Saxo Bank offers 3 live trading accounts, a Classic Account, VIP Account, and Platinum Account. Saxo Bank also offers a Demo account where traders can learn the basics of Forex trading.
Saxo Bank at a Glance
Min Deposit
USD 0
Regulators
FCA, FINMA, FSA, ASIC
Trading Platform
Proprietary Platform
Crypto
Yes
Total Pairs
160+
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Choose your quick section of our Saxo Bank below.
Saxo Bank Account Types – 9 key point quick overview:
Saxo Bank at a Glance- Saxo Bank Overview
- Saxo Bank Account Types
- Saxo Bank Account Features
- Saxo Bank Demo Account
- Saxo Bank Islamic Account
- Saxo Bank Pros and Cons
- Saxo Bank Conclusion
- Frequently Asked Questions
Saxo Bank Overview
Saxo Bank was first established in 1999 and is headquartered in Copenhagen, Denmark. The company offers wide-ranging investment and brokerage services around the globe, with access to a wide range of tradable assets.
Saxo Bank is an extremely well-regulated broker, which is overseen by such reputable entities as the FCA, ASIC, and Consob. This allows for a highly secure trading environment for clients of Saxo Bank, with segregated client deposits and participation in a compensation scheme in case of insolvency.
Saxo Bank offers access to Forex, Bonds, Equities, ETFs, Mutual Funds, Options, Futures, CFDs (Depending on region), and cryptocurrencies.
These assets can all be traded using the proprietary SaxoTraderGO. Using this platform, traders can view current and historical reports of their net holdings, including the total value and percentage exposure of each holding.
Dedicated dashboards visualize your P/L, returns, and performance history for any account and timeframe, and you can analyze the development of your trades using time-weighted percentages.
Saxo Bank further provides a comprehensive range of third-party tools and analytical features which will enhance trading efficacy, and which are delivered free of charge on the broker’s website.
There are three retail account types available from Saxo Bank, as well as a corporate account and a professional account. Professional clients will have to pass an assessment that confirms their professional status.
Saxo Bank offers tight spreads which vary depending on the account type, but average at around 0.5 pips on major currency pairs such as EUR/USD. Commissions are on the higher end, and accounts can be opened for a high minimum deposit of $2000.
This makes Saxo Bank a more expensive choice for beginner and smaller retail traders, although the broker appears to position itself more towards advanced and professional traders with extensive portfolios and a greater amount of investment capital.
These traders will receive special attention from the broker’s excellent team of account managers, while the customer support, overall, is responsive and provides extensive assistance for a range of queries.
Overall, Saxo Bank is an excellent choice for advanced and professional traders seeking an advanced trading environment and dedicated account support.
Saxo Bank Account Types
Saxo Bank offers three types of retail accounts, consisting of the Classic Account, Platinum Account, and VIP Account. Saxo Bank also offers a Corporate Account and a Professional Account.
It is quick and easy to open a Saxo account: just fill in the broker’s simple online form and verify your ID. At Saxo, most account applications are approved digitally within minutes, and the accounts departments make every effort to get all accounts opened as soon as possible.
Due to regulatory requirements where additional information or enhanced security checks are required this process may take longer – particularly during periods of market volatility when the demand for accounts is higher.
Saxo Bank’s team will send an email with all necessary information (including the account ID, login credentials, and payment information) as soon as your account is open.
If you have not received this information, the account is probably undergoing a manual checking process and you will be alerted to any issues or missing documentation.
All retail clients take an appropriate test during the account opening process to determine which products should be enabled on the account.
This is especially important when considering more complex products such as leveraged instruments.
If the outcome of this assessment is that complex products are inappropriate for you to invest in, you will be notified.
If they believe incorrect information was submitted when completing the test-or your circumstances have changed- you can request to retake the test. This can be completed up to 3 times in any 3 months.
When you open an account, you are placed into a tier based on your initial funding within 30 days. After your first three months of trading, you will automatically be moved to the tier that best reflects your volume – with no additional funding required.
