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Saxo Bank Review 2023

Platforms and Tools
Customer Support
Tradable Instruments
Account Types and Terms
Deposit and Withdrawal
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Please note: We performed our tests on a Classic account using SaxoTraderGo’s web trader and mobile app versions. The account was opened with the Saxo Bank 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.

Data was collected between 5 May and 9 May 2023.

The Big Picture

Saxo Bank is one of the biggest and most reputable names in Europe’s financial industry. The Danish bank is regulated in 15 jurisdictions and serves 850,000+ clients. Adding to Saxo’s impressive numbers, its technology is used by more than 600 banks and brokers globally. Especially noteworthy is that Saxo was awarded a positive S&P rating in April 2023.

You can trade, hedge, and invest with Saxo’s accounts on more than 40,000 instruments from different markets. In my personal experience as a trader, I’ve always looked for such well-balanced offerings for the freedom it affords me. In order to not only survive but thrive in the market, you need to have access to both highly volatile speculative assets and lower-risk securities. And I am happy to say that Saxo delivers both.

I was also impressed by Saxo’s professional-grade platform, which allows users to easily navigate its impressive assortment of instruments, conduct penetrating technical analyses, and access sophisticated and highly effective trading signals. The company also has top-tier licensing by several regulators, provides 360-degree research and education content, and has reliable customer support.

But no broker is perfect. Saxo’s services come at a cost that exceeds the industry average. And with a minimum deposit requirement of EUR 2,000, they may not be available to everyone. In short, Saxo’s offering is not really targeted at the average retail trader but rather at the experienced pro looking for boutique service.

I evaluated Saxo across 9 categories (Trust and Stability, Fees, Tradable Instruments, Account Types, Deposit and Withdrawal, Research, Customer Support, Education, and Platform and Tools).

Saxo Bank Key Takeaways for 2023

  • Saxo Bank’s entities are licensed by 9 top-tier financial regulators, all ensuring the highest grade protection.
  • The SaxoTraderGo and SaxoTraderPro platforms are extremely versatile, supporting a wide selection of proprietary and third-party tools.
  • Saxo’s fees are generally higher than the industry average. Commissions can be waived when you practice high-volume trading.
  • The broker offers 40,000+ trading and investing instruments, such as Forex, CFDs, shares, options, futures, bonds, ETFs, and mutual funds.
  • Saxo offers three retail and two professional-grade account types. Despite this, swap-free and raw spreads trading are not available. The broker also has a very high minimum deposit requirement of EUR 2,000.
  • Saxo has no handling fees for deposits or withdrawals, though payments to and from the broker are only available via bank wires and credit/debit cards.
  • Traders are given access to a wide selection of research and educational content, including by renowned third-party providers such as Autochartist.
  • Saxo has a very sophisticated Support Centre, though contacting the support team via live chat is relatively difficult.

What Sets Saxo Bank Apart From Other Brokers

I was impressed that Saxo Bank was awarded a BBB rating with a positive outlook by S&P Global Ratings. Meaning that 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 Bank 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.

You can earn interest on your account balance
How to earn interest on Saxo Bank’s account balance

Saxo Bank Pros and Cons

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



Your capital is at risk

About the Author

Plamen Stoyanov
Finance writer, analyst, and author of a book for beginner traders "Bulls, Bears and Sharks" with an experience of over 8 years in retail trading and more than 3 years in the finance area.
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How Do We Rate?

When trading forex and CFDs, it is crucial to know a broker's strengths and weaknesses. That is why FX Empire developed its proprietary rating system. We put the knowledge and expertise of our reviewers to work to bring you the most suitable brokers. A total of 200 variables have been analyzed to help you choose your broker wisely. This chart describes all the categories we evaluated and rated.
How Do We Rate Chart
Visit our methodology page to learn more about our review and rating process.
Saxo Bank Main Features
FCA (United Kingdom), ASIC (Australia), FINMA (Switzerland), SFC (Hong Kong), MAS (Singapore), FSA (United Kingdom), FSA(JP) (Japan), CONSOB (Italy), AFM (Netherlands)
Supported Languages
English, Spanish, German, French, Arabic, Russian, Portuguese, Japanese, Chinese, Czech, Danish, Dutch, Polish, Hebrew, Hungarian, Italian, Greek
Products (CFD)
Currencies, Commodities, Indices, ETFs, Stocks, Bonds, Futures, Mutual Funds, Options, Crypto
Min Deposit
Max Leverage
1:30 (FCA), 1:30 (ASIC), 1:100 (FINMA), 1:20 (SFC), 1:20 (MAS), 1:30 (FSA), 1:25 (FSA(JP)), 1:30 (CONSOB), 1:50 (AFM)
Trading Desk Type
Dealing Desk, Market Maker, STP
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Saxo Bank Full Review


How Do We Test A Broker's Trust?
When choosing a broker, trustworthiness is one of the most important things to keep in mind. Always check the broker's regulations, know how financially secure the firm is, and find out whether the broker is transparent and reliable. These factors, calculated into our score, will help you understand if your money is safe.

