The Powerful 2020 Saxo Bank Review You Must Read

The Powerful 2020 Saxo Bank Review You Must Read

4.4 rating

Saxo Bank is a reputable provider and renowned worldwide. We’ve written this in-depth review to help you decide whether Saxo Bank is the right broker for you.

Open live account
The Powerful 2020 Saxo Bank Review You Must Read

We’ve spent 14.8 hours reading and summarising expert and user reviews to help you decide whether Saxo Bank is the right provider for you. On the whole, we’ve given Saxo Bank a 4.4 star rating.

Broker Feature Saxo Bank
Maximum Leverage: 200:1
Minimum Deposit: $10,000
Trading Platforms: SaxoTraderPro, SaxoTraderGO
Trading Options: CFDs, Forex, Stocks
Allows Hedging: Yes
Allows Scalping: No
Demo Account: Yes, up to $100,000 base currency in virtual funds
Founded: 1992
Headquarters: Copenhagen, Denmark
Regulating Authorities: There are 15, but below is a non-exhaustive list: FSA, FCA, ASIC, FINMA, MAS

Saxo Bank – Pros

  • Global bank and trading broker regulated in 15 jurisdictions
  • Access to over 40,000 financial assets
  • Possibility to trade, hedge and invest from one interface and unique account
  • Advanced and award-winning proprietary trading platforms: SaxoTraderGO and SaxoTrader PRO
  • Unique features: Multi-asset liquidity, quality execution; Third Party Tools; Connectivity and APIs; Saxo Rewards; SaxoStrats; Trading Strategies
  • Invest with the help of professionals that demonstrate results via Investment Portfolios
  • Outstanding research and analytics tools
  • Market Call Podcast

Saxo Bank – Cons

  • High minimum deposit
  • Some may find the offer overwhelming
  • High inactivity fee and additional non-trading related charges 
  • Does not offer cryptocurrencies as an asset class to be traded

Broker Presentation

Saxo Bank, one of the leading innovative brokers of the trading industry, provides investment and trading solutions for anyone. As RegTech and FinTech specialists, their mission is to connect investors and traders to almost 40,000 financial instruments from one dashboard. Being one of the online trading pioneers many years ago, they currently offer professional grade tools and access to a wide variety of assets: CFDs, Forex, stocks, commodities, options, ETFs, Futures, Bonds, ETNs (Exchange Traded Notes) and mutual funds. 

Saxo Bank was launched in Denmark in 1992 and is one of the longest-serving Forex brokers in the industry. Trading with Saxo means partnering with a solid financial entity that has a proven and formidable record of success. A partner that serves customers in over 120 countries, processes one million transactions daily for their clients and manages assets surpassing $16 billion.

Saxo Bank has Chinese (through Zhejiang Geely Holding Group Co.) and Nordic ownership. Headquartered in Copenhagen, Saxo Bank Group prides themselves with €46bn in client assets, offices globally (such as in Denmark, Switzerland, UK, Australia, Singapore and Hong Kong among others) and 2,100 staff members. Saxo Bank Group empowers over 120 brokers and banks, and more than 300 financial entities with their open banking solutions.

A reliable Saxo Bank broker review will state from the very beginning that this FinTech is the partner of choice for more than 860,000 clients all over the world due to their expansive assets collection, award-winning trading platform “SaxoTraderGO”, professional trading platform SaxoTraderPRO, world-class analytics and research section, competitive spreads and high calibre technical trading environment.

This is a multi-faceted broker licensed in 15 jurisdictions across the globe. As a veteran and pioneer of the industry, Saxo Bank has received multiple awards throughout their history, some which are the following: “Best B2B liquidity provider 2019” and “Best retail FX broker 2019” awarded by Finance Magnates, “Best platform for the active trader 2019” awarded by ADVFN.

Safety and Regulations

Score 5 out of 5

It’s common knowledge among traders that safety and regulation are an essential criteria when choosing a reliable trading broker. 

Saxo Bank excels in this criteria, being licensed and registered in 15 jurisdictions. They are considered to be a low risk broker as they are regulated by top authorities, they operate a bank and publish their financial data regularly. Faithful to their transparency policy, they published an Enhanced Disclosure agreement on their website that can be accessed by prospective and current clients. 

Saxo Bank is regulated and/or registered with the following competent authorities: 

