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Saxo Bank Review 2021

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Saxo Bank Main Features
☑️
Regulations
FCA (United Kingdom), ASIC (Australia), DFSA (United Arab Emirates), FSC (Mauritius), FSA(JP) (Japan)
️🗺
Supported Languages
English, Spanish, German, French, Arabic, Russian, Portuguese, Japanese, Chinese, Czech, Danish, Dutch, Polish, Hebrew, Hungarian, Italian, Greek
💰
Products
Currencies, Commodities, CFDs, Indices, ETFs, Stocks, Bonds, Futures, Mutual Funds, Options
️💵
Min Deposit
$10000
💹
Max Leverage
1:30 (FCA), 1:30 (ASIC), 1:30 (DFSA), 1:30 (FSC), 1:30 (FSA(JP))
🖥
Trading Desk Type
Dealing Desk, Market Maker, STP
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Saxo Bank Full Review

“Saxo is a globally regulated, multi-asset class broker offering to trade on more than 40,000 instruments covering Forex, CFDs, Stocks, Options, ETFs, Commodities, Futures, Bonds and Mutual Funds from just one account but on multiple platforms including their own, award-winning SaxoTraderGO and professional-grade SaxoTraderPRO.”

SaxoBank was founded in 1992 and is a fully licenced Danish bank that is also a regulated industry leader in 15 jurisdictions including Denmark, the UK, Japan, Singapore, Australia and Switzerland among others. With Saxo, users are joining a company which serves clients in over 120 countries, holds 16 billion USD assets under management and processes one million client transactions every day.

With SaxoBank, users can trade, hedge or invest from one single account and access more than 40,000 financial instruments covering Forex, CFDs, Stocks, Options, ETFs, Commodities, Futures, Bonds and Mutual Funds with low latency, deep liquidity from multiple venues such as Tier 1 banks, ECNs and 36 exchanges.

Users are also offered the award-winning SaxoTraderGO trading platform which offers advanced order functionality, technical and fundamental analysis and trade signals. Users are also offered the professional-grade SaxoTraderPRO trading platform which has advanced features such as one-click trading, algorithmic orders and an options chain.

Both beginner and advanced traders will enjoy the impressive range of trader research and educational tools which come in the form of Platform Video Guides, Events and Webinars, a Market Call podcast and articles and videos covering Macro, IPOs, Outrageous Predictions and a Quarterly Outlook report.

Pros: Cons:
  • Globally regulated bank.
  • Access to 40,000+ instruments.
  • Can trade, hedge and invest from one account.
  • Feature-rich, advanced trading platform.
  • Research and educational tools for beginners and experts.
  • The wealth of choice may be overwhelming for some beginners.

About the Author

Jitan Solanki
Author
Jitan is a currency trader and an accredited Market Technician with more than 15 years of experience working with fund managers and on several proprietary trading floors. He is regularly quoted in the financial media for his currency market insights and forecasts and is based in London.
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Review sections


Saxo Bank Video Review

Investor Protection & Regulations

“The Saxo Group is one of the world’s most regulated companies in the industry with regulatory oversight in 15 jurisdictions including authorisation from the UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Financial Services Agency of Japan (FSA) and many more.”

SaxoBank A/S is a fully licenced European bank under the supervision of the Danish FSA, as confirmed on the regulator’s website below:

Throughout its various subsidiaries, Saxo is licenced and regulated in multiple jurisdictions around the world. A few are listed below:

  • Saxo Capital Markets UK Limited is authorised and regulated by the UK Financial Conduct Authority (FCA).
  • Saxo Capital Markets Pte Ltd is supervised by the Monetary Authority of Singapore (MAS).
  • Saxo Bank (Switzerland) Ltd is a licensed bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
  • Saxo Bank Securities Ltd is licenced by the Japanese Financial Services Agency (FSA).
  • Saxo Capital Markets (Australia) Pty Ltd is licensed by the Australian Securities and Investments Commission (ASIC).

The broker also holds licences in other jurisdictions and is perhaps one of the world’s most regulated brokers in the industry.

Saxo also provides further security of funds by segregating client funds from their own. Client funds are also protected by the rules of the regulator in each jurisdiction. For example, SaxoBank is part of the Danish Guarantee Fund which protects investors in the case of insolvency.

With Saxo, users are trading with a broker who serves clients in 120 countries and holds assets under management of 16 billion USD.

Tradable Products

“Saxo is a true multi-asset class broker offering to trade on more than 40,000 instruments covering Forex, CFDs, Stocks, Options, ETFs, Commodities, Futures, Bonds and Mutual Funds.”

