Saxo Bank offers access to Forex, CFDs, etc. through its award-winning proprietary trading platforms, Saxo Trader Go and Saxo Trader Pro. There is no minimum deposit requirement for Saxo Bank broker’s Classic account.
The company doesn’t support e-wallet or crypto payment methods. However, you can use Visa and MasterCard to charge your account and enjoy floating spreads from 0.4 pips and low commissions, which we’ll discuss later in this Saxo Bank review.
Saxo Bank (Broker Information)
Saxo Bank is a fully licensed and regulated Danish investment bank operating since 1992. With over 30 years of experience in the financial industry, the broker has built a strong reputation for providing high-quality trading services to more than 1.2 million clients worldwide. Key features of Saxo Bank:
- Access to over 71,000 financial products across global markets;
- Regulated by multiple financial authorities, including FINMA, the Danish FSA, ASIC, and FCA;
- partners with more than 200 banks and brokers;
- Awards like “Best Trading Platform 2024”, “Best FX prime 2024”, and many more
- Offices in 15 countries;
- Over $100B in client assets.
As a licensed bank, Saxo offers security and stability that sets it apart from many other online brokers. This combination of extensive product offerings, cutting-edge technology, and institutional-grade security makes Saxo Bank an attractive option for retail and professional traders.
Saxo Bank Table of Specifications
The company launched its online trading platform in 1998, one of the first platforms in Europe. Today, it provides trading services in more than 180 countries. Key specifics of Saxo Bank broker:
Broker | Saxo Bank |
Account Types | Classic, Platinum, VIP, Pro |
Regulating Authorities | FSA, ASIC, FCA, FINMA |
Based Currencies | AUD, CAD, CHF, EUR, GBP, HKD, JPY, USD, SGD, ZAR, SEK, PLN, NZD, NOK, HUF, CZK, DKK, CNH |
Minimum Deposit | $0.0 |
Deposit Methods | Bank Wire, Credit/Debit Cards |
Withdrawal Methods | Bank Wire, Credit/Debit Cards |
Minimum Order | Variable based on the instrument |
Maximum Leverage | 1:66 |
Investment Options | Stock Lending, Account Interest Rate |
Trading Platforms & Apps | Saxo Investor, Saxo Trader Go, Saxo Trader Pro |
Markets | Forex, Commodities, Indices, Metals, Shares, Futures, CFDs, Options, Crypto, ETFs |
Spread | Floating from 0.4 pips |
Commission | Variable based on the asset class |
Orders Execution | Market, Limit, Stop |
Margin Call/Stop Out | Variable based on the user level |
Trading Features | Economic Calendar, Passive income, Educational Materials, Affiliate |
Affiliate Program | Yes |
Bonus & Promotions | Referral |
Islamic Account | No |
PAMM Account | No |
Customer Support Ways | Phone, Email, Live Chat, Ticket |
Customer Support Hours | 24/5 |
Account Offerings
Saxo Bank provides five main account types to suit different trader profiles, including Individual, Joint, Corporate, Professional, and Demo.
As their names suggest, Joint account is shared between first-line family members and the Corporate is suited for legal entities and firms. Both these account types have a minimum deposit of $50,000.
But our primary focus is on the Individual and Pro accounts, which are basically the same with some differences. The Pro clients don’t experience regulatory protections that are designed for less experienced traders. They also take advantage of portfolio-based margin model.
Individual account is an all in one solution to access more than 71,000 financial instruments with no minimum deposit. It’s also known as the Saxo account. Key features of Saxo accounts:
Account Types | Min Deposit | Max Leverage | Base Currency | Order Execution |
Classic | $0.0 | 1:30 | AUD, CAD, CHF, EUR, GBP, HKD, JPY, USD, SGD, ZAR, SEK, PLN, NZD, NOK, HUF, CZK, DKK, CNH | Market, Limit, Stop |
Platinum | $200,000 | 1:30 | ||
VIP | $1,000,000 | 1:30 | ||
Pro | $500,000 | 1:66 |
Account Opening and Verification
We have to discuss the account opening process in this Saxo Bank review. It is largely digital and can be completed quickly for most individual accounts. The broker’s multi-tier structure allows traders to access better conditions as their trading volume increases.