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Saxo Bank 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 Bank 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 Bank 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 Bank (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 Bank 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 Bank S/A’s licensing information on
Saxo Bank S/A’s licensing information on

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

Entity Features Saxo Bank A/S Saxo Capital Markets UK Limited  Saxo Capital Markets Pte. Ltd Saxo Bank (Schweiz) AG  BG SAXO Società di Intermediazione Mobiliare S.p.A.  Saxo Bank 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. But 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 Bank’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 Bank 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 Bank 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 Bank S/A, the maximum leverage offered to retail traders is 1:30.

Is Saxo Bank Safe to Trade With?

Saxo Bank 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.

How Saxo protects its clients’ funds
How Saxo protects its clients’ funds

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 Bank’s business profile and determined that the bank is very stable and transparent. It is privately held with a clear ownership structure. With respect to 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.

Details on GBPJPY rates at Saxo Bank
Details on GBPJPY rates at Saxo Bank

In summary, my research indicates that Saxo Bank 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 Do We Test A Broker's Fees?
Broker fees can be difficult to understand. We test the broker's platforms and examine commissions, spreads, and overnight fees to ensure that you can determine if trading with this broker is worth your time and money.

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Saxo Bank’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 Bank’s general trading fees
Saxo Bank’s general trading fees

Saxo Bank’s Trading Fees

Saxo Bank’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 May 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 Bank’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 detailed explanation of rollover charges
Saxo’s detailed explanation of rollover charges

Saxo Bank’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 conversion fee
Saxo’s conversion fee

Saxo Bank’s Non-Trading Fees

Saxo charges dormant accounts – those on which no trades have been executed for a period of 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 Bank’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 Do We Test A Broker's Platforms and Tools?
Platforms are where you trade, so they must be secure, fast, and accessible while offering you the tools you need to succeed. Each broker's desktop, web, and mobile platforms are evaluated according to the order types, speed of execution, ease of use, and other 'need to know' features.

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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 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 platform
SaxoTraderGo platform

Saxo Bank 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 Bank’s Web Trader Platform

SaxoTraderGo web version
SaxoTraderGo web version

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 Bank
Autochartist at Saxo Bank

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
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. And 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
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)
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 actually 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 favourable 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 Bank’s Mobile App

SaxoTraderGO Mobile App: Watchlist, Product Overview, Trade Ticket and Chart Panels
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
SaxoTraderGO Mobile App: Autochartist, Option Chain, Analysis and Research Panels

Tradable Instruments

How Do We Test A Broker's Tradable Instruments?
In this section, we check the broker’s market offering and how varied the instruments and asset classes are. It will allow you to check if they offer what you're looking for and what you can trade.

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Saxo Bank 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 Bank’s offering of leveraged and non-leveraged products
Saxo Bank’s offering of leveraged and non-leveraged products

Saxo Bank 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 Bank?

Listed below are the tradable instruments offered by Saxo Bank, 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
    • Varied
  • 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. And 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 Do We Test A Broker's Customer Support?
Traders tend to underestimate customer support, but it might be a crucial feature in moments of crisis. In our rating, we check the contact methods available, how accessible a live agent is and how helpful the responses are. This information will allow you to know if a broker can provide full support when you need it.

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I experienced a disappointing level of customer support at Saxo Bank. 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 Bank as worse than the industry average. However, to their credit, its FAQ section is exhaustive.

Saxo Bank's chat support
Saxo Bank’s chat support

Saxo Bank 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 Do We Test A Broker's Deposit and Withdrawal?
The deposit or withdrawal process can be a tricky one. You may discover that there are hidden fees, or that withdrawal times are longer than you anticipated. We check these factors and others so you know what to expect when trading with this broker.

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Saxo Bank 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 Bank 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 Bank 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 Do We Test A Broker's Account Types and Terms?
In order to achieve your trading goals, you need to choose the right account. We evaluate each broker's account types, how easy it is to open an account with them, and the steps involved, so you can decide if it is worth your time to open an account.

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Saxo Bank 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 Bank Offer?

I collected data about all the account types offered by Saxo Bank 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. In order 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 your intention is 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 Bank 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
Some questions from the account creation questionnaire

Why is a Demo Account Important?

Saxo Bank’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 Bank 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.

