Saxo Bank Review

 

Overall, Saxo Bank is a trustworthy broker and is considered low-risk. It offers competitive trading fees and spreads and has an overall trust score of 99 out of 99, considered the most stringent financial authorities. Saxo Bank offers traders 60,000+ instruments on selected accounts.

 

 

 

Saxo Bank Spider chart

 

• Value – 7/10
• Yield – 8/10
• Quality – 6/10
• Leverage – 4/10
• Momentum – 9/10
• Reversal – 5/10
• Volatility – 7/10

 

Overview

• According to research in South Africa, Saxo Bank is a leading fintech and regtech specialist, connecting traders, investors, and partners to more than 35,000 instruments across all asset classes from a single account.
• Founded in 1992, Saxo Bank is a regulated company and licensed in six tier-1 jurisdictions, making it a safe (low-risk) broker for forex and CFDs trading.
• The company differentiates itself by building digital platforms to facilitate multi-asset market access and provides clients of all sizes with professional-grade tools, industry-leading prices, and best-in-class service.
• The company provides active traders with a single, cross-collateralized account from which they can trade 35,000+ instruments across asset classes – including CFDs, stocks, forex, ETFs, and more.

 

 

Pros and Cons

 

Features Offered

• Saxo Bank is a global investment bank that offers a comprehensive suite of trading and investment services, catering to both retail and institutional clients.
• Key features include access to a wide range of financial instruments such as stocks, ETFs, forex, commodities, bonds, mutual funds, and options.
• Saxo Bank provides advanced trading platforms like SaxoTraderGO and SaxoTraderPRO, known for their intuitive interfaces, powerful tools, and extensive charting capabilities.
• Clients benefit from competitive pricing, robust research tools, educational resources, and personalized wealth management solutions.

 

 

Customer Reviews

• Customer reviews for Saxo Bank are generally positive, with users praising its professional-grade trading platforms, broad market access, and transparent pricing structure.
• Many investors appreciate the depth of research and analysis tools provided, which help in making informed decisions.
• The customer service is often described as responsive and helpful, especially for premium account holders.
• However, some users note that the platform might be overwhelming for beginners and that fees for smaller accounts can be relatively high.
• Overall, Saxo Bank is seen as a reliable and feature-rich broker, particularly suited for experienced traders and high-volume investors.

 

 

Customers Ratings

 

Safety and Security

 

• With Saxo Bank, traders receive maximum regulatory protection as the broker is a regulated entity with over a dozen jurisdictions.
• The jurisdictions under which Saxo Bank is subject to regulatory oversight include countries such as the UK, Denmark, Singapore, the Netherlands, Italy, the Czech Republic, Cyprus, France, Dubai, the U.A.E., Japan, Switzerland, Hong Kong, and Australia.

 

Danish FSA

• Operating under the registered name of Saxo Bank A/S (company registration no. 15731249), Saxo Bank is regulated by the Danish FSA under license number 1149.
• As Denmark is part of the European Union, It makes Saxo Bank compliant with the MiFID (Markets in Financial Instruments Directive) regulations.

 

Financial Conduct Authority

• Operating under the subsidiary Saxo Capital Markets UK Limited, Saxo Bank is registered with the UK’s Financial Conduct Authority (FCA) with the registration number 551422.

 

Monetary Authority of Singapore

• Saxo Bank operates in Singapore under the subsidiary name Saxo Capital Markets Pte. Ltd. and is registered with the Monetary Authority of Singapore (MAS) under the registration number 200601141M.
• It is an authorized Capital Market Services provider and an Exempt Financial Advisor.

 

FINMA

• In Switzerland, Saxo Bank operates under a subsidiary named Saxo Bank (Switzerland) Ltd. It is registered with the Swiss Financial Market Supervisory Authority FINMA with the registration number CHE-106.787.764.

 

Australian Securities and Investments Commission (ASIC)

• For Australia, Saxo Bank is regulated under the subsidiary name Saxo Capital Markets (Australia) Pty. Ltd. It is registered with ASIC with the registration number 126 373 859.

 

Protection of Client Funds

 

 

Saxo Bank at a Glance

 

Saxo Bank Accounts

 

• Saxo Bank offers three account types, namely the Classic account, Platinum account, and VIP account.
• The entry-level Classic account requires a USD 10,000 minimum deposit, while the Platinum account for active traders requires USD 200,000.
• Saxo Bank’s VIP account, which offers the most savings on pricing, is reserved for elite investors who deposit at least USD 1,000,000.
• The exception to these steep requirements is in the UK and Singapore, where the Classic account is available with a deposit of only GBP 500 or SGD 3,000, respectively.

 

 

Demo Account

 

• Saxo Bank does offer a free demo trading account for beginners to practice forex trading in a 100% risk-free environment.
• The Saxo Bank demo account expires after 20 days.

