Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.

Saxo Bank Review

3.67
3 reviews
PAYMENT SYSTEMS
  • Deposit
  • Withdrawal

Saxo Bank general information

Founded in: 1992 year
Headquarters:
Denmark
Offices in the country:
Australia, Brazil, United Kingdom, Hong Kong, India, Spain, Italy, Cyprus, United Arab Emirates, Singapore, Turkish, France, Czech Republic, Swaziland, South Africa, Japan
Minimum Deposit: 10000 $
Website: saxobank.com
Website languages:
English, Arabic, Hungarian, Greek, Danish, Spanish, Italian, Chinese, German, Dutch, Norwegian, Polish, Romanian, Russian, Turkish, Finnish, French, Swedish, Japanese
Execution model:
ECN, STP
Deposit currency:
USD, EUR, JPY, GBP, AUD, CHF, CAD, NZD, SEK, RUB, HKD, SGD
Support languages:
English, Arabic, Spanish, Italian, Chinese, German, Portuguese, Russian, Turkish, French, Czech, Japanese
Regulated by:
ASIC (Australia) license №126 373 859
FCA (United Kingdom) license №FC026688
FSMA (Belgium) license №837 752 574
SFC (Hong Kong) license №1395901
DFSA (Denmark) license №9695
CONSOB (Italy) license №5720
CNMV (Spain) license №1510
AFM (Netherlands) license №34357130
SMV (Panama) license №689203
MAS (Singapore) license №200601141M
CNB (Czech Republic) license №28949587
FINMA (Swaziland) license №CH-660-0511991-1
FSA (Japan) license №239
CFSFA (Cyprus) license №AE2674
BDF (France) license №483632501 R.C.S. Paris
DMCC (United Arab Emirates) license №CL0820
Mobile trading: iOS, Android
Types of offered accounts:
Demo accounts (with time limit), Standard accounts, VIP accounts
Affiliate program: No
Support

Saxo Bank Forex broker description

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.