Your capital is at risk


How Do We Test A Broker's Research?
Research options provided by brokers may not be seen as the most important feature for some traders, but they can give you an edge over the competition. Staying on top of important market news announcements and being aware of big themes can be very helpful. The rating system provides a clear picture of how well your broker fulfills this service.

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The one standout feature of Saxo Bank’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, 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
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 Bank daily breakdown
A Saxo Bank 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 Bank
A market update by Saxo Bank


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 Bank’s webinars
Saxo Bank’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 own podcasts
Saxo’s own podcast

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 Updata. 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 Do We Test A Broker's Education?
Educating yourself on how to trade the financial markets can make the difference between success and failure. We check the educational content provided by the broker, its quality and suitability for beginners and advanced traders.

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Saxo Bank 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
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
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
Saxo’s content on trading psychology

The Bottom Line

Saxo Bank 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.


Where is Saxo Bank based?
Saxo Bank is headquartered in Hellerup, Denmark. It also has offices in the UK, Netherlands, Switzerland, Italy, Singapore, Japan, Shanghai, and Australia.

Is Saxo Bank safe?
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 Bank also has a positive outlook rating by S&

Is Saxo Bank good for beginners?
Yes as Saxo Bank has a wealth of educational and research materials, as well as reliable customer support, but its trading fees are rather high.

What is the minimum deposit for Saxo Bank?
The minimum deposit requirement for a Classic account is EUR 2,000.

How do I withdraw money from Saxo Bank?
Clients of Saxo Bank can request a withdrawal via bank transfer from the platform.

How long does it take to withdraw money from a Saxo Bank account?
Saxo Bank usually processes all withdrawal requests within 2-3 business days. Transaction times may vary.

What is Saxo Bank’s maximum leverage?
The maximum leverage for retail traders with Saxo Bank is 1:30.

How do I open an account with Saxo Bank?
Accounts can be opened from the main page of the website.

Which platforms does Saxo Bank offer?
Saxo Bank has two proprietary platforms called ‘SaxoTraderGo’ and ‘SaxoTraderPro’. The bank also incorporates TradingView and Dynamic Trend.

Does Saxo Bank offer a demo account?
Yes, it does.

Is Saxo Bank suitable for scalping?
Even though Saxo does not prohibit scalping outright, the platform does not support the necessary timeframes.

Is Saxo Bank suitable for auto-trading?
Yes, auto-trading is available with Saxo Bank. Traders can use Saxo’s OpenAPI for Excel or OCO orders, depending on the degree to which they wish to automate their trading.

Is Saxo Bank suitable for hedging?
Yes, hedging is allowed with Saxo Bank.

Is Saxo Bank suitable for spread betting?
No. Spread betting is not available with Saxo Bank.

Does Saxo Bank provide VPS?
No, Saxo Bank does not offer VPS hosting.

What are Saxo Bank’s trading hours?
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.

Is Saxo Bank a market maker?
No, Saxo Bank 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.

Does Saxo Bank operate a bank?
Saxo Bank is itself a licensed bank that also provides intermediary (brokerage) services to traders.


Your capital is at risk

See Saxo Bank Full Information
Broker General Information
Trading Features
Other Details
Headquarters Country
Foundation Year
FCA (United Kingdom), ASIC (Australia), FINMA (Switzerland), SFC (Hong Kong), MAS (Singapore), FSA (United Kingdom), FSA(JP) (Japan), CONSOB (Italy), AFM (Netherlands)
Publicly Traded
Number Of Employees
Trading Desk Type
Dealing Desk, Market Maker, STP
Trading platforms
Restricted Countries
United States, Kenya, South Korea, Mexico, India, Norway, Iceland, Brazil, Mauritius, Pakistan, Philippines, Portugal, Kazakhstan, Spain
Supported Languages
English, Spanish, German, French, Arabic, Russian, Portuguese, Japanese, Chinese, Czech, Danish, Dutch, Polish, Hebrew, Hungarian, Italian, Greek
Min Deposit
Max Leverage
1:30 (FCA), 1:30 (ASIC), 1:100 (FINMA), 1:20 (SFC), 1:20 (MAS), 1:30 (FSA), 1:25 (FSA(JP)), 1:30 (CONSOB), 1:50 (AFM)
Deposit Options
Wire Transfer, Credit Card, Debit Card
Withdrawal Options
Wire Transfer
Time to Withdrawal
Time to Open an Account
Bitcoin, Litecoin, Ethereum
Products (CFD)
Currencies, Commodities, Indices, ETFs, Stocks, Bonds, Futures, Mutual Funds, Options, Crypto
Demo Account
Islamic Account
Segregated Account
Managed Account

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