Saxo Bank Review 2024

Quick Links

• Our Review Method

• What is Saxo Bank?

• Is Saxo Bank Safe or a Scam?

• Saxo Bank Pros and Cons

• Awards

• Leverage

• Accounts

• Trading Instruments

• Fees

• Spreads

• Deposits and Withdrawals

• Trading Platform

• Customer Support

• Education

• Conclusion

Our Review Method ▲

In our evaluation process, we meticulously analyze and compare over 1000 brokers, focusing on aspects such as regulatory compliance, customer service efficiency, product offerings, fees, and trading platforms. Our aim is to provide a balanced and comprehensive review that aids traders in making informed decisions.

What is Saxo Bank? ▲

Saxo Bank is a premier CFD and Forex trading institution, recognized as one of the largest and most reputable European Banks. It extends banking services and offers an expansive range of over 65,000 financial instruments for trading. This includes more than 22,000 stocks, over 190 FX spot pairs, and CFDs on more than 9,000 instruments. The Saxo Group, with over three decades of Fintech innovation, operates as a multi-asset trading and investment powerhouse. As a fully licensed and regulated European bank under the Danish Financial Supervisory Authority's oversight, its headquarters reside in Copenhagen. Moreover, Saxo Bank has a global footprint, with operations in major financial hubs across London, Paris, Zurich, Dubai, Singapore, Shanghai, Sydney, Hong Kong, and Tokyo.

Is Saxo Bank Safe or a Scam? ▲

Saxo Bank is unequivocally not a scam. It operates as a multiply regulated broker under a banking license, making it a low-risk option for trading Forex and CFDs. It stands out as a legitimate and regulated broker across various jurisdictions, confirming its status as a trusted entity. Incorporated in Denmark and functioning as a fully licensed European bank (license no. 1149), Saxo Bank also conducts its services under the stringent supervision and regulation of the Danish Financial Supervisory Authority (FSA). Consequently, it operates as an EU-regulated bank and investment firm, adhering to all legal requirements, protocols, and policies to ensure compliance and customer protection. Thanks to its worldwide presence, Saxo Bank operates under the regulatory frameworks of several global institutions, including those in Singapore, Dubai, and Hong Kong. Our trust score for Saxo Bank is 4.5 out of 5, reflecting its solid reputation, reliable top-tier licenses, and years of service. The only caveat is the varying regulatory standards and protection levels based on the entity.

Saxo Bank Pros and Cons ▲

Pros

• Offers a vast range of over 65,000 financial instruments for trading

• Operates as a fully licensed and regulated European bank

• Provides global market access from major financial centers

Cons

• Regulatory standards and protection levels vary based on the entity

Awards ▲

Saxo Bank has garnered numerous awards over the years, underscoring its excellence in the sphere of online trading and banking. These accolades highlight its innovative technology, comprehensive range of trading instruments, and exceptional client service.

Leverage ▲

Trading with leverage offers the opportunity to amplify potential profits, but it also increases the risk of losses. The maximum leverage permitted varies by geographic region, reflecting local regulatory restrictions, as well as by the risk appetite of the trader. Saxo Bank adopts a conservative approach to leverage, aligning with its commitment to promoting responsible trading practices among its clients. Consequently, Saxo Bank does not support high-risk trading strategies through leverage. The leverage ratios available are tailored to the regulatory environments of different jurisdictions:

• European clients can access leverage up to 1:30 for Forex trading.

• Traders in Dubai and UAE also have access to a maximum leverage of 1:30.

• Australian traders, under ASIC regulation, can apply for leverage up to 1:30.

Accounts ▲

Saxo Bank caters to traders of all volumes by offering three distinct account types, each equipped with identical technical features and company support. The primary distinctions among these accounts lie in their pricing structures, the extent of support from the company, including enhanced news and research capabilities, and the level of customer service. Premium clients and above enjoy additional benefits, such as bonuses integrated into the interest rates. For newcomers to trading, Saxo Bank provides an opportunity to test market strategies and familiarize themselves with trading platforms through a Demo Account. This demo includes a 20-day trial with a simulated $100,000 account.

How to Open a Saxo Bank Live Account?

Opening a live trading account with Saxo Bank is a straightforward process. Prospective clients should:

• Navigate to the "Open Account" page.

• Enter required personal information (name, email, phone number, etc.).

• Verify their identity by uploading necessary documents (proof of residence, ID, etc.).

• Complete an electronic questionnaire to confirm their trading experience.

Following account verification and activation, clients can proceed with depositing funds.

