial organizations involved in online trading: Saxo Bank

If you decide to engage in commercial activities related to online commerce, first of all, learn all that they write about it in the network and other media. Make a list of well-known web resources that are respected by experts in the industry, prepare your questions and start searching for answers to them. If you don’t go into details, it seems that even a first-year economics student will cope with such a task. But … In any matter, especially if it is connected with the modern economy, there will always be important details on which the final result of your work depends. As the object of the review we take Saxo Bank. Well-known Danish investment bank, which is of great interest for this topic. Why bank? We learn the answer to this question by examining in more detail the activities of this participant in the global financial market.

Saxo Bank – principles of work and attitude towards customers

For more than two decades, a financial institution has provided services to its customers, ensuring their needs, analyzing and controlling the market situation, trying to keep up with industry leaders. Throughout its existence, the company adhered to the philosophy that is called the philosophy of objectivism, and its main principles were formulated at the time by the famous writer Ayn Rand:

It sounds noble, although it is not proof of the safety of clients of the company. But do not worry about this. He was one of the main ones, both in 1992 and today. Specialists of the institution are constantly thinking about the comfort and safety of financial resources, as well as personal information of their clients:

в—Џ The company’s specialists attract new customers due to the simplicity, transparency and availability of their services. If at the end of the last century many traders were counting on financiers, today brokers are interested in both educated economists and representatives of other specialties, and the latter invest their savings only in the case of full confidence in their safety.

в—Џ Quarterly / annual reports, changes in management structure, financial plans also indicate the security of a financial institution.

в—Џ An application developed by the best experts of Saxo Bank and constantly updated software is not only the immediate execution of the necessary transactions, but also the protection of all data from competitors and fraudsters.

в—Џ The multi-faceted activity of the company always makes it possible to cover losses in one direction, with profits in other sectors.

в—Џ Representative offices are open not only in Denmark, but also in Britain, Italy, France, the Czech Republic, Spain, China, Singapore, etc.

в—Џ But of course the age of the company. According to this indicator, it is among the most trusted and reliable corporations.

In the event that you decide to register a login with Saxo Bank, but you still have some doubts, be sure to study one of the main indicators of the reliability of any broker – an organization that regulates the activity of a participant in the global financial market.

Saxo bank Regulators

First of all, you need to pay attention to the readers that Saxo Bank ensures the safety of user accounts thanks to the deposit guarantee system and European financial legislation.

And in 2001, Saxo Bank obtained a license from the Danish Financial Supervision Authority, which allowed this institution to provide its services in almost any country in the world. Do you still have any doubts? Then there remains the last option – reviews of real customers (do not confuse competitors’ comments with purchased!) And reviews of reputable financial analysts.

Training at Saxo Bank

The organization in question provides both new and experienced traders with the opportunity to thoroughly study not only the structure of the global financial market, but also understand the role of each element of this complex mechanism.

в—Џ Thanks to the team of this institute, you will learn:

в—Џ What is Forex, and what factors affect the exchange rate.

в—Џ What is needed and what are the securities.

в—Џ How to make money on CFD contracts.

в—Џ Learn to work on SaxoTraderGO and SaxoTraderPRO.

в—Џ Learn the benefits of major exchange products and deal with their pricing.

But besides theoretical training, bank customers can open a demo account on Saxo Bank in order to see in practice all the nuances of a trader’s work. It is at this stage that most users decide whether to work on trading platforms or to devote themselves to other activities.

Also on the web resource are provided: individual advice, assistance of experienced analysts and managers, the study of trading strategies under the supervision of professional traders or training in small groups.

What Saxo Bank customers should know

Studying the reviews prepared on Saxo Bank, attentive readers immediately note that there are no usual tables on the authoritative sites with indication of the main indicators. On the one hand, it is alarming, but, on the other hand, maybe the resource owners simply don’t want to “reveal the cards” ahead of time?

Saxo bank Trading Terms

в—Џ The minimum deposit is $ 10,000.

в—Џ The minimum lot is 0.01.

в—Џ Available account types are Classic, Premium and Platinum.

в—Џ Currency accounts – euro, US dollars, British pounds, Japanese yen.

в—Џ The maximum shoulder is 1: 100.

в—Џ Site support – works around the clock, 5 days a week, except weekends.

