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Saxo Bank Broker Review 2024

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Saxo Bank Broker Review 2024
Affiliate Stock Lending Economic Calendar Referral Educational Materials Account Interest Rate
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Your Capital is at risk.

Investing and trading in financial markets such as the stock exchange, forex, digital currencies in the form of spot or with leverage face a high inherent risk. According to the statistics of all exchanges and brokers, more than 75% of people lose!

Overview
Company:Saxo Bank
Founded:Copenhagen, Denmark
Min Deposit:1
Max Leverage:66
Headquarter:Copenhagen, Denmark
US Accepted:
About
Saxo Bank is a leading brokerage and investment company operating since 1992. Its initial name was “Midas Fondsmæglerselskab” founded by Lars Seier Christensen, Kim Fournais, and Marc Hauschild. The company obtained its banking license in 2001. It offers 4 different account types (Platinum, Classic, VIP, and Pro) with maximum leverage of 1:66.
Contact
Philip Heymans Alle 15 2900 Hellerup Denmark
Rank and Score
Pros and Cons
Account Types
Platforms
Pros
Competitive pricing for high-volume traders
Advanced trading platforms
Strong regulatory oversight
Wide range of tradable assets
Cons
Complex platforms may be overwhelming for beginners
Higher fees for smaller accounts
No US clients accepted
Limited cryptocurrency offerings

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
Saxo Bank was founded by Kim Fournais in Copenhagen in 1992

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.

Saxo Bank Professional Account
To get a Saxo Pro account, you must have at least one-year experience in the financial sector

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

SaxoInvestor Android

SaxoTrader Go Android

-

iOS

SaxoInvestor iOS

SaxoTrader Go iOS

-

Web

SaxoInvestor Web

SaxoTrader Go 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 Spreads
Trade EURUSD with average spread of 0.8 pips

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

Email

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:

TrustPilot

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.

FAQs

Can US residents open an account with Saxo Bank?

The company does not currently accept clients from the United States.

What types of assets can I trade on Saxo Bank?

The broker offers a wide range of products, including Stocks, ETFs, Forex, CFDs, Options, Futures, Bonds, and some Cryptocurrencies.

Is Saxo Bank safe?

The broker is regulated by multiple tier-1 authorities and offers strong fund protection up to 100,000 EUR.

What is the minimum deposit for Saxo Bank?

A basic account has no minimum deposit, but higher tiers require $200,000 or $1,000,000.

What are the available trading platforms?

You can use the broker’s proprietary platforms: SaxoTraderGO, SaxoTraderPRO, and SaxoInvestor.

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