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Saxo Review 2024

Plamen Stoyanov
Updated: Dec 26, 2023
Overall Rating
  • Trust
  • Fees
  • Platforms and Tools
  • Tradable Instruments
  • Customer Support
  • Research
  • Deposit and Withdrawal
  • Account Types and Terms
  • Education
  • How Did We Test and Rate This Broker?
    When trading forex and CFDs, understanding a broker's strengths and weaknesses is essential. We developed a proprietary rating system, which is the result of extensive research and hands-on evaluation by our expert reviewers. With a rigorous approach, our reviewers manually assess each broker, investing more than 50 hours per review, checking and testing the broker while analyzing over 250 variables to simplify the broker selection process for you. The categories we evaluate include trustworthiness, trading platforms, customer support, regulatory oversight, spreads, fees, the variety of instruments offered, education, and research tools. This unique rating system is specifically developed to ensure that the assessment is based on firsthand knowledge and experience. By dedicating a significant amount of time to each review, our team of experts can provide in-depth insights and help you make well-informed decisions when choosing the broker that best suits your trading goals.

    Our Take On Saxo

    Saxo stands out as a prominent figure in Europe’s financial landscape. This Danish company is well-regulated across 15 jurisdictions and caters to over 850,000 clients. Saxo’s influence extends further, with over 600 banks and brokers worldwide utilizing its technology.

    Boasting licenses from numerous top-tier regulators, a professional-grade platform, and a vast selection of over 40,000 instruments, Saxo firmly establishes itself as a heavyweight in the industry.

    Recommended in 4 best broker guides: 
    ASIC | Mac Trading | Big Accounts | Futures

    Saxo Pros and Cons

    Pros Cons
    • Multilayered protection
    • 40,000+ instruments
    • Versatile platforms 
    • Broad range of supporting tools 
    • High trading fees
    • High minimum deposit requirement

    Saxo Highlights for 2024

    • High Regulatory Standards. Saxo’s entities are licensed by 9 top-tier financial regulators, all ensuring the highest grade protection.
    • Feature-rich Platforms. The SaxoTraderGo and SaxoTraderPro platforms are extremely versatile, supporting a wide selection of proprietary and third-party tools.
    • Extensive Instruments Selection. The broker offers 40,000+ trading and investing instruments, such as forex, CFDs, shares, options, futures, bonds, ETFs, and mutual funds.
    • Array of Supporting Content. Traders have access to a wide selection of research and educational content, including by renowned third-party providers such as Autochartist.
    • Selective Accessibility. Saxo’s fees are generally higher than the industry average but can be offset by high-volume trading. However, a EUR 2,000 minimum deposit may not be available to everyone.

    What Sets Saxo Apart?

    I was impressed that Saxo was awarded a BBB rating with a positive outlook by S&P Global Ratings. This means Saxo is your go-to choice when you value security and liquidity – both extremely important for seasoned professionals looking for sophisticated trading and investing solutions.

    Who is Saxo For?

    In my estimation, Saxo’s services cater the best to wealthy investors looking for diversity and balance. They can earn interest on their capital and gain exposure to a wide selection of different markets. This allows them to build well-diversified portfolios and navigate through market tribulations of all shapes and forms.

    We performed our tests on a Classic account using SaxoTraderGo’s web trader and mobile app versions. The account was opened with the Saxo S/A entity of the broker, regulated in Denmark by FSA. Some features and services may vary depending on where you reside and which entity you sign up with.

    Saxo Main Features

    ☑️ RegulationsFSA UK (United Kingdom), MAS (Singapore), FINMA (Switzerland), CONSOB (Italy), JFSA (Japan), SFC (Hong Kong), ASIC (Australia), AFM (Netherlands), FCA (United Kingdom)
    🗺 Supported Languages
    Hebrew, English, Danish, Russian, French, Dutch, Portuguese, Polish, Czech, Arabic, Hungarian, Italian, Spanish, Chinese, Japanese, Greek, German
    💰 ProductsOptions, Currencies, Stocks, ETFs, Mutual Funds, Crypto, Bonds, Indices, Commodities, Futures
    💵 Min Deposit$2000
    💹 Max Leverage1:30 (FSA UK), 1:20 (MAS), 1:100 (FINMA), 1:30 (CONSOB), 1:25 (JFSA), 1:20 (SFC), 1:30 (ASIC), 1:50 (AFM), 1:30 (FCA)
    🖥 Trading Desk TypeDealing Desk, Market Maker, STP
    📊 Trading PlatformsSaxoTrader
    💳 Deposit OptionsWire Transfer, Credit Card, Debit Card
    💳 Withdrawal OptionsWire Transfer
    🤴 Demo AccountYes
    🗓 Foundation Year1992
    🌎 Headquarters CountryDenmark
    Risk DisclosureCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    Saxo Full Review


    How Did We Test the Broker's Trustworthiness?
    Assessing a broker's trustworthiness with your funds is vital. To help you make the right decision, we carefully checked each broker's regulatory license and examined how well they protect traders. Moreover, we looked at the broker's stability by studying their business history, corporate structure, and industry experience. Finally, we thoroughly reviewed all of the broker's legal documentation, including terms, conditions, and fees, and evaluated their transparency based on our analysis. Our hands-on approach ensures that even novice traders have the knowledge they need to make smart decisions.
    trust chart

    Saxo operates multiple entities, all of which are regulated by top-tier institutions. The bank’s safety and trustworthiness are further underscored by its positive BBB rating by S&P Global Ratings. As a whole, I found the company as a whole transparent and stable.