  • Danish Financial Supervisory Authority (FSA) in Denmark with bank license no. 1149  for Saxo Bank A/S 
  • Financial Conduct Authority in the UK having the license no. 551422 for Saxo Capital Markets UK Limited 
  • Swiss Financial Market Supervisory Authority (FINMA), in Switzerland, having UID register no. CHE-106.787.764 for Saxo Bank (Switzerland) Ltd. as licensed bank 
  • Bank of France, in France having registration no. 483632501 R.C.S. Paris for Saxo Banque (France) SAS as credit institution
  • Australian Securities and Investments Commission (ASIC), in Australia having the registration no. 126 373 859 for Saxo Capital Markets (Australia) Pty. 
  • Italian Market Authority – Consob, in Italy having Albo SIM – Registration No. 296 for BG SAXO 
  • Japanese Financial Services Agency in Japan having the registration no. 239 for Saxo Bank Securities Ltd.
  • Monetary Authority of Singapore, in Singapore having registration no. 200601141M for Saxo Capital Markets Pte. Ltd. as a Capital Market Services provider 
  • Bank of the Netherlands, in the Netherlands registered with the no. 34357130 for Saxo Bank A/S Netherlands
  • Czech National Bank, in Czech Republic, registered with no. 28949587 for Saxo Bank A/S Czech Republic 
  • Central Bank of the United Arab Emirates, in the United Arab Emirates, Saxo Bank A/S operates as a licensed representative office under the registration no. 2017/995/13
  • Securities and Futures Commission in Hong Kong, in Hong Kong having the registration no. 1395901 for Saxo Capital Markets Hong Kong Ltd. 

Saxo Bank is undoubtedly one of the most reputable trading brokers in Europe and in the world. 

As requested by the European regulators and operating as a licensed bank, retail European customers enjoy guaranteed deposits covered by the Danish Guarantee Fund of up to €100,000. The UK clients are covered for sums of up to £85,000. These clients benefit also from negative balance protection. 

Professional clients do not benefit from coverage or protection. 

Saxo Bank - FSA Registry
Saxo Bank – FSA Registry

Offer of Financial Instruments

Score 5 out of 5

An unbiased review of Saxo Bank can definitely affirm that this is a multi-asset class provider in its truest form Any trader, no matter how novice or sophisticated they are, may find all the needed assets for diversification. A giant collection of almost 40,000 instruments covering: Forex spot, Forex options, options, CFDs, Stocks, Commodities, ETFs, Futures, Bonds, Mutual Funds.

Their selection of financial instruments is expansive.

The products offered by Saxo Bank are the following:

  • Forex –  One of the richest collections of Forex pairs available  – 182 currency pairs (majors, minors, exotics and spot metals)
  • Stocks – An expansive selection of over 19,000+ stocks traded on 37 international exchanges, including core and emerging markets 
  • ETFs as investment products – A rich selection of over 3,000 exchange traded funds (ETFs) from 30+ exchanges.
  • Bonds as real assets – Access a plethora of governmental and corporate bonds 5,000+ from Europe, US, Latin America, Asia and Middle East.
  • Mutual Funds as physical assets – A collection of 250 top mutual funds from the largest investors world wide
  • CFDs – Access over 9,000 CFDs instruments having as underlying assets: 29 indices, 7 Forex pairs, 8,800 individual stocks, 675 ETFs, 5 government bonds, 15 index options and 19 commodities (metals, energies, agricultural products, softs and emissions)
  • Commodities as leveraged products – A large variety of commodities as CFDs, options, futures, exchange traded commodities (ETCs) and spot pairs.
  • Futures as leveraged products – A selection of 200+ futures traded on 23 global exchanges, including FX, metals, agriculture, equity indices, energy and rates.
  • Forex Options –  A collection of 44 FX vanilla options having maturities spanning from one day to one year.
  • Listed Options – A large assortment  of 1,200+ listed options traded on 23 international exchanges comprising energy, metals, equities, indices, interest rates, etc.
  • Cryptocurrencies – You have the possibility to trade Bitcoin and Ethereum via ETN instruments
Saxo Bank - Product Offering
Saxo Bank – Product Offering

Differentiation Elements and Unique Features

Scoring: 5 out of 5

High end brokers strive to offer as many unique features as possible, and from this point of view, Saxo Bank is the front-runner globally. They propose numerous differentiation characteristics that make their service top notch. Here are some of the most important: 

  • Multi-asset liquidity, quality execution
  • SaxoTraderGO 
  • SaxoTraderPro
  • Third Party Tools
  • Connectivity and APIs
  • Saxo Rewards
  • SaxoStrats
  • Investment Portfolios
  • Trading Strategies

Multi-Asset Liquidity and Quality Execution

Saxo Bank has developed a transparent customer centric model that translates into competitive pricing and aligns both the broker’s interests with the clients’ interests. They created a multi-asset liquidity environment that gathers a plethora of low latency, deep liquidity sources like Tier 1 banks, SIs, MTFs, interdealer brokers, ECNs and no less than 36 exchanges. Plus, the order execution system focuses on reducing forced position liquidations and price improvements. 

Saxo Bank places a great emphasis on transparency, and aims to set the best practices and industry standards for this specific criteria. They publish regular financial reports, disclose their dealing practices and adhere to the FX Global Code of Conduct.

SaxoTraderGO

SaxoTraderGO is the multi award-winning web and mobile platform of Saxo Bank. It ranks highly among traders and investors, because of its prominent features, such as detailed account overview, comprehensive research hub and high calibre risk management features. 