Trading accounts of Saxo Bank

  • Saxo Classic
  • Saxo Premium
  • Saxo Platinum
Trading platforms: SaxoTrader
Minimum Deposit : 10000 $
Deposit currency :
USD - US Dollar
EUR - Euro
JPY - Japanese Yen
GBP - British Pound
AUD - Australian Dollar
CHF - Swiss Franc
CAD - Canadian Dollar
NZD - New Zealand Dollar
SEK - Swedish Krona
RUB - Russian Ruble
HKD - Hong Kong Dollar
SGD - Singapore Dollar
Trading instruments:
Forex 1:100
Number of currency pairs: 148
  • AUD/CAD
  • AUD/CHF
  • AUD/CNH
  • AUD/CZK
  • AUD/DKK
  • AUD/EUR
  • AUD/HKD
  • AUD/HUF
  • AUD/JPY
  • AUD/MXN
  • AUD/NOK
  • AUD/NZD
  • AUD/PLN
  • AUD/SEK
  • AUD/SGD
  • AUD/TRY
  • AUD/USD
  • AUD/ZAR
  • CAD/CHF
  • CAD/JPY
  • CAD/MXN
  • CAD/NOK
  • CAD/PLN
  • CAD/SEK
  • CAD/TRY
  • CHF/CZK
  • CHF/DKK
  • CHF/HUF
  • CHF/JPY
  • CHF/MXN
  • CHF/NOK
  • CHF/PLN
  • CHF/SEK
  • CHF/SGD
  • CHF/TRY
  • CHF/USD
  • CHF/ZAR
  • CNH/HKD
  • CNH/JPY
  • CZK/PLN
  • DKK/CZK
  • DKK/HUF
  • DKK/JPY
  • DKK/PLN
  • DKK/SGD
  • DKK/ZAR
  • EUR/AUD
  • EUR/CAD
  • EUR/CHF
  • EUR/CNH
  • EUR/CZK
  • EUR/DKK
  • EUR/GBP
  • EUR/HKD
  • EUR/HRK
  • EUR/HUF
  • EUR/ILS
  • EUR/JPY
  • EUR/LTL
  • EUR/MXN
  • EUR/NOK
  • EUR/NZD
  • EUR/PLN
  • EUR/RON
  • EUR/RUB
  • EUR/SEK
  • EUR/SGD
  • EUR/TRY
  • EUR/USD
  • EUR/ZAR
  • GBP/AUD
  • GBP/CAD
  • GBP/CHF
  • GBP/CZK
  • GBP/DKK
  • GBP/HUF
  • GBP/ILS
  • GBP/JPY
  • GBP/MXN
  • GBP/NOK
  • GBP/NZD
  • GBP/PLN
  • GBP/SEK
  • GBP/SGD
  • GBP/TRY
  • GBP/USD
  • GBP/ZAR
  • HKD/JPY
  • HUF/JPY
  • JPY/DKK
  • MXN/JPY
  • NOK/DKK
  • NOK/JPY
  • NOK/SEK
  • NZD/CAD
  • NZD/CHF
  • NZD/CZK
  • NZD/DKK
  • NZD/HUF
  • NZD/JPY
  • NZD/MXN
  • NZD/PLN
  • NZD/SEK
  • NZD/SGD
  • NZD/TRY
  • NZD/USD
  • NZD/ZAR
  • PLN/HUF
  • PLN/JPY
  • SEK/DKK
  • SEK/JPY
  • SEK/PLN
  • SGD/HKD
  • SGD/JPY
  • TRY/DKK
  • TRY/JPY
  • TRY/ZAR
  • USD/AED
  • USD/BHD
  • USD/CAD
  • USD/CHF
  • USD/CNH
  • USD/CZK
  • USD/DKK
  • USD/HKD
  • USD/HRK
  • USD/HUF
  • USD/ILS
  • USD/JOD
  • USD/JPY
  • USD/KWD
  • USD/LTL
  • USD/MXN
  • USD/NOK
  • USD/OMR
  • USD/PLN
  • USD/QAR
  • USD/RON
  • USD/RUB
  • USD/SAR
  • USD/SEK
  • USD/SGD
  • USD/THB
  • USD/TRY
  • USD/ZAR
  • XPD/USD
  • XPT/USD
  • ZAR/JPY
CFD's 1:100
Amount of assets : 32421
  • Stocks
  • Futures
  • Indices
  • Commodity
Metals 1:100
  • Gold
  • Silver
Energy sources 1:100
  • Oil
  • Gas
Execution type:
Market Execution
Swap Free:
No
VIP Account:
Yes
Spread type:
Floating
Decimal places:
4 decimal places
Phone trading:
No
Trading platforms: SaxoTrader
Minimum Deposit : 100000 $
Deposit currency :
USD - US Dollar
EUR - Euro
JPY - Japanese Yen
GBP - British Pound
AUD - Australian Dollar
CHF - Swiss Franc
CAD - Canadian Dollar
NZD - New Zealand Dollar
RUB - Russian Ruble
Trading instruments:
Forex 1:100
Number of currency pairs: 148
  • AUD/CAD
  • AUD/CHF
  • AUD/CNH
  • AUD/CZK
  • AUD/DKK
  • AUD/EUR
  • AUD/HKD
  • AUD/HUF
  • AUD/JPY
  • AUD/MXN
  • AUD/NOK
  • AUD/NZD
  • AUD/PLN
  • AUD/SEK
  • AUD/SGD
  • AUD/TRY
  • AUD/USD
  • AUD/ZAR
  • CAD/CHF
  • CAD/JPY
  • CAD/MXN
  • CAD/NOK
  • CAD/PLN
  • CAD/SEK
  • CAD/TRY
  • CHF/CZK
  • CHF/DKK
  • CHF/HUF
  • CHF/JPY
  • CHF/MXN
  • CHF/NOK
  • CHF/PLN
  • CHF/SEK
  • CHF/SGD
  • CHF/TRY
  • CHF/USD
  • CHF/ZAR
  • CNH/HKD
  • CNH/JPY
  • CZK/PLN
  • DKK/CZK
  • DKK/HUF
  • DKK/JPY
  • DKK/PLN
  • DKK/SGD
  • DKK/ZAR
  • EUR/AUD
  • EUR/CAD
  • EUR/CHF
  • EUR/CNH
  • EUR/CZK
  • EUR/DKK
  • EUR/GBP
  • EUR/HKD
  • EUR/HRK
  • EUR/HUF
  • EUR/ILS
  • EUR/JPY
  • EUR/LTL
  • EUR/MXN
  • EUR/NOK
  • EUR/NZD
  • EUR/PLN
  • EUR/RON
  • EUR/RUB
  • EUR/SEK
  • EUR/SGD
  • EUR/TRY
  • EUR/USD
  • EUR/ZAR
  • GBP/AUD
  • GBP/CAD
  • GBP/CHF
  • GBP/CZK
  • GBP/DKK
  • GBP/HUF
  • GBP/ILS
  • GBP/JPY
  • GBP/MXN
  • GBP/NOK
  • GBP/NZD
  • GBP/PLN
  • GBP/SEK
  • GBP/SGD
  • GBP/TRY
  • GBP/USD
  • GBP/ZAR
  • HKD/JPY
  • HUF/JPY
  • JPY/DKK
  • MXN/JPY
  • NOK/DKK