    Saxo Regulations

    In our reviews, we examine the licenses and regulations of each entity operated by a broker. This allows us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.

    This is what I discovered about Saxo’s several entities:

    • Saxo A/S is licensed and regulated by the Danish Financial Supervisory Authority (FSA) – Finanstilsynet under licensing number 1149. The FSA ranks as a Tier-1 regulator on our system.
    • Saxo Capital Markets UK Limited is licensed and regulated by the Financial Conduct Authority (FCA) in the UK under reference number 551422. We rank the FCA as a Tier-1 regulator.
    • Saxo Capital Markets Pte. Ltd is licensed and regulated by the Monetary Authority of Singapore (MAS) under licensing number 200601141M. MAS is ranked as a Tier-1 regulator on our system.
    • Saxo (Schweiz) AG is licensed and regulated by the Swiss Financial Market Supervisory Authority (FINMA) under licensing number CHE-106.787.767. FINMA is ranked as a Tier-1 regulator on our system.
    • BG SAXO Società di Intermediazione Mobiliare S.p.A. is licensed and regulated by the Italian Market Authority (Consob) under licensing number 296. We rank Consob as a Tier-1 regulator on our system.
    • Saxo Securities Ltd. is licensed and regulated by the Japanese Financial Services Agency (JFSA) under licensing number 0104-01-082810. We rank the JFSA as a Tier-1 regulator.
    • Saxo Capital Markets HK Limited is licensed and regulated by the Securities and Futures Commission in Hong Kong (SFC) under licensing number 1395901. The SFC is ranked as a Tier-1 regulator on our system.
    • Saxo Capital Markets (Australia) Limited is licensed and regulated by the Australian Securities and Investments Commission (ASIC) under licensing number 32110128286. We rank ASIC as a Tier-1 regulator.
    • BinckBank N.V. is licensed and regulated by the Dutch Authority for the Financial Markets (AFM) under licensing number 33162223. The AFM ranks as a Tier-1 regulator on our system.
    Saxo S/A’s licensing information on

    We have summarized the most essential aspects of Saxo in terms of regulation and safety in the table below:

    Entity Features Saxo A/S Saxo Capital Markets UK Limited  Saxo Capital Markets Pte. Ltd Saxo (Schweiz) AG  BG SAXO Società di Intermediazione Mobiliare S.p.A.  Saxo Securities Ltd Saxo Capital Markets HK Limited  Saxo Capital Markets (Australia) Limited  BinckBank N.V. 
    Country/Region Denmark, Hellerup UK, London Singapore Switzerland, Zurich Italy, Milan Japan, Tokyo Shanghai Australia, Sydney Netherlands, Amsterdam
    Tier 1 1 1 1 1 1 1 1 1
    Segregated Funds Yes Yes Yes Yes Yes Yes Yes Yes Yes
    Negative Balance Protection Yes Yes Yes No Yes No No Yes Yes
    Compensation Scheme Up to EUR 20,00 under TGF Up to GBP 85,000 under FSCS No Up to CHF 100,000 under esisuisse No No Up to HKD 500,000 under ICF (SFO) No Up to EUR 100,000 under DNB
    Maximum Leverage 1:30 1:30 1:20 1:100 1:30 1:25 1:20 1:30 1:30

    Why is it Important to Know Where Your Broker’s Subsidiaries are Regulated?

    Brokers operate multiple entities because it allows them to serve clients worldwide. However, licenses obtained by regulators in different jurisdictions do not always entail the same degree of protection. Some regulators mandate compliance with the strictest financial frameworks, whereas others are less rigid. That is why traders need to familiarize themselves with the safety mechanisms ensured by the entity they want to open an account with beforehand.

    Here is what you need to look for in a broker in terms of safety mechanisms:

    • Segregation of client funds. Keeping client funds in segregated bank accounts from the ones used for the broker’s corporate capital negates the risk of accounting errors. All of Saxo’s entities comply with this requirement.
    • Negative balance protection. This safety mechanism removes the risk of trading losses exceeding the account balance. In other words, the losses you incur from trading are capped at the amount you have put in your trading account. This is especially important in volatile markets. Saxo S/A and most of the bank’s other entities ensure negative balance protection for retail traders.
    • Compensation scheme. A compensation scheme protects traders against the broker’s liabilities in the unlikely event that the company becomes insolvent. In the case of Saxo S/A, the entity is a member of the Danish Guarantee Fund. Its clients are thus protected by up to EUR 20,000. You can read more about it here.
    • Maximum leverage. Capping the maximum leverage limits the maximum market exposure to retail traders. The higher the leverage, the higher the potential profits and potential losses. In the case of Saxo S/A, the maximum leverage offered to retail traders is 1:30.

    Is Saxo Safe to Trade With?

    Saxo S/A is indeed a safe broker. It is authorized by a top-tier financial regulator – the Danish Financial Supervisory Authority (FSA) – and complies with all industry safety requirements. It is also the first enterprise banking institution to earn STAR Level 2 and Trusted Cloud Provider mark from Cloud Security Alliance. This accreditation demonstrates Saxo’s commitment to safety. You can read more about it here.

    Stability and Transparency

    In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, how big the company is, and how transparent it is in terms of readily available information.

    I conducted thorough research into Saxo’s business profile and determined that the bank is very stable and transparent. It is privately held with a clear ownership structure. Concerning transparency, I appreciated Saxo’s dedication to providing background information about its market experts and writers. This helps to make its content more trustworthy.

