Saxo bank

4.3/5

Saxo Bank is a Danish company founded in 2012. Initially started as a brokerage firm in 1992, the company is now an investment bank after receiving a banking licence in 2001. The company has a particular focus on providing online trading services. The company is headquartered in Copenhagen and is regulated by the Danish Financial Supervisory Authority (FSA). Saxo Bank has several branches worldwide. A number of these are regulated by the FSA while others are regulated by regulators in their own jurisdiction. This includes the UK branch being regulated by the Financial Conduct Authority and the Swiss branch being regulated by the Swiss Financial Market Supervisory Authority. The company has also signed up to the Global FX Code of Conduct to promote integrity, transparency, and good practice in the forex market. The company is privately owned and has annual revenue of approximately $415 million.

Markets & Products

Saxo Bank provides access to a wide number of markets mainly through partnerships with other banks. Saxo Bank has several white label partnerships with large banks such as Standard Bank this allows Saxo to sell the products of their partner under their own name. Saxo has a specific focus on providing a wide variety of financial markets to any type of trader. The vision of the company is to democratize access to markets and break down any exclusive access which belongs to institutions and high net worth individuals.

This is reflected in the wide array of online trading options available to clients. Online markets include the following:

MarketNumberMarketNumber
FX Currency Pairs180+Stocks19,000
FX Options45ETFs and ETCs2,500+
NDFs11Futures200+
Single Stock CFDs & ETFs8,800+Stock Options & Futures Options800+
CFD Indices28Contract Options70+
CFD Commodities19Bonds5000+

There are both corporate and individual accounts available to be opened on Saxo Bank. There are three tiers of individual account that can be opened and are based on the initial amount funded. Individuals will be automatically moved up the tiers if their account balance meets the minimum requirement for the higher level. Higher tiers avail of more attractive pricing and get greater support from Saxo Bank staff. The three accounts are Classic which requires initial funding of $2,000, Platinum which requires initial funding of $50,000, and VIP which requires initial funding of $1,000,000. Corporate accounts provide the same access to markets as individual accounts but provide access for an entire firm.

Trading Platforms & Features

There are two online trading platforms, SaxoTraderGO and SaxoTraderPRO. Both platforms enable traders to access over 35,000 markets. Traders can demo either of the platforms for 20 days for free. See Best trading Platform reviews and how to determine best trading platforms for further discussion.

According to the company, SaxoTraderGO was launched in response to an increased demand for mobile trading from users. The platform is coded in HTML5 and provides the convenience of traders being able to access and trade their account across numerous devices that integrate seamlessly. The platform is web-based enabling traders to access their account through web pages, mobile, and tablet. There are a number of features provided to facilitate a high-quality trading experience for users of the SaxoTraderGO platform. SaxoTraderGO implemented a trade ticket system that enables traders to make trades within a number of clicks. There are a number of different analysis tools also provided to users of the platform. Users can easily navigate to the latest news and research related to the markets they are trading. There are also fundamental analysis tools and technical analysis tools available to traders that delve deeper into the markets available. It is also possible for users to trade directly from the charts. In terms of making orders and managing their positions, there are a number of features implemented in the platform to assist users in their account management. Users can place stop-loss orders to manage their risk. It is also possible to cancel all open orders at once. There are also tools that allow users to manage the risk of their overall account. Traders can view the margin on each trade they have open. There is also the ability to effectively apply a stop loss across the account by closing all open trades if the account reaches a certain balance.

SaxoTraderPRO is a desktop software downloadable for Windows and MAC. SaxoTraderPRO is tailored for more professional traders. The downloadable software allows traders to tailor the system across multiple screens and has more advanced features not available on SaxoTraderGO. All of the features mentioned in relation to SaxoTraderGO are available on SaxoTraderPRO apart from being accessible through the web. The more in-depth features provide further insight into market conditions and also provide the trader with extra capabilities. An order book and depth chart allow traders to see exactly what is going on in the market in real-time. Traders can also see trades being executed in real-time. There are more technical analysis tools with over 50 indicators available to be applied to price action and there is also the ability to set up algorithmic orders. If traders cannot access SaxoTraderPRO from their desktop device, they can still access their account through the SaxoTraderGO software.

What are the fees?

The fees for the different markets provided by Saxo Bank are transparently stated on the website and vary based on the market being traded. The fees in most markets progressively decline based on the volume traded. Margin is also available but will vary from market to market mostly based on the liquidity of the market. More liquid markets will have a lower margin requirement enabling traders to take more leveraged positions. Traders can find the specific margin requirements for different markets on the Saxo Bank website. The following is a summation of the current fee range for different markets.

