Saxo Bank Review
Saxo Bank is an online broker and licensed bank which has been in operation for over 25 years. They offer ultra-competitive spreads and commissions across all asset classes, with an impressive 42,000 Forex and CFD trading instruments to choose from. Saxo provides clients with their own proprietary platforms, a vast selection of powerful tools and useful market analysis to assist with your trading activity. You can choose to invest in cash products, trade with leveraged products or let the experts manage your money.
Saxo Bank Review, Pros & Cons
- Multiple regulations in several jurisdictions
- Access to trade over 42,000 trading instruments
- Low spreads & rapid trade execution speeds
- Very competitive commission fees
- Modern trading platforms which are swift & replete with essential tools for traders
- Market analysis from a team of analysts known as SaxoStrats
- Abundance of powerful trading tools for indepth market analysis
- API connectivity
- Third-party tools including TradingView, MultiCharts & Dynamic Trend
- Managed portfolios
- SaxoSelect trading strategies
- Saxo rewards programme
- Multilingual 24-hour customer support
- Traders from USA are not accepted
- Minimum $500 deposit
- Inactivity fee
In this detailed Saxo Bank review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Saxo Bank Overview
Saxo Bank is the trading name of Saxo Capital Markets which is owned by Saxo Bank; a licensed investment bank that offer robust brokerage services. Saxo bank was established in Denmark in 1992. Its headquarters is in Copenhagen but it has other offices in various locations including Singapore, UK, Australia, Brazil, China, Czech Republic, France, Hong Kong, Japan, Switzerland, Netherland and UAE.
The Saxo brand offers over 40,000 trading instruments in the asset classes of forex, stocks, commodities, ETFs, Futures, Bonds and Vanilla options. The broker boasts of over $17 billion deposited by clients from over 170 countries and processes about one million transactions every day. The Saxo spreads are very competitive and trades are executed within fractions of a second.
Saxo bank clients trade on the proprietary trading platforms which are sophisticated, fast and efficient. Its liquidity is drawn from 85 exchanges and 15 banks, ensuring multi asset liquidity. Quality trade execution speeds are offered through the banks secure ECN channels using direct market access (DMA) or principal style executions. Saxo bank states that it acts as market makers to all financial products not traded on an exchange.
Over the years, Saxo Bank have been honoured with numerous awards for their brokerage services. They have been consistently recognised by the industry and have won some of the highest accolades for the products, platform and services they provide.
They are a financially stable company with a robust balance sheet, serving clients in 170 countries, holding USD 16bn in AUM and processing 1m transactions daily.
Saxo Bank Regulation
Saxo Bank must adhere to the strictest regulatory standards, and are fully licensed and regulated in 15 jurisdictions across Europe, the Middle East and Asia.
Saxo Capital Markets UK Limited is authorised and regulated by the Financial Conduct Authority (FCA) with the license number 551422.
BG SAXO Società di Intermediazione Mobiliare S.p.A. is licensed by Italian Market Authority – Consob (Albo SIM – Registration Number: 296).
Saxo Bank A/S Czech Republic is registered by the Czech National Bank with Registration Number: 28949587.
Saxo Bank A/S Netherlands is registered by the Bank of the Netherlands with Registration Number: 34357130.
Saxo Capital Markets Pte. Ltd. Singapore is licensed as a Capital Market Services provider and an Exempt Financial Advisor, and is supervised by the Monetary Authority of Singapore (MAS). The Registration Number is 200601141M.
Saxo Bank (Switzerland) Ltd. is a licensed bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Saxo Banque (France) SAS is licensed as a Credit Institution by the Bank of France with Registration Number: 483632501 R.C.S. Paris.
Saxo Bank A/S is licensed by the Danish Financial Supervisory Authority (FSA).
Saxo Bank – Representative Office is licensed by the Central Bank of the U.A.E. as a Representative Office with the Registration number: 2017/995/13.
Saxo Bank Securities Ltd. is licensed by the Japanese Financial Services Agency with the Registration Number: 239.
Saxo Capital Markets Hong Kong Ltd. is licensed by the Securities and Futures Commission in Hong Kong with the Registration Number 1395901.
Saxo Capital Markets Australia Pty. Ltd is licensed by the Australian Securities and Investments Commission (ASIC) with the Registration Number: 126 373 859.
As required by the regulatory authorities, clients’ funds are held in segregated bank accounts and clearly separated from Saxo Bank funds. To ensure strict compliance, daily audits are carried out. A monthly audit report is submitted to the regulatory authorities like FCA. This audit is done by external auditors.
The Saxo Bank UK clients are insured by the Financial Services Compensation Scheme (FSCS). This means that eligible clients’ funds are further protected by the insurance provided by the FSCS. If Saxo Bank become insolvent, clients can be compensated up to £85,000.
Saxo bank is also a member of the Danish Guarantee Fund. Eligible clients are compensated up to €100,000 in case of bank insolvency.
Saxo Bank Countries
United States residents are not allowed to register for Saxo Bank services. Some Saxo Bank broker features and products mentioned within this Saxo Bank review may not be available to traders from specific countries due to legal restrictions.
Saxo Bank Platforms
Saxo have their very own proprietary trading platforms where you can benefit from integrated trading tools for conducting in-depth market analysis, trade signals, news feeds and innovative risk-management features.
All platforms are available with a single Saxo account. Whatever your trading needs or experience level, you can find a trading platform that is suitable for you.
In addition to the Saxo platforms, they also offer the ever popular MetaTrader 4 (MT4) platform, API connectivity and third-party tools.
SaxoTraderGO is an award-winning trading platform comprising of a range of trading tools for efficient trading and in-depth market analysis. The platform is intuitive and it is designed for Windows PC, MAC OSX and Linux computers. It is mobile friendly with iPhone and Android SaxoTraderGO apps available.