    Additionally, Saxo goes above and beyond when it comes to the transparency of its fees. While checking its platform, I noticed that traders are provided with abundant information about the costs associated with executing a specific order.

    In summary, my research indicates that Saxo can be regarded as having a decent level of trust and stability due to the following factors:

    • Authorized by multiple Tier-1 regulators
    • Awarded by S&P Global Ratings with a BBB rating and positive outlook.
    • Has a high overall transparency level


    How Did We Test the Broker's Fees and Commissions?
    Broker commissions and fees can be challenging to understand. To simplify this for you, we carefully examined all the broker's fee-related documentation and presented it in a clear, easy-to-understand format. Furthermore, we conducted hands-on tests on spreads and commissions for the most common instruments during both London and New York trading sessions. We then compared these real-time test results to the market benchmark we've established through our extensive experience evaluating the industry.
    fees chart

    Saxo’s pricing mechanisms vary depending on what, when, and how much you want to trade or invest. In general, the bank charges average spreads on leveraged products. It also has a fixed commission, which can be waived if you execute high-volume orders. Deposits and withdrawals are free, but Saxo’s inactivity fee is quite high.

    Saxo’s general trading fees

    Saxo’s Trading Fees

    Saxo’s Spreads

    I tested Saxo’s spreads during the most actively traded times – the London open at 8:00 a.m. GMT and just after the U.S. open at 2:45 p.m. GMT. The test was conducted on 5 November 2023.

    Instrument Live Spread AM Live Spread PM
    EURUSD 0.8 pips 0.9 pips
    GBPJPY 2.4 pips 2.2 pips
    Gold (XAUUSD) 19 pips 25 pips
    Crude Oil 0.03 pips 0.03 pips
    Apple NA 0.01 point
    Tesla NA 0.01 point
    Dow Jones 30 3 basis points 3 basis points
    Germany 40 1.4 basis points 1.4 basis points
    Bitcoin  $59 $64

    Broken down by asset class, Saxo charges low-to-medium spreads of FX pairs and commodities; low spreads on CFD shares; medium spreads on indices; and high spreads on cryptocurrencies.

    Saxo’s Swap Rates

    A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

    The values listed below are for one full contract (100,000 units) of the base currency.

    Instrument Swap Long Swap Short
    EURUSD Credit of $9.2 Credit of $0.3
    GBPJPY Charge of $14.4 Charge of $23.7

    Saxo’s financing interest rate comprises the daily swap charges plus/minus a 2% mark-up that can be positive or negative. You can read more about Saxo’s rollover and other charges here.

    Saxo’s Commissions

    There is a $6 round-turn commission (ticket fee) when opening small-sized CFD positions. For instance, when trading currency pairs, the ticket fee will apply when opening orders for less than 50,000 units of the pair’s base currency. To give you a rough idea of what that means in practice, having less than $10,000 in your account may be too risky if you wish to open commission-free positions because you will be taking on too much margin.

    There are different commissions for trading other types of instruments, such as options, futures, and bonds. You can read more about Saxo’s commissions here.

    I also discovered that there is a conversion fee of around 1%, which applies when trading an instrument that is denominated in a currency that differs from your account’s base currency.

    Saxo’s Non-Trading Fees

    Saxo charges dormant accounts – those on which no trades have been executed for 6 consecutive months (180 days) – an inactivity fee of $100 or the equivalent amount in the account currency. The fee is charged every month until activity resumes or the account balance drops to zero.

    Are Saxo’s Fees Competitive?

    I assessed that Saxo’s fees get more competitive the more capital you put into your account. Spreads vary greatly on instruments from different asset classes. They get tighter with Saxo’s Premium and VIP accounts, but raw spreads are unavailable. Commission-free trading is permitted, but you have to execute bigger-sized positions.

    Platforms and Tools

    How Did We Test the Broker's Trading Platforms?
    We understand that platforms play a crucial role in your trading experience. That's why we spent many hours testing the broker's web, desktop, and mobile trading platforms to gain a real understanding of their usability, functionality, and overall performance. From experimenting with different order types to testing execution speeds, charting, and other features, we thoroughly examined every aspect of these platforms based on our trading expertise, helping you make an informed choice.
    platforms chart

    I found Saxo’s platforms to be professional, exceptionally user-friendly, and highly sophisticated. The broker has two proprietary platforms – SaxoTraderGo and SaxoTraderPro – and it also incorporates the seamless TradingView and Dynamic Trend. After poking around SaxoTraderGo for several days and testing its many features, I can safely say that it stacks among the best platforms in the industry.

    In my experience as a high-frequency intraday trader, I’ve always appreciated platforms that afford a multilayered overview of the market. I found that SaxoTraderGo comprises a broad range of cutting-edge tools and features that can help you achieve the level of consistency that every trader seeks.

    SaxoTraderGo is a web-based platform that provides a highly detailed general overview of current market trends, and complex charting solutions, as well as incorporating Saxo’s probing research and educational materials. In terms of protection, traders can choose between aggressive one-click trading and more cautious two-click trading. Moreover, the Account Value Shield feature acts as a stop loss on your entire account. You can specify a stop-out level, which, if triggered, will close all your open positions.

    SaxoTraderGo is a highly sophisticated platform

    Saxo incorporates multiple solutions for automated trading, such as its OpenAPI for Excel, which allows you to customize your trading environment to your liking. Moreover, you can take advantage of the fact that Saxo incorporates TradingView – the largest network for social trading.

