Saxo Bank detailed review

Saxo Bank user-ratings: $2218.61
  • Asset varierity - 0/10
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  • Trading platform - 0/10
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  • Support - 0/10
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  • Fees - 0/10
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  • Deposit/Withdrawal - 0/10
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Facts about the company:

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  • Type: Forex, CFD and stocks broker
  • Regulation: FSA (DK), FCA (UK), FINMA (CH), DNB (NL)
  • Minimum deposit: 2218.61 Dollars
  • Demo account: Free
  • Markets: 40.000+ Forex, CFDs, Stocks, Commodities, Futures, Options, Bonds and ETFs
9.4/10
Comments Rating 9.4/10 (1 review)

Pros

  • Experience of more than 25 years
  • Local customer support
  • Investst in innovative technology
  • 120 partner banks and over 800.000 clients
  • Wide variety of available options

Cons

  • Free demo account limited to 20 days
  • A high minimum deposit of 10,000 Dollars

About Saxo Bank

Saxo Bank A/S is a Danish investment bank founded in 1992 under the name Midas Fondsmæglerselskab by Lars Seier Christensen, Kim Fournais, and Marc Hauschildt. The company’s name was subsequently changed to Saxo when the company obtained a banking license in 2001. Saxo offers clients trading in

  • Forex
  • Stocks
  • CFDs
  • Futures
  • Funds
  • Bonds
  • and Futures Spreads

through a variety of platforms.

The company now functions as an online broker with a banking license, without offering traditional banking products. The majority of Saxo’s business is conducted through partnerships with institutional trading partners. More than 100 financial institutions around the world use Saxo’s online brokerage platforms to serve their end customers.

The company is headquartered in Copenhagen and has offices in 13 countries across Europe and Asia. According to the company’s own information, it has customers in 180 countries and an average daily turnover of approximately 12 billion US dollars.

At present, the Online Broker employs around 1,600 people.

Saxo Bank Deposit Protection and Regulation

Saxo Bank’s Danish head office is regulated by the Danish Financial Supervisory Authority (FSA).

However, for clients in German-speaking countries, Saxo Bank AG, based in Switzerland, is a subsidiary of Saxo Bank A/S, which is regulated by the Swiss Financial Market Supervisory Authority FINMA. Both authorities have strict financial reporting requirements and specific rules for dealing with clients.

Saxo Bank’s clients are also well served when it comes to securing client deposits. Client funds are therefore protected up to a value of 100,000 Euro.

Awards of the Online Broker

The Danish investment bank has received many awards for its products and services in the past. Some of the current awards from previous years will be briefly outlined here:

  • Award as “Best Retail FX Platform” by FX Week e-FX Awards in 2017
  • Award as “best platform for active traders” at the International Financial ADVFN Awards in 2017
  • The SaxoTraderGO platform wins the Digital Award in the 2016 Customer Experience category
  • The Online Broker’s website will show more awards that Saxo Bank has won since 2014.

What tradable instruments does Saxo Bank offer?

Here is a brief overview of the trading instruments available at Saxo Bank. The Online Broker is relatively broadly based and offers its clients many different alternatives to participate in the Financial Market. More specifically, clients can choose from over 40,000 instruments across a range of asset classes.

Forex

Initially, Saxo Bank offers interested investors and traders the opportunity to trade Forex in the world’s most liquid market. Clients can choose from 182 different currency pairs (majors, minors, and exotic currency pairs) and 140 currency futures.

Saxo Bank’s Forex trading offers investors the highest quality order execution and fair spreads. Certain major Currency pairs can be traded from as little as 0.1 pips with the Online Broker.

CFDs

In addition to trading foreign exchange, there is CFD trading. At Saxo Bank, both Long and Short can be traded. The range of tradable instruments is also very broad, with over 9,000 CFDs on Stocks, ETFs, Indices, Forex, Commodities, and Government Bonds. If you take a look at the trading conditions, you will not be disappointed either. US equity CFDs can be traded with commissions starting at USD 6 and spreads starting at 0.4 points.

