Broker Review: Saxo Bank
Saxo Bank
Commissions & Fees
Offering of Investments
Customer Service
License & Regulation
Account Types
Platforms
Trader Tools
Mobile Trading
Education
Features
4.5/5
4/5
4/5
5/5
4/5
4.5/5
3.5/5
4/5
3.5/5
5/5
Name
Regulated by
UK Financial Conduct Authority (FCA) and the Danish Financial Supervisory Authority (DFSA)
Global Presence
Saxo Bank accepts traders from most countries in the world and maintains a presence in most of the world’s financial centers. Saxo Bank offices or representatives are currently located in Denmark, United Kingdom, Italy, Switzerland, Netherlands, Japan, Singapore, Hong Kong, China, Dubai, Australia, Czech Republic and India. The broker’s multilingual trading platform is fully accessible in over 20 different languages.
Account Management - Minimum Deposit
Saxo Bank offers a range of trader accounts, but has a starting point of a minimum $5,000 deposit for a Classic Account. Premium and Platinum accounts require initial deposits of $10,000 and $100,000 respectively. Saxo Bank is an established bank and operates under strict EU regulation and directives, as well as Danish FSA supervision. It is definitely not a cowboy brokerage offering accounts in exchange for a minimum deposit of $250. Saxo Bank is geared towards professional level trading and is looking for serious clients. Saxo bank traders have investment coverage worth $100,000 in the event of a default or liquidation.
Investor Security
Saxo Bank is a well established, highly respected and fully regulated financial institution. It has been in operation for over a quarter of a century and is subject to strict oversight and financial reporting requirements. Investors have statutory protection worth up to $100,000 if the custodian bank fails.
Saxo Bank - Overview
Established in 1992, Saxo Bank quickly grew to command a position as a market leader. The bank maintains over 35,000 financial products for online trading, eclipsing most rivals. Traders can also invest in so called ‚vanilla options‘ (calls and puts) and have some of the world’s most dynamic and effective trading technology at their disposal.
Trading Platforms
Saxo Bank provides four different trading platforms, securely connecting traders to a multitude of ETFs, CFDs, Forex, Futures and Stocks. Saxo Bank has the resources to invest in technology and is a step ahead of most other brokers. The functionality, security and simplicity of the platforms, and seamless mobile/desktop integration make for a top quality trading experience. SaxoMT4 delivers a professional trading environment.
Markets, Assets and Products
Primarily a CFD and spread betting broker, Saxo Bank offers forex, indices, commodities, shares and treasuries. Up to 10,000 instruments are available for trading.
Trader Education
Too many brokers neglect trader education, but Saxo Bank is clearly looking for a long term relationship with its clients and is keen to offer effective training. The education center offers a range of learning tools that cover every asset class and discipline. The learning tools are modern and easy to use.
Customer Service and Support
There is full customer service available during working hours. Options include live chat and telephone. The staff is friendly and competent.
Advanced Features
Saxo Bank regularly upgrades and adds to its suite of trading tools. There is an emphasis on accurate real time data with analytical tools, market live feeds, daily briefs and a full financial calendar.
At a Glance
PLUS: Saxo Bank is a well established, fully regulated bank with a strong reputation. There is some superb technology and top quality trading tools, including seamless mobile integration. The asset index is massive and the approach to trading is entirely professional.
MINUS: There are currently no cryptocurrencies and spread betting is not available. The minimum initial deposit requirement of $5000 will put Saxo Bank beyond the reach of a lot of new traders.