Review sections
Saxo Bank Video Review
VIDEO
Investor Protection & Regulations “Saxo Bank is one of the most regulated online trading platforms in the industry. The broker has regulatory oversight in 15 different jurisdictions. With the regulatory oversight provided by the regulatory authorities, the broker offers its clients maximum protection for their online trading activities.”
With Saxo Bank, traders will be getting maximum regulatory protection as the broker is a regulated entity with more than a dozen jurisdictions. The jurisdictions that Saxo Bank has regulatory oversight include countries such as the UK, Denmark, Singapore, the Netherlands, Italy, the Czech Republic, Cyprus, France, Dubai, U.A.E., Japan, Switzerland, Hong Kong and Australia.
Below are some of the main regulatory licenses which Saxo Bank as a group is holding:
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 the license number 1149 . As Denmark is part of the European Union, this means Saxo Bank is also compliant with the MiFID 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 as well as an Exempt Financial Advisor.
FINMA
In Switzerland, Saxo Banks operates under the 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.
Tradable Products “At Saxo Bank, you get to trade with 9 different types of financial instruments. They 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 and 1200+ Contract Options.”
Available assets for trading at Saxo Bank sum over 35,000+ and cover 9 different types of asset classes. Below are some of the assets that are available for trading based on their types:
* Details regarding the available assets are taken from Saxo Bank Website and are correct at the time of this review.
Account Opening “Saxo Bank’s trading accounts are geared towards 3 main groups of traders, the everyday average trader, the active trader and the professional trader. Hence, the trading accounts are classified into 3 types of trading accounts, the Classic Account, the Platinum Account and the VIP Account.”
Trading accounts at Saxo Bank are categorized into 3 categories, the Classic Account, the Platinum Account and the VIP Account. Features of the trading accounts are as follows:
The Classic Account
For traders and investors
Minimum Deposit requirement: $2,000
24 hour customer service
35,000+ instruments across multiple asset classes
Expert news and analysis
Integrated online support
Local language support
Products and pricing: Industry-leading entry prices
SaxoTraderGO platform
SaxoTraderPRO platform
The Platinum Account
For active traders and investors
Minimum Deposit Requirement: $ 50,000
24 hour customer service
35,000+ instruments across multiple asset classes
Expert news and analysis
Integrated online support
Local language support
Personal relationship manager
Products and pricing: Active trader prices
SaxoTraderGO platform
SaxoTraderPRO platform
The VIP Account
For high-volume traders and investors
Minimum deposit requirement: $ 1,000,000
1:1 check-ins with the SaxoStrats
24 hour customer service
35,000+ instruments across multiple asset classes
Dedicated sales trader
Expert news and analysis
Integrated online support
Local language support
Personal relationship manager
Products and pricing: VIP pricing
SaxoTraderGO platforms
SaxoTraderPRO platforms
VIP services
Saxo Corporate Account
For Corporate clients, Saxo Bank has also provided corporate bodies with a corporate account for their trading activities. The following documentation is required to open a corporate account.
Documentation on who can sign on behalf of the corporate entity (authorised signatories)
Official Proof of identity and Proof of Residential Address for all Beneficial Owners
Official Proof of Identity for all authorized signatories
Signed Articles of Association
Supporting documentation of the ownership structure
Transcript from local Commerce or Certificate of Incorporation
US Tax Certificate
Demo Account
Before opening a live trading account at Saxo Bank, it is also possible to try out the broker’s services by opening a demo account instead. The demo account offers a 20 days free demonstration and comes preloaded with $100,000 virtual money. With the demo account, you can access both the SaxoTraderGO and SaxoTraderPRO trading platforms.
The account opening process at Saxo Bank is a 3 steps process. First, visit the accounts page and then select the type of account that you want. Once you have selected the type of trading account that you want to open, fill out the registration form and click continue until you finish filling up all the forms.
Once you have completed the registration process, you will receive an email asking you to complete the account opening application. Once you have done, that you will need to fund your account before you can start trading.
Deposit & Withdrawals options “Unlike most forex brokers in the industry, Saxo Bank only offers 3 options to fund your trading account. They include credit/debit card deposits, Bank transfer and Stock transfer.“
There are only 3 ways which you can fund your trading accounts at Saxo Bank. They include bank transfer, credit/debit card transfer and stock transfer.
