Saxo Bank Review 2020

2.7

By 19 User Reviews

Regulated By:ASIC, DFSA, FCA, FSA, FSC

Foundation Year:1992

Headquarters:Philip Heymans Alle 15, 2900, Hellerup, Denmark

Min Deposit:$10000

Open Account

The value of your investments can go down as well as up. Losses can exceed deposits on margin products. Complex products, including CFDs and FX, come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. 74% of retail investor accounts lose money when trading CFDs with this provider.

Jitan Solanki

Last updated: Jul 02, 2020

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“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.

General Information

Official Site:https://www.saxobank.com

Demo:Open Demo Account

Regulated By:ASIC, DFSA, FCA, FSA, FSC

Foundation Year:1992

Headquarters:Philip Heymans Alle 15, 2900, Hellerup, Denmark

Min Deposit:$10000

Max Leverage:1:30

Publicly Traded:No

Deposit Options:Credit Card, Wire Transfer

Withdrawal Options:Wire Transfer

Tradable Assets:Currencies, Commodities, Indices, Stocks, Bonds, Futures, Mutual Funds, Options

Trading Platforms:SaxoTrader, TradeMaker

Commission on Trades:Yes

Fixed spreads:No

Trading Desk Type:Dealing Desk, Market Maker, STP

OS Compatibility:Desktop platform (Windows), Desktop platform (Mac), Web platform

Mobile trading:Android, iOS

Accepts US Clients:No

Rate Saxo Bank

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% to 2.86% but are displayed before the transaction is committed.

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:

Address: Philip Heymans Alle 15, 2900 Hellerup, Danmark
Email: saxobankdanmark@saxobank.com
Phone: +45 3977 4000
Social Media:

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.

Official Site >

OPEN ACCOUNT

DEMO ACCOUNT

The value of your investments can go down as well as up. Losses can exceed deposits on margin products. Complex products, including CFDs and FX, come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. 74% of retail investor accounts lose money when trading CFDs with this provider.

Top User Reviews

See All User Reviews

2.7(19)

Saxo Bank Overall Rating

FX Empire adheres to strict standards of user reviews editorial guidelines to help you make decisions with confidence.

Latest 5 user reviews sorted by highest rating

M

Márcio Anegues

Sep 25, 2018

5/5

Reliability:

5/5

Excelente

Sou brasileiro e opero com o SaxoBank, as condições de negociação e a plataforma em si são impecáveis, o único problema é a quantidade mínima de recursos que você tem que ter para negociar, 10 mil dólares é muito para muitas pessoas que pretendem investir no mercado de renda variável, no mais, é a melhor corretora com a melhor plataforma e suporte que ja conheci.

A

Arthur Stefan

Aug 01, 2018

5/5

Reliability:

5/5

Managed portofolios

Nothing bad to say about them. From opening the account, explanations, customer support, the mobile app, money transfer, fees, etc. are all the finest I have encounterd (not too many though, but still some ). 2018 client.

D

Duke Ellis

Dec 05, 2011

5/5

Reliability:

5/5

An American Perspective

As a professionalUSinvestor, I am not allowed to invest via Saxo Bank. But I did look into them and I’ve found their research materials very impressive. I too invest via a broker that has a high minimum investment and I think it helps get serious investors the time they deserve.

G

Galileo Guerritore

Sep 10, 2011

4/5

Reliability:

5/5

Galileo Guerritore on Saxo Bank

I manage a large industrial account. I find Saxo Bank’s resources aligned with the needs of my corporation’s industrial investment needs. I would strongly recommend Saxo Bank.

G

Gregory Phillipe

Aug 29, 2011

4/5

Reliability:

3/5

Saxo Bank

Professionally, I ride trains as a conductor. When I’m in my cross-country off-shifts, I trade. I needed a reliable web-based/mobile trader in order to be able to make efficient moves in the markets. Saxo Bank gave me that after several others failed to.

The value of your investments can go down as well as up. Losses can exceed deposits on margin products. Complex products, including CFDs and FX, come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. 74% of retail investor accounts lose money when trading CFDs with this provider.

Saxo Bank Review 2020

Review sections

Investor Protection & Regulations

Tradable Products

Account Opening

Deposit & Withdrawals options

Web & Desktop Trading Platforms

Mobile Trading Platforms

Trading Features

Commissions & Spreads

Bonus & Promotions

Customer Support

Research

Trader Education

Trading Experience

FAQ

Conclusion

SaxoBank Enables View Only Access for Its White Label Partners

Trade With A Regulated Broker