SAXO , formerly known as MIDA, was founded in 1992 and has, over time, quickly become a top player in the world of online trading and investments. With its headquarters in Copenhagen, the SAXO securities group broker has made its mark in 180 countries, earning its title as a global institution.
The SAXO is different from other banks in its focus on multi-asset trading. From stocks and funds to CFDs, futures, and bonds, SAXO stockbrokers have covered you. They even offer a wide range of over 60,000 tradable symbols, spanning almost every asset type you can think of, making it easier to find something that fits your investment goals.
SAXO also offers spot FX, FX options, non-deliverable forwards (NDFs), Contracts for Difference (CFDs), Exchange Traded Funds (ETFs), Exchange Traded Notes (ETNs), futures, and a whopping 33,000 bonds. The minimum deposit ranges between $0-$2,000, depending on your residency. For UK residents no minimum deposit required. As with any investment bank, there are some requirements to remember.
This review will show you how to leverage SAXO capital markets opportunities to help you reach your financial goals.
Supported Countries
SAXO Capital Markets is the perfect choice for a Brokerage firm with truly global reach. This company has customers in more than 180 countries around the world and support it from offices in major financial hubs such as Australia, China, Hong Kong, India, Japan, Singapore, Belgium, Czech Republic, Denmark, France, Italy, Netherlands, Switzerland, United Kingdom and Dubai. However, there are a few countries where SAXO is not available, such as the United States, Belgium or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation.
Customer Service Rating
According to topbrokers.com, SAXO has an overall score of 3.44 out of 5 based on 25 reviews. Many reviewers love the platform for its wide variety of trading instruments, quick and convenient withdrawals without commissions, and high-quality analytics. However, some people complained about high trading fees and challenges with support.
Also, on Trustpilot, SAXO GROUP has received a whopping 4,163 reviews with an average rating of 3.4 out of 5 stars. Users raved about the professionalism of the support team in handling technical issues. While every user's experience may differ, it's clear that SAXO has many happy customers who appreciate their platform's features and quality support.
SAXO Brokerage offers several proprietary trading platforms, including the SaxoTrader, established in 2015. The trading platforms are fantastic, thanks to their sleek designs and powerful trading tools.
SaxoTrader is available on mobile, web, and desktop platforms, giving easy access to a wide range of financial products.
- SaxoTraderGO: This trading platform is easily accessible and has a web-based interface that allows traders to organize charts, news, research, and watchlists according to their preferences. It comes with an impressive variety of market and pending orders, making it easy for traders to buy and sell quickly. While customization options are limited, this doesn't hamper the platform's functionality. And with full-featured charting and technical indicators, traders have everything they need to analyze the market.
- SaxoTraderPRO: is a fully customizable, professional-grade platform for the advanced trader. This desktop interface can be downloaded on both Windows and Mac operating systems and allows traders to use up to six screens to take advantage of this platform's advanced workspace management. Algorithmic orders, one-click trading, options chains, and a robust charting package with over 50 technical indicators are just a few of the many features that SaxoTraderPRO offers.
One of the best things about SAXO's proprietary trading platforms is that they were built to provide major upgrades over the industry standard MT4 and the newer cTrader. The seamless integration with third-party tools also opens up myriad possibilities for advanced traders.
Type of Trading Accounts on SAXO
SAXO has three different types of trading accounts available. For UK clients there is no minimum deposit requirement.
- Classic Account: With this Account, traders can access all the trading platforms and trade with all the instruments offered by SAXO. You can also access Trade Maker and SAXO Academy, which can guide you if needed.
- Platinum Account: Traders with a Platinum account can access all the trading platforms and trade with all available products. You also get access to Trade Maker. Plus, you get free news and research, individual pricing, and an Account executive service available 24 hours a day.
- VIP Account: With this Account, you get access to all trading platforms and trading products and an account executive service. You also get to attend SAXO Academy and use Trade Maker. There are no service fees for this Account, and you can get individual pricing and free choice of customer service. The FX options for this Account are similar to the interbank spreads.
Trading Denominations on SAXO
SAXO stockbrokers understand that clients have different preferences and offer a wide range of trading denominations. Clients can trade in the following currencies: AUD, CAD, CHF, CNH, CZK, DKK, EUR, GBP, HKD, HUF, JPY, NOK, NZD, PLN, SEK, SGD and USD.
COMPANY STRUCTURE
SAXO securities, also known as SAXO, has been licensed by the Danish Financial Supervisory Authority (FSA) since 2001. With over 1600 employees and connections to the world's primary stock exchanges, the SAXO group broker has truly earned the trust of its stakeholders. Whether you're an individual trader or part of a brokerage firm, bank, or family office, SAXO investment bank provides a platform for all clients.
SAXO International has a global presence, with offices in various countries across the world, including Australia, Brazil, the United Kingdom, Hong Kong, India, Spain, Italy, Cyprus, the United Arab Emirates, Singapore, Turkey, France, the Czech Republic, Switzerland, and Japan. This international reach enables SAXO stock trading to cater to clients' needs in various regions, making it easier for you to trade and invest globally.
Over the years, SAXO has earned recognition and accolades for its trading platform. In 2017, the SaxoTraderGO terminal was recognized as the best trading platform for active trading by FX Week's e-FX Awards and ADVFN International Financial Awards. It shows how reliable and top-notch SAXO stockbrokers are when providing the best platform for their clients.