Trading Instruments ▲

Saxo Bank boasts an extensive selection of trading instruments, offering access to Forex, CFDs, Stocks, ETFs, Futures, Options, Mutual Funds, Bonds, and Cryptocurrencies. This wide array ensures that traders can find the instruments best suited to their trading strategies, accompanied by competitive pricing. The range of markets accessible through Saxo Bank receives a score of 9.2 out of 10, reflecting its broad selection of trading options across various asset classes.

Fees ▲

Saxo Bank's pricing structure is competitive, with fees primarily incorporated into the spread. However, the specific fee conditions vary according to the chosen account type and the traded instruments. Traders must also account for overnight or swap fees, which apply when positions are held open for more than one day. Based on our comprehensive review, which compared Saxo Bank's fee structure against over 1000 other brokers, Saxo Bank's fees are considered average to low, with an overall rating of 8.5 out of 10.

Spreads ▲

Saxo Bank offers traders the advantage of competitive spreads and modest commissions through real-time quotes for various instruments. For instance, currency pairs like EUR/USD are offered at 0.9 pips, US 500 at 0.4 points, and US Stocks starting from $6. As a major liquidity provider, Saxo Bank secures exceptionally rapid and competitive quotes, with the larger accounts benefiting from spreads as low as 0 pips. In our comprehensive testing and comparison with over 1000 brokers, Saxo Bank's spreads are considered highly competitive, scoring an impressive 4.5 out of 5.

Deposits and Withdrawals ▲

Saxo Bank mandates that all deposits and withdrawals originate from a bank or a licensed financial institution, explicitly excluding third-party payments, bankers’ drafts, checks, cash deposits, and remittances from exchange houses. Our evaluation of Saxo Bank's funding methods yields a favorable rating of 4.0 out of 5. The minimum deposit requirement is above the industry average, starting at $5,000 for a Classic Account, escalating to $200,000 and $1M for Platinum and VIP accounts, respectively. This positions Saxo Bank as an ideal choice for professional traders and those managing larger portfolios. Withdrawal processes at Saxo Bank are streamlined and efficient, with no fees for transactions conducted through the Online Cash Withdrawal Module.

Pros

• No withdrawal fees

• Multiple account currencies supported

Cons

• High minimum deposit requirements

• Limited payment methods

Trading Platform ▲

Saxo Bank's trading platforms, SaxoTraderGo and SaxoTraderPRO, are engineered with a focus on blending a user-friendly interface with robust functionalities. Both platforms cater to a wide range of traders' needs, from those seeking performance and flexibility to investors requiring convenient access on the move. Saxo Bank's platform offering is rated at 4.25 out of 5, acknowledging its professional-grade platforms designed in-house, although it lacks popular market platforms in its assortment. SaxoTraderPRO offers a professional, customizable platform for advanced traders, while SaxoTraderGO is celebrated for its easy-to-use, award-winning interface suitable for most traders and investors.

Pros

• Advanced trading features

• Customizable interfaces

Cons

• Limited to inhouse platforms

Customer Support ▲

As a reputable European Bank, Saxo Bank ensures extensive support across more than 180 countries, with services available in multiple languages through offices in key financial hubs. Offering 24/5 customer support via phone and email, Saxo Bank's customer service is rated at 4.25 out of 5. Our testing revealed fast and informative responses, signifying a well-organized and accessible customer support system.

Pros

• Wide international coverage

• Multilingual support

Cons

• Limited weekend support

Education ▲

Targeting primarily experienced traders and those managing sizable investments, Saxo Bank provides a range of educational resources, including trading courses, webinars, video tutorials, and podcasts. Furthermore, Saxo Bank offers exceptional research tools and strategy builders directly accessible through its platform. With a rating of 4.25 out of 5, Saxo Bank is recognized for its high-quality educational materials and collaboration with leading market data providers.

Pros

• Comprehensive educational resources

• Advanced research tools

Cons

• More suited for experienced traders

Conclusion ▲

To conclude, Saxo Bank stands out as a trusted and esteemed broker in the online trading and investing sphere. Since its inception in 1992, Saxo Bank has evolved from a fintech startup to a leading name in the industry, backed by its status as a regulated Danish bank. Saxo Bank offers retail traders the opportunity to access features and resources typically reserved for institutional clients, making it an excellent choice for professional traders and those with substantial investment portfolios. Therefore, Saxo Bank is highly recommended for individuals seeking a broker that excels in advanced trading, professional investing, and provides extensive global coverage, competitive fees, and robust educational support.