Saxo Bank Review

Saxo Bank, founded in 1992, is a Danish investment bank offering online trading and investment. Their minimum deposit is a hefty USD 10000 for their Classic account, but if you can afford this, they offer competitive pricing and great trading platforms. They offer a seamless customer experience, providing over 40000 instruments to use at your disposal and the ability to trade 182 forex pairs from as low as 0.4 pips.

Overview

NationalitiesNo USA Clients
Account Funding$10,000
Is a corporate Account Possible?                YES
Sign Up processFast
Funding optionscredit/debit cards, bank transfer
Max leverage n.a.
Forex: Spot TradingYES
Currency Pairs182
CFDs35,000
CryptocurrencyNO
Commodities19
Stocks15,000+
Penny Stocks
Yes

Regulation and Trust

Saxo Bank is a fully licensed European bank under the supervision of Danish FSA. They are highly regulated across multiple jurisdictions. This includes the Australian Securities & Investment Commission (ASIC), Securities Futures Commission (SFC), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Swiss Financial Market Supervisory Authority (FINMA) and the Financial Conduct Authority (FCA).

Commissions & Fees

Saxo Bank offers three account types with different minimum deposits. A Classic account requires a minimum deposit of $10,000 and the Platinum account requires a $200,000 minimum deposit. Their VIP account, which requires a minimum deposit of $1,000,000 offers the most savings on pricing. The UK and Singapore are exempt from these requirements and only need an initial deposit of GBP 500 or SGD 3000 respectively. The spread of EUR/USD is 0.8 pips on the classic account and 0.6 pips on the VIP account.

An inactivity fee of $100 is charged when the account has been inactive for a period of 6 months.

Community

Saxo Bank serves clients from 170 countries, is trusted by 120 banks and brokers and serves over 300 financial intermediaries. They hold more than $16 million in client funds and employ more than 1500 staff members worldwide. Saxo Bank is present on Facebook, LinkedIn, Twitter, YouTube and Instagram. They also have a dedicated hashtag #SaxoStrats that can be used on Twitter.

User Experience

Opening a Saxo Bank account only takes 5 minutes. Simply register, add funds and start trading. If you are an active trader you’ll receive access to a relationship manager and trading experts. The Saxo Banks mobile app offers a great user experience. The trading tools and research are user-friendly and match that of the web version of the platform. Watch lists and charts are synced with the browser-based version allowing for a seamless experience.

Functionality and Tools

Saxo Bank offer their traders well-developed tools for fundamental and technical analysis. SaxoTraderGO offers 55 indicators and almost 20 drawing tools. The SaxoTraderPRO desktop platform is similar to SaxoTraderGO in terms of look and usability, but it offers a larger range of trading features. Saxo Bank also thrives in terms of research. They offer daily analysis as well as content provided by third-party providers. For expert traders, Saxo offers MultiCharts. This trading software offers advanced analysis tools, high-speed one-click trading and extensive backtesting features.

If you would like to test out your trading strategy, Saxo Bank offers a demo account with a simulated $100,000. The demo account works for both SaxoTraderGO and SaxoTraderPRO. One drawback is that the demo account is only available for 20 days.

Trading Platforms

Saxo Bank offers traders more than 35000 tradeable symbols and a variety of trading platforms. Saxo Bank allows traders to use MetaTrader but a $20,000 minimum deposit is required and a minimum monthly spend of $2000 is also required. Saxo Bank offers its own trading platforms SaxoTraderGO for web and SaxoTraderPRO for desktop. These platforms have been designed with usability in mind. Designs have been streamlined and a variety of tools are available.

Customer Service

Saxo Bank clients have access to 24-hour customer service, 5 days a week. They have dedicated sales traders that are there to help you with any product information you need. Platinum and VIP clients benefit from more personal services such as having a personal relationship manager. Downfalls include no live chat availability. There is rather a self-service support centre that you can use to find answers to certain FAQs.

Summary

Saxo Bank is a fantastic multi-asset broker offering clients a seamless experience across its desktop, web and mobile platforms. Downfalls include the high minimum deposit and no live chat option. If you can get past though downfalls, Saxo Bank offers a great service with quality tools and rich research. 

72% of retail investor accounts lose money when trading CFDs with Saxo Bank

Saxo Bank, founded in 1992, is a Danish investment bank offering online trading and investment. Their minimum deposit is a hefty USD 10000 for their Classic account, but if you can afford this, they offer competitive pricing and great trading platforms.