Stocks

Of course, Saxo Bank also offers equity trading. The Online Broker offers over 19,000 different stocks listed on 36 exchanges around the world. With commissions starting at $6 on US equities, prices can definitely compete with those of competitors.

Commodities

Also included in Saxo Bank’s range of trading instruments is commodities trading. Investors can trade a variety of commodities, from precious metals to agricultural commodities, futures, and Exchange Traded Commodities (ETCs). The trading instruments can be leveraged and traded both long and short. In principle, the spreads are also kept fair, and there are also discounts for higher trading volumes.

Futures

Saxo Bank also offers more than 200 Futures on equity indices, energy, metals, agricultural products, interest rates, and foreign exchange. With prices starting as low as USD 1.50 per contract, the online broker is also relatively well-positioned in this area.

Options

Another service offered by the online broker is trading in over 1,200 listed options on 23 stock exchanges around the world. Listed Options can be traded at Saxo Bank from as little as $1.50 per unit.

Vanilla Options can also be traded with any term between one day and twelve months with flexible strikes.

Bonds

The online broker also offers trading in over 5,000 corporate and government bonds from numerous countries and different currencies.

ETFs

Lastly, Saxo Bank offers trading in over 3,000 ETFs, starting from as low as USD 6 with low commissions.

What platforms are available at Saxo Bank?

After looking at Saxo Bank’s range of trading instruments, we’ll look at the platforms that the Online Broker offers its clients and the benefits that each offers. Saxo Bank offers clients two options, SaxoTrader Go and SaxoTrader Pro.

SaxoTrader Go

The first alternative SaxoTrader Go is a multi-award winning platform that is recommended for the majority of investors. This is primarily due to the extensive trading features the platform offers. It includes tools such as an enhanced trade ticket, designed for maximum efficiency and speed, key analytical tools, automated trading signals, and related technical analysis tools.

SaxoTrader Go

A further advantage of the platform is the account overview, which, in addition to the classic portfolio overview, also provides information on performance analyses and yield statements on the development of trades executed.

In addition to the use via PC, the trading platform can also be used independently of location and time via

  • MAC
  • tablet
  • smartphone

SaxoTrader Pro

As a second alternative, Saxo Bank offers the SaxoTrader Pro trading platform. This is designed for advanced investors with experience who want to trade professionally. In addition to the SaxoTrader Go tools, this version also has some advanced features such as the Depth Trader and algorithmic orders such as VWAP. This is designed to make the management and execution of orders more efficient using detailed market analysis functions.

SaxoTrader Pro

Up to six screens can be set up for optimal use of this platform. The SaxoTrader Pro can also be used on the go, and synchronisation with the SaxoTrader Go app on mobile devices is automatic.

TradingView

Saxo Bank is one of 12 Brokers currently available through the popular trading platform, TradingView.

Tradingview platform

Which account models does the Online Broker offer?

What also plays an important role in the selection of a suitable broker are the different account models that are offered. Saxo Bank clients can choose from three different account models: Classic, Platinum, and VIP. The characteristics of each of these account types will be discussed in more detail below.

ClassicPlatinumVIP
$ 10,000$ 200,000$ 1,000,000
Minimum Deposit

Classic

The Classic version is intended for most private investors and traders. With its tight spreads and high-quality support and customer service, it will meet most of your needs. Customers benefit from “market-leading entry prices”. However, it should be mentioned at this point that the minimum deposit for opening a Classic account is 10,000 Dollars.

Furthermore, regardless of the account model chosen, clients can access both trading platforms (both SaxoTrader Go and SaxoTrader Pro) at any time.

Platinum

The second option available to Saxo Bank clients is the Platinum version. This account type is primarily recommended for professional traders, as the minimum deposit of 200,000 Dollars is much higher.

The advantage over the Classic account type is that the spreads and commissions are even more favorable in direct comparison. In concrete figures, the trading costs are sometimes up to 30 percent lower. Apart from this, the online broker guarantees its Platinum customers “first-class digital services” as well as high-quality support in the relevant national language.