  • NOK/JPY
  • NOK/SEK
  • NZD/CAD
  • NZD/CHF
  • NZD/CZK
  • NZD/DKK
  • NZD/HUF
  • NZD/JPY
  • NZD/MXN
  • NZD/PLN
  • NZD/SEK
  • NZD/SGD
  • NZD/TRY
  • NZD/USD
  • NZD/ZAR
  • PLN/HUF
  • PLN/JPY
  • SEK/DKK
  • SEK/JPY
  • SEK/PLN
  • SGD/HKD
  • SGD/JPY
  • TRY/DKK
  • TRY/JPY
  • TRY/ZAR
  • USD/AED
  • USD/BHD
  • USD/CAD
  • USD/CHF
  • USD/CNH
  • USD/CZK
  • USD/DKK
  • USD/HKD
  • USD/HRK
  • USD/HUF
  • USD/ILS
  • USD/JOD
  • USD/JPY
  • USD/KWD
  • USD/LTL
  • USD/MXN
  • USD/NOK
  • USD/OMR
  • USD/PLN
  • USD/QAR
  • USD/RON
  • USD/RUB
  • USD/SAR
  • USD/SEK
  • USD/SGD
  • USD/THB
  • USD/TRY
  • USD/ZAR
  • XPD/USD
  • XPT/USD
  • ZAR/JPY
CFD's 1:100
Amount of assets : 32421
  • Stocks
  • Futures
  • Indices
  • Commodity
Metals 1:100
  • Gold
  • Silver
Energy sources 1:100
  • Oil
  • Gas
Stock exchange
  • Stocks
  • Futures
  • Options
  • Bonds
  • Depositary receipts (ADR and GDR)
  • Exchange-traded commodities (ЕТС)
  • Funds (ETF)
Entry to stock exchanges
  • NASDAQ (USA)
  • CME (USA)
  • NYSE (USA)
  • NYMEX (USA)
  • Eurex (EU)
  • Euronext (EU)
  • FBW (Germany)
  • LSE (UK)
Execution type:
Market Execution
Swap Free:
No
VIP Account:
Yes
Spread type:
Floating
Decimal places:
4 decimal places
Phone trading:
Yes
Trading platforms: SaxoTrader
Minimum Deposit : 500000 $
Deposit currency :
USD - US Dollar
EUR - Euro
JPY - Japanese Yen
GBP - British Pound
AUD - Australian Dollar
CHF - Swiss Franc
CAD - Canadian Dollar
NZD - New Zealand Dollar
RUB - Russian Ruble
Trading instruments:
Forex 1:100
Number of currency pairs: 148
  • AUD/CAD
  • AUD/CHF
  • AUD/CNH
  • AUD/CZK
  • AUD/DKK
  • AUD/EUR
  • AUD/HKD
  • AUD/HUF
  • AUD/JPY
  • AUD/MXN
  • AUD/NOK
  • AUD/NZD
  • AUD/PLN
  • AUD/SEK
  • AUD/SGD
  • AUD/TRY
  • AUD/USD
  • AUD/ZAR
  • CAD/CHF
  • CAD/JPY
  • CAD/MXN
  • CAD/NOK
  • CAD/PLN
  • CAD/SEK
  • CAD/TRY
  • CHF/CZK
  • CHF/DKK
  • CHF/HUF
  • CHF/JPY
  • CHF/MXN
  • CHF/NOK
  • CHF/PLN
  • CHF/SEK
  • CHF/SGD
  • CHF/TRY
  • CHF/USD
  • CHF/ZAR
  • CNH/HKD
  • CNH/JPY
  • CZK/PLN
  • DKK/CZK
  • DKK/HUF
  • DKK/JPY
  • DKK/PLN
  • DKK/SGD
  • DKK/ZAR
  • EUR/AUD
  • EUR/CAD
  • EUR/CHF
  • EUR/CNH
  • EUR/CZK
  • EUR/DKK
  • EUR/GBP
  • EUR/HKD
  • EUR/HRK
  • EUR/HUF
  • EUR/ILS
  • EUR/JPY
  • EUR/LTL
  • EUR/MXN
  • EUR/NOK
  • EUR/NZD
  • EUR/PLN
  • EUR/RON
  • EUR/RUB
  • EUR/SEK
  • EUR/SGD
  • EUR/TRY
  • EUR/USD
  • EUR/ZAR
  • GBP/AUD
  • GBP/CAD
  • GBP/CHF
  • GBP/CZK
  • GBP/DKK
  • GBP/HUF
  • GBP/ILS
  • GBP/JPY
  • GBP/MXN
  • GBP/NOK
  • GBP/NZD
  • GBP/PLN
  • GBP/SEK
  • GBP/SGD
  • GBP/TRY
  • GBP/USD
  • GBP/ZAR
  • HKD/JPY
  • HUF/JPY
  • JPY/DKK
  • MXN/JPY
  • NOK/DKK
  • NOK/JPY
  • NOK/SEK
  • NZD/CAD
  • NZD/CHF
  • NZD/CZK
  • NZD/DKK
  • NZD/HUF
  • NZD/JPY
  • NZD/MXN
  • NZD/PLN
  • NZD/SEK
  • NZD/SGD
  • NZD/TRY
  • NZD/USD
  • NZD/ZAR
  • PLN/HUF
  • PLN/JPY
  • SEK/DKK
  • SEK/JPY
  • SEK/PLN
  • SGD/HKD
  • SGD/JPY
  • TRY/DKK
  • TRY/JPY
  • TRY/ZAR
  • USD/AED
  • USD/BHD
  • USD/CAD
  • USD/CHF
  • USD/CNH
  • USD/CZK
  • USD/DKK
  • USD/HKD
  • USD/HRK
  • USD/HUF
  • USD/ILS
  • USD/JOD
  • USD/JPY
  • USD/KWD
  • USD/LTL
  • USD/MXN
  • USD/NOK
  • USD/OMR
  • USD/PLN
  • USD/QAR
  • USD/RON
  • USD/RUB
  • USD/SAR
  • USD/SEK
  • USD/SGD
  • USD/THB
  • USD/TRY
  • USD/ZAR
  • XPD/USD
  • XPT/USD
  • ZAR/JPY
CFD's 1:100
Amount of assets : 32421
  • Stocks
  • Futures
  • Indices
  • Commodity
Metals 1:100
  • Gold
  • Silver
Energy sources 1:100
  • Oil
  • Gas
Stock exchange
  • Stocks
  • Futures
  • Options
  • Bonds
  • Depositary receipts (ADR and GDR)
  • Exchange-traded commodities (ЕТС)
  • Funds (ETF)
Entry to stock exchanges
  • NASDAQ (USA)
  • CME (USA)
  • NYSE (USA)
  • NYMEX (USA)
  • Eurex (EU)
  • Euronext (EU)
  • FBW (Germany)
  • LSE (UK)
Execution type:
Market Execution
Swap Free:
No
VIP Account:
Yes
Spread type:
Floating
Decimal places:
5 decimal places
Phone trading:
No