SaxoTraderGO blends together a user-friendly intuitive interface with a wide range of trading characteristics like:

  • Elaborated trade ticket
  • Comprehensive charting package
  • Options pipeline
  • Fundamental analysis instruments
  • Technical analysis instruments
  • Advanced research and news 
Saxo Bank - SaxoTraderGO Dashboard View From Multiple Devices
Saxo Bank – SaxoTraderGO Dashboard View

SaxoTraderPro

SaxoTraderPro is Saxo Bank’s desktop platform with versions for Windows and Mac OS. It’s a professional, entirely customisable trading platform equipped with a whole array of advanced features. High performing tools for orders’ management and execution, pro market analysis tools, unique tools for portfolio risk management and detailed reporting for your performance.

SaxoTraderPro displays some very desirable features appreciated by sophisticated and pro investors:

  • Advanced trade ticket with algorithmic orders included
  • Extended charting options 
  • Depth Trader
  • Time and Sales data
  • Option chain
Saxo Bank - SaxoTraderPro Dashboard View, Multiple Screens.
Saxo Bank – SaxoTraderPro Dashboard View, Multiple Screens

Third Party Tools

While being a client of Saxo Bank you’re able to customise your trading environment to cater to your personal needs. You’re able to select the setup that is most convenient for you. Thus, Saxo Bank offers a specialised selection of third-party tools that you can connect via your trading account. 

This option is accessible only for the direct clients of the broker and you can connect tools, such as the following:

  • MultiCharts
  • TradingView
  • Dynamic Trend
  • OpenAPI for Excel

If these options are still not good enough for you, feel free to design your own solution and connect it to the Saxo OpenAPI. Visit the dedicated developer portal for more information. 

Saxo Bank - Third Party Tools: OpenAPI, Dynamic Trend, TradingView, MultiCharts
Saxo Bank – Third Party Tools

Connectivity and APIs

Saxo offers advanced and tailored solutions for their clients to connect to their capital market infrastructure. From their FIX to OpenAPI for Excel or third party platforms, there are many options that one can choose from. 

They have been unbeaten in over two decades for creating execution capabilities and liquidity pools personalised for their clients’ needs. Trading with Saxo gives you the opportunity to access the capital markets via a flexible, strong, fast and entirely documented electronic infrastructure.

Saxo Bank offers the follow unrivalled benefits through their third party connectivity and API offering:

  • Connection to prominent technology, platform and bridge suppliers 
  • Presence in the most important financial data centres
  • Multi-asset liquidity 
  • Back-office functionality

OpenAPI offers the option of building apps, while accessing the capital markets infrastructure of Saxo Bank. This includes data comprising of client portfolio information, instruments, quotes, charts, order placements or event notifications.

Saxo Rewards

Saxo Rewards is the loyalty programme of Saxo Bank. As the name states it’s designed to award points for qualifying trades. The more you trade, the better trading conditions you receive with improved costs and improved service. 

The loyalty program allows the possibility to receive account upgrades. 

There are three types of accounts:

  • Classic with initial funding of at least USD 10,000 – benefits of industry leading entry prices and high quality service
  • Platinum with initial funding of at least USD 200,000 – benefits of a price reduction of up to 30% and premium quality service
  • VIP with initial funding of at least USD 1,000,000 – benefits of VIP treatment, best prices offered by Saxo Bank, direct SaxoStrat access and priority service
Saxo Bank - Saxo Rewards Program
Saxo Bank – Saxo Rewards Program

SaxoStrats

Saxo Bank was built with a solid team of in-house experts and strategists, whose mission it was to offer actionable insights across global instruments, markets and asset classes. Saxo Bank produces the Saxo Market Call podcast that has several uploads weekly. 

SaxoStrats expert analysts orchestrate the rich news and markets analysis section. They deliver reports and analysis, such as the Quarterly Outlook, Outrageous Predictions, Macro, Recession Watch, Through Starters and IPOs.

Saxo Bank - Market Call Podcast
Saxo Bank – Market Call Podcast

Investment Portfolios

Saxo Bank proposes to their clients the possibility of benefiting from investment portfolios. For clients, this means that their money can be placed in a portfolio managed by Saxo experts. Managed portfolios are a collection of investments carefully chosen and adjusted automatically in accordance with your risk appetite, market conditions and opportunities.

Portfolios are tailored to different levels of risk and are based on an investment strategy correlated with the clients’ goals and profiles. As an investor you benefit from full control and transparency, you can check your investments at any moment in time and terminate when you consider it’s appropriate for you and without supplementary costs. 

Investment portfolios are an investment option to consider, as Saxo partnered with world class experts and asset managers, which include Morningstar and BlackRock, to offer the whole range of options from institutional portfolios to low cost ones. Portfolios are designed to rebalance automatically, even during volatile market conditions, aiming for the highest ROI for the associated level of risk. 

The managed portfolios proposed by Saxo cater to all levels of risk, from defensive and moderate to aggressive. The minimum level of investment differs in function of the selected portfolio and is usually situated between $10,000 and $30,000. And the costs for managing the portfolio start with 0.98%.