    The mobile app version of SaxoTraderGo retains the same level of intuitiveness while making it possible for traders to stay active and manage their portfolios on the go.

    Saxo’s Web Trader Platform

    SaxoTraderGo’s chart with multiple instruments

    General Ease of Use

    The first thing I noticed about SaxoTraderGo is seamless integration which affords you a multifaceted outlook on the market. For instance, you can populate your chart with several instruments to better understand where the market is headed next. Though not unique to Saxo, this feature is rather rare, and I have only seen it on a few other platforms.

    There is also the possibility of implementing the parameters of a trade signal provided by the industry-renowned Autochartist directly on your order execution screen (as seen below). All you have to do is examine a particular signal, and if you wish to use it, tick the boxes of the parameters you want to incorporate. For example, I selected the stop loss level at 80.440 for the NZDJPY pair, and it was automatically translated on the order execution screen on the right.

    Autochartist at Saxo

    While on the topic of trading signals and Autochartist, what I found very useful is the possibility to customize your search for trading signals as per your trading system. As shown below, you can select an asset class, probability of the trade coming true (60% or more to 70% or more), chart pattern (breakout or emerging), key levels (approaching or breakout), Fibonacci patterns (emerging or completed), and an interval you are looking for.

    Autochartist’s customizable trading signals

    As a whole, SaxoTraderGo may seem a bit overwhelming at first glance because of the sheer number of tools and features it supports. But getting used to it is easier than you might initially think, especially for experienced traders. Once you get used to it, you will be able to easily navigate Saxo’s massive array of instruments, access sophisticated research materials within several clicks, conduct probing technical analyses, and construct well-balanced trades.


    The charts screen is probably the most important component of every platform. It is the window through which traders can observe price action behaviour and get a sense of where the market might be headed next. That is why it is vitally important for a chart to be as clear and informative as possible, and to allow traders to manipulate price action freely by scaling it up and down with ease. Additionally, a good chart should be supplemented by a broad range of technical indicators, drawing tools, and other such instruments to enhance technical analysis.

    Indicators on SaxoTraderGo

    What made a good impression on me while I was testing SaxoTraderGo is that you can populate a chart with numerous indicators, even a bulky one like the Ichimoku Cloud indicator (shown above). Yet, the focus is never removed from the price action itself. I have always found platforms that keep your attention fixed on what really matters – the price itself – to be the most useful ones.

    Here is a breakdown of the individual components comprising the SaxoTraderGo platform:

    • 64 technical indicators. SaxoTraderGo consists of 64 different oscillators, range-based, volume-based, and trend-based indicators that can be used to examine price action under different market conditions. A minor criticism of mine is that these are not separated into different sub-categories but are all cramped into one list.
    • 20 drawing tools. Drawing tools, such as Fibonacci retracement levels and Elliott waves, are used to study repeatable price patterns, to determine key support and resistance levels, and potential breakout or breakdown levels.
    • 19 timeframes. Traders can also pick from 19 different timeframes, affording them a quick glance over currently unfolding trading opportunities in the short and long terms. This assortment exceeds the industry average, which I think is another advantage of SaxoTraderGo.
    • 9 chart types. I also appreciated the large assortment of chart types. Being able to represent price action in different ways – line, area, candlesticks, Heikin-Ashi, etc. – gives traders an edge and enables them to recognize trading opportunities they might have otherwise overlooked.


    Placing a limit order (left) and a quick trade (right)

    Listed below are the different order types available on the SaxoTraderGo platform:

    • Market orders. Market orders are used for immediate entry at the best possible price. If triggered, they guarantee volume filling, though there could be a discrepancy between the requested price and the price where the order gets filled.
    • Limit orders. Unlike market orders, limit orders guarantee exact price execution. However, a limit order will not be filled if the price action does not reach the pre-determined execution price.
    • Stop orders. They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price. If the market does indeed turn and triggers the stop-loss, it will transform into a market order and get filled at the best possible price.
    • OCO orders. One-cancels-the-other (OCO) orders, essentially, allow traders to automate their trading. An OCO order usually but not exclusively consists of one order to execute a long position at one price and another order to open a short position at another price. When one is filled, the other is terminated. That way, traders can use OCO orders to gain favorable entry when there is enough market commitment, underscored by the price action going a significant way in either direction.
    • Algorithmic orders. Available for Cash Stocks and Single Stock CFDs, algo orders afford trading with larger ticket sizes that may otherwise impact the market price. These orders are used mainly by stock traders interested in instruments outside the most popular names of major blue chip companies. Some more popular algo orders include VWAP, TWAP, and others.

    Saxo’s Mobile App

    SaxoTraderGO Mobile App: Watchlist, Product Overview, Trade Ticket and Chart Panels

    The SaxoTraderGo mobile app, available for Android and iOS, has all the same features as the web-based platform – from the range of order types to the technical indicators available on the charts. This is one of the most robust trading apps on the market, providing access to over 45,000 different instruments and including advanced features such as scanners and options chains.

    The quality and scope of available news and research go above and beyond. I found that consuming it from this well-designed app is a pleasure, and I could see myself using it regularly during my journey to work. The convenience of being able to chat with a support agent from within the app is also a significant plus for me. It’s worth noting that this feature is available for live accounts only. For additional security, you can set an automatic logout to take place from 5 minutes to 360 minutes.