Saxo Bank Deposit and withdrawal

Some users believe that for this trading platform, it is necessary to increase the number of methods for depositing and withdrawing money. Many Saxo Bank reviews refer to this. At the moment, for the implementation of the task used: bank transfers, PayPal, as well as debit and credit plastic cards of the most common systems. Only on the basis of these data it is possible to accurately determine that the site belongs to the bank.

Saxo Bank Assets

By the number of used financial assets and instruments, the broker is one of the most advanced companies. It uses currency pairs, stocks, bonds, commodities, precious metals, as well as instruments such as CFDs, options, futures, and others.

Saxo Bank Review 2020

Regulated By: ASIC, DFSA, FCA, FSA, FSC

Foundation Year : 1992

Headquarters : Philip Heymans Alle 15, 2900, Hellerup, Denmark

Min Deposit : $10000

The value of your investments can go down as well as up. Losses can exceed deposits on margin products. Complex products, including CFDs and FX, come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. 74% of retail investor accounts lose money when trading CFDs with this provider.

Latest Tweets by @saxobank

SaxoBank Enables View Only Access for Its White Label Partners

Continuing with their recent thrust towards providing additional facilities for their white label clients, Saxobank, which is a division of the Saxobank Group that is dedicated to its business clients, has recently introduced a system by which its white label partners would be able to set up a view only

The value of your investments can go down as well as up. Losses can exceed deposits on margin products. Complex products, including CFDs and FX, come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. 74% of retail investor accounts lose money when trading CFDs with this provider.

The value of your investments can go down as well as up. Losses can exceed deposits on margin products. Complex products, including CFDs and FX, come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. 74% of retail investor accounts lose money when trading CFDs with this provider.

Saxo Bank Review

Review

Saxo Bank is a fully licensed European bank and is one of the best-known players in the global brokerage industry. As one of the most transparent and trusted banks as well as brokers in the world, it caters to new traders as well as to professional traders, institutions and hedged funds. The broker’s main focus is on the professional crowd with better offerings from a minimum deposit of €/£50,000, but their Classic Account does come with a minimum deposit of just €/£500. Trading with Saxo Bank gives you access to over 35,000 assets across eight categories and allows for full portfolio diversification.

Saxo Bank is headquartered in Copenhagen, Denmark. This investment bank and fintech company was founded in 1992 under the name Midas Fondsmæglerselskab by Lars Seier Christensen, Kim Fournais and Marc Hauschildt. In 2001 it obtained its banking license and changed its name to Saxo Bank. It became the first Danish broker to gain approval under the European Investment Directive which came in effect 1996, Saxo Bank received approval on May 2 nd 1996. While Saxo Bank has a full banking license, it doesn’t carry out traditional banking business and is focused on brokerage activities as well as White Label Partnerships. In fact, over 100 financial institutions are White Label partners and service their clients through the Saxo Bank platform. It has also offered partnerships to other banks which include Standard Bank, Old Mutual Wealth, Banco Carregosa and Banco Best. In order to service its global client base in over 180 countries, Saxo Bank has also opened offices in London, Paris, Zurich, Dubai, Singapore, India and Tokyo. Saxo Bank is privately held with 52.00% ownership at Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co. Ltd, 25.71% ownership at co-founder and CEO Kim Fournais, 19.90% ownership at leading Nordic financial services group Sampo Plc and the rest in minority ownership by former and current bank employees. Saxo Bank is regulated in 15 financial centers and is one of the leaders in the global brokerage industry.

Regulation and Security

Saxo Bank is regulated in 15 global financial centers and is an industry leader when it comes to transparency. Saxo Bank A/S, Company Registration Number 15731249, is incorporated in Denmark as a licensed bank, License Number 1149. It is regulated, together with its subsidiaries Saxo Bank A/S Italy, Saxo Bank A/S Czech Republic, Saxo Bank A/S Netherlands and Saxo Bank A/S Cyprus, by the Danish Financial Supervisory Authority (FSA). Since Saxo Bank is a member of the European Union, it adheres to the EU Banking and Investment Directives which are incorporated in Danish law.

Saxo Capital Markets UK Limited is authorised and regulated by the Financial Conduct Authority (Firm reference number 551422). This broker has been active in the UK since 2006.