Saxo Bank - Investment Portfolio Managers
Saxo Bank – Investment Portfolio Managers

The main advantages of using Saxo Investment Portfolios are the following:

  • It’s a simple and handy solution – You can open an online account and their team of dedicated account experts will work  for you
  • Reduced costs – You pay a small fee that is by far lower than the one perceived by classic wealth managers
  • Your investments are managed by reputable experts – You can profit on their world class financial and investment expertise
  • Stop investing when you wish – You can withdraw the amount invested at any moment in time

Trading Strategies

Investing in a Trading Strategy means that Saxo expert traders can make short-term trade decisions on your behalf, which directly impact your trading account. These expert traders may place a couple of speculative positions with short-term profit targets or none, depending on the market conditions.

It’s worth noting that Trading Strategies are high risk investments. You may see exponential returns, but also maximised losses. 

Saxo proposes two types of trading strategies: 

  • Macro FX Trading – It has the purpose of obtaining profits from the Forex spot market and has a high level of risk. The strategy used is based on fundamental analysis and the trading decisions are made for each position, depending on the market conditions. A minimum deposit of EUR 20,000 is required.
  • Macro Discretionary Trading – It has the purpose to obtain profits in a variety of markets like stock indices, commodities, government bonds, CFDs, FX spot, irrespective of market conditions. This type of strategy also implies a very high risk. The trading strategy aims to capture volatility and fundamental opportunities. A minimum deposit of USD 20,000 is required.

Advantages of investing via Saxo’s Trading Strategy: 

  • Solid track record – Saxo’s team of experts has proven its capacity of profiting on market opportunities. 
  • Simplicity in application – A team of experienced traders makes trade decisions on your behalf. 
  • Costs based on performance
  • Stop investing any time with no additional cost 

International Presence – Covered Countries

Score: 4.8 out of 5

Saxo Bank provides global trading services in 19 languages. They accept clients from all over the globe with several exceptions, such as the United States, Syria, Iran, Cuba, North Korea or Sudan. 

Saxo Bank - International Presence, Countries Covered
Saxo Bank – International Presence, Countries Covered

Account Types

Scoring: 4.5 out of 5

This Forex broker offers three types of accounts, categorised according to the amount deposited. To check on the details of each account type, you can visit the “Accounts” section of the site. 

The types of accounts are:

  • Classic 
  • Premium 
  • VIP

The Classic Account

This is the most popular type of account that this broker offers. The main characteristics of Saxo’s Classic Account are the following:

  • Trade over 40,000 instruments including Forex, CFDs on most asset classes, stocks, bonds, futures, options, commodities, ETFs, mutual funds
  • Low entry prices, with spreads starting with 0.5 pips
  • Top level service and support
  • Awarded expert client support available 24/5 
  • Minimum deposit of $10,000 or AUD 3,000 for the Australian clients
  • Choose from 18 currencies when opening your account
  • Best in class orders’ execution based on tier-1 liquidity that generates less stop outs, offers higher fill-rates and price improvements
  • Trade with an award-winning platform: SaxoTraderGo and SaxoTraderPro, and profit on integrated news feeds,Trade Signals and premium risk-management characteristics.

The Platinum Account

The principal features of Saxo’s Platinum Account are the following:

  • Trade over 40,000 instruments, including Forex, CFDs on most classes of assets, stocks, bonds, futures, options, commodities, ETFs, mutual funds
  • Entry prices of up to 30% lower, with spreads starting from 0.5 pips
  • Minimum deposit of  $200,000 or AUD 300,000
  • Top level service and support
  • Awarded expert client support available 24/5 
  • Priority customer support in your native language
  • Choose from 18 currencies when opening your account
  • Best in class orders’ execution based on tier-1 liquidity that generates less stop outs, offers higher fill-rates and price improvements
  • Trade with an award-winning platform: SaxoTraderGo and SaxoTraderPro, and profit on integrated news feeds,Trade Signals and premium risk-management characteristics.

The VIP Account

The main features of Saxo’s VIP Account are the following:

  • Trade over 40,000 instruments including Forex, CFDs on most asset classes, stocks, bonds, futures, options, commodities, ETFs, mutual funds
  • Saxo’s best prices, with spreads starting from 0.4 pips
  • 24/5 access to Saxo’s team of trading experts
  • Direct SaxoStrats access
  • Priority customer support in your native language
  • Top level service and support
  • Awarded expert client support available 24/5 
  • Minimum deposit of $1,000,000 or AUD 1,500,000
  • Choose from 18 currencies when opening your account
  • Best in class orders’ execution based on tier-1 liquidity that generates less stop outs, offers higher fill-rates and price improvements
  • Trade with an award-winning platform: SaxoTraderGo and SaxoTraderPro, and profit on integrated news feeds,Trade Signals and premium risk-management characteristics
  • Invitations to exclusive events 

Initially, when you open your account with Saxo, you will be assigned to a category based on the initial deposit. After a period of three months, based on your trading results, you will be automatically assigned the account that is more appropriate for your trading volume. 