MarketSpreadCommission
Forex0.1 pips+$17 – $50
Forex Options3 pips+$10 minimum
CFDs
StocksNA$6+
FuturesNA$1.5 per lot+, a minimum fee of $10 per futures contract trade*
BondsSpread reductions of up to 50bps0.05%+
ETFsNA$6+

There are a number of other fees which are also applied in specific circumstances to Saxo Bank accounts. An inactivity fee of $100 will be charged if the client does not make a trade for 180 days. Clients with a Classic account are charged $50 if they wish for online reports to be delivered via email. Transfer fees apply if clients wish to transfer stocks outside of their Saxo Bank account. Orders placed over the phone, chat, or email are charged a fee of €50. Currency conversions are charged at the middle forex spot rate plus or minus 0.5%. Interest also applies to accounts. Interest is applied daily and settled monthly and the rate depends on market rates.

What else does Saxo Bank do?

Saxo Bank also offers free educational resources, news insights, and research. Educational resources are mainly webinars which involve a key analyst on the Saxo Bank team assessing a market sector. News insights and research delve into current topics and data to inform users of current market conditions and events. A team of analysts has been built to provide high-quality insights into these areas. Saxo Bank has also built a dedicated team for customer support spread across offices in sixteen different countries. The team provides customer support in a wide variety of local languages across the sixteen different countries. The Platinum and VIP accounts will also be provided with their own personal account manager. Typically Saxo is not thought of as an ideal broker if you are starting out, check out the Best Broker for Beginnersreview for further information.

How Saxo Bank compares to competitors

Saxo Bank has some of the best features and access to markets of online trading service providers. However, its fee schedule is high, especially for the smaller-scale trader. Saxo Bank may be more suitable to large clients that are trading with large amounts of capital. The main competitor to Saxo Bank for their online trading services is IG Group. Here is how they match up.

CompanyPrivate/PublicOperating SinceApprox Revenue (m)
Saxo BankPrivate1992$415.2
IG GroupPublic1974$755.2

Education

The Saxo Bank educational platform hosts many free and premium educational tools, from videos and podcasts to articles and specialized courses designed by expert traders. Saxo Bank provides access to updated trade tactics necessary to improve your skills and maintain a solid catalog of resources to help you learn those skills in numerous forms.

Saxo_education

The website’s primary educational resources consist of webinars involving expert analysts on their team, all specializing in assessing trade and the market sector. These webinars discuss economic predictions, market projections, or market trends. They also feature lessons on trade terms, such as technical analysis or bonds.

Saxo_webinars

Saxo Bank boasts introductory e-learning courses alongside their webinars, designed around instructing new clients on trade language, risk management, or trade tactics. These courses provide short, easy-to-parse guides on topics such as CFDs, equities, and Forex. You can also test your knowledge with their interactive exercises and quizzes.

Saxo_education_2

Their news videos and podcasts provide insight into trading skills and the current market. Their video selection contains information on how to use and trade financial instruments, analyze and understand charts, maintain a solid portfolio, and other pertinent knowledge. Their podcast hosts the best of their financial analyst team in discussions regarding trading and investment while occasionally projecting figures on the future of the trade sector.

Saxo_podcast

The platform also features their trade inspirations and predictions in other articles involving substantial scrutiny. Expert analysts curate and take a deeper look at these predictions in a global market context. Technical details and in-depth views of each topic present themselves in this collection of trade tips. 

Opening an account on Saxo Bank is straightforward and simple. Creating an account and adding funds swiftly and securely through bank transfer or debit card will give you access to over 40,000 instruments in many different asset classes. 

Saxo Bank gives access to a dedicated customer support team installed across sixteen countries, with language support as well. Personal account managers will also maintain and assist Platinum and VIP accounts. Though it may not be the ideal broker for beginners, it has a lengthy list of resources available for experienced brokers.

Safety

Is Saxo Bank safe?

Trading circles put great trust in Saxo Bank. It maintains bank operations, is not traded publicly, and has authorization from six Tier-1 (most trusted) and one Tier-2 (average trust) regulators. Tier-1 regulators such as the Securities Futures Commission (SFC), Australian Securities & Investment Commission (ASIC), Japanese Financial Services Authority (JFSA), Swiss Financial Market Supervisory Authority (FINMA), Monetary Authority of Singapore (MAS), and the Financial Conduct Authority (FCA) have authorized Saxo Bank. The company closely follows strict regulations within 15 different countries, including the UK, Denmark, and Singapore.