In addition, Saxo Bank is regulated in the following jurisdictions:

  • BG SAXO Società di Intermediazione Mobiliare S.p.A. is licensed by Italian Market Authority – Consob (Albo SIM – Registration Number: 296).
  • Saxo Bank A/S Czech Republic is registered by the Czech National Bank (Registration Number: 28949587).
  • Saxo Bank A/S Netherlands is registered by the Bank of the Netherlands (Registration Number: 34357130).
  • Saxo Capital Markets Pte. Ltd. Singapore is licensed as a Capital Market Services provider and an Exempt Financial Advisor, and is supervised by the Monetary Authority of Singapore (Co. Registration Number: 200601141M).
  • Saxo Bank (Switzerland) Ltd. (UID-Register Number CHE-106.787.764) is a licensed bank regulated by the Swiss Financial Market Supervisory Authority FINMA.
  • Saxo Banque (France) SAS is licensed as a Credit Institution by the Bank of France (Registration Number: 483632501 R.C.S. Paris).
  • Saxo Bank A/S is licensed by the Danish Financial Supervisory Authority and operates in the UAE under a representative office license issued by the Central Bank of the UAE.
  • Saxo Bank – Representative Office is licensed by the Central Bank of the U.A.E. as a Representative Office (Registration number: 2020/995/13).
  • Saxo Bank Securities Ltd. is licensed by the Japanese Financial Services Agency (Registration Number: 239).
  • Saxo Capital Markets Hong Kong Ltd. is licensed by the Securities and Futures Commission in Hong Kong (Registration Number 1395901).
  • Saxo Capital Markets (Australia) Pty. Ltd is licensed by the Australian Securities and Investments Commission (ASIC) (Registration Number: 126 373 859).

Saxo Bank, remaining loyal to its transparency, publishes all documents and information on their website. Traders can rest assured that their capital is in the best hands the global financial system has to offer.

Retail traders can read through the Key Information Document (KID) for each asset class in order to fully understand what it is before committing capital to it.

While Saxo Bank is regulated across the globe and their website is accessible by everyone, the company points out that all clients will deal directly with Saxo Bank A/S and governed by Danish law.

Client funds are held in segregated accounts and Saxo Bank fully complies with all regulations. Each regulator will have different requirement and Saxo Bank fully satisfies all of them. In addition, being a Danish Bank, client deposits are guaranteed by the Guarantee Fund up to €100,000. This only applies to retail clients- institutional clients are not covered.

Saxo Bank is also at the forefront of fighting money laundering as required by its regulators.

Clients, regardless if they just start out or are seasoned professionals, who seek a safe, secure and trustworthy multi-asset broker will definitely find a home at Saxo Bank.

Saxo Banks earns its trading fees primarily from spreads, which are the difference between bid and ask prices, as well as from commissions charged and overnight financing rates on margin positions. Spreads start as low as 0.4 pips and commissions depend on the asset class but are as low as $1.25 per lot. Swap rates also apply and Saxo Bank offers better trading conditions to high volume traders.

Since Saxo Bank offer clients a full range of assets, financing is dependent on the type of asset traded. In order to make the pricing model transparent, clients can access the full range of pricing online where this broker has created a well-organized tool on their website. This makes it simple to navigate complete pricing for each asset class.

In addition, clients can access all trading costs involved from their Saxo Bank trading platforms by accessing “Account”, navigating to “Trading Conditions”, then to “CFD Stock/Index Instrument List” and finally to “Borrowing Rate”.

Other charges at Saxo Bank include the following:

  • An account inactivity fee of €/£25 if only cash is held in the account for one quarter.
  • Interest rate credit charges on accounts above €/£15,000 when applicable (interest rate debit is also paid).
  • A 0.12% annualized fee on Bond, Stock and ETF/ETC positions with a minimum monthly fee of €/£10.
  • Manual order fee of €50 for order placed over the phone.
  • Transfer Out Fee if clients want to transfer exiting positions to another broker, €50 per ISIN (maximum of €160).
  • Currency Conversion Fee at the mid FX Spot rate, plus/minus 1%.
  • Carrying Cost at Margin requirement * Days held * (Relevant Interbank rate + Markup) / (365 or 360 days).
  • Holding Fee at Nominal Value / 1,000,000 * Underlying Category Fee.
  • Reporting Fee of €/£50 for requested online reports asked to be delivered via mail or email.
  • FX Options Minimum Ticket Fee at a minimum €/£10 for positions below 50,000.

With the complexity and range of available assets for trading, comes a more complex fee structure. This may be very confusing for new traders who should take their time to read through all the provided information. While this may appear overwhelming to most retail traders, Saxo Bank is very transparent and lists all costs with examples under “Commissions, Charges and Margin Schedule”.

What Can I Trade

Saxo Banks offer traders over 35,000 assets in eight different categories and allows traders to operate a fully diversified portfolio.