There is the possibility to open a corporate account with Saxo or a professional account. 

To qualify for the professional account, you have to meet two of the following requirements:

  • Obtain a financial portfolio of a minimum value of €500,000
  • A minimum of one year’s worth of working experience in the financial sector 
  • Significant trading activity, with a minimum of 10 trades of relevant size placed within the last 12 months

The Professional account offers higher flexibility when trading, but you also lose multiple benefits that are offered to retail clients. You retain the eligibility for protection from the Guarantee Fund for cash deposits of up to EUR 100,000 held with Saxo and the possibility to use the Danish Complaint Board of Banking Services. You lose the leverage restrictions offered to retail clients and negative balance protection. 

Product restrictions are foregone for professional clients. 

Account Opening

Today, all Forex brokers have a quick, online account opening procedure and Saxo Bank is no exception. To open an account, you must click on the blue button at the top right corner of any page on the website. 

You have to indicate your name, country of residence, phone number, email and set a password for your account. In some countries, you will have to choose which asset classes you prefer trading. After which, you’re invited to provide other personal details, among those requested are the residential address, date of birth, nationality, national ID number, financial situation and knowledge. 

Your account needs to pass the verification procedure imposed by the regulators. You will most likely have to upload a proof of identity (driving license, passport, national ID) and a proof of residence (bank statement or utility bill). The verification process will take a few business days – Usually, 5-10 business, but the length of this process varies from broker-to-broker. 

Once your account is approved, you can deposit funds in your account and start trading. 

Saxo Bank - Online Application Form
Saxo Bank – Online Application Form

Demo Account

As one of the world’s leading brokers, Saxo Bank offers the possibility to trial their services and award-winning platform via a demo account. To open a demo account click here or search for the button “Try a free demo”. It comes loaded with $100,000 in virtual funds and is valid for 20 days. 

The first role of the demo account is to offer potential clients the possibility to test the broker’s services and try their offer. In Saxo’s case to test their platform, their unique features, their trading infrastructure and costs, their analytics offering and support.

No matter if you’re an expert trader or a newcomer to the trading world, you should use the demo account to get familiar with the broker’s services. Moreover, if you are a complete beginner, you have to get a glimpse of what trading means and decide if this activity suits you. And after that acquire the necessary know how and polish the needed skills to be a successful trader. 

Remember, it’s important to always test on demo first, whether you’re trialling a new broker’s services, implementing a new trading strategy, trying a new technical indicator or a new feature. When trading leveraged products, it’s essential to understand that your profits can be maximised and your losses also. Start off with small increments and gradually increase the amount of funding you wish to allocate to your trading activity as you become more experienced.  

Saxo Bank - Demo Account Webpage
Saxo Bank – Demo Account Webpage

Spreads, Fees and Commissions

Scoring: 4 out of 5

Saxo Bank has multiple licenses to provide all their necessary products and services, and the price structures associated with each. To access the spreads and commissions for all financial instruments, check on the “Products” tab > Pricing > Pricing Overview if you’re a potential client. Existing clients have to check the prices on the trading platform.

Trading costs at Saxo depend on your country of residence, account type selected, asset types traded and market conditions at the time of trade. Saxo Bank proposes variable spreads. Their fees are competitive in general and can be considered low for Forex, indices and mutual funds, average fees for stocks as assets, CFDs and ETFs. While the fees for futures, options and bonds are higher than those of the competition. 

Trading costs overview:

  • Forex spreads start from 0.4 pips
  • Forex options spreads start from 3 pips
  • CFD spreads start from 0.4 pips for US500
  • Stock commissions start from $3 on US stocks
  • Commodities commissions start from $1.25 per lot 
  • ETFs commissions start from $3 on US listed ETFs
  • Futures commissions start from $1.25 per lot
  • Bonds commissions start from 0.05% on government bonds
  • Listed options commissions start from $1.25 per lot
  • Mutual funds commission, custody fee and platform fee start from $0

At Saxo Bank your trading costs decrease as the traded volumes increase. 

Forex Trading

Forex spreads for most instruments are low, with spreads starting from 0.6 pips for a VIP account and 0.8 pips for a Classic account when trading EUR/USD for example. For AUD/USD, the spreads are 0.4 pips for the VIP account and 0.5 for the Classic account. 

Saxo Bank - Forex Pricing
Saxo Bank – Forex Pricing

Forex Options Trading

Saxo Forex options have an all inclusive spread that depends on the type of account and varies from currency pair to currency pair. For example, EUR/USD options contract has a spread between 3 pips for the VIP account and 5 pips for the Classic account. XAU/USD option has a spread that varies between 125 pips for a VIP account and 150 pips for a Classic Account (minimum listed spreads). 