    SaxoTraderGO Mobile App: Autochartist, Option Chain, Analysis and Research Panels

    Tradable Instruments

    How Did We Test the Broker's Tradable Instruments?
    For this section, we examined the broker's market offering, assessing the variety and depth of instruments and asset classes available for trading. Through our proprietary database, we then compared the results with other brokers. This comprehensive analysis allows you to determine if the broker offers the specific instruments and trading options you're looking for.
    tradable_instruments chart

    Saxo offers over 45,000 leveraged and non-leveraged products, 9,000+ of which are CFDs. This impressive offering allows the bank’s clients to practice value investing and speculative trading simultaneously. This undoubtedly gives them an edge in the ever-volatile markets where success is often a matter of being versatile.

    Saxo’s offering of leveraged and non-leveraged products

    Saxo offers CFDs, stocks, options, futures, bonds, and other types of contracts. If you’d like to trade gold, you can open a speculative CFD contract on XAUUSD, but you can also open a vanilla option on gold, which gives you the right but not the obligation to execute a specific contract at a future date. What that means, essentially, is that Saxo provides you not only with multiple instruments to choose from but also with the opportunity to exploit the same underlying in different ways.

    In my experience, one of the key requirements for long-term success in the market is the ability to be flexible and adaptive in an environment that is prone to constant changes.

    What are CFDs?

    Contracts for difference (CFDs) are derivatives used to speculate on the price of the underlying without physical delivery. For example, a long position on gold would generate a profit as the price rises or incur a loss as it falls. This is achieved without having to purchase actual bars of gold. One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.

    What Can You Trade With Saxo?

    Listed below are the tradable instruments offered by Saxo, broken down by asset class:

    • 194 FX Pairs
      Majors, Minors, Exotic
    • 49 FX Options
      (46) Pairs; (3) Metals
    • 340+ Listed Options
      (200+) US; (41) UK; (54) Germany; (29) France; (30+) Other
    • 55 Commodities
      (19) Spot Metals; (26) CFD Futures; (10) Futures;
    • 22,000+ Shares
      New York, London, Hong Kong, 50+ other global markets.
    • 56 Indices
      (23) CFD; (7) CFD Futures; (13) CFD Options; (13) Futures
    • 6700+ ETFs
      Tech, Healthcare, Environment, and others.
    • 4800+ Bonds
      Government and Corporate.
    • 300+ Futures
      Equity Indices, Energy, Metals, Agriculture, Other.
    • 12,500+ Mutual Funds
    • 126 Cryptocurrencies
      (9) FX Spot; (117) ETPs

    Saxo’s offering exceeds the industry average, in some cases by far, for each asset class. What I think is quite advantageous is that, on the one hand, you have a large amount of highly volatile instruments, such as CFD indices, ETFs, and stocks, which allows you to take advantage of high-yield/high-risk opportunities. On the other, you have a huge array of low-risk securities, such as the nearly 5000 bonds, allowing you to hedge your risks and diversify your portfolio.

    Forex Commodities
    EURUSD | GBPUSD | EURJPY | NZDCAD | PLNJPY | AUDTRY Gold | Crude Oil | Natural Gas | Corn | Copper | Cattle | Palladium
    Shares Indices
    Apple | Tesla | Microsoft | Barclays | Societe Generale | Palantir | Alstorm US 30 | Germany 40 | Japan 225 | Hong Kong 50 | Italy 40 | UK 100 | France 40
    ETFs Bonds
    iShares JP Morgan USD EM Bond UCITS | X GLOBAL GOV BOND | BNP Paribas Easy MSCI World SRI S-Se 5% Cppd  US 2.25% 31.12.23 | Germany 2% 15.08.23 | UK 0.125% 22.03.73 | Italy FRN 15.09.25
    Futures Mutual Funds
    Euro Bund June 2023 | E-mini Russell 2000 June 2023 | Cocoa July 2023 | Soybeans December 2023 | 3-Month SOFR December 2024 ALLIANZ INCOME AND GROWTH AM  | FRANKLIN BIOTECHNOLOGY DISCOVERY A | PINEBRIDGE ASIA EX JAPAN SMALL CAP
    FX Options Listed Options
    EURUSD | GBPCAD | AUDUSD | EURJPY | EURCHF | XAUUSD ABRDN PLC | BNP Paribas | Carrefour | Nokia | Pfizer Inc | Morgan Stanley  

    Customer Support

    How Did We Test the Broker's Customer Support?
    Traders often underestimate the importance of customer support, yet it proves to be a critical aspect during times of crisis. We put the broker's customer support to the test ourselves using all possible channels, such as chat, phone, and others. Our evaluation focused on the accessibility of live agents, as well as the helpfulness and professionalism of their responses. This way, we provide you with comprehensive insights into whether a broker can deliver full support when you need it most.
    customer_support chart

    I experienced a disappointing level of customer support at Saxo. There is no live chat support for demo accounts, and for general inquiries, no clearly listed email/contact form or phone number is available. The main website does not state the open hours of customer support. Overall, I rated support at Saxo as worse than the industry average. However, to their credit, its FAQ section is exhaustive.

    Saxo’s Chat Support

    Saxo drops the ball when it comes to serving prospective customers. Like many support pages, various articles on aim to answer your inquiry. I judged these resources to be fairly comprehensive. If these are not enough though, users are advised to click the support icon on the SaxoTraderGO platform. Clients using a demo account cannot access a live agent. In my test, the bot could not answer the basic question, such as ‘Do you charge an inactivity fee?’ lists phone numbers for people who have lost access to their accounts and an email address for lawyers, auditors managing a Saxo client’s affairs, or ex-clients—but obviously, this is not useful for people with regular inquiries.