VIP

The last possible account type with Saxo Bank is the VIP version. However, this version can only be used upon invitation by the Online Broker or a deposit of $ 1,000,000. As a selected VIP client, you can then benefit from numerous advantages. First and foremost, the best conditions of all account models.

In addition, customers of this account type are provided with personal customer advisors in the local language, who offer them support services for all trading processes. It also provides individual access to the insights and comments of a trading expert team (“SaxoStrats”) at any time.

When a new account is opened, classification into the appropriate client segment is made based on the first deposit made. After three months, the account will be re-classified to reflect the individual trading volume. In this case, no further deposit is required.

Deposits with Saxo Bank

Once an investor has chosen Saxo Bank, the next step is to make an initial deposit. However, the Online Broker only offers the option to make a wire transfer. For this purpose, the Online Broker has provided the relevant data on its website.

Demo account with Saxo Bank

For all interested investors and traders who can imagine an account with Saxo Bank but would like to try it without any major financial risks, the demo account is the ideal solution. On the demo version of the Online Broker, the online platforms can be tried out in full for 20 days free of charge.

A virtual sum of 110656.80 Dollars is then available for this purpose, with which strategies and ideas can then be tested without risk. To access the demo account, only a few data are required, after which you can get started immediately.

Saxo Bank – Outrageous Predictions

A special feature of Saxo Bank, which sets it apart from the competition, is its popular Outrageous Predictions. This is a 20-year tradition where the Online Broker provides 10 forecasts for the coming year, year after year. For each of these 10 theses, there is a corresponding video clip in which an expert gives a reasoned presentation.

The support of the Online Broker

Saxo Bank’s service offering includes expert advice, which is available around the clock on business days. This service is made up of several components, which are described in more detail below.

Individual Client Advisors

The support provided by a personal client advisor begins with instructions on how to make the best use of the platforms offered and extends to answering all questions on account matters, bookings, and corporate actions. In addition, they are also responsible for invitations to exclusive events and webinars.

In-house analysts

Saxo Bank also has a team of expert strategists who regularly provide informative analysis and important insights.

Integrated technical support

The support center offers a customized helpdesk and the provision of important information and training based on the trades previously executed.

Support available:24/7 on business days
Telephone:+45 3977 4000
Address:solutions-copenhagen@saxobank.com
Languages:19+

Opportunities for further training

Irrespective of the current level of knowledge, the online broker offers all investors a wide range of different opportunities for further training in the trading area. Firstly, those with a thirst for knowledge can register directly on the Saxo Bank website in the “Education” section for upcoming webinars. These are usually prepared and presented by experts.

In addition to the webinars, the Online Broker also provides a series of helpful tutorials. These tutorials in the form of instructional videos explain, for example, basic trading terms, but also possible strategic approaches.

Last but not least, Saxo Bank also organizes events from time to time, where experienced professionals share their opinions and strategies with other investors and train them.

Conclusion

Almost everywhere on the internet the customer care and the service in general of this online broker are emphasized. Furthermore, the wide range of trading instruments is also well received by the majority. And the conditions such as the spread, for example, are also fair compared to other online brokers.

As Saxo Bank is regulated within the EU, it also provides a secure environment for trading. Just the minimum deposit of 2,216 Dollars may be a barrier to entry for some.


Most asked questions:

What is Saxo Bank?

Saxo Bank is an investment banking company founded in 1992. It is a fully licensed and regulated Danish Bank which enables access to an online trading platform for accessing global financial markets.

How safe is Saxo Bank?

This online broker is a member of the Danish Guarantee fund meaning that client cash deposits in case of for example bankruptcy are guaranteed for up to 100,000 Euros. Since Saxo Bank is also regulated by a variety of institutions with strict guidelines, it can be considered very trustworthy.

Who Owns Saxo Bank?

Saxo Bank is privately owned by Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co. Ltd, that holds 52 percent of the shares. Kim Fournais, the founder and CEO, owns 25.71 percent.

Is Saxo Bank a Market Maker?

Yes, the Saxo Bank may act as a market maker when certain circumstances apply. This excludes any products or services that are traded on an exchange.

One Response

  1. Andre Witzel September 8, 2020

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