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 at a Glance

Overall Rating

• 4.5/5

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OPEN AN ACCOUNT

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 review – 20 key points quick overview:

1. ☑️At a Glance
2. ☑️Overview
3. ☑️Safety and Security
4. ☑️Sign-Up Bonus
5. ☑️Minimum Deposit
6. ☑️Demo Account
7. ☑️Leverage
8. ☑️Saxo Bank Accounts
9. ☑️Market Instruments
10. ☑️Fees, Spreads & Commissions
11. ☑️Deposit and Withdrawal
12. ☑️Trading platforms
13. ☑️Saxo Bank Best Countries by Traders
14. ☑️Current Popularity Trend
15. ☑️Saxo Bank vs. Exness vs XM – a Comparison
16. ☑️Saxo Bank Customer Reviews
17. ☑️Pros and Cons
18. ☑️Conclusion
19. ☑️Saxo Bank Disclaimer
20. ☑️Frequently Asked Questions

Saxo Bank 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.

Through open banking solutions, the company powers more than 120 banks and brokers and over 300 financial intermediaries, providing them with multi-asset execution, prime brokerage services, and trading technology.

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.

Below are some of the main regulatory licenses which Saxo Bank holds:

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 Banks 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.

Saxo Bank 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 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.

Saxo Bank 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.

Saxo Bank 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 jurisdiction, decided to cap the maximum leverage that brokers could offer.

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.

How to open a Saxo Bank account

1.  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.

2.  Step 2 – Complete Registration information

Complete all information requested and select “Continue.”

3.  Step 3 – Verification of account

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

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 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 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; 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.

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 Trading platforms

Saxo Bank offers two proprietary platforms, SaxoTraderGo and SaxoTraderPro, which can both be accessed from a single account.

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 Best Countries by Traders

Saxo Bank Current Popularity Trend

According to Google Trends, here is an overview of how frequently the search term – “Saxo Bank” is entered into Google’s search engine over a given period.

Saxo Bank vs. Exness vs XM – a Comparison

Saxo Bank  Customer Reviews

Too High commissions

Too High commissions
Does not care too much about client risk.

I’m happy here

I’m happy here, it suits me more than ever.

one of the better banks in terms of…

one of the better banks in terms of services and rates in that country

Saxo Bank Pros and Cons

Saxo Bank Conclusion

Overall, Saxo Bank can be summarised as a credible and trustworthy broker and is considered low-risk with competitive trading fees and spreads. Saxo Bank has an overall trust score of 80 out of 99. Offers traders 60,000+ instruments on selected accounts

Overall, Saxo Bank is a high-level broker that offers its traders unique and powerful trading platforms.

The company’s proprietary platforms, SaxoTraderGo and SaxotraderGo, are impressive and comprehensive trading options.

In addition, the company is also able to provide a safe and regulated trading environment for its traders, with a large number of regulators watching over the company’s various arms so that traders can be sure of the quality and levels of protection this broker offers.

The large number of assets available for trading is also an added plus for this broker.

That said, the company could improve its educational offering to cater to beginner traders, while experienced or established traders will find everything they need at Saxo Bank.

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Saxo Bank 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 mentioning, 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 nor full description of all risks pertaining to 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.

Overall Rating

• 4.5/5

Read Review

OPEN AN ACCOUNT

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

What is Saxo Bank?

Saxo Bank is a Danish investment bank specializing in online trading and investment. Saxo Bank’s online trading platform is consistently recognized for various platforms.

Saxo Bank offers many tradable instruments, including forex, stocks, CFDs, futures, bonds, and more. This variety allows traders to diversify their portfolios and potentially find opportunities across different markets, including South Africa.

Is Saxo Bank regulated in South Africa?

While not directly regulated by a South African body, Saxo Bank adheres to strict regulations set by the Danish FSA. These regulations are considered stringent and offer a level of consumer protection. South Africa is on their list of supported countries [countries serviced by Saxo Bank ON Saxo Bank help. Saxo]. This suggests they are open to South African clients, and you have protection.

Does Saxo Bank offer a demo account?

Newbie traders can use a demo account to familiarize themselves with the platform and become better acquainted with trading in a safe and simulated market environment.

What is the minimum deposit for Saxo Bank?

The entry-level Classic account requires a USD 10,000 minimum deposit, while the Platinum account for active traders requires USD 200,000.

What is the leverage for Saxo Bank?

Saxo Bank has an average leverage ratio. The maximum leverage ratio allowed is 1:200

Does Saxo Bank offer a Zar account?

Yes, Saxo Bank likely offers accounts denominated in South African Rand (ZAR)

Can I trade on JSE with my Saxo bank account?

Yes, Saxo Bank offers access to a wide range of stock exchanges globally, and the JSE is listed among the exchanges available on their platform.

Will I be taxed on my capital gain from Trading?

Yes. Since Saxo Bank is a foreign institution, South African tax regulations might require you to report your foreign trading account to the South African Revenue Service (SARS).