Saxo Bank Review

Saxo Bank is a well-established broker since 1992. Saxo Bank has headquarters in China, Denmark, Greece, India, Italy, Netherlands, Spain, United Arab Emirates and United Kingdom. They are generally well-suited for Saxo Bank to provide their Forex/CFD trading services to global clients.

This broker has also been regulated by ASIC 109605610, Banque de France 483632501, CySEC 163/12, FCA (UK) FC026688, FSA (Denmark) 1149, SFC (Hong Kong) 1395901 and ESMA.

Account Information

Apart from the forex demo account, this broker offers Platinum and Classic. To successfully navigate your trading account, you also need to consider about leverage and minimum deposit. Talking about leverage in general, the maximum leverage offered by Saxo Bank is up to 1:200. Meanwhile, you can open an account with a starting capital of $2000.

Min Deposit

$2000

Max Leverage

1:200

Spread

Fixed

If you want to look for a more simple explanation regarding this broker's account type(s), take a look at the following chart:

• Platinum
• Classic

💲 Min Deposit $200000

💡 Min Position 0.05 lot

🔢 Spread Fixed

📉 Scalping

🤖 Expert Advisors

⏱ Trailing stop

⏳ Pending orders

1️⃣ One-click trading

📱 Mobile trading

💻 Browser-based platform

Instruments Traded

Besides lots of currency pair, Saxo Bank also offers some instruments you would like to trade on, such as Forex, Gold & silver, CFD, Spread betting and Cryptocurrencies for your best choice. Somehow, remember that different instrument has different trading conditions. In this case, you have to make sure that your strategy is well suited for the instrument you chose.

As for Platinum account, Saxo Bank specifically provides it with the following instruments and leverage:

Forex
1:100

Gold & silver
1:200

CFD
1:20

Spread betting

Cryptocurrencies
1:5

💲 Min Deposit $2000

💡 Min Position 0.05 lot

🔢 Spread Fixed

📉 Scalping

🤖 Expert Advisors

⏱ Trailing stop

⏳ Pending orders

1️⃣ One-click trading

📱 Mobile trading

💻 Browser-based platform

Instruments Traded

Besides lots of currency pair, Saxo Bank also offers some instruments you would like to trade on, such as Forex, Gold & silver, CFD, Spread betting and Cryptocurrencies for your best choice. Somehow, remember that different instrument has different trading conditions. In this case, you have to make sure that your strategy is well suited for the instrument you chose.

As for Classic account, Saxo Bank specifically provides it with the following instruments and leverage:

Forex
1:100

Gold & silver
1:200

CFD
1:20

Spread betting

Cryptocurrencies
1:5

Payment Methods

Wire transfer : Wire Transfer is the most commonly used payment method. Nearly all brokers in the world provide this method on their service. The reason is wire transfer is basically traditional transfer between banks in the worldwide. So, this method is guaranteed for its safety. This really helps traders who avoid third-party payments or don't have credit cards.

Saxo Bank also provides payment with Credit/debit cards

Extensive Review

Saxobank was founded in 1992 in Denmark, which began as a brokerage business. At present, they have penetrated the online banking and forex trading business internationally. The company is known as one of the best in the industry.

Their innovative platforms have been used by Microsoft's global institutions, Barclays Stockbrokers Ltd, and TD Waterhouse. The platforms include SaxoTraderGO, an award-winning trading platforms and is offered as Saxobank's flagship. Two other platforms are SaxoTraderPRO and SaxoInvestors. Each platform has advantages and functions.

SaxoTraderPRO is suitable for use by advanced traders and institutional clients, which trade faster via quick-close all features and view exchange order books and execution reports in real-time. On the other hand, Saxo TraderGO is a platform for retail traders. This type of platform offers easy portfolio management from a single account. For example, traders can get live and historic reports of net holdings.

As for Saxo Investors which is a user-friendly case-product platform tailored to retail investors, there are several advantages including browsing curated themes and pre-made screenings. Also, clients can choose between diversified investment portfolios. It is a responsive platform accessible from any device.