Contacts of Saxo Bank

Headquarters
Denmark , Копенгаген Philip Heymans Allé, 15
show on the map
+45 3977 5321 Headquarters telephone
Representative office
Cyprus , Limassol Agias Fylaxeos, 1
show on the map
+7-499 705 6177 Customer support

Recent customer reviews of Saxo Bank

Pavol Priezviskko 31 January 2018

Comment: Saxobank dead company without support team. In Saxobank doesn't exist support team, they doesn't answer on me emails. It is SCAM broker. (I am from central Europa, Slovakia)

Comment
Add a COMMENT
Alden 17 June 2017

Advantages: Trusted broker, great services

Disadvantages: Nothing

Comment: In 5 years I have not been able to outgrow Saxo Bank, and never even tried another broker because they are perfect brokers. They provide every trading instrument you will ever need and never manipulate the market prices. I also truly believe they are not a dealing desk broker because of their reputation and history. A recent study has showed that they are among the most popular brokers in the world, and I encourage anyone who may have suffered a bad experience to join them. Maybe I sound like an advertiser but I just feel bad when I go through these reviews where people have been conned by their brokers. Give Saxo Bank a try and you won't regret it

Comment
Add a COMMENT
Herman Mei 05 June 2017

Advantages: Excellent broker in all areas

Disadvantages: High capital requirements

Comment: As long as you have a sizeable capital above $10,000, Saxo Bank will be the best broker you have ever seen. I have had an account with them for about 2 years now, and after wasting most of my money on smaller brokers, I realize cheap is always expensive. Just think about it, how can you trade full lots with just $100 and still get fooled that is an ECN broker? It's not possible. Saxo Bank do not lie, they always have the best market prices and the spreads are still low, even lower than other STP brokers. Leverage is low, 100:1, but that is how the Forex market should be. In the US it's 50:1 and Japan is 25:1, 100:1 is still very good all things considered. They also have a good name and host many traders, including institutions, and have been in business for decades. The way I see it, you can select that broker with high leverage and bonuses etc. but in the end you're going to lose no matter how good you are. Or you can save your money and invest in a good broker like this one, and you will never leave.

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Add a COMMENT

Saxo Bank webinars and seminars

21:17 18 JULY, 2017
Webinar: "FX Options" - Saxo Bank

Saxo Bank now provides a webinar that talks about Forex Options in Forex trading. FX Options are considered to be a good way to e ...

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Saxo Bank categories


Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.
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