Given the 35,000+ assets which are offered, traders may feel a bit overwhelmed, but rest assured; not all traders will trade all assets. While the online tools give great and transparent insight to what Saxo Bank offers, inside the trading terminal information will be eve easier to navigate through. Saxo Bank has done a fantastic job when it comes to asset selection, presentation, pricing and transparency. This may be too much for new traders, but a multi-asset broker should be part of any diversified asset management strategy.

Account Types

Saxo Bank offers three different account types to all retail traders, with a joint account option as well as professional account option; they come with a different pricing model, service approach and additional packages. Different minimum deposits are required and traders can move up various tiers depending on trading frequency and volume. In addition, two specific UK account types are available together with a corporate account options and a trust fund account option for all global clients.

Saxo Accounts- Classic and Platinum

These are the two main account types for retail traders. The Saxo Account Classic comes with a minimum deposit of just €/£500 and will be the one where most retail traders will find their comfort zone at Saxo Bank. In order to qualify for a Saxo Account Platinum Account, a minimum deposit of €/£50,000 is required, but as a result the spreads are decreased by up to 30%. This makes a big difference to the growth of portfolios. Saxo Bank offers a VIP account for deposits above €/£1,000,000.

After an account is opened, the clients is placed in a tier which represents their deposit, but after three months account activity is reviewed and clients may be moved into a higher tier without making an additional deposit. This can allow traders to advance to better trading conditions even if the minimum deposit amount is not satisfied and offers great benefit to active, profitable traders who have smaller starting balances.

The above three tiers of personal accounts are also available as joint accounts between first-line family members.

Saxo Professional Account

With the latest regulations, enhanced protection is awarded to retail traders which puts them at a slight disadvantage when it comes to certain key trading instruments. Professional accounts come with more leverage, less protection and require a minimum portfolio size of €/£500,000. One year of professional experience in finance is also required as is 10 significant trades placed over the past year. Securities may also be used as collateral for margin trading.

Saxo ISA Account

This account allows traders to take full advantage of the tax-free allowance, but is available to UK residents only. The current ISA allowance for the 2020 tax year is capped at £20,000 for which no capital gains or income tax will be charged. Leftover balances don’t roll over to the new tax year. Traders will have access to over 11,000 qualified assets under this account type.

Saxo Trust Account

This account is for trust fund managers who want access to global markets through the Saxo’s trading platforms and regulatory environment.

Saxo VIP Accounts

These accounts are available for individual as well as corporate clients, come packed with special features and come with a minimum deposit of €/£1,000,000.

Trading Platforms

Saxo Bank offers its proprietary trading platform, developed in-house. It comes in two versions, SaxoTraderGO and SaxoTraderPRO. They are available as a desktop version, a web-based platform as well as a mobile version. Saxo Bank made a great effort to deliver its global traders a state-of-the-art trading platform which is being offered to partners as a White Label Solution. Forex traders who have grown used to MT4 or MT5 trading platforms, as offered by most forex brokers, or who have created EA’s based on those, will be disappointed as they are not supported at Saxo Bank.

Overall, the Saxo Bank propriety trading platforms are far superior to MT4 and MT5 and offer a better trading experience than cTrader, the go-to ECN solution which is superior to MT trading platform family.

Saxo Bank offers API’s in order to allow third parties to connect and interact with the SaxoTraderGO as well SaxoTraderPRO. This allows for the creation of trading applications with full access to the Saxo Bank market portfolio.

SaxoTraderGO

Here’s a glimpse at what the SaxoTraderGO platform looks like:

Unique Features

The unique features at Saxo Bank are its transparency, its asset selection and services offer to traders as well as its proprietary trading platform. The Saxo Advanced Solutions, which consist of its API offering as well as support for third party platforms. Saxo Bank has partnered with over 100 global financial institutions who offer services based on the Saxo Bank range of services and technology. This is clearly geared towards the high-end market spectrum of finance.

Research and Education

Saxo Bank comes packed with educational material in the form of video courses, webinars and events while their market research is also superb. Saxo Bank has eight analysts and strategists under their SaxoStrats Experts brand who are responsible for covering the asset classes which are offered to its clients. It is clear that this broker values its research team and understands the importance of this service, not only to clients but as an international investment bank.

The courses are great for beginners to learn the basics and get introduced to the available assets. The simple and clear videos make it easy for new traders to get caught up and build a foundation from where they can grow. The webinars are hosted by the Saxo Bank experts in the field, though no webinars were on the calendar at the time of this Saxo Bank review.