Saxo Bank - Forex Option Spreads
Saxo Bank – Forex Option Spreads

CFD Trading

At the moment of writing this broker review, Saxo Bank lists on their website spreads of 2 pips on a VIP account and 3 pips on a Classic account for US 30 Wall Street. For stocks and ETF CFDs listed on NASDAQ the trading cost is 0.02 USD/share – min. 10 USD for the Classic account and 0.01 USD/share – min. 3 USD for the VIP account. For stocks and ETF CFDs listed on the Australian Securities Exchange, the trading cost is 0.10%  – min. 8 AUD for the Classic account and 0.05%  – min. 8 AUD for the VIP account. 

Stock Trading

Stock commissions for assets traded on Deutsche Börse (XETRA) vary from 0.10% – min 10 EUR on a Classic account and 0.05% – min 6 EUR on a VIP account. For stocks traded on New York Stock Exchange the commissions are 0.02 USD/share (min 10 USD) for the Classic account and 0.01 USD/share  – min 3 USD for the VIP account.

Bonds Trading

Saxo allows online and offline trading for bonds. The commissions associated with bonds trading, be it EU government bonds, US government bonds, EU or US corporate bonds are of 0.20%  – min. 80 EUR on a Classic account and 0.05% – min. 50 EUR on a VIP account. 

Saxo Bank - Bonds Pricing
Saxo Bank – Bonds Pricing

Saxo Bank charges a series of fees of non-trading related fees, such as inactivity fee, currency conversion fee, custody fee, manual order fee, reporting fee, etc. These charges are dependent on the region in which you reside (and the relevant jurisdictions that apply). You will find them in the section called “General charges” under Products tab. 

An inactivity fee of $100 or equivalent is charged, if no trade is placed in the last 6 months on the trading account. This is one of the highest inactivity fees in the industry, but this an indication that Saxo Bank is seeking to target active traders that frequently trade.

Currency conversion fees apply when you trade instruments in a different currency than the one of your trading account. Conversion is executed at an FX spot mid-price plus/minus up to 1% depending on your country region and account type.

Custody fees apply to accounts holding bonds, ETFs or stocks of up to 0.25% per month, minimum EUR 5 depending on account. To this fee add VAT, if you live in a country that charges such a tax.

A manual order fee, which is executed either by mail, phone or chat is charged EUR 50. 

For Classic account clients sending a report via email are charged with $50 or equivalent currency.

Deposits and Withdrawals

Score: 2.5 out of 5

In comparison to other brokers, Saxo Bank offers very limited payment options.

They accept the following payment options:

  • Credit cards – Visa, Mastercard
  • Bank transfer
  • Securities transfer

To fund your account/withdraw funds, go to your trading account on the chosen platform:

  • SaxoTraderGO: Account – Deposit and Transfer / Withdraw funds
  • SaxoTraderPRO: ADD MODULE – Deposit and Transfer / Withdraw funds

Saxo Bank does not charge fees for deposits and withdrawals, but third party fees apply for international transfers for all payment options. 

It takes up to five days to fund your trading account via an international account.

Saxo Bank does not accept third party payments, this means that the name on your trading account should be identical to the name listed on your bank account.

Minimum Deposit

Score 3 out of 5

In comparison to other brokers, Saxo Bank requests for a high minimum deposit amount. This is a barrier to entry for clients. International clients are requested to deposit a minimum of $10,000 to open a trading account with Saxo.

Below are a few exceptions to the above:

  • UK clients need a £500 minimum deposit
  • Australian clients need a AUD 3,000 minimum deposit
  • Chinese clients need a USD 2,000 minimum deposit
  • Danish clients need a DKK 0 minimum deposit
  • Swiss clients need a CHF 2,000 minimum deposit
  • Singaporean clients need a SGD 3,000 minimum deposit
  • French and Dutch clients need a EUR 2,000 minimum deposit
  • Norwegian clients need a NOK 10,000 minimum deposit
  • Hong Kong clients need a USD 2,000 minimum deposit

Desktop Trading Platforms

Score: 4.8 out of 5

Any review of Saxo Bank will highlight that they offer a proprietary trading platform to their clients. There is no option to trade using the MetaTrader platform with Saxo Bank. 

Despite the above, Saxo Bank offers a high level, award-winning platform SaxoTraderPRO (which is the desktop version) and SaxoTraderGo (which is the web version).

To view the platform options delivered by this broker, you can access the “Platforms” tab of their website.  

SaxoTraderPRO

This is the highly functional, state-of-the-art trading platform conceived and delivered by Saxo Bank. It’s a professional platform dedicated to advanced traders and is fully customisable. 

The SaxoTraderPRO interface supports a maximum of six screens, either on Mac or Windows. It has a compatible version for Windows and Mac and can be downloaded from the “SaxoTraderPRO” section of the site.