Bank transfer covers both transfer from Danish banks and international banks. Saxo covers fees from outgoing withdrawal, any incoming fees from bank are traders responsibility. You can only withdraw funds from your trading account to a bank account held under your 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 your own bank.
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 out of your account.
Web & Desktop Trading Platforms “For trading platforms, Saxo Bank offers a proprietary platform called the SaxoTrader platform. The platform is available in two versions, the SaxoTraderGo and SaxoTradePro.”
The Web based Go platform is a delight to use. It is smooth and intuitive and unlike any other platform I have come across. Most platforms out there seem to be very similar to the MetaTrader4, however this platform is a one of-a-kind.
In order to start using the platform you will need to set it up according to your requirements. Start by selecting regional settings and then choose the instruments you’d like to trade.
The layout of the platform is split into three main sections, with watchlist and assets on the left, charting on the right and positions and orders across the bottom of the screen.
Below you can see the features of opening a new trade, where a window will appear on the screen once you select the asset you’d like to trade.
Once you have opened a position you will then be given a second opportunity to implement risk management such as Take profit and Stop Loss orders.
The charts are really easy to use and smooth to customise with a huge variety of customisable parameters.
It comes with a long list of indicators that can be overlaid onto the chart.
The SaxoTradePro is for institutional or professional traders.
The platform is able to support up to 6 screens simultaneously and is ideal for the professional trader. It comes with advanced features such as:
Ability to view real time trade orders executed on the exchange
Advanced Charts
Depth Trader
Enhanced Trade Ticket
Keyboard shortcuts
One click trading
Support for Algo Trading
The SaxoTraderGo is the standard web-based platform which allows you to Place trades, manage orders and work from charts. The interface is user friendly and suitable for all levels of trader. You can use the platform on desktop, laptop, tablet or mobile, with your settings and preferences automatically synced between your devices.
Mobile Trading Platforms “The powerful SaxoTraderGo is one of the most powerful mobile trading platforms that is available in the online trading industry today. The SaxoTraderGo has Cross-device functionality and allow users to access the platform on their tablet or mobile devices.
One of the most powerful mobile compatible trading platforms in existence today, the SaxoTraderGo offers its users the following features:
Access to 35,000+ instruments Intuitive Interface
Account shield
Comprehensive account overview
Cross-device functionality
Margin alerts
Margin breakdown
Quick Cancel of all orders
Quick-close positions
Stop orders
Wide product range
It is a stripped down version of both desktop and web but still one of the most feature-laden mobile platforms we have comes across. Your open positions and orders are held on separate tabs as are watchlists and account access. Additionally you can access trade signals, market analysis and the economic calendar from the mobile version. You can conduct in depth risk management through the mobile as you would through the desktop or web platform.
Here you can see the list of features available through the mobile menu, the list is well populated with features.
Trading Features “For an online trader, the main tool of the trade is the trading platform. In this area, Saxo Bank has been able to excel with its SaxoTraderGo and SaxoTraderPro platform. These platforms are unlike the mundane platforms that we find on most brokers’ website”.
While the SaxoTraderGo and SaxoTraderPro are not as popular as the MetaTrader4 platform, the features of these trading platforms are no less powerful. In fact both these platforms are comparable to the MT4 platform in terms of functionalities:
Cross platform functionalities
Algo Trading
Support multiple order types
Advanced Charts
Access to a wide range of assets
Intuitive Interface
The platform is highly customizable to each trader’s needs, where each module of the platform can be dragged and docked exactly to where the trader likes. There is regularly updating news and analysis and enhanced menu function with a full list of capabilities of the platform.
You can set up multiple charting windows, select from tens of indicators and chart types. In fact there isn’t really anything missing from this platform for the professional or institutional trader. It is built to work across 6 screens if you need that function.
Also you can try out a demo version of the platform to enjoy its full capabilities.