 

 

How to open a Saxo Bank account

 

Step 1 – Register an account

• Navigate to the Saxo Bank website and select the option “Open Account,” which will take the trader to a new page.

 

Step 2 – Complete Registration information

Complete all information requested and select “Continue.”

 

Step 3 – Verification of account

• The trader will receive a confirmation email confirming their account has been created and is active.

 

Saxo Bank Fees, Spreads & Commissions

 

• As a dedicated and established forex and CFDs broker, Saxo Bank strives to offer its clients the most competitive pricing for trades executed on its trading platforms.
• Saxo Bank provides a tight variable spread that remains fixed under regular market conditions. For instance, the spread stays fixed 99% of the time in the EUR/USD case.
• Generally, a spread for a major currency pair such as EUR/USD is 2 pips. To cover administration fees, the company charges a ticket fee of $10 on smaller trades.
• In the current market, Saxo Bank provides over 160 currency pairs, tight spreads, and excellent liquidity. More importantly, Saxo offers 41 binary and vanilla touch options.
• Saxo Bank’s mutual fund fees are low. Saxo Bank doesn’t charge a fee when trading with mutual funds; however, mutual funds have annual maintenance fees, which 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.

 

 

Saxo Bank Deposit and Withdrawal

• Saxo Bank only offers three ways to fund a trading account: bank transfer, credit/debit card transfer, and stock transfer.

 

Bank Transfer

• Bank transfer covers transfers from Danish and international banks. Saxo covers fees from outgoing withdrawals; any incoming fees from banks are the traders’ responsibility.
• Clients can only withdraw funds from their trading account to a bank account held under their name.

 

Credit/Debit Card Transfer

• Credit card transfers can be from VISA or MasterCard. There are no deposit fees or withdrawal fees other than those charged by the client’s own bank.

 

Stock Transfer

• Saxo Bank also accepts stocks as collateral. The transfer of stocks and bonds into Saxo Capital Markets’ custody is performed for free. There are fees when transferring money from the client’s account.

 

Saxo Bank Minimum Deposit

 

• The minimum deposit amount required to register a Saxo Bank trading account is $2000.
• This minimum deposit equals R32000 ZAR at the current exchange rate between the  South African Rand & United States Dollar.

 

Leverage

• Saxo Bank’s average leverage ratio is 1:200, and the maximum allowed is 1:200. This is most likely due to the company’s compliance with several strict regulatory bodies.
• Leverage is a powerful tool that allows traders to maximize their potential profits. However, it also carries a high risk of significant losses, particularly for those seeking to invest large sums of money.
• It is for this reason that many regulatory bodies, particularly those of the EU and UK jurisdictions, decided to cap the maximum leverage that brokers could offer.

 

 

Sign-Up Bonus

• Saxo Bank does not offer new traders a sign-up bonus, also known as a welcome bonus, when signing up.

 

Saxo Bank Trading platforms

 

SaxoTraderGo

• This award-winning platform has a comprehensive range of trading and investing features and a user-friendly interface.
• Engineered for speed and efficiency, the trade ticket reduces the number of clicks needed to place an order while displaying all pertinent information in the ticket itself.
• The platform’s equity research tools allow users to analyze company fundamentals and view analyst sentiment indicators for stocks listed on all major exchanges.
• Users can identify patterns across hundreds of instruments with automated Trade Signals, live charts, and various annotation tools.
• Users can also trade directly from the company’s live, integrated charts and take advantage of more than 40 technical indicators and drawing tools.

 

SaxoTraderPro

• This platform boasts high-performance tools built to manage and execute orders, with in-depth market analysis features.
• Users benefit from transparency and insight into market movements by seeing real-time order executions on an exchange.
• Algo orders are available on major US, European, and Asian markets and are fully integrated into the trade ticket. Once they’re active, users can modify orders without having to cancel and replace them.
• Users can open, close, and edit positions from the company’s fully integrated charts. Use a comprehensive suite of annotations, drawing tools, and over 50 technical indicators to analyze price trends.
• Users can trade FX vanilla and touch options, as well as listed options on stocks, indices, and futures, and quickly switch between instruments by linking option chains to watchlists.

 

Saxo Bank Market Instruments

 

• Saxo Bank has an impressive product portfolio covering everything from forex to stocks and CFDs.
• Its range of products in more traditional asset classes, such as stocks, ETFs, or bonds, is also competitive.

 

Available assets for trading at Saxo Bank sum to over 35,000 and cover 9 different types of asset classes, which consist of:

• 180+ Spot Forex pairs
• 40+ Forex options
• 9000+ CFDs
• 19,000+ Equities from 36 exchanges
• 3000+ ETFs
• 50000+ Bonds, Equity options
• 200+ Futures
• 1200+ Contract Options

 

 

Saxo Bank vs. Exness vs XM – a Comparison

 

Customer Reviews

🥇 Excellent!
Saxo Bank has consistently delivered a top-tier trading experience for me.

