Forex Trading

Saxo Bank Customer Reviews 2023 Latest Saxo Bank Traders Comments

saxo bank offers

In short – quite expensive compared to competition but nice platform and range of fx pairs. Saxo Bank provides platform video guides, trading introduction courses, and risk management rules to its clients. The platform is packed with tools for technical and fundamental analysis. You can conduct a comprehensive account overview and performance analysis, access options chains, and charts. The fees and commissions vary depending on the account type.

Our fees and commissions are something we take very seriously and review regularly. We feel that our fees are aligned to the services we provide our clients with. We are glad to hear that you find our platform fitting for your trading and execution needs. Thank you again for your time and we wish you a pleasant week. Saxo Bank is highly recommended for forex trading as it offers a great variety of currency pairs, low spreads and direct access to the interbank FX market. Yes, Saxo Bank offers an easy-to-use mobile app for the SaxoTraderGo and SaxoTraderPro trading platforms.

How much does Saxo Bank require as a minimum deposit?

Again an indication that Saxo goes after and caters to more experienced customers, because trading futures is for higher value accounts. FTSE futures for example are traded on ICE, and 1 lot is valued at £10 per index point. So, if for example the FTSE is trading at the smallest trade you can put on gives you £77,230 of exposure to the 100 biggest companies in on the LSE. They also provide daily market analysis, powerful trading tools, educational materials and managed portfolios.


Saxo Bank is a fully licensed and regulated Danish bank, based in Copenhagen. Platinum and VIP clients benefit from a personal point of contact to answer account queries and offer exclusive invitations to events and webinars. Your relationship manager can also provide a personal introduction to Saxo platforms and educational content, as well as curated market news relevant to your trading and investment interests. Autochartist is a flexible product because it is capable of highlighting thousands of potential trades a month in a range of financial markets, including forex and stocks. It is important to note that there are absolutely no guarantees on how the Autochartist signals will perform.

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Apart from that, the standard £8 minimum charge per trade is average at a push when compared to competitors such as IG and Interactive Brokers. The disclosure of commissions and spreads can be contradictory, with different quotes for similar or the same instruments. With this, the hidden cost can quickly empty your bank account, with markups, interest rates, and carrying costs for forex, futures, shares and other products. Saxo Capital Markets is a global service provider with clients across 170 countries, offering trades forex, CFDs, stocks, futures and ETFs.

One of this broker’s major advantageous features is that it does not ask for deposit or withdrawal fees. Our team of industry experts conducted our reviews and developed this best-in-industry methodology for ranking online investing platforms for users at all levels.Click here to read our full methodology. In addition, every broker we surveyed was required to fill out a 320-point survey about all aspects of their platform that we used in our testing. Many of the online brokers we evaluated provided us with in-person demonstrations of their platforms at our offices. Web disclosures include company procedures to ensure the best executions possible, underpinned by a broad range of direct market access , aggregated, and in-house liquidity providers.

You can choose to invest in cash, trade with leveraged products or let the experts manage your money. They are a huge brand and have been at the forefront of the online trading industry. However, I feel that the sheer size of the company means that you perhaps do not get that personalised approach that some other brokers can deliver. That being said, I feel they are a market leader in so many aspects that it is just too hard to ignore them. I think the average retail trader may feel overwhelmed by the options available to them, but professional and institutional traders are sure to be impressed with the possibilities.

Activities such as adding funds or investing in different products can earn you enough points, which will let you waive your monthly service fee depending on the plan you’re on. Each of these asset management services is unique and sets different minimum amounts unique to them. However, for other services — SaxoWealthCare, SaxoSelect, and Regular Savings Plan — there are minimum investments involved. For their brokerage, there are no minimum investments required. However, there are withdrawal fees – mentioned in the Withdrawals section below.

Is Saxo Bank regulated?

It offers a broad variety of brokerage services geared toward sophisticated active traders, investors, professionals, and institutions. Smaller account holders will encounter a number of unusual obstacles that include higher account minimums, a variety of fees, and fewer customer support options. Its experience is smooth, easy, and driven by a well-streamlined trading platform which makes it popular among others. Forex fees as well as fees for stock index CFDs and mutual funds are low. The research hub is embedded with research features and provides high quality research material and research tools that are better than other online brokers.

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The compensation fund works like financial insurance for investors. Saxo Bank definitely has a lot to show when it comes to safety. The company abides by EU financial regulations and is supervised by the Danish FSA. Top-tier financial institutions highly regulate this broker. Overall, Saxo Bank can be summarised as a trustworthy broker regulated by the UK Financial Conduct Authority and the Monetary Authority of Singapore . Funding methods offered by Saxo Bank include Card Funding, Bank Transfer, and Portfolio Transfer.