Commissions & Spreads “Saxo Bank through its network in the industry is able to offer over 35,000 different types of instruments across more than half a dozen different types of asset classes. The trading costs for these instruments is based on a mix of spreads and 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. The list and table below show the cost which traders at Saxo Bank can expect to pay when trading through the broker’s platforms:
Commission Charges
North America & Canada
Exchange Name Symbol Commission Std Commission Active
NASDAQ
NASDAQ &
0.02 USD/share
from 6 USD(1)
(min 15 USD)
New
NYSE &
0.02 USD/share
from 6 USD(1)
(min 15 USD)
NYSE
AMEX
0.02 USD/share
from 6 USD(1)
(min 15 USD)
Toronto
TSE
0.03 CAD/share
0.0225 CAD/share(2)
(min 25 CAD)
(min 15 CAD)
TSX
TSX
0.02 CAD/share (3)
0.02 CAD/share
(min 25 CAD)
(min 25 CAD)
Europe / Middle East / Africa
Exchange Name Symbol Commission Std Commission Active
Athens
AT
0.35%
0.30%
(min 12 EUR)
(min 12 EUR)
BME
SIBE
0.10%
from 9(4)
(min 12 EUR)
Deutsche
FSE
0.10%
from 9(5)
(min 12 EUR)
Irish
ISE
0.10%
0.08%
(min 12 EUR)
(min 9 EUR)
London
LSE_INTL
0.10%
0.07%
(min 20 USD)
(min 10 USD)
London
LSE_SETS
0.10%
from 5(6)
(min 8 GBP)
Milan
MIL
0.10%
from 9(5)
(min 12 EUR)
NASDAQ
CSE
0.10%
0.07%
(min 29 DKK)
(min 50 DKK)
NASDAQ
HSE
0.10%
0.07%
(min 12 EUR)
(min 7 EUR)
NASDAQ
SSE
0.10%
0.07%
(min 65 SEK)
(min 55 SEK)
NYSE
AMS
0.10%
from 9(4)
(min 12 EUR)
NYSE
BRU
0.10%
0.05%
(min 12 EUR)
(min 8 EUR)
NYSE
LISB
0.10%
0.05%
(min 12 EUR)
(min 8 EUR)
NYSE
PAR
0.10%
from 9(4)
(min 12 EUR)
Oslo
OSE
0.10%
0.07%
(min 65 NOK)
(min 55 NOK)
Prague
PRA
0.28%
0.22%
(min 500 CZK)
(min 400 CZK)
SIX
SWX & VX
0.10%
from 11(7)
(min 18 CHF)
Vienna
VIE
0.10%
0.09%
(min 12 EUR)
(min 12 EUR)
Warsaw
WSE
0.30%
0.25%
(min 75 PLN)
(min 65 PLN)
Johannesburg
JSE
0.25%
0.15%
(min 100 ZAR)
(min 90 ZAR)
Asia / Pacific
Exchange Name Symbol Commission Std Commission Active
Australian Securities Exchange
ASX
0.10%
0.07%
(min 15 AUD)
(min 12 AUD)
Hong
HKEX
0.15%
0.10%
(min 150 HKD)
(min 100 HKD)
Stock
SSC/SEC
0.15%
0.10%
(min 40 CNH)
(min 25 CNH)
Singapore
SGX-ST
0.15%
0.12%
(min 25 SGD)
(min 20 SGD)
Tokyo
TYO
0.15%
0.08%
(min 1,500 JPY)
(min 1,250 JPY)
Spot Forex Majors
CURRENCY PAIR
CURRENT SPREADS
15 MIN AVG. SPREAD
AUDJPY
0.8
0.7
AUDUSD
0.4
0.3
EURAUD
1.6
1.6
EURCAD
1.5
1.5
EURCHF
0.8
0.7
EURGBP
0.8
0.8
EURJPY
0.7
0.7
EURUSD
0.2
0.2
GBPCHF
1.3
1.3
GBPUSD
0.8
0.8
NZDUSD
0.9
0.9
USDCAD
0.7
0.8
USDCHF
0.8
0.8
USDJPY
0.3
0.2
XAUUSD
12
10.4
*All data is taken from the broker’s website and is correct at time of writing this review.
Bonus & Promotions “Saxo Bank does not have any form of bonus offers or promotional offers for its clients.”
As Saxo Bank is a MiFID compliant broker, it does not offer its clients any kind of bonuses or promotional offers as it is not permitted.