    Deposit and Withdrawal

    How Did We Test the Broker's Deposit and Withdrawal Process?
    The deposit or withdrawal process can be tricky since you may encounter hidden fees or longer than expected processing time. To assess the broker's offerings, we examined their deposit and withdrawal options and conditions. Using our proprietary database, we then compared these results with those of other brokers.
    deposit chart

    Saxo accepts payments via bank wire, and credit and debit cards. Deposits and withdrawals are processed fairly quickly, and Saxo does not charge any handling fees for either. However, third-party banking fees may apply in some cases.

    Saxo Deposit Methods

    Method Handling Fee Transaction Time* Minimum Amount Maximum Amount
    Bank Wire 0 2-5 business days NA NA
    Credit Card 0 Up to 30 minutes $1 $5,000 per transaction / $50,000 per 30 days
    Debit Card 0 Up to 30 minutes $1 $5,000 per transaction / $50,000 per 30 days

    *Times may vary

    Saxo Withdrawal Methods

    Method Handling Fee Processing Time Transaction Time*
    Bank Wire 0 1 business day 3-5 business days

    *Times may vary

    Withdrawals are requested from the ‘Deposits and Transfers’ option from the platform’s menu. The only option is via bank wire, and requests will usually be processed the next business day if requested before 14:00 CET.

    Account Types and Terms

    How Did We Test the Broker's Account Types and Terms?
    When it comes to achieving your trading goals, choosing the proper account is essential. We initiated our evaluation by personally opening an account with the broker, which allowed us to gain firsthand experience of the process and accurately asses, how fast and easy it is. In addition, we carried out an in-depth analysis of the account types and features offered by the broker, including spreads, maximum leverage, minimum deposits, and more. For a comprehensive comparison, we turned to our proprietary database and examined how this broker's account offerings and processes stacked up against other brokers.
    account chart

    Saxo offers three account types – Classic, Premium, and VIP – each of which provides trading and investing opportunities, as well as a professional account. You can also open a demo/practice account, which is available for 20 days. There are no Islamic or Raw Spreads accounts. I found Saxo’s minimum deposit requirements quite high.

    Why is Choosing the Right Account Type Important?

    Your account should reflect your goals, needs, and ambitions on the market. If you have modest means and plan to open smaller positions more frequently, then you should choose an account with no fixed commissions per traded volume. In contrast, if you expect to place much larger orders less frequently, you should be more preoccupied with finding an account with tighter spreads and be less concerned with fixed commissions.

    With regard to Saxo’s offering, things look a bit different. Commission-free trading is only available when trading large-volume positions. This means that Saxo may not be the optimal choice for small retail traders.

    What Account Types Does Saxo Offer?

    I collected data about all the account types offered by Saxo and arranged it in the table below, making it easy for you to compare:

    Account Type Classic Platinum VIP 
    Spread From 0.9 pips From 0.8 pips From 0.7 pips
    Conversion Fee Plus/minus 1% Plus/minus 0.75% Plus/minus 0.5%
    Commission on FX $6 round-turn commission* $6 round-turn commission* $6 round-turn commission*
    Commission on Stocks From $0.02 per share From $0.015 per share From $0.01 per share
    Commission on ETFs From 0.1% From 0.07% From 0.05%
    Commission on Bonds From 0.2% From 0.1% From 0.05%
    Commission on Futures From $6 per contract From $3 per contract From $1.25 per contract
    Commission on Options 3.00 2.00 1.25
    Minimum Deposit EUR 2,000 EUR 200,000 EUR 1,000,000
    Interest On uninvested cash over EUR 10,000 Higher interest, no minimum required Highest interest, no minimum required
    Personal Support No Priority local-language customer support Local-language personal relationship manager
    Trading Expert No No Direct access to trading experts, 24/5

    *When trading less than 50,000 units of the pair’s base currency

    Whereas most retail brokers would typically have two kinds of accounts – one having floating spreads and zero commissions and the other raw spreads and fixed commissions – I discovered that Saxo’s accounts do not have this conventional structure. To gain more favorable conditions for both high-frequency trading strategies (usually intraday trading) and high-volume trading strategies (typically involving day or position trading approaches), you must have bigger account balances.

    In other words, Saxo’s services are very professional indeed, but they might not be for you if you intend to speculate with only a few hundred dollars in your account. On the other hand, there are other perks of investing with Saxo, such as the interest accumulated on your free cash.

    It is also worth pointing out that swap-free trading (Islamic accounts) is not available with Saxo. Among the advantages, you can choose from quite a large pool of available base currencies (18 in total). Those include AUD, CAD, CHF, CNH, CZK, DKK, EUR, GBP, HKD, HUF, JPY, NOK, NZD, PLN, SEK, SGD, USD, and ZAR.

    What is CFD Leverage?

    The leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the leverage. Essentially, the broker lends the trader money so that the latter can open bigger-sized positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

    Saxo Account Opening Process

    I assessed the account registration process with Saxo was rather straightforward. I have broken it down into a few easy-to-follow steps below:

    • Step 1. Click ‘Open Account’ at the top-right corner of the main page.
    • Step 2. Fill in personal information, such as your name, email, and address.
    • Step 3. State your occupation and whether you are a politically exposed person (PEP).
    • Step 4. Indicate your wealth and how much you intend to invest.
    • Step 5. Indicate your trading experience and preferred markets to trade.
    • Step 6. Provide Tax information, such as your national tax ID number.
    • Step 7. Agree to the general business terms.
    • Step 8. Select a password.
    • Step 9. Verify your account by uploading proof of address and ID.
    Some questions from the account creation questionnaire

    Why is a Demo Account Important?