To open an account, visit the official website and click "Open Account". Fill out the registration form and provide some personal and financial status information. After that you must provide KYC records, including:
- Passport;
- Social security number;
- Biometric data;
- Proof of address.
Saxo Bank broker aims to verify most accounts within 24 hours, though complex cases may take longer. The bank's strong regulatory compliance means thorough checks are conducted to ensure the safety and integrity of the platform.
Saxo Bank Trading Platforms
The broker offers two main trading solutions and a desktop-only app extension catering to novice and advanced traders. the platforms are compatible with various operating systems.
Operating System | Saxo Investor | Saxo Trader Go | Saxo Trader Pro |
Windows | - | - | SaxoTrader Pro Windows |
macOS | - | - | SaxoTrader Pro Mac |
Android | - | ||
iOS | - | ||
Web | - |
Trading Fees (Commission and Spread)
Saxo Bank's pricing structure varies depending on the account tier and traded instrument.
Account Type | Spread |
Classic | From 1.2 pips |
Platinum | From 0.7 pips |
VIP | From 0.7 pips |
Professional | From 0.4 pips |
Commissions are charged based on the type of instrument you’re trading. But whatever your instruments are, be sure that you’re receiving ultra-competitive prices.
Asset Class | Commission |
Stocks | From $1.0 |
Futures | From $1.0 |
Options | From $0.75 |
ETFs | From $1.0 |
Bonds | From 0.05% |
Mutual Funds | $0.0 |
The broker charges no commissions for deposits, withdrawals, and inactivity. However, there is a 100 EUR account termination fee, and you should also pay a 0.25% commission for currency conversion.
Saxo Bank Broker Payment Methods
Next subject to discuss in this Saxo Bank review is the available payment method. The broker supports various deposit/withdrawal methods to cater to different needs.
- Bank Transfer;
- Credit/Debit Cards;
- Quick payment (Danish Banks).
Deposits are typically processed quickly, with most electronic methods being instant. Withdrawals may take 1-3 business days to process. It's worth noting that Saxo Bank does not charge fees for deposits or withdrawals, though your bank may apply charges.
Does Saxo Bank Offer Copy Trading and Growth Plans?
While the broker doesn’t offer an exclusive copy trading service, it provides trading signals free of charge on the Saxo Trader Go platform. It also offers various growth and investment plans, including:
- Stock Lending: Lend your stocks and ETFs to earn interest rate;
- Account Interest Rate: Earn daily interests on your uninvested capital.
Bonus and Promotion plans
The broker offers a loyalty program called "Saxo Rewards", that we should discuss on this Saxo Bank review. Earn points for every qualifying trade and upgrade your user level.
User Level | Points | Features |
Classic | 0.0 | 24/5 support |
Platinum | 120,000 | Up to 30% lower prices, priority customer support |
VIP | 500,000 | Best prices, 24/5 access to trading experts, exclusive event invitations |
Additionally, Saxo Bank has an affiliate program which you can join to earn up to 1000 AUD from each referred client.
Referred client | Commission for each client |
VIP | $1000 |
Platinum | $600 |
Classic | $200 |
How to Reach Saxo Bank Broker Customer Support?
The brokerage company provides 24/5 multilingual support through several contact channels, including:
Phone | +61 2 8267 9000 |
PrivateSalesAU@saxomarkets.com | |
Live Chat | On the client dashboard |
Ticket | Through the client dashboard |
Saxo Bank Reviews (Trust Scores)
The broker generally receives positive reviews from clients and industry experts for its extensive product offering and advanced trading platforms. However, many complaints about the complex fee structure and limited cryptocurrency offerings. Saxo Bank Broker trust scores:
3.8 out of 5 based on 6,277 reviews | |
Forex Peace Army | 2.2 out of 5 based on 83 reviews |
Conclusion and Final words
Saxo Bank is an ASIC-regulated broker providing access to over 71,000 financial instruments across 9 different asset classes. Saxo Bank broker offers Forex/CFDs trading alongside a dedicated trading platform, Saxo Investor, for buying and selling over 22,000 company’s shares.
There are more than 6,000 Saxo Bank reviews on TrustPilot that has gained the broker a Trust Score of 3.8 out of 5. In addition to over 30 years of experience, the company provides 24/5 multi-channel support, which adds to its reliability.