Customer Support “Although Saxo Bank is based in Denmark, the broker offers strong support on a localized level in places where it has established a local office. Currently the customer support service is available in more than 20 different languages “
The support service at Saxo Bank is accessible through email, live chat or the telephone. Below are the contact details of different offices around the world:
Here in the UK, you can call, email, or even visit the physical address of the office. All departments are open between 9 till 5.30pm. There is also a support section of the website which contains detailed knowledge and could be a good first stop in searching for info.
There is no Live Chat service available.
Research “The research resources offered by Saxo Bank are beyond reproach. The broker is able to provide detailed analysis across a wide range of markets on a daily basis.”
Research at Saxo as you might expect goes above and beyond and is a real pleasure to read. Research resources at Saxo Bank are categorized into the following:
Strategists as they track the movements of the previous day’s US and APAC sessions
News & Overall market analysis includes:
Equity Market Analysis, Forex market analysis, Macro Economy Analysis
Some well written predictions on the year to come
A PDF report that looks at the quarter ahead
These are articles, charting analysis and videos on all the major instruments offered by Saxo. These are suitable for all manner of traders who will find they literally do not need to go to any other websites to get updated on the markets.
Trader Education “While Saxo Bank is able to excel in most areas of its service provision, it is solely lacking in trader education.”
Trader Education at Saxo Bank is only available in the form of webinars. However the bulk of the webinars only covers trading opportunities as opposed to teaching traders how to trade.
Trading Experience “For experienced traders, the quality and level of services offered by Saxo Bank is more than adequate to meet their trading needs.”
From our observations, we noted that the services offered by Saxo Bank are more suited towards traders with some trading experience. Firstly the company offers access to a huge selection of instruments across many trading vehicles, enough to satisfy pro and institutional traders. Next the Pro platform can be used by professionals with multi screens and institutional traders.
Beginner traders will find that unless they have some prior trading experience in trading the financial markets, they will not be able to make full use of what Saxo Bank has been able to offer. The wide range of assets that are available for trading may result in more confusion than profits. However there is a little educational material on offer to help guide beginners and there is the standard trading platform which can be easily used by beginners.
FAQ Is Saxo Bank regulated?
Yes, the company is regulated under multiple jurisdictions by different regulators which include Danish FSA, UK’s FCA, Monetary Authority of Singapore, Switzerland’s FINMA and Australia’s ASIC.
Where is Saxo Bank based?
Saxo Bank is based in Denmark but operates from several countries around the world.
How does Saxo Bank make money?
Saxo Bank makes its money from charging its clients a spreads or commissions on their trades.
How do I deposit in Saxo Bank account?
Funds can be deposited in a Saxo Bank trading account by bank transfer or credit cards.
What is the min. deposit for Saxo Bank?
The minimum deposit at Saxo Bank is $2000.
What is the max leverage in Saxo Bank?
The maximum leverage offered by Saxo Bank is 1:30.
How do I open an account with Saxo Bank?
Simply click on the “Open Account” button and fill up the registration form.
Does Saxo Bank use MetaTrader?
No, Saxo Bank does not use the MT4 trading platform.
Conclusion “For traders with preexisting trading experience, Saxo Bank can prove to be the right fit. With over 35,000+ assets, some amazing proprietary platforms and a huge selection of research.”
Overall, Saxo Bank is a high level broker that is able to provide its traders with some unique and powerful trading platforms. If you have ever tried the SaxoTrader Go or SaxoTrader Pro it is likely you will be really impressed. The overall experience is a real pleasure and unlike many of the generic platforms on the market today.
In addition, it is also able to provide a safe and regulated trading environment for its traders to trade in. With a large number of regulators watching over the company’s various arms traders can truly rest assured about the quality and levels of protection this broker offers.
The large number of assets that are available for trading is also an added plus for this broker. Nevertheless, the broker needs to beef up its educational section in order to cater for beginner traders. But if you are a trader with preexisting trading experience than Saxo Bank might well suit your trading needs.
Pros
Cons
Superb proprietary platforms available for desktop, web and mobile
A huge list of assets covering a wide selection of trading types.
Highly regulated broker across multiple jurisdictions
The educational section of the site could certainly be beefed up for beginners.
