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.
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. Saxo 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, an 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 Regulation
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 is a multi-asset class provider in its truest form. Any trader, no matter what level they’re at will find all the needed assets for trading diversification. A giant collection of almost 40,000 instruments covering: Forex spot, Forex options, options, CFDs, Stocks, Commodities, ETFs, Futures, Bonds, Mutual Funds.
The Saxo selection of financial instruments is expansive, instruments and products offered by Saxo Bank are:
- 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 the Middle East
- Mutual Funds as physical assets – A collection of 250 top mutual funds from the largest investors worldwide
- 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
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 offer numerous differentiating characteristics that make their service top-notch.
Here are some of the most important unique features offered by Saxo:
- Multi-asset liquidity, quality execution
- Third Party Tools
- Connectivity and APIs
- Saxo Rewards
- 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 these specific criteria. They publish regular financial reports, disclose their dealing practices and adhere to the FX Global Code of Conduct.
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
Fundamental analysis instruments
Technical analysis instruments
Advanced research and news
Saxo Bank – SaxoTraderGO Dashboard View From Multiple Devices
Saxo Bank – SaxoTraderGO Dashboard View
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
Time and Sales data
Saxo Bank – SaxoTraderPro Dashboard View, Multiple Screens.
Saxo Bank – SaxoTraderPro Dashboard View, Multiple Screens
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:
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 its clients to connect to its 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 following unrivalled benefits through their third party connectivity and API offers:
Connection to prominent technology, platform and bridge suppliers
Presence in the most important financial data centres
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 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
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
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
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