Saxo is a true multi-asset class broker offering to trade on more than 40,000 instruments covering Forex (182 FX Spot Pairs and 140 Forwards), FX Options (44 FX vanilla options), CFDs (9,000+), Stocks (19,000+ from 37 exchanges worldwide), Options (1,200+ from 23 exchanges worldwide), ETFs (3,000+ from 30 exchanges worldwide), Commodities, Futures (200+), Bonds (from 26 countries in 21 currencies)) and Mutual Funds.

Below is a list of just some of the instruments available for trading:

Forex FX Options CFDs
AUDMXN EURUSD Index CFDs
GBPUSD USDJPY Stock & ETF CFDs
CADJPY EURJPY Commodity CFDs
USDBRL XAUUSD Bond CFDs
Stocks Options ETFs
North America Equities North America
Europe Energy Europe
Asia Metals Asia/Pacific
Middle East/Africa Commodities Middle East/Africa
Bonds Mutual Funds Commodities
EU Government AXA Spot Metals
US Government Blackrock Commodity Futures
EU and US Corporate Goldman Sachs Commodity Options
Emerging Market Franklin Templeton Commodity ETCs

* Details regarding the available assets are taken from the Saxo website and trading platform and are correct at the time of this review.

Trading costs such as spreads, commissions and overnight funding (swap) rates vary depending on the instrument being traded and account type opened and are covered further down this review.

Account Opening

“SaxoBank caters for both beginner, professional and institutional traders and investors with access to the Saxo Account, Corporate Account and Professional Account. The Saxo Account offers 3 tiers called Classic, Platinum and VIP.”

SaxoBank offers a range of accounts designed for all types and levels of traders and investors. The Saxo Account offers 3 tiers called Classic, Platinum and VIP which each come with different features and benefits, including access to a maximum of 1:30 leverage for markets available for leveraged trading.

All 3 tiers offer the ability to trade on 40,000 different financial instruments on the award-winning SaxoTraderGO platform and the SaxoTraderPRO platform. However, there are additional services available in the higher tiers, as shown below.

SaxoBank also offers access to open a Professional Account and Corporate Account. Opening a live account is a simple process and can be done by clicking on the Open Account tab on the broker’s website. This will then take you to a registration page to provide name, email, address and phone number while also agreeing to the Privacy and Marketing policy.

Users will then go through a Know Your Client (KYC) process to gather information about your identity and address, as well as the verification process required. Saxo also offers the ability to use a free demo trading account of a simulated 100,000 USD to test the SaxoTraderGO and SaxoTraderPRO trading platforms. Users simply need to click on the ‘Try free demo’ button on the SaxoBank website.

SaxoBank does not accept clients from Russia, the United States and Canada.

Deposit & Withdrawals options

“SaxoBank only offers 3 options to deposit funds. This includes credit and debit cards, bank transfer and stock transfer.”

SaxoBank offers 3 options to deposit funds which include credit and debit cards, bank transfer and stock transfer. Transaction fees are determined by the transaction currency, instead of the account currency and range from 0.51%, but are displayed before the transaction is committed. It’s free to transfer in cash.

No fees are charged for withdrawals submitted via the Online Cash Withdrawal Module. If using a Manual Funds Withdrawal Form there is a processing fee of 40 USD. Withdrawals can only be made to a bank account in the same name as the name listed on the trading account.

Web & Desktop Trading Platforms

“Saxo offers users the ability to trade from the award-winning, proprietary based SaxoTraderGO platform and the SaxoTraderPRO platform.”

SaxoTraderGO Trading Platform

Users can access the award-winning SaxoTraderGO platform through having a live account or a demo account to test out its features:

  • Trade, hedge and invest in over 40,000 financial instruments
  • Browser-based, no download required
  • Comprehensive account overview with performance analysis
  • In-depth research hub
  • Multiple order types
  • Margin breakdown and alerts
  • Wide range of technical analysis tools including automated trading signals

SaxoTraderPRO Trading Platform

Users can access the professional-grade SaxoTraderPRO platform through having a live account or a demo account to test out its features:

  • Trade directly from the chart
  • Access 50+ technical indicators
  • Use advanced algorithmic orders
  • Trade across multiple screens with fully customisable layouts
  • Level 2 order book in real-time (*exchange subscription required)
  • Time and sales data (*exchange subscription required)

The SaxoTraderGO trading platform is covered in more detail in the video review with a screenshot of it shown below:

Mobile Trading Platforms

“The award-winning, feature-rich SaxoTraderGO trading platform is also available as a mobile trading app for Android and iOS operating systems.”

SaxoBank offers users the ability to access mobile trading on the go through its proprietary-based and feature-rich SaxoTraderGO trading platform for Android and iOS operating systems. The app download links can be found on the broker’s website, or in the Google PlayStore or Apple AppStore.