The platform is fast, reliable, and packed with advanced tools that suit both beginner and professional traders.

Their customer service is responsive and knowledgeable, which makes me feel secure and supported.

I especially appreciate the wide range of investment options and transparent pricing. Truly a five-star experience!

 

🥈 Top Choice.
After trying several brokers, I found Saxo Bank to be my go-to.

The user interface is clean and intuitive, and I love the depth of research tools available.

Their educational resources helped me gain confidence in my trades, and I find the account management features to be very professional.

It’s not the cheapest, but the value you get easily justifies the cost.

 

🥉 Incredible.
What impressed me most about Saxo Bank is the sheer range of global markets you can access.

From forex to stocks and commodities, it’s a one-stop shop.

The mobile app is powerful enough to manage my portfolio on the go, and the execution speed is excellent.

While the initial learning curve was a bit steep, once I got the hang of it, the experience became seamless.

 

 

References

Saxo Capital Markets UK Limited

Saxo Capital Markets Pte. Ltd

 

You might also like:

 Saxo Bank Account Types

Saxo Bank Demo Account

Saxo Bank Fees and Spreads

Saxo Bank Minimum Deposit

Saxo Bank Sign Up Bonus

 

Disclaimer

• Trading in the products and services of the Saxo Bank Group may, even if made in accordance with a Recommendation, result in losses as well as profits.
• Trading risks are magnified by leverage – losses can exceed your deposits. Margin calls may be made quickly or frequently, especially in times of high volatility, and if you cannot meet them, your positions may be closed out, and any shortfall will be borne by you.
• Values may fluctuate significantly in times of high volatility or market /economic uncertainty; such swings are even more significant if your positions are leveraged and may also adversely affect your position. Trade only after you have acknowledged and accepted the risks.
• You should carefully consider whether trading in leveraged products is appropriate for you based on your financial circumstances and seek independent financial consultation.
• Any mention, if any, in a Publication of the risks pertaining to a particular product or service may not and should neither be construed as a comprehensive disclosure or full description of all risks about such product or service.
• The Saxo Bank Group strongly encourages any recipient considering trading in its products and services to employ and continuously consult suitable financial advisors prior to the conclusion of any investment or transaction.
• The Saxo Bank Group does not, in any of its Publications, take into account any particular recipient’s investment objectives, special investment goals, financial situation, and specific needs and demands, according to research in South Africa.

 

Frequently Asked Questions

 

Is Saxo Bank a trustworthy broker?

Yes, Saxo Bank is regulated in multiple jurisdictions and has a strong reputation for security and transparency. Its long-standing presence in global financial markets makes it a trusted choice for both retail and institutional investors.

 

How user-friendly is Saxo Bank’s trading platform?

Saxo’s platforms, including SaxoTraderGO and SaxoTraderPRO, are highly intuitive and have advanced tools. While beginners may need some time to adjust, most users find them smooth, fast, and feature-rich once familiar with the layout.

 

What are the fees and commissions at Saxo Bank?

Saxo Bank offers competitive fees but isn’t the cheapest. It charges commissions on some trades, and spreads vary by asset class. Premium account tiers offer lower fees and additional features, depending on your trading volume.

 

Does Saxo Bank offer good customer support?

Yes, Saxo Bank provides responsive and professional customer support. Clients generally report helpful and timely assistance through live chat, email, and phone. However, some users mention slower responses during peak hours or market volatility.

 

What markets can I trade on Saxo Bank?

Saxo Bank gives access to a vast range of markets—stocks, forex, commodities, options, futures, ETFs, and bonds across global exchanges. It’s well-suited for traders looking to diversify their portfolio on one platform.

 

Is Saxo Bank suitable for beginners?

While Saxo Bank offers excellent educational resources, its advanced features and pricing structure may overwhelm beginners. However, motivated new traders can benefit from learning tools, demo accounts, and guided tutorials to build confidence gradually.

 

Does Saxo Bank have a mobile app?

Yes, the SaxoTraderGO mobile app is highly rated for its functionality, speed, and design. It lets users trade, monitor markets, and manage accounts on the go with nearly all desktop features available in the app.

 

What are the account minimums for Saxo Bank?

Account minimums vary by country and account type. For Classic accounts, the minimum is usually around $500 to $2,000. Higher-tier accounts like Platinum and VIP require larger deposits for better pricing and dedicated support.

 

How safe is my money with Saxo Bank?

Saxo Bank is regulated by top-tier authorities like the FCA and FSA. Client funds are held in segregated accounts, and the bank maintains strong risk management policies, providing a high level of financial safety.

 

Are there any hidden charges with Saxo Bank?

Saxo Bank is transparent with fees, but users should review all costs closely. Inactivity fees, overnight financing, and conversion fees can apply. Reading the fee schedule ensures you avoid surprises and manage trading costs effectively