Saxo Bank review

Saxo Bank

Saxo Bank

www.home.saxo

  • Leverage: 1:30 | 1:100

  • Regulation: Danish FSA, ASIC, JFSA, MAS, FCA, FSC

  • Min. Deposit: 2,000 US$

  • HQ: Copenhagen, Denmark

  • Platforms: SaxoTraderGo, SaxoTraderPRO

  • Found in: 1992

Saxo Bank Broker Licenses:

  • Saxo Bank A/S - authorized by Danish FSA license no. 1149
  • Saxo Capital Markets UK Limited - authorized FCA (UK) registration no. 551422
  • Saxo Capital Markets Pte. Ltd. Singapore authorized by MAS (Singapore) registration no. 200601141M
  • Saxo Bank – Representative Office (Dubai) - authorized by the U.A.E. Central Bank registration no. 2017/995/13
  • Saxo Bank FX K.K. - authorized by FSA (Japan) registration no. 239
  • Saxo Capital Markets Hong Kong Ltd. - authorized by the Securities and Futures Commission in Hong Kong registration no. 1395901
  • Saxo Capital Markets (Australia) Pty. Ltd - authorized by ASIC (Australia) registration no. 126 373 859
  • Saxo Capital Markets Menkul Değerler A.S. - authorized CMBT (Turkey) registration no: G-042(405)

Top 3 Forex Brokers

Before you sign up with the broker or another make sure to check their trading offering and legit status in a detail. For this reason we cover brokers’ reviews with major data, and here is Saxo Bak Review.

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 Bank review

Saxo facilities are developed for both private or institutional clients for various trading and investments 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.

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.

Saxo Bank awards

However, even though Saxo Bank shows solid background let us look to the most important information for the trading itself. With this purpose, in this review we cover the following highlights:

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.

Saxo Bank entityRegulation and License
Saxo Bank A/SAuthorized by Danish FSA license no. 1149
Saxo Capital Markets UK LimitedAuthorized FCA (UK) registration no. 551422
Saxo Capital Markets Pte. Ltd. SingaporeAuthorized by MAS (Singapore) registration no. 200601141M
Saxo Bank A/S DIFC Representative OfficeAuthorized by the U.A.E. Central Bank registration no. 2017/995/13
Authorized by DFSA (Dubai) registration no. CL2637
Saxo Bank FX K.K.Authorized by FSA (Japan) registration no. 239
Saxo Capital Markets Hong Kong LtdAuthorized by the SFC (Hong Kong) registration no. 1395901
Saxo Capital Markets (Australia) Pty. LtdAuthorized by ASIC (Australia) registration no. 126 373 859

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.

Saxo Bank Trading Platforms

The Saxo Bank trading platforms designed specifically, with a deep understanding of 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 require an easy platform on the go the Saxo Bank offers that solution by two types of the platform SaxoTraderGo and SaxoTraderPRO.

Saxo Bank platfrom

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.

Saxo Bank Trading Fees and 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 interests, 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 yourself 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.

Saxo Bank account

Saxo Bank Spread

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.

Asset/ PairSaxo Bank Fee Terms – Standard
EUR/USD0.4
Crude Oil WTI5
Gold60
Bitcoin/USD0.10%

Saxo Bank cost

Saxo Bank 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.

Saxo Bank 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.

Saxo Bank 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.

Saxo Bank funding

Saxo 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 on Saxo Bank

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. 

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