The SaxoTraderGO mobile trading app offers the following features:

  • Trade, hedge and invest on 40,000+ financial instruments
  • Access powerful trading and risk management tools
  • Use multiple order types and place and manage trades from your phone
  • Identify opportunities with free Trade Signals from Autochartist
  • Stream expert news and analysis from your phone
  • Sync all your settings across multiple devices

The SaxoBankGO mobile trading app is covered in more detail in the video review.

Trading Features

“SaxoBank provides access to some unique trading features, such as the ability to access more than 40,000+ markets, advanced trading options in the SaxoTraderPRO trading platform and access to third-party tools.”

SaxoBank provides access to some unique trading features, such as the ability to access more than 40,000+ markets and advanced trading options in the SaxoTraderPRO trading platform. This includes the ability to switch between different asset classes and trading products from just one account and platform and access tools like the options chain, news, multiple charts and more, as shown below:

With SaxoBank users can also access third-party tools such as OpenAPI for Excel, Dynamic Trend, Trading View and MultiCharts, as well as receive tailored multi-asset liquidity via FIX API.

Commissions & Spreads

“Trading fees with SaxoBank vary depending on the asset class and account tier opened but include a mixture of commissions, spreads and overnight fees on leveraged products. Forex spreads are as low as 0.4 pips, with stock fees as low as 0.01 USD per share with 3 USD minimum.”

Trading fees with SaxoBank vary depending on the asset class and account tier opened but include a mixture of commissions, spreads and overnight fees on leveraged products. Forex spreads are as low as 0.4 pips, with stock fees as low as 0.01 USD per share with 3 USD minimum. The broker’s website has a comprehensive list of the fees and general charges for each asset class of which some are summarised below.

Forex Trading

Spreads for Forex trading start as low as 0.4 pips but vary depending on the account tier opened with the best spreads on the higher tiers such as the Platinum or VIP account, as the example of its minimum spreads shows below.

CFD Trading

SaxoBank offers a variety of CFDs to trade on which includes Index CFDs, Stock & ETF CFDs, Commodity CFDs, Forex CFDs, Bond CFDs and Option CFDs. The broker lists all the different minimum spreads on its website, of which a summary of the Index CFDs for North America are shown below:

Stocks

SaxoBank offers a large variety of stocks to invest in from all over the world. The commission fees vary depending on the geographical region and account tier. A sample of stock commissions are shown below:

Futures

SaxoBank offers a large variety of futures markets to trade on. The commission fees vary depending on the contract denomination with a sample shown below:

SaxoBank also charges a 6-month inactivity fee of 100 USD. More details regarding its fees and general charges are laid out clearly on their website.

Bonus & Promotions

“SaxoBank offers SaxoRewards which allows traders to earn reward points for every qualifying trade which can be used to qualify for account upgrades.’

SaxoBank offers SaxoRewards which is a loyalty scheme that allows traders to earn reward points for every qualifying trade. If traders collect enough points they can upgrade to the higher account tiers which offer improved trading conditions.

Customer Support

“SaxoBank offers strong support in each of the jurisdictions it operates in and in nearly 30 different languages. Unfortunately, there is no live chat feature with only telephone numbers, email and an FAQ section available. Support can also be accessed directly from the SaxoTrader platform.”

SaxoBank offers strong support in each of the jurisdictions it operates in and in nearly 30 different languages which include Arabic, Chinese, Danish, English, French, Italian, Japanese, Spanish, Swedish and many more.

Unfortunately, there is no live chat feature with only telephone numbers and email available during localised hours of 9 am to 5.30 pm but customer service agents are very knowledgeable about Saxo products. The broker also offers an extensive FAQ section and support can also be accessed directly from the SaxoTrader platform.

Contact Information:

Research

“SaxoBank has a team of inhouse strategies which deliver a wide range of impressive trader research through the Market Call podcast, Latest News articles and Market Analysis reports covering Outrageous Predictions, Macro, Recession Watch, IPOs and more.’’

SaxoBank offers an impressive amount of in-depth trader research from its team of in-house strategists. This includes its Market Call podcast, Latest News articles and Market Analysis reports covering Outrageous Predictions, Macro, Recession Watch, IPOs and more.

The news articles are in-depth and high-quality. Many of the articles have a longer-term focus with the Latest News articles being updated regularly. The Quarterly Outlook report is also well-written and in-depth.

Trader Education

“SaxoBank offers a variety of trader education tools which include Platform Video Guides, Introduction to Trading Courses and Trader Education videos, along with Events and Webinars.”

SaxoBank offers a variety of high-quality and informational trader education tools. These include a large selection of platform video guides covering both the SaxoTraderGO and SaxoTraderPRO trading platforms with a variety of categories covered such as how to build a watchlist, how to place a trade, using the research module, managing risk and more.

The broker also provides a wide range of Introduction to Trading courses which focuses on CFDs, Futures, Bonds, Equities, Forex, Options and Forex Options. The course are easy to watch and useful for both beginner and advanced traders.

