Saxo Bank review

1. Is Saxo Bank safe or a scam?
2. Trading Platform
3. Accounts
4. Spread
5. Leverage
6. Deposits and Withdrawals conditions with a minimum deposit and withdrawal fee
7. Conclusion

What is Saxo Bank?

The Saxo Group spans the globe with a strong unified network through both local sales and organizations allows serving clients in more than 180 countries.

The Saxo Group is a multi-asset trading and investment organization with over 25 years on Fintech innovation, a fully licensed regulated European bank under the supervision of Danish FSA. The headquarter is located in Copenhagen while an organization operating in financial centers around the world including London, Paris, Zurich, Dubai, Singapore, Shanghai, Sydney, Hong Kong and Tokyo.

Firstly Bank was introduced as Midas, and then officially became Saxo Bank A/S when the European Union Directive has been accepted (back in 1996). As well Saxo Bank became the first broker in Denmark that gained approval under this directive.

Saxo facilities are developed for both private or institutional clients for various trading and investment solutions. Saxo bank is truly giant in its industry as managing more than 15 billion USD in AUM, over 1 million daily transactions and is a professional partner to 300+ banks, brokers and financial service providers with a broad range of classes and instruments.

Trading Instruments

The product choices of the Saxo Bank include trading of FX, CFDs, Stocks, ETFs, Futures, Options and Bonds, that are all available from the multi-currency account of a single cross-margin. Therefore, Saxo Bank traders can benefit from the tight-spreads and low commissions, e.g. EUR/USD at 0.1 pips, US 500 at 0.4 pts and US Stocks from 6$.

Overall, the company profile shows a positive feedbacks and operational scores, while the firm constantly shows some of the best results in its performance along with achievements in international recognition.

Is Saxo Bank safe or a scam?

Saxo Bank A/S is definitely a trusted broker, as its incorporated in Denmark business and is fully licensed European bank (license no. 1149). Which also run its service under the supervision and regulation by the Danish Financial Supervisory Authority (FSA).

Therefore, Saxo Bank operations are conducted as an EU-regulated bank and investment firm that falls under the jurisdiction and has all necessary legal requirements, protocols and policies to ensure full compliance and customer protection.

Along with the major registration, Saxo bank is subject to operate under the various worldwide institutions, due to its global presence including Singapore, Dubai, Hong Kong and more.

In addition, Saxo Bank A/S is subject to stringent financial reporting requirements under EU directives and specific regulations regarding client handling. As such, Saxo Bank is a respected member of the Danish Guarantee Fund for Depositors and Investors that guarantees clients’ deposits for up to EUR 100,000 for cash in the event of insolvency.

Trading Platforms

The Saxo Bank trading platforms designed specifically, with a deep understanding of the importance in a combination of easy interface and powerful capabilities. Whether the client is a demanding trader who’s looking for the performance and flexibility or an investor who requires an easy platform on the go the Saxo Bank offers that solution by two types of the platform SaxoTraderGo and SaxoTraderPRO.

Web Trader

SaxoTraderGO – is the choice of the most traders and investors, an easy-going yet powerful platform that gains awards for its productivity. Fast, reliable and available across multiple devices, SaxoTraderGO is a web-based application that supports all products and asset classes. A wide range of risk management tools and features allows executing trades quickly and intuitively.

SaxoTraderPRO is the professional’s choice of a downloadable, fully customized, professional-grade platform for advanced traders. SaxoTraderPRO brings an intuitive, multi-screen platform to Windows and Mac, also can still have access with mobile and tablet apps. The platform features configurable workstations and workflows, tailored trade settings, as well series of advanced functions: enhanced trade ticket, depth trader, time and sales, algorithmic orders, charting package and option chain for vanilla and touch options.

Accounts

For the Account types, Saxo Bank offers three accounts with, no matter how much client trade, all featuring the same technical capabilities, along with company support. The difference will vary by the price offerings as well as the depth of support from the company, like extended news and research capabilities and preferred customer services. The bonus offered by the bank is the interest, which is the part of the service provided to the Premium clients and above.

The new traders can benefit from the Saxo Bank offer to try out market strategies and familiarise themselves with their platforms before the real trade practice. The 20-day free demonstration of their platforms with a simulated 100,000$ account to practice with is available to all.

Fees

Now let us have a closer look on the Saxo Bank pricing on its numerous over 35’000+ instruments in its portfolio. Saxo Bank includes a truly wide selection of markets to trade along with very competitive pricing, while bigger account shows spreads from 0 pips. You can also compare Saxo Bank trading fees to another popular broker Rakuten Securities.

Leverage

The maximum allowed leverage is determined by the regulators in each geographic region, as well according to the set levels. Overall, Saxo Bank leverage comes up to 1:100 on Forex instruments at various regions, since the bank does not support the high risk trade strategies for the traders good. It is true that high leverage increases the risks, thus levels are set to reasonable levels.

However, the main headquarter of Saxo Bank which deploy regulated brokerage activity recently updated limitations to leverage. Thus European clients may use 30:1 leverage on Forex instruments, while Australian clients under ASIC regulation may still apply to a leverage 400:1.

Deposits and Withdrawals

The deposits or withdrawals at Saxo Bank only accept funds originating from a bank account or an account held at a licensed financial institution. Saxo Bank does not accept Third Party Payments, Bankers Drafts, Check, Cash deposits and remittances from Exchange houses.

Withdrawal fee

In addition, Debit & Credit card payments are subject to the deposit fee charged by the card operator (Visa / MasterCard), which ranges from 0.50% to 2.83%, depending on the transaction currency.

For the transaction of withdrawals there are no fees charged for any withdrawals submitted via the Online Cash Withdrawal Module.

Minimum deposit

In terms of the minimum deposits, the lowest requirement of account opening demands at least 2,000$ apart from that, there are other limitations on funds transactions which may be imposed due to the payment providers.

Conclusion

Entering the market in 1992, Saxo was a fintech company a long before the term was even created and has proceeded to become one of the most trusted names in online trading and investing. Dedicated to a higher level of service, a broader offering, better technology and competitive pricing, they continue to provide everything you have come to expect from an online trading house.

As a licensed and regulated Danish bank, the Saxo Bank Group brings a trusted offering to trade any cycle in the economy, while covering risks by hedges. If you are a retail trader, Saxo Bank will be a solution to have the same access and features as an institution or organization.

Nevertheless, the powerful designed by the broker platform carries the features, speed and performance traders need, along with competitive offers and solutions. So, overall Saxo Bank is a good choice for the traders of bigger size, since the first deposit is set to a 2,000$.

Nevertheless, it will be good to know your personal opinion about Saxo Bank and its trading conditions that you may express in the comment area below.