    Saxo’s demo account serves a twofold purpose. It introduces traders to the broker’s services and allows them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment. You can set up a demo account for yourself alongside your live CFD account.

    The demo is available for 20 days, after which it is automatically terminated. You can open a new one afterward.

    Saxo Supported Countries

    At the time of this review, Saxo accepts clients from the following countries: Albania, Argentina, Australia, Austria, Bahrain, Belgium, Brazil, British Indian Ocean Territory, Canada, Cayman Islands, Chile, China, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Faroe Islands, Finland, France, French Guiana, French Polynesia, Georgia, Germany, Greece, Greenland, Guadeloupe, Guernsey, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Japan, Jersey, Jordan, Kuwait, Latvia, Lithuania, Luxembourg, Malaysia, Malta, Martinique, Mauritius, Mayotte Island, Monaco, Netherlands, New Caledonia, New Zealand, Norway, Oman, Poland, Portugal, Qatar, Réunion Island, Romania, Saba, Bonaire, Sint Eustatius, Saint Barthelemy, Saint Martin, Saudi Arabia, Serbia, Seychelles, Singapore, Sint Maarten, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Arab Emirates, United Kingdom, Uruguay, British Virgin Islands.


    How Did We Test the Broker's Research Tools?
    Research options offered by brokers may not be seen as the most important feature for some traders, but they can provide a competitive advantage. To assess the broker's research offerings, we personally explored and tested both proprietary and third-party tools and content, such as Fundamental and Technical Analysis, Market News, educational videos, and webinars. After evaluating the availability and quality of the overall research offering, we compared the results with our benchmark to provide a comprehensive analysis of the broker's research capabilities.
    research chart

    The one standout feature of Saxo’s service for me, besides its trust level, is the broad range of different research materials. Found on the platform and the aptly named ‘Inspiration’ segment on the website, the research materials are diverse, and penetrating, and provide a 360-degree overview of current market developments. Saxo also incorporates several third-party tools, affording its clients a multilayered perspective on market trends.

    Market research categories on SaxoTraderGo

    Research Tools

    I have broken down Saxo’s research content by type:

    Daily Breakdowns

    Found from the ‘Research’ section of the platform, the daily breakdowns cover currently unfolding trading opportunities on instruments in the spotlight. The analyses are usually centered around a major economic event, such as an FOMC meeting, and forecast the likely market reaction. The breakdowns have a strong fundamental focus and a lesser technical analysis portion; they are not supported by a chart.

    A Saxo daily breakdown

    Trading Updates

    In contrast to the daily breakdowns, the market updates, which are also found in the ‘Research’ section of the platform, are much more heavily geared towards the technical aspect of market development. There is usually a breakdown of a recent economic release, a recap of how the market reacted, and a broader explanation of how a particular instrument is likely to continue developing next. The updates are also supported by a detailed chart.

    A market update by Saxo


    One of the aspects I found quite useful in Saxo’s research offering is its frequent and highly informative webinars. Accessed from the ‘Inspiration’ section of the website, the webinars cover a wide range of topics – both investing and trading. Traders can use them to gain a multifaceted understanding of key skills, ranging from the basics of technical analysis to the intricacies of the psychology of trading.

    Saxo’s webinars


    And for those interested in staying tuned to the latest market developments while on the go, they can tune in to Saxo’s dedicated podcast. You can listen to it while doing other things to make the most out of your busy schedule.

    Saxo’s podcast episodes

    Third-Party Tools

    In addition to Autochartist’s probing analyses made available to Saxo’s clients from the platform, the bank also incorporates other leading third-party tools – Dynamic Trend and Update. The former represents a complete stock and options analysis tool, whereas the latter affords expert technical analysis, scanning, alerting, and system testing solutions to help you improve the timing and performance of your trading systems.


    How Did We Test the Broker's Education Offering?
    Gaining knowledge about trading in the financial markets can make the difference between success and failure. To assess the broker's educational offerings, we personally tested and evaluated the quality of the content provided, considering its relevance for both novice and experienced traders. We explored the range of materials available, such as articles, videos, webinars, and courses. After evaluating the content's volume, update frequency, and overall quality, we compared the results with our benchmark to provide a well-rounded analysis of the broker's education offerings.
    education chart

    Saxo has a well-balanced offering of different types of educational content. There are 33 videos on how to use Saxo’s sophisticated SaxoTraderGo platform, as well as videos and written articles on essential trading topics. Those include technical and fundamental analysis, as well as the psychology of trading.

    Saxo’s general educational content

    I checked 20 videos on Saxo’s website introducing traders to the different markets offered by the broker. There are videos on the basics of CFDs, Forex, bonds, futures, options, and more. Each video lasts about 10-20 minutes and can serve as a solid introduction for beginners to these complex markets.

    Saxo’s educational courses

    I especially appreciated the heavy emphasis on the importance of tight risk management and the need to be aware of the psychological aspect of the general trading experience. On the website, you can access videos on how to manage trading risk, how to plan your trades, how to build a trading plan, and the importance of trading psychology.