Saxo Bank Account Features
Classic Account
- Tight entry prices
- Best-in-class digital service and support
- 24/5 technical and account support
Platinum Account
- Up to 30% lower prices
- Best-in-class digital service and support
- 24/5 technical and account support
- Priority local-language customer support
VIP Account
- Best prices
- Best-in-class digital service and support
- 24/5 technical and account support
- Local-language personal relationship manager
- Direct access to our trading experts, 24/5
- 1:1 SaxoStrats access
- Exclusive event invitations
Corporate Account
- Trade 40,000+ instruments, with optimized liquidity and dedicated support.
- Trade via a professional-grade platform, with 1:1 support from expert account managers.
- Receive around-the-clock personal service, whenever the markets are open, from a dedicated Saxo specialist.
Professional Account
If you meet at least two of the following criteria, you may be eligible to reclassify as an Elective Professional client:
- Have a financial portfolio that exceeds €500,000.
- Placed at least 10 relevant trades in significant sizes over the last four quarters.
- Work, or have worked, in the financial sector for at least one year.
- The size of your investment portfolio (held with Saxo and/or other providers), is defined as including cash deposits and financial instruments, exceeds EUR 500,000.
- Acceptable examples of an investment portfolio can include cash savings, stock portfolio, stocks and shares ISA, trading accounts, mutual funds, SIPP (excluding non-financial instruments).
Saxo Bank Demo Account
The demo account is available instantly upon registration with Saxo Bank, which will allow users to navigate the trading platform and explore its functionality.
The demo account is funded with virtual currency and does not appear to expire, affording users enough time to familiarise themselves with the broker’s features.
The demo account can also be opened alongside a live account. This is a useful feature as it will allow traders to test out various trading strategies in a risk-free, demo environment before applying them to the live Forex market.
To open a demo account, you can take the following steps:
- Navigate to the official Saxo Bank website.
- Select the option to register with the broker.
- You will be redirected to the registration page where you will have to provide your personal details, such as full name, contact details, and country of residence.
- Upon your successful registration, a demo account will be automatically opened with your login details sent to your inbox.
Saxo Bank Islamic Account
Saxo Bank does not offer an Islamic Account, which is a drawback as these accounts fulfill important roles, as described below.
Also known as ‘no swap accounts’, Islamic trading accounts allow Muslims to engage in online forex trading in compliance with Sharia law.
With 25% of the world’s population practicing the Islamic faith, Islamic forex trading has continued to gain popularity worldwide.
Essentially, an Islamic forex trading account charges no swap or rollover interest on positions held overnight in the forex market. An administration fee is, however, charged on some accounts to open a position
Saxo Bank Pros and Cons
Saxo Bank Conclusion
Overall, Saxo Bank offers 3 live trading accounts, a Classic Account, VIP Account, and Platinum Account. Saxo Bank also offers a Demo account where traders can learn the basics of Forex trading.
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Min Deposit
USD 0
Regulators
FCA, FINMA, FSA, ASIC
Trading Platform
Proprietary Platform
Crypto
Yes
Total Pairs
160+
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Frequently Asked Questions
How many instruments can I trade with Saxo Bank?
The following assets are available to trade with Saxo Bank: Forex, Bonds, Equities, ETFs, Mutual Funds, Options, Futures, CFDs (Depending on region), Cryptos
Which platforms are supported by Saxo Bank?
Saxo Bank supports the SaxoTraderGO platform.
Does Saxo Bank offer leverage?
Yes. Saxo Bank offers maximum leverage of 1:300, which is in line with ESMA regulations regarding leverage.
Does Saxo Bank charge a commission?
Yes. These commissions are relatively high when compared to many other brokers at $15 for US stock trading. That said, a low commission of 0.005% is charged on a minimum of $50 million tradings in a month.
Are there additional charges on the Islamic account?
Saxo Bank does not offer an Islamic Account.