Saxo Bank is committed to securing client information and privacy. To maintain their security standards, they heavily secure trade platforms used by their clients. Their platforms utilize 2FA or 2-Factor Authentication. 

This authentification model requires the client to provide information regarding something they know, have, or are. This practice has been maintained and standardized across global financial institutions and adds a layer of protection to the client experience. 

The bank also belongs to the Danish Guarantee Fund, which adds security to your funds. As a Danish bank, in the rare case of bankruptcy or suspended payments, deposits made by Saxo Bank clients are guaranteed up to EU 100,000, specifically for cash deposits. 

These deposits are the net-free deposit deducted from any previous bank debt. As a result of the institutional client’s position as a licensed financial institution, funds may not be covered for cash if Saxo Bank ever defaults. Instead, securities held in Saxo Bank will return to the White Label Client so long as it is still retrievable from the custodian.

FAQ

What fees does Saxo Bank have? 

The Saxo Bank website transparently shows fees for the different markets it provides. The sum in most markets continuously declines depending on the amount or volume traded. Margin also varies based on the liquidity of the market in question. Liquid markets maintain a lower margin requirement, allowing traders more leverage. The website showcases specific margin requirements. 

In the current market, the stocks commission charges $1 on US stocks. Futures commissions can be as low as $1.25 per contract. Listed options may have $1.25 commission prices per contract. ETFs are $1 on each US-listed ETF, and bonds are 0.05% of the government bonds. 

How can I fund my account?

There are many different but equally straightforward options to insert a cash deposit into your Saxo account. You can view the options by selecting the user icon and choosing Deposits & Transfers. You may also click here

You may choose between Bank Transfer, Card Funding, or Portfolio Transfer. Bank Transfers process funds through your bank account, Card Funding transfers funds through card billing, and Portfolio Transfer utilizes stock portfolios instead of standard funds. 

Is there a limit to my card fund transfer?

There are certain restricted countries where Saxo Bank may not be able to accept cards. Countries currently supported by Saxo Bank include Austria, Denmark, Finland, France, Germany, Greenland, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Svalbard and Jan Mayen, Sweden, Switzerland, the United Kingdoms, and Aland Island. 

How do I withdraw funds from Saxo Bank?

You may withdraw funds by going to the Deposits & Transfers option on the main menu and selecting Withdraw Funds. The website will require you to choose a Saxo account from which to withdraw. It will then request the amount and currency you wish to take. You must also select an External Account to transfer. You will receive an SMS code to verify your identity and ownership of the account. 

Where can I find investment ideas and inspiration?

Saxo Bank maintains inspiration and investment ideas on all its platforms. On SaxoTraderGo, inspiration and ideas exist in the Research option on the navigation bar. On SaxoTraderPro, Add Module includes Research under its options. SaxoInvestor hosts their ideas under the Markets and Inspiration page. SaxoInvestor’s Markets and Inspiration section focus on local and global themes.

Pros

  • Saxo Bank has some of the best research out there.
  • The fee structure at Saxo Bank is totally transparent. Easy to calculate how much trades will cost
  • Saxo Bank has a great trading platform that is easy to use and has a robust set of trading features

Cons

  • Minimum of $2,000 USD to open an account, comparatively high
  • Saxo Bank’s trading fees are also high, although they drop on premium accounts
Platforms : SaxoTraderGo, SaxoTraderPro
    • Fixed spreads

    • Variable spreads

    • Stop losses

    • Limit orders

    • One-click trading

    • Trailing stops

    • Expert advisors (EAs)

    • Virtual private server

    • Direct market access

    • STP broker

    • ECN broker

    • Market maker

    • Price alerts

    • Signal trading

    • Watchlists

    • Charting tools

    • iOS App

    • Android App

    • Windows App

  • Major Stock markets (US UK Germany)

  • Indices

  • Penny stocks

  • Forex

  • Majors

  • ETF

  • CFDs

  • Bitcoin

  • Commodities

  • ETFs

  • IPO

  • Options

  • Futures

  • Bonds

  • Hong Kong stocks

  • Japanese stocks

  • Listed on Stock Exchange

  • Scalping

  • Hedging

  • Demo account

  • Islamic account

  • Micro account

  • Standard account

  • VIP account

  • Zero spread account

  • Managed account

  • Credit cards

  • Bank transfer

  • PayPal

  • Neteller

  • Skrill

  • Electronic wallets