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:
*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 $10,000.
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.