    In addition to Saxo’s regular webinars, you can find educational videos dedicated to technical and fundamental analysis built into the platform. These are a must-watch if you are a newbie taking your first steps in the trading world.

    Saxo’s content on trading psychology

    The Bottom Line

    Saxo is, first and foremost, a bank that provides brokerage services to traders and investors in Europe and elsewhere. It is one of the biggest names in the financial industry due to its professional and high-end services. The company has robust licensing and regulations and is extremely trustworthy. Moreover, Saxo provides access to over 45,000 instruments from different markets.

    I particularly enjoyed the cutting-edge SaxoTraderGo platform, which combines the flexible and feature-rich design needed to navigate turbulent markets with ease. The platform consists of multiple technical and drawing tools necessary to carry out complex technical analysis, as well as a wide variety of research and educational materials.

    Saxo’s offering, in short, is tailored for those traders and investors seeking a competitive edge, but this comes at a cost. I found Saxo’s trading fees exceeding the industry average.

    Overall, Saxo’s services can definitely satisfy the needs of both beginners and advanced traders. However, with a minimum deposit requirement of EUR 2,000, its services are unsuitable for retail traders with moderate means.


    Saxo is headquartered in Hellerup, Denmark. It also has offices in the UK, Netherlands, Switzerland, Italy, Singapore, Japan, Shanghai, and Australia.
    Yes, the company is fairly safe and transparent. It has top-tier licensing, adheres to the most stringent safety procedures, and has a well-established brand name. Saxo also has a positive outlook rating by S&P Global Ratings.
    Yes, Saxo has a wealth of educational and research materials, as well as reliable customer support, but its trading fees are rather high.
    The minimum deposit requirement for a Classic account is EUR 2,000.
    Clients of Saxo can request a withdrawal via bank transfer from the platform.
    Saxo usually processes all withdrawal requests within 2-3 business days. Transaction times may vary.
    The maximum leverage for retail traders with Saxo is 1:30.
    Accounts can be opened from the main page of the website.
    Saxo has two proprietary platforms called ‘SaxoTraderGo’ and ‘SaxoTraderPro’. The bank also incorporates TradingView and Dynamic Trend.
    Yes, it does.
    Even though Saxo does not prohibit scalping outright, the platform does not support the necessary timeframes.
    Yes, auto-trading is available with Saxo. Traders can use Saxo’s OpenAPI for Excel or OCO orders, depending on the degree to which they wish to automate their trading.
    Yes, hedging is allowed with Saxo.
    No. Spread betting is not available with Saxo.
    No, Saxo does not offer VPS hosting.
    It depends on the particular asset class. For instance, the Forex market is open 24/5, whereas shares of U.S. companies can be traded during the New York Stock Exchange (NYSE) open – Monday to Friday from 09:30 a.m. to 4 p.m. EST.
    No, Saxo is not a market maker. It executes equity orders using smart order routing (SOR) technology, which sources liquidity from multiple venues, including regulated exchanges and MTFs.
    Saxo is itself a licensed bank that also provides intermediary (brokerage) services to traders.

    See Saxo Full Information

    Headquarters CountryDenmark
    Foundation Year1992
    RegulationsFSA UK (United Kingdom), MAS (Singapore), FINMA (Switzerland), CONSOB (Italy), JFSA (Japan), SFC (Hong Kong), ASIC (Australia), AFM (Netherlands), FCA (United Kingdom)
    Publicly TradedNo
    Number Of Employees1000
    Trading Desk TypeDealing Desk, Market Maker, STP
    Trading PlatformsSaxoTrader
    Restricted Countries
    Pakistan, Lebanon, Syria, Iraq, Iran, Yemen, Libya
    Supported Languages
    Hebrew, English, Danish, Russian, French, Dutch, Portuguese, Polish, Czech, Arabic, Hungarian, Italian, Spanish, Chinese, Japanese, Greek, German
    Min Deposit$2000
    Max Leverage1:30 (FSA UK), 1:20 (MAS), 1:100 (FINMA), 1:30 (CONSOB), 1:25 (JFSA), 1:20 (SFC), 1:30 (ASIC), 1:50 (AFM), 1:30 (FCA)
    Deposit OptionsWire Transfer, Credit Card, Debit Card
    Withdrawal OptionsWire Transfer
    Time to Withdrawal3
    Time to Open an Account9
    Bitcoin, Litecoin, Ethereum
    Options, Currencies, Stocks, ETFs, Mutual Funds, Crypto, Bonds, Indices, Commodities, Futures
    Demo AccountYes
    OCO OrdersYes
    Offers HedgingYes
    Automated TradingYes
    API TradingYes
    Guaranteed Stop LossYes
    Guaranteed Limit OrdersYes
    Guaranteed Fills / LiquidityNo
    Economic calendarYes
    Trading From ChartYes
    One-Click TradingYes
    Expert AdvisorYes
    Social TradingYes
    Trading SignalsYes
    Platform Languages
    Turkish, English, Danish, Russian, French, Dutch, Portuguese, Slovak, Polish, Czech, Arabic, Hungarian, Bulgarian, Italian, Spanish, Chinese, Croatian, Finnish, Japanese, Swedish, Greek, German, Romanian, Norwegian
    24 Hours SupportYes
    Support During WeekendsNo
    Live ChatYes
    Daily Market CommentaryYes
    News (Top-Tier Sources)Yes
    Deposit FeeNo
    Withdrawal FeeNo
    Inactivity FeeYes

    About the Author

    Plamen StoyanovBroker Analyst

    Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

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    FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.
    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.