SAXO Licenses and Regulatory Compliance
SAXO Markets is licensed and regulated by many jurisdictions around the world. These regulators ensure that the Brokerage maintains the highest standards in financial services. Here are some of the organizations that regulate SAXO Markets:
- 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
Each regulatory body has strict guidelines that SAXO must follow to ensure that their clients' funds are secure and that they operate with transparency and integrity.
SAXO Customer Protection
SAXO Markets adheres to the U.K. Financial Conduct Authority's (FCA) client money rules, which ensures that client funds are kept separate from corporate funds. Additionally, clients are protected by the Financial Services Compensation Scheme (FSCS), which provides compensation of up to £85,000 in case SAXO Markets cannot meet its obligations.
SAXO Brokerage provides clients with a guarantee that they will never lose more than what they have in their accounts, thanks to the negative balance protection rules mandated under ESMA.
SAXO Markets prioritizes security, and its software security is among the best in the industry. In addition to two-factor and biometric authentication, users are logged out of web-based and mobile applications if they are inactive for a specific period.
Customer service
SAXO has made it a priority to provide its customers with top-notch support services. The customer support team is available 24/5, and you can reach them via several channels, including phone or email, and social media platforms such as Facebook, Twitter, and LinkedIn.
Additionally, you can access support via the "Contact Support" window in the SaxoTraderGO/PRO platforms in your Account. However, SAXO does not offer a live chat feature like other brokers. They make up for this by offering multilingual support in the trading platform.
It's worth noting that SAXO doesn't have inactivity fees or a minimum funding requirement, which can be advantageous for traders. The commission rates vary depending on the asset class and the type of account, with different tiers offering different rates. Checking the fee structure to ensure you're getting the best deal possible is always recommended. Additionally, SAXO's trading platform is available 24/6, allowing traders to execute trades even on weekends.
However, it's noteworthy that different currency pairs have different trading hours. For example, the trading hours for RON, ILS, SAR & AED, and RUB currencies are from 08:15 to 17:00 CET, 07:00 to 17:00 CET, 07:00 to 15:00 CET, and 07:00 GMT to 19:00 GMT, respectively.
Tradable Instruments
SAXO Markets has a vast range of investment options across different asset classes. With this broker, you can trade and invest in products, including:
- Over 180 FX spot pairs
- More than 200 futures contracts
- Over 19,000 stocks
- More than 1,200 listed options
- Over 9,000 CFDs
- 20 commodity CFDs
- More than 5,000 bonds
- Over 3,000 ETFs
- More than 12,500 mutual funds
- Cryptocurrency
With such an extensive product range, you can diversify your portfolio and invest in various assets that align with your investment goals and risk tolerance.
SAXO Leverage
Unlike most brokerage firms, SAXO takes a more conservative approach to leverage. While some brokers may offer high leverage ratios of 1:100, 1:500, or even higher, Saxo Markets offers maximum leverage of 1:30. While this may seem like a lower leverage ratio compared to other brokers, it is important to remember that higher leverage ratios can lead to greater risk of loss.
Deposits and Withdrawals
When it comes to depositing and withdrawing funds from SAXO, there are a few things you should know. You won't be able to use e-wallets such as Skrill or PayPal to deposit funds into your Account. Instead, you'll need to use a bank account to transfer funds.
Deposits
SAXO offers three options: bank transfer, stock transfer, and credit/debit cards. The minimum deposit amount varies depending on your location and currency, which is a great way to ensure everyone has access to their services. Here are some of the minimum deposit amounts for specific locations and currencies:
- UK - No minimum deposit
- Belgium – No minimum deposit
- MENA – 5000 USD
- Hong Kong – 10,000 HKD
- France – 300 EUR
- Central Eastern Europe (EU countries) – 2000 EUR
- Central Eastern Europe (non-EU countries) – 10,000 EUR
- Denmark – No minimum deposit
- Norway – No minimum deposit
- Singapore – No minimum deposit
- Switzerland – 2000 CHF
- Australia – 1000 AUD
- Japan – 100,000 JPY
Once you've made a deposit, you can expect it to take 2 to 5 working days for the funds to be credited to your Account.
Withdrawals
Regarding withdrawing your funds, SAXO doesn't charge any withdrawal fees. You can withdraw your funds to a bank or broker account as long as it's in your name. If you're withdrawing in another currency, the funds will be automatically converted from EUR or USD at the exchange rate set on the site.
SAXO Trading Education and Training
SAXO is known for its vast educational resources that can help traders succeed in their trading careers. They have several tutorials that are available on their platform. Traders can also access Saxo Academy, where they can take interactive courses and quizzes to test their knowledge.
They can also sign up for weekly webinars to learn from experts in the field. In addition, SAXO does have a Frequently Asked Questions page that can be helpful for traders who have questions about the platform.
CONCLUSION
This review has provided a comprehensive overview of SAXO as a brokerage firm. As a highly regulated investment platform, SAXO offers traders a wide range of financial instruments to trade, including forex, stocks, bonds, and options. The platform is user-friendly, with advanced charting tools and a customizable interface that allows traders to monitor their positions and execute trades easily.
SAXO offers competitive spreads, low commissions, and no hidden fees. The bank provides several educational tools to help traders make informed decisions, including tutorials, interactive courses, and weekly webinars. Although the bank does not offer live chat support, its customer service representatives are highly knowledgeable about their product offerings.
Overall, SAXO is a reliable brokerage firm that provides a conducive and complex trading platform for experienced traders.
11 mins read
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