The Saxobank website accommodates the needs of international clients, with dozens of languages available on the Saxobank website. Besides English, there are also Japanese, Mandarin, French, Italian, Indonesian, and many more.

When clients choose Saxo, clients are choosing to trade with a fully regulated industry leader, who adheres to strict regulatory requirements in 15 financial centers around the world, including the UK, Singapore, Hong Kong, and Denmark.

Another advantage is traders have so many choices of instruments that can be traded on Saxo, covering 40,000 instruments across 184 forex pairs, 9,000 CFDs, 19,000 shares, 200 Stock options, 2,500 ETFs, Futures, Gold, Silver, and many more.

Since the company also serves as a bank, the speed of execution at Saxo can be guaranteed. However, some traders may feel that Saxobank is not suitable for individual trading, as the minimum capital is too large and the spreads and commissions are considered burdensome for so many clients. The spread which is charged by Saxobank for each pair is quite large, so it is not suitable for scalpers. Meanwhile, the commission that must be paid by traders to this broker starts from USD1.

Furthermore, Saxobank often stops trading for a few seconds before the release of important news and only activates it again after the news is released. This makes news traders do not have the best opportunity to act on Saxobank.

Actually, The deposit value can be adjusted according to the level of account chosen by the clients. There are three levels in Saxo Accounts, including Classic (minimum funding is 500 Pounds), Platinum (minimum funding is 50,000 Pounds), and VIP (minimum funding is 1,000,000 Pounds). Clients can use leverage 1:200 and a minimum lot of 0.05.

Traders are spoiled with various kinds of facilities provided by Saxobank. Each aaccount level has its own facilities offering that can be adjusted to the needs of traders. The higher the level, the more complete the facilities provided.

For example, traders who have VIP accounts will get personal relationship managers, and direct access to trading experts 24 hours. These facilities are not found when traders choose Classic and Platinum accounts.

For Corporate Clients, Saxobank provides 40,000 instruments, with 1: 1 support from expert account managers and the security that comes from their 25+ year experience.

If clients meet professional criteria, they can join Professional Accounts at Saxobank. The criteria in question include having a financial portfolio that exceeds around 500,000 Euros, having placed at least 20 relevant trades in significant sizes over the last four quarters, and having worked in the financial sector for at least one year.

Moreover, Saxobank provides more than 100 institutional specialists operating from offices in key financial centers, including Denmark, London, Singapore, Shanghai, Hong Kong, Switzerland, and Dubai. The client can choose the location closest to their area. With this kind of support, Saxobank is optimistic for delivering the right solution for the business of clients.

From the explanation above, it can be concluded that Saxo is more suitable for deep-pocket forex traders who are interested in forex trading as an investment portfolio. The broker's business focus is also more towards institutional clients rather than retail clients.

FAQ About Saxo Bank

Is Saxo Bank a good broker?

A good broker constitutes a good service for traders in terms of many criteria including trading instruments, deposits and withdrawals, as well as customer support. What is good for a certain trader does not necessarily mean the same thing to you. So the term "a good broker" can vary in meaning. You can decide for yourself if Saxo Bank is a good broker for you or not by reviewing the criteria. In general, Saxo Bank provides trading service in Forex , Gold & silver , CFD , Spread betting and Cryptocurrencies . As for the payment methods, you can choose between Credit/debit cards and Wire transfer. The customer support is available via Email, Live chat and Phone.

What is the minimum deposit for Saxo Bank?

The starting capital in Saxo Bank is $2000.

Is Saxo Bank regulated?

Saxo Bank is regulated by ASIC 109605610, Banque de France 483632501, CySEC 163/12, FCA (UK) FC026688, FSA (Denmark) 1149, SFC (Hong Kong) 1395901 and ESMA. A regulated broker equals a more responsible trading environment. You can also expect a more guaranteed safety of funds as some of regulatory frameworks in the financial industry require a compensation scheme in case of unprecedented incidents that result in clients' financial losses.

Is Saxo Bank legit?

Saxo Bank is a brokerage company offering trading services for clients since 1992 with offices in China, Denmark, Greece, India, Italy, Netherlands, Spain, United Arab Emirates and United Kingdom.