Saxo Bank Video Review
VIDEO
Saxo Bank is one of the largest retail brokers on the planet when it comes to Forex trading. It is a heavily regulated broker in several countries, including its home country, Denmark. The broker is one of the oldest ECNs available to the retail client, as well as institutional traders. The amount of different markets available for trading is simply staggering.
Saxo Bank Reliability – Is Saxo Bank a scam?
Finding a trading site that can be relied upon is important for any potential trader and there are many things to look for in finding a great site. Some people will want a return on investment, others will want a quality use of software but the vast majority of people will want to know that the site is safe to use.
There is a definite fear about scam sites so being to say that a trading site is not a scam is a great bonus for any trader. There are many ways that a broker not a scam site can flourish and this usually involves around developing a strong reputation with its users.
Even though the Saxo Bank was awarded its licence in 2001, the company was trading under a different name since 1996. This means that it has a wealth of experience to offer to traders, which is handy in the modern era. It is not as if experience is the be all and end all for traders, there are many new and innovative traders which are well worth using.
However, in the era of internet security, it is important to find trader sites and firms that are not a scam and this becomes even more important when it comes to broker not a scam site. Your money should be very important to you and even if you are indulging in trade to have some fun and test your skills, there is still a need to stay safe. Choosing to trade with a firm that has a strong reputation in its field is a good starting point for basing your trading decision on.
Saxo Bank have not always received positive recommendations and the company faced major controversy in 2010 when former employees labelled a number of strong allegations against the firm. This forced the Danish FSA to examine the company in great detail with Saxo Bank eventually being cleared of all allegations.
It may have been the case that the allegations were a result of disgruntled ex employees but there were definitely some low findings from the investigation and further investigations were instigated. However, in the end, Saxo Bank were given a clean bill of health, which is all you can ask for in this day and age. That is why people can say that the Saxo Bank trading site is not a scam with a great deal of confidence.
One of the best things about the Saxo Bank site is that it provides people with a free trial for a period of time. This allows traders to determine if the platforms and software is suitable for their needs and they enjoy using it. The fact that Saxo Bank are confident enough to allow a free trial indicates the belief they have in the system they provide. Again, this is a further indication that the site is not a scam as it allows people the opportunity to try it without spending any of their own money.
Trading Platform
Saxo Bank offers a few different choices for platforms. SaxoTrader 2.5 is their standalone platform, and there is a web based version called SaxoWebTrader 2.5 as well. There is a mobile platform called SaxoMobileTrader as well for smart phones.
Customer Service
Saxo Bank has phone and live chat support via phone for traders, 24 hours a day during the Forex market hours.
Commissions and Spreads
Saxo Bank charges a staggered list of commissions for their trading services depending on the size of your account. Please check with the website in relation to your trading account size. The spreads are floating as it is a true ECN.
Pros
Variable spreads. This keeps the spread tight, which is one of your biggest expenses as a trader.
The various platforms are well-known and reliable. They have been used for several years, and are very stable.
Saxo Bank allows access to numerous markets around the world, as well as different types of products. You won’t be able to outgrow this broker. These include 160+ FX pairs, over 7,000 CFDs, 21 Index-tracking CFDs, ETFs, Stocks, FX Options, Futures, and other derivatives.
Funds are completely segregated.
Accounts can be funded via bank wire or credit card. Withdrawing is done in reverse.
Cons
The variable spreads can be an issue during news events, but only if you are looking to scalp the news announcement.
Minimum to open an account is $10,000 USD.
Americans are not allowed to trade with Saxo.
Conclusion
Saxo Bank is a value-packed broker for a professional setting in the Forex world, as well as many other markets such as futures, options, stocks, bonds, and forwards. The broker has long been known to be reliable, honest, and cheap in their commissions. While there are no micro accounts, if you have a decent sized account, this is a good choice for you as it is simply impossible to “outgrow” the broker since it offers so much in the way of trading markets.