Saxo Leverage

The first step is to visit the broker’s website and select to open an account. The trader needs to supply details like their first and last name, email address, country of residence, and strong password. The next step is, the bank will collect some of the important information about the trader’s financial status. This is to make sure that they are suitable for investing in their platform. Moreover, the trader should keep in mind that they should not trade more than they can afford to lose.

  • However, there are withdrawal fees – mentioned in the Withdrawals section below.
  • Saxo Markets offers access to third-party portfolio tools , and external tax reporting and reclaim services can be requested from third-party provider GlobeTax.
  • You can trade with peace of mind as they are regulated in multiple jurisdictions and have won over 40 industry awards.
  • This mode is very useful for the trader, and the traders are offered paper money.
  • It was a pleasure helping you sort out your client renewals query and we wish you happy trading.

The educational material provided by Saxo is in line with their unstated goal of attracting sophisticated investors and traders who are already familiar with the markets. This custody fee can range from 0.09% per annum to 0.15% per annum, depending on the type of instrument being traded and the type of account being held by the user. Each deposit method may display different minimum amounts, fees , and different processing times for the money to arrive at your account. Whether you are a new trader looking to open your first account or an experienced trader looking to switch brokers, this article will provide you with the information you need to make an informed decision. Stock broker BBY appointed liquidators in June 2015 due to insufficient funds to meet its obligations.

Visit our article on how to invest in Bitcoin for more information on crypto ETPs. After the approval, you must fund your account in order to activate it. Depending on the method of deposit, funding can take 1 to 5 business days. You can benefit from more affordable pricing structures with Platinum and VIP accounts, and Platinum account holders have a specific point of contact. Saxo Bank’s safety is enhanced by its long track record, banking background, and regulation from top-tier financial authorities.

In addition to this and more, Saxo provide managed portfolios, trading strategies, 24-hour customer support and a rewards-based programme for active traders. Go long or short on 9,000+ instruments with tight spreads and low commissions. Saxo offer CFD trading on single stocks, indices, forex, commodities, options and bonds. You can connect your Saxo account to a third-party platform to access custom tools that suit your specific trading requirements. Available features include asset-specific analysis tools, advanced strategy back testing and hyper-responsive charting.

Saxo Capital Markets UK Limited is authorised and regulated by the Financial Conduct Authority . Saxo is considered safe as it is fully regulated, adhering to strict regulatory criteria across 15 different jurisdictions, including the UK, Denmark, Singapore and Australia. This is important because the amount of compensation you will be eligible to receive varies drastically across these jurisdictions. In addition, clients can sign up for weekly webinars and see all the archived webinars whenever suits, on-demand. Saxo offers up to date research, news and commentary from SaxoStrats, its in-house team of experts. SaxoTraderGO is Saxo’s most popular platform, it’s easy to use and highly advanced.

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Also, there is no saxo bank broker reviews chat customer support or 24/7 availability. BrokerChooser gave Saxo Bank a 4.8/5 rating based on analyzing 500+ criteria and testing via opening a live account. The company name changed to Saxo Bank in 2001 after it obtained a banking license.

The search function more often than not does not bring up some basic info. Saxo offers traders two platforms, the web-based SaxoTraderGo and the desktop-based SaxoTraderPRO. SaxoTraderGo is the more popular platform of the two and receives a high rating overall. SaxoTraderPRO has some useful features and updates that won’t let you down though, so let’s look at the desktop experience first. Saxo’s documentation, more often than not, contradicts itself with its fees and trading account for similar and identical products and positions. The fine print adding a separate surcharge on small trades is easily missed and increases the possibility of misunderstandings between clients and the broker.


Saxo has a section named general charges where the clients may easily see the trading costs for multiple instruments. We can see that the minimum spreads for forex are 0.4 pips, and the commission for futures, commodities and listed options are 0.85 USD per lot. For FX options, Saxo Bank traders have a huge market available.

In case your trade assets are in different denominations than your account currency denomination, you are subject to currency conversion fees. Saxo were in fact one of the earliest brokers to offer multi-asset trading from a single platform with direct market access, which puts them at the most sophisticated end of the spectrum. FXreviewsaccords traders and investors with some of the best hand picked brokers that can harvest their needs for booking profits in the world of financial market. Overnight holding charges are average to competitive, and if the client “only holds cash money” in their account, there is an inactivity fee of £25 every quarter.

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Besides, the minimum amount to deposit varies depending on the account type the trader chooses and the residing country. For example, for Middle Eastern or Central European clients, the minimum deposit is $10,000, and for Australian and Swiss clients, they need to deposit $2000. Considering the account minimum, the classic type needs a deposit of 500 pounds, and we can say that these brokers do not charge any fees for deposits and withdrawals. If there is a flaw in Saxo Markets’ online brokerage offering it would have to be with its customer service. Online chat is embedded within the trading platforms but only available to funded accounts, and local language support is limited to higher-account tiers. Chatbot functionality is available, but Saxo might be better off without it.