Saxo Bank - SaxoTraderPRO Platform Dashboard
Saxo Bank – SaxoTraderPRO Platform Dashboard

The main features of SaxoTraderPRO that make it an outstanding trading platform are the following:

  • Invest, hedge and trade in over 40,000 financial assets
  • Advanced Trade Ticket displaying all the needed information in one screen
  • Depth Trader to manage Level 2 order book in real time
  • Time and Sales Data – Check real time movements and orders’ execution on a certain exchange
  • Algorithmic Orders – Available for major international markets, offer the possibility to modify orders while they are active
  • Advanced Charting Package – Integrated charts offering an extended suite of drawing tools and more than 50 technical indicators 
  • Option Chain – Trade with ease options on stocks, indices, futures into the same account
  • Performance Analysis – Dedicated section to check on returns, P/L and overall performance
  • Returns breakdown – Analyse your trades from various perspectives
  • Portfolio summary – Visualise at any moment historical reports concerning your holdings
  • Innovative risk management characteristics:
    • Account shield – a stop loss for your whole account, will close all trading orders if triggered
    •  Stop orders – stop limit and trailing stops
    • Cancel all orders with a couple of clicks
    • Margin breakdown – detailed report on margin utilisation
    • Margin alerts – customise alerts to receive important notifications 
  • Advanced research hub directly available in the platform
  • News feed
  • Integration with third party APIs and tools
  • Intuitive modern design

SaxoTraderPRO is currently one of the most advanced trading platforms.

You can access a platform walkthrough guide on their homepage or view the following video: Saxo Bank – SaxoTraderPRO Platform Walkthrough

SaxoTraderGO

SaxoTraderGO is the web trading platform provided by Saxo Bank. It’s an award-winning web trading platform, which is entirely customisable to suit your trading setup and preferences.

Saxo Bank - SaxoTraderGO Platform Dashboard
Saxo Bank – SaxoTraderGO Platform Dashboard

The main characteristics of the SaxoTraderGO platform, which make it highly desirable among traders, are the following: 

  • Invest, hedge and trade over 40,000 financial assets
  • Advanced Trade Ticket displaying all the needed information in one screen
  • Fundamental analysis tools – A handy equity research tool that allows traders to analyse a company’s fundamentals directly in the platform. In addition to this there are sentiment indicators available for major stocks. 
  • News and expert research – Embedded news feed from Saxo experts and prominent external providers
  • Technical analysis tools – Use annotation tools, live charts and trade signals to identify technical trading opportunities
  • Advanced Charting Package – Integrated charts disposing of an extended suite of drawing tools and more than 40 technical indicators 
  • Option Chain – Trade with ease options on stocks, indices, futures into the same account
  • Performance Analysis – Dedicated section to check on returns, P/L and overall performance
  • Returns breakdown – Analyse your trades from various perspectives
  • Portfolio summary – Visualise at any moment historical reports concerning your holdings
  • Innovative risk management characteristics:
    • Account shield – A stop loss for your whole account will close all trading orders if triggered
    • Stop orders – Stop limit and trailing stops
    • Cancel all orders with a couple of clicks
    • Margin breakdown – Detailed report on margin utilisation
    • Margin alerts – Customise alerts to receive important notifications 
  • In-depth research hub directly available into the platform with asset news and analytics, Global Sales Trading market updates
  • Intuitive modern design

SaxoTraderGO is an excellent alternative for trading on the go and offers a high end trading experience for manual traders. The only disadvantage of SaxoTraderGO is that it does not support automated trading.

SaxoTraderPRO and SaxoTraderGO are industry benchmark platforms, heavily sustained by the solid trading tools offered and light modern design. 

Mobile Trading Platforms

Score: 4.8 out of 5

The web based SaxoTraderGO has a corresponding version for mobile and is available for iOS and Android systems. 

The mobile version conserves all the rich features applicable to SaxoTraderGO and has a two step authentication process. It’s worth noting that your settings will synchronise across all devices. 

The mobile trading apps may be downloaded from their corresponding stores or from the Saxo Bank’s site – SaxoTraderGO section. 

Configure Trading Accounts

As Saxo Bank is reputed for the user friendliness of their trading platform, configuring accounts is a simple process.

Once your account is approved, you can directly access the SaxoTraderGO and connect instantly with the password you set and the account number you received via email from the broker. Alternatively, you can download the SaxoTraderPRO that requires a couple of clicks and launches in several minutes. 

If you encounter difficulties finding your way around, just access the Help button from the platform to view a written and video presentation.

Training, Education and Resources

Score: 5 out of 5

Saxo Bank has a rich research and educational offering for advanced traders and investors.

The research tools are integrated within their trading platforms or in the “Inspiration” section of their website.

The Inspiration section is categorised by asset class: Forex, commodities, equities and bonds. For each of these asset classes you will find specific market news, trader sentiment of the market, tools and insights from experts (including those employed by Saxo and reputable third parties). Each asset class will display daily news, daily updates on trader sentiment, market movers, trade signals and SaxoStrats. 

Saxo’s Market Call podcast is another very useful tool for research, as it reveals expert opinions and insights several times a week. The previous podcasts discuss the following topics: US megacaps zoom higher, tepid action elsewhere; inflection point for value vs. growth?; Markets churn post-Powell, Japan’s Abe to resign; Houston, we have a bubble etc.