The market research is very well-organized and reflects the professionalism of the brokerage. Market research is published daily and if nothing else, clients get fresh ideas and a different look which adds value to the trading day.

Research

The research is broken down into the following nine different categories: market analysis, forex, macro, equities, quarterly outlook, thought starters, outrageous predictions, recession watch and IPOs. This makes it easy to navigate and traders can find what interest them most without wasting time.

Education

This is divided in the following three categories: courses, webinars and events. Saxo Bank experts host the webinars and events while the video courses are top of the line.

Customer Support

Saxo Bank attempted to create an intuitive trading environment where support is not required. A comprehensive online database has been created which covers all key support topics and a chat bot is also available. A support ticket can also be created from inside the trading platform and if necessary, there is phone support around the world. While the support feature may never be used, clients can rest assured that Saxo Bank stands by in order to address any issues which may arise. Given the overall excellent performance of this broker, support should be expected to match that quality.

Bonuses and Promotion

Saxo Bank doesn’t offer any bonuses or promotions to traders on deposits, but their multi-tier classification system offers incentives for frequent and high-volume traders.

Opening an Account

Opening an account is done through a very simple online form and takes roughly five minutes. Normal verification documents need to be submitted in order to comply with KYC and AML regulations, but the entire process should go very smooth and clients will be able to access their account within minutes.

Deposit and Withdrawals

Saxo Bank offers credit and debit card deposits as well as wire transfers. Third-party payment processors are not supported. The process is handled entirely from inside the trading platform. Saxo Bank doesn’t charge for deposits. Withdrawals are handled free of charge through the Online Cash Withdrawal Module, unless a manual funds withdrawal form is submitted which is subject to a $40 charge. Correspondence banks may also charge fees. The way Saxo Bank handles this aspect remains the only weak spot. There is nothing wrong, but this seemsrather outdated and given that Saxo Bank is a fintech company it would be nice if they implement methods of asset transfers which are leading the industry.

Saxo Bank Review

Saxo Bank general information

Denmark

Founded in: 1992 year
Headquarters:
Offices in the country:
Minimum Deposit: 10000 $
Website: saxobank.com
Website languages:
Execution model: ECN, STP
Deposit currency:
Support languages:
Regulated by:
Mobile trading: iOS, Android
Types of offered accounts:
Affiliate program: Not
  • Bank broker
  • Web-based platform

Saxo Bank Forex broker description

Saxo Bank was founded in the year 1992. It is an investment bank that has Danish roots with the focus of the investment bank being online trading and investment. The firm trades several instruments. That includes stocks, funds, CFDs, futures, bonds, and spreads. It is worth noting that with Saxo Bank, traders do not get to trade with traditional items. The investment bank has set its footprints in 180 countries worldwide with its headquarters being in Copenhagen.

The company has earned trust from its different stakeholders as a result of its accomplishments: which have been acknowledged. The firm is an award winner. The brokerage has also created employment for over 1600 people. The bank also allows trader connection to the world’s primary stock exchanges for liquidity. Saxo Bank provides a platform for all types of clients like ones from brokerage firms, banks, and family officers to mention a few.

Trading Accounts

Saxo Bank has three types of trading accounts. Unlike most Forex brokers, the minimum deposit needed is rather high.

Classic Account

The minimum deposit required for the classic account is $10,000. Traders will classic trading accounts also have access to all the trading platforms. Additionally, they can also trade with all the instruments offered by Saxo Bank. If the trader is experiencing challenges on the way, there is also 24/7 customer service ready to serve them. The other benefits that come with trading with the classic account are access to Trade Maker and Saxo academy for the traders that still need guidance in a thing or two.

Premium Account

The minimum deposit for the premium is $100,000. Traders with the premium account are able to work with all the trading platforms. The trader can also trade with all the available products, have access to 24/7 customer service and the Trade Maker. On top of having access to Saxo Academy, the account has more benefits over the classic account. That is free news and research, individual pricing and an account executive service available for 24 hours in a day.

Platinum Account

The Platinum trading account requires a minimum deposit of $500,000. The trading account is the one with the most benefits. It allows access to all trading platforms and trading products, 24/7 customer service and an account executive service. The trader also gets to get to the Saxo Academy and Trade Maker. No service fee is charged for this account. The trader is allowed to make individual pricing and a free choice to customer service. The FX options for this account are similar to the interbank spreads.

