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Saxo Bank Review
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, Turkey, France, Czech Republic, Switzerland, South Africa, Japan |
Minimum Deposit: | 10000 $ |
Website: | saxobank.com |
Website languages: |
English, Arab, Hungarian, Greek, Danish, Spanish, Italian, Chinese, Deutsch, Dutch, Norwegian, Polish, Romanian, Russian, Turkish, Finnish, French, Swede, Japanese |
Execution model: | ECN, STP |
Deposit currency: |
USD, EUR, JPY, GBP, AUD, CHF, CAD, NZD, SEK, RUB, HKD, SGD |
Support languages: |
English, Arab, Spanish, Italian, Chinese, Deutsch, 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 (Switzerland) 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 a time limit), Standard Accounts, VIP accounts |
Affiliate program: | Not |
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:
| Forex1:100
Number of currency pairs: 148
CFD's1:100 Amount of assets : 32421
Metals1:100
Energy sources1:100
|
Execution type:
| Market Execution |
Swap Free:
| Not |
VIP Account:
| Yes |
Spread type:
| Floating |
Decimal places:
| 4 characters |
Phone trading:
| Not |
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:
| Forex1:100
Number of currency pairs: 148
CFD's1:100 Amount of assets : 32421
Metals1:100
Energy sources1:100
Stock exchange
Entry to stock exchanges
|
Execution type:
| Market Execution |
Swap Free:
| Not |
VIP Account:
| Yes |
Spread type:
| Floating |
Decimal places:
| 4 characters |
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:
| Forex1:100
Number of currency pairs: 148
CFD's1:100 Amount of assets : 32421
Metals1:100
Energy sources1:100
Stock exchange
Entry to stock exchanges
|
Execution type:
| Market Execution |
Swap Free:
| Not |
VIP Account:
| Yes |
Spread type:
| Floating |
Decimal places:
| 5 characters |
Phone trading:
| Not |
Contacts of Saxo Bank
Recent customer reviews of Saxo Bank
Advantages: Great variety of trading instruments, good educational materials
Disadvantages: High trading fees
Comment: I've been working with this broker for almost a year already, and I'd say that overall experience is way better than with any other broker, but trading fees there are too high, compared to other brokers. If I were a novice trader, I wouldn't choose that broker because of the trading fees. But I can say that you have access to 60,000+ instruments, and I don't think that any other broker can provide that, it's a huge advantage. So I believe that choosing this broker can be a great option, trading conditions there are on point.
Advantages: Stability of the terminal operation Favorable trading conditions Training materials Quick and convenient withdrawal of earnings without commissions Fast verification High-quality analytics
Disadvantages: Terminal freezes and slips Inconvenient personal account
Comment: I like everything, except for a few intrusive employees. This also applies to those support who call themselves and offer unnecessary help, and managers who do not miss the opportunity to offer signals or some other nonsense. I need it. perhaps someone likes to be coddled and someone is bribed by such attention from the broker, as if you are a “golden” client, but I think this is superfluous. He asked me to get rid of the calls, it seems like they haven't been calling for several days. Otherwise, everything suits me. Orders work fine, I didn't notice any problems with the terminal. So far, more than half of my deals have been successful, I have withdrawn part of the profit twice - no questions were asked about this by the way. The speed is not mega fast, but I have no complaints, because within the framework of the regulations.
Advantages: Permanent deposit bonuses and compensation for losses Unlimited demo account Favorable terms of the affiliate program Operational Support Service
Disadvantages: There is no information about liquidity providers No trading on weekends
Comment: Grand held a competition that allowed you to start trading without investing your money. That's how I started working with this company. In the future, of course, I repeatedly replenished my account with my own money, but the beginning was made thanks to the contest. In general, I like contests here. They are usually not delayed in time, so you do not have to strain for a long time. So I participated in competitions and won. I used technical analysis, traded on a short timeframe of 1 minute - this was the key to my victory, everything turned out well. In general, I think I will stay here for a long time, because it feels like the company is stable. The trading conditions are average, but the output is fast, the input is also high-speed). Customer support at the level of. I'm happy with everything.
Saxo Bank webinars and seminars
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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