The SaxoTraderGO platform key features include:
- Built for speed and efficiency with a fully customisable interface.
- Automated trading signals from Autochartist.
- 7 chart styles on 15 timeframes.
- Advanced order management such as OCO, stop limit, trailing stop, market, etc.
- Over 50 technical indicators for market analysis.
- Account management including history and performance analysis.
- SaxoStrats analysis, news, trade ideas and training resources.
- Live market commentaries and insights.
- Risk management features including account shield, stop orders, margin breakdown, cancel all orders, etc.
SaxoTraderPRO is Saxo Bank premium trading platform designed for professional traders. This professional-grade platform is fully customisable and embedded with essential tools designed to deliver a superior trading experience to expert high-volume traders. It can be downloaded and installed on a Windows or MAC OS computers.
The SaxoTraderPRO platform key features include:
- It can be set up on up to 6 screens at the same time.
- Access to trade up to 42,000 instruments from a single multicurrency account.
- Detailed account analysis and performance reports.
- Clients can manage orders in relation to level 2 order book in real time; this service requires subscription.
- Subscribe to view real time order executions on an exchange.
- Advanced trade ticket.
- Comprehensive charting package which include annotations, drawing tools and over 50 technical indicators.
- It can trade Forex Vanilla and touch options.
MetaTrader 4 (MT4) was developed by Russian software company MetaQuotes and is used by millions of Forex & CFD traders all over the world. MT4 is widely regarded as one of the most user-friendly trading platforms that is packed with a vast array of trading tools for conducting market analysis and managing orders.
The MT4 platform key features include:
- Supports Saxo real-time feeds
- Fully customisable interface
- Multiple chart types & timeframes
- Instant, pending & limit orders
- 50+ technical indicators & drawing tools
- Set alert notification via email, SMS & pop-ups
- Automated trading via expert advisors (EAs)
- Strategy tester to back test EAs over historical data
- MQL programming interface to create custom tools
- MQL marketplace to share signals & tools
- Available for desktop, web & mobile devices
- Supports multiple languages
Saxo allow you to fully integrate MT4 with your Saxo account to plan, place and manage your trades using powerful tools, while benefitting from Saxo’s industry leading execution and liquidity. The brokers liquidity flow matches off client positions, so they never take the opposite side of your trade.
You can apply to trade with the Saxo MT4 platform through the standard account opening process. Once your account has been approved and you have signed an additional agreement (the MT4 agreement), the Electronic Trading Services Client team will arrange the setup of your MT4 account.
You can then download the MT4 terminal and sign in with the MT4 login details that they send you. You will have access to both the mobile and desktop versions.
The minimum funding for a Saxo MT4 account is $20,000 (£15,000 or €18,000). Once you have funded your Saxo account, it will take between two to three days to get full access to MT4.
Saxo automatically nets equal, opposite positions, making rollover rates more financially efficient compared to standard MT4 practice.
Connectivity & APIs
Traders can connect to Saxo’s capital markets infrastructure via your preferred interface.
Gain market access through a stable, fast, flexible and fully-documented electronic infrastructure and receive tailored multi-asset liquidity via FIX API. With over 20 years’ experience in creating liquidity pools and execution capabilities, Saxo construct competitive solutions best suited to clients’ flow.
- Multi-asset liquidity and full back-office functionality
- Connect to major technology, bridge and platform providers
- Presence in major financial data centres
Access Saxo’s entire capital markets infrastructure, including instrument and client portfolio data, charts, quotes, order placement, lead sign-up and event notifications, on the same API used by their award-winning platforms (including market data) through a single REST web API based on modern standards.
- Empower proprietary UI/UX
- Simplify secure development
- Enhance agility
Third Party Tools
Saxo give clients the capability to further extend their trading capabilities by executing trades from one of the brokers partnership platforms, including TradingView, Dynamic Trend & MultiCharts.
You can connect your Saxo account to a third-party platform to access custom tools that suit your specific trading requirements. Available features include asset-specific analysis tools, advanced strategy back testing and hyper-responsive charting.
Trade on your choice of platform and benefit from Saxo’s industry leading execution speeds and market-leading prices. Each platform is priced differently and a licence has to be obtained directly from the software vendor to get access. Connecting to your Saxo account on any of these platforms is free of charge, and you trade against the same conditions as on Saxo’s own platforms.
OpenAPI for Excel
Create a custom trading environment with Excel’s powerful automation functionalities. View and manage your portfolio directly in Excel. Execute complex orders and build custom workspaces when you connect to Excel via OpenAPI.
Dynamic Trend is a complete stock and options analysis and trading platform. Access specialist options analysis and trading software with no compromises. Leverage Dynamic Trend’s Options Volume Map to identify price targets and convert these directly into suitable option strategies with the Options Strategy Builder. Use advanced tools to refine your option trading strategy, including the Option Projection tool, Decay Chart, Matrix Scanner, Spread Select, and more. Get free access to expert online education and weekly webinars hosted by the Dynamic Trend team.
Browse and discuss ideas and insights as part of an active community with millions of traders from all over the world. Access powerful charting tools to identify and analyse patterns on easy-to-read and fully customisable charts. Outsource technical analysis to 100+ prebuilt indicators and other tools.
Optimised for expert traders, MultiCharts provides advanced market analysis and high-speed one-click trading straight from the chart. Refine your strategy with advanced market analysis tools, extensive backtesting and chart trading. View fully customisable, high-definition charting, with built-in indicators and strategies. Access faster and more precise execution with full support for automated trading. Verify and optimise your strategy with extensive backtesting features.
Updata Analytics provides the tools and analysis you need