About Saxo bank and Security of Funds

How secure are your funds if you trade with this account? It is probably something the trader should never worry about. The fact that the investment firm is under private ownership gives your funds another layer of protection. It is also worth noting that it is also under the regulation of the Danish Financial Supervisory Authority (FSA). It is also under the regulatory bodies of other countries like the UK, Australia, and Japan. The regulatory agencies responsible are FCA, ASIC, and FSA respectively. Even, did you know that the bank is an associate of the Danish Guarantee Fund? Well, it is. What does that tell you? That the assets of the depositors and investors are secure should the bank become insolvent.

The bank is also under the supervision of the Market in Financial Instruments Directive authority. It means that the bank has to comply with stringent requirements which means more security for the funds.

Trading Conditions

Minimum Initial Deposit

As earlier stated, for you to trade with Saxo Bank, the initial minimum deposit you will be required to make will be $10,000. Note that the deposit is for the Classic Account. The other trading accounts also have their specified minimum deposits.

Average spreads & Commissions

What is the deal with spreads and commissions? The investment bank offers both fixed and variable and fixed spreads. The nature of the variable spreads is that they are constricted. These will range from about 0.5 pips whereas the fixed spreads are regular going up to 2 pips on the USD or EUR. For one to get the fixed spreads, they need to use a Volume Price Plan. It is worth noting that the commissions, in this case, will also be volume-based.

Maximum Leverage

The leverage offered by this bank will surprise you as they are not like most of the ones used by other brokerage firms. The highest leverage you can get will be 1:100 — the primary reason being that the investment bank realizes that high leverage comes with heavier risks of losses.

Trading Platforms

Saxo Bank has a number of trading platforms in play.

Saxo Trader

Saxo Trader is an in-house trading platform developed by the bank. It was established in 2020. The trader comes with both mobile, web and desktop platforms seeing that it has a wide array of financial products. The trading platforms undergo constant updates in a bid to provide the traders with the best trading experience. The performance of the platform is unmatched. With the platform, you can directly do mechanical indicators, pointers, and animate news. The platform also comes with analytical tools.

MetaTrader4

MetaTrader4 is also another platform you can trade on in the Saxo Bank trading accounts. MetaTrder4 is also a popular and renowned trading account. It also has a web, mobile and desktop platform allowing traders to make transactions at their convenience.

The platform is not in-house and also comes free of charge. Trading on this platform is also automated bringing more convenience. As a trader on this platform, you will also be getting trading signals. The trading platform is very flexible and suitable for traders with all levels of experience.

Briefly about Saxo Bank

A significantly regulated, very reliable broker and bank, Saxo Bank is a brilliant selection for every broker, who is prepared to or proficient to invest $10 000. Saxo has been honored with numerous awards over many years and offers practical, advanced customer service. A look through Saxo Bank customer reviews and comments will help you get more information about the broker.

Trading accounts of Saxo Bank

  • Saxo Classic
  • Saxo Premium
  • Saxo Platinum
  • Scalping
  • Trading with expert advisers
  • Trailing stop
  • Mailing the documents
  • Scalping
  • Hedging
  • Trading with expert advisers
  • Trailing stop
  • Trading 24 hours a day
  • Scalping
  • Hedging
  • Trading with expert advisers
  • Trailing stop
  • Trading 24 hours a day
  • Mailing the documents
  • Gold
  • Silver
Trading platforms: SaxoTrader
Minimum Deposit : 10000 $
Deposit currency :
  • Gold
  • Silver
Trading platforms: SaxoTrader
Minimum Deposit : 100000 $
Deposit currency :
  • Gold
  • Silver

Contacts of Saxo Bank

Recent customer reviews of Saxo Bank

Advantages: thanks to mr barry

Comment: Try and reach out to Mr Barry on Barrysilbert540 @ gmail. com if you need help or guidance on how to withdraw your money from any broker and he can guide you how profitable trades is been done and also if you want to recover your lost funds, with his strategy he has being helping me for the past one month and I’m earning $8,550 weekly. You can also reach him out on whatsapp + 44 750 8298 691.

Lost all investments trading with a scam broker. Lost more money to fake recovery services. Please be careful of fake recovery services! They are littered all over the forum. If you truly wish to get your money back then I suggest you reach out to me and I will guide you on steps I took in getting back my money. Write me on tomhaggins3 attGmaiI dotKcom

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Trading platforms: SaxoTrader
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