The SaxoStrats podcast offers listeners expert advice on the following topics:  

  •  Daily market technical analysis,
  •  Quarterly outlook
  • Outrageous predictions for the year  – 2020: Chips go cold in AI winter, Stagflation rewards value over growth, ECB folds and hikes rates, Trump announces America First Tax 
  • Macro news and updates with topics like Chart of the Week and Market Quick Take. Some examples are Chart of the Week: The “exponential” second wave of COVID-19 in France explained; Today’s Philly Fed survey does not bode well for the August ISM report
  • Recession Watch  – Insights 
  • Thought Starters – Details topics like Explore the opportunities of ETF trading; What have Saxo’s best-performing clients in 2020 traded?; Identify support and resistance levels with Fibonacci Retracements
  • IPOs – Expected IPOs for the year  

Saxo Bank organises periodic events and webinars for their clients. The webinars approach subjects such as the following: A Momentum-Driven Approach to Global Investing; Where Morningstar sees Value in the Stock Markets Today; Macro Outlook: Looking Beyond the COVID-19 Storm.

In terms of educational resources, Saxo proposes mostly video content. The educational materials are organised as follows:

  • Platform video guides – A series of videos explaining how to use Saxo’s platforms
  • Introduction to trading – A collection of video courses dedicated to beginners. Some of the topics discussed are: Forex Options – Exotic options; Futures – Support, resistance and trends; Bonds – How is a bond structured?
  • Become a better trader – A collection of video lessons for advanced traders that discuss subjects such as: Trading the plan; What makes a successful trader?; Trading psychology, etc.

Customer Support

Score: 4 out of 5

Saxo Bank offers various forms of multi-lingual support for their clients globally, with each country serviced by a regional centre.

The customer service department may be reached during business days and local business hours via:

  • Email
  • Phone
  • Fax 

At the time of writing this Forex broker review, Saxo’s customer support offering does not include an online chat functionality. 

Saxo Bank has a comprehensive “Support” section on the website, which answers the most frequently asked questions among traders and discusses common issues raised by traders. The Support section may be also accessed from the trading platform. 

Saxo Bank is active on social media and may be reached via the following channels:

  • Facebook
  • Twitter
  • LinkedIn
  • YouTube

Bonus and Promotions

As a regulated broker in multiple jurisdictions, Saxo Bank does not offer bonus or promotional schemes. 

Awards

As a benchmark of the trading industry, Saxo Bank has been a recipient of many awards during their many years of existence. Among the most important there are the following acknowledgements:

  • Best B2B liquidity provider” awarded by Finance Magnates in 2019
  • Best retail FX broker” awarded by Finance Magnates in 2019
  • Best platform for the active trader” awarded by ADVFN in 2019
  • Best use of IT in private banking” awarded by Banking Technology in 2018
  • Best Boutique Prime Broker” awarded by HFM in 2019
Saxo Bank - Awards Received
Saxo Bank – Awards Received

Trading Experience

Saxo Bank is undoubtedly one of the longest serving providers and a market leader of the trading industry. They have built a reputable brand, which inspires confidence, and offers a premium service and outstanding trading experience.

If the minimum deposit is not a roadblock, Saxo Bank is a broker to consider for many reasons: a multitude of financial instruments can be traded, high level trading platforms, fast order execution, distinct and desirable unique features, rich analytics and research. 

Is This Broker a Good Option for Me

Saxo Bank is a top broker with an exceptional offering that is better-suited to advanced traders and investors who require complex financial instruments and trading tools. In turn, such traders would desire and appreciate the technicality and sophistication of their products and services.  

This is not an ideal broker for you if you are a complete beginner, as you might find their offering quite overwhelming and their educational resources not rich enough for your needs (and knowledge level). Saxo is not a broker for you if you don’t expect or intend to be trading frequently, and/or do not have enough discretionary funds to trade in large volumes and cover any additional fees incurred or minimum deposits required. 

Conclusion

Saxo Bank is an outstanding broker, who is able to satisfy the needs and requirements of many traders and investors worldwide. Backed by their solid reputation, Saxo Bank offers a world-class service and a premium experience, if you can afford them.

Broker Review Category Score
Safety and Regulation 5
Offer of Financial Instruments 5
Differentiation Elements and Unique Features 5
International Presence – Covered Countries 4.8
Account Types 4.5
Spreads, Fees and Commissions 4
Deposits and Withdrawals 2.5
Minimum Deposit 3
Desktop and Web Trading Platforms 4.8
Mobile Trading Platforms 4.8
Training, Education, Resources and Research 5
Customer Support 4
Total Score 4.4

The Powerful 2020 Saxo Bank Review You Must Read - Trade The Day

Saxo Bank is a reputable provider and renowned worldwide. We've written this in-depth review to help you decide whether Saxo Bank is the right broker for you.

Price Currency: USD

Operating System: Windows 7", "Windows 10", "OSX 10.6", "Android 1.6", "iOS"

Application Category: Trading Platform

Comments are closed.

x

Our site uses cookies for a better experience. By continuing you agree to our use of cookies.

For more info read our cookie policy.