Saxo Bank Review

Saxo Bank was founded in the year 1992. It is an investment bank that has Danish roots with the focus of the investment bank being online trading and investment. The firm trades several instruments. That includes stocks, funds, CFDs, futures, bonds, and spreads. It is worth noting that with Saxo Bank, traders do not get to trade with traditional items. The investment bank has set its footprints in 180 countries worldwide with its headquarters being in Copenhagen.

The company has earned trust from its different stakeholders as a result of its accomplishments: which have been acknowledged. The firm is an award winner. The brokerage has also created employment for over 1600 people. The bank also allows trader connection to the world’s primary stock exchanges for liquidity. Saxo Bank provides a platform for all types of clients like ones from brokerage firms, banks, and family officers to mention a few.

 Trading Accounts

Saxo Bank has three types of trading accounts. Unlike most Forex brokers, the minimum deposit needed is rather high.

Classic Account

The minimum deposit required for the classic account is $10,000. Traders will classic trading accounts also have access to all the trading platforms. Additionally, they can also trade with all the instruments offered by Saxo Bank. If the trader is experiencing challenges on the way, there is also 24/7 customer service ready to serve them. The other benefits that come with trading with the classic account are access to Trade Maker and Saxo academy for the traders that still need guidance in a thing or two.

Premium Account

The minimum deposit for the premium is $100,000. Traders with the premium account are able to work with all the trading platforms. The trader can also trade with all the available products, have access to 24/7 customer service and the Trade Maker. On top of having access to Saxo Academy, the account has more benefits over the classic account. That is free news and research, individual pricing and an account executive service available for 24 hours in a day.

Platinum Account

The Platinum trading account requires a minimum deposit of $500,000. The trading account is the one with the most benefits. It allows access to all trading platforms and trading products, 24/7 customer service and an account executive service. The trader also gets to get to the Saxo Academy and Trade Maker. No service fee is charged for this account. The trader is allowed to make individual pricing and a free choice to customer service. The FX options for this account are similar to the interbank spreads.

About Saxo bank and Security of Funds

How secure are your funds if you trade with this account? It is probably something the trader should never worry about. The fact that the investment firm is under private ownership gives your funds another layer of protection. It is also worth noting that it is also under the regulation of the Danish Financial Supervisory Authority (FSA). It is also under the regulatory bodies of other countries like the UK, Australia, and Japan. The regulatory agencies responsible are FCA, ASIC, and FSA respectively. Even, did you know that the bank is an associate of the Danish Guarantee Fund? Well, it is. What does that tell you? That the assets of the depositors and investors are secure should the bank become insolvent.

The bank is also under the supervision of the Market in Financial Instruments Directive authority. It means that the bank has to comply with stringent requirements which means more security for the funds.

Trading Conditions

Minimum Initial Deposit

As earlier stated, for you to trade with Saxo Bank, the initial minimum deposit you will be required to make will be $10,000. Note that the deposit is for the Classic Account. The other trading accounts also have their specified minimum deposits.

Average spreads & Commissions

What is the deal with spreads and commissions? The investment bank offers both fixed and variable and fixed spreads. The nature of the variable spreads is that they are constricted. These will range from about 0.5 pips whereas the fixed spreads are regular going up to 2 pips on the USD or EUR. For one to get the fixed spreads, they need to use a Volume Price Plan. It is worth noting that the commissions, in this case, will also be volume-based.

Maximum Leverage   

The leverage offered by this bank will surprise you as they are not like most of the ones used by other brokerage firms. The highest leverage you can get will be 1:100 — the primary reason being that the investment bank realizes that high leverage comes with heavier risks of losses.

Trading Platforms

Saxo Bank has a number of trading platforms in play.

Saxo Trader

Saxo Trader is an in-house trading platform developed by the bank. It was established in 2015. The trader comes with both mobile, web and desktop platforms seeing that it has a wide array of financial products. The trading platforms undergo constant updates in a bid to provide the traders with the best trading experience. The performance of the platform is unmatched. With the platform, you can directly do mechanical indicators, pointers, and animate news. The platform also comes with analytical tools.

 MetaTrader4

MetaTrader4 is also another platform you can trade on in the Saxo Bank trading accounts. MetaTrder4 is also a popular and renowned trading account. It also has a web, mobile and desktop platform allowing traders to make transactions at their convenience.

The platform is not in-house and also comes free of charge. Trading on this platform is also automated bringing more convenience. As a trader on this platform, you will also be getting trading signals. The trading platform is very flexible and suitable for traders with all levels of experience.

Briefly about Saxo Bank

 A significantly regulated, very reliable broker and bank, Saxo Bank is a brilliant selection for every broker, who is prepared to or proficient to invest $10 000. Saxo has been honored with numerous awards over many years and offers practical, advanced customer service. A look through Saxo Bank customer reviews and comments will help you get more information about the broker.