Trading Experience

“SaxoBank offers a professional trading offering to trade on more than 40,000+ financial instruments from just one account on its own feature-rich and award-winning trading platform.”

From our observations, SaxoBank provides a very competitive trading offering for both beginner and advanced traders. While some beginner traders may find the wealth of choice overwhelming at first, there are lots of support videos to help navigate the different markets that are offered.

Fortunately, the SaxoTraderGO and SaxoTraderPRO platform is simple to use but may take a bit of practice for complete beginners. Nonetheless, the platform is feature-rich with access to a wide range of markets and additional trading features, as well as a wealth of videos on how to use it.

FAQ

Is SaxoBank regulated?

Yes, by the DFSA, UK FCA, ASIC, FSA (Japan), FINMA, MAS and others.

Where is SaxoBank based?

SaxoBank is based at Philip Heymans Alle 15, 2900 Hellerup, Danmark.

How does SaxoBank make money?

SaxoBank makes money mainly through spreads, commissions and swaps.

How do I deposit in SaxoBank account?

Funds can be deposited into a trading account via credit card, debit card, bank transfer or stock transfer.

What is the min. deposit for SaxoBank?

The minimum deposit is $10,000.

How do I withdraw money from SaxoBank?

Withdrawals can be made via credit card, debit card and bank transfer.

What is the max leverage in SaxoBank?

The maximum leverage offered by SaxoBank is 1:30 for retail clients.

How do I open an account with SaxoBank?

An account can be opened at the click of a button on the SaxoBank website and can be done in just a few steps.

Does SaxoBank use MetaTrader?

No.

Conclusion

“Saxo is a globally regulated, multi-asset class broker offering to trade on more than 40,000 instruments covering Forex, CFDs, Stocks, Options, ETFs, Commodities, Futures, Bonds and Mutual Funds from just one account but on multiple platforms including their own, award-winning SaxoTraderGO and professional-grade SaxoTraderPRO.”

SaxoBank was founded in 1992 and is a fully licenced Danish bank that is also a regulated industry leader in 15 jurisdictions including Denmark, the UK, Japan, Singapore, Australia and Switzerland among others. With Saxo, users are joining a company which serves clients in over 120 countries, holds 16 billion USD assets under management and processes one million client transactions every day.

With SaxoBank, users can trade, hedge or invest from one single account and access more than 40,000 financial instruments covering Forex, CFDs, Stocks, Options, ETFs, Commodities, Futures, Bonds and Mutual Funds with low latency, deep liquidity from multiple venues such as Tier 1 banks, ECNs and 36 exchanges.

Users are also offered the award-winning SaxoTraderGO trading platform which offers advanced order functionality, technical and fundamental analysis and trade signals. Users are also offered the professional-grade SaxoTraderPRO trading platform which has advanced features such as one-click trading, algorithmic orders and an options chain.

Both beginner and advanced traders will enjoy the impressive range of trader research and educational tools which come in the form of Platform Video Guides, Events and Webinars, a Market Call podcast and articles and videos covering Macro, IPOs, Outrageous Predictions and a Quarterly Outlook report.

  • Globally regulated broker.
  • Can access 40,000+ financial instruments from just one account.
  • Feature-rich SaxoTrader platform for web, desktop and mobile.
  • Impressive range of trader research and education resources.
broker

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See Saxo Bank Full Information
Broker General Information
Trading Features
Other Details
Headquarters Country
Denmark
Foundation Year
1992
Regulations
FCA (United Kingdom), ASIC (Australia), DFSA (United Arab Emirates), FSC (Mauritius), FSA(JP) (Japan)
Publicly Traded
No
Number Of Employees
0-50
Trading Desk Type
Dealing Desk, Market Maker, STP
Trading platforms
TradeMaker, SaxoTrader
Restricted Countries
United States, Kenya, South Korea, Iceland, Mexico, India, Norway, Mauritius, Portugal, Brazil, Pakistan, Philippines, Kazakhstan, Spain
Supported Languages
English, Spanish, German, French, Arabic, Russian, Portuguese, Japanese, Chinese, Czech, Danish, Dutch, Polish, Hebrew, Hungarian, Italian, Greek
Min Deposit
$10000
Max Leverage
1:30 (FCA), 1:30 (ASIC), 1:30 (DFSA), 1:30 (FSC), 1:30 (FSA(JP))
Deposit Options
Wire Transfer, Credit Card
Withdrawal Options
Wire Transfer
Fixed Spreads
No
Commission On Trades
Yes
Products
Currencies, Commodities, CFDs, Indices, ETFs, Stocks, Bonds, Futures, Mutual Funds, Options
Mini Account
Yes
Premium Account
Yes
Demo Account
Yes
Islamic Account
Yes
Segregated Account
Yes
Managed Account
Yes
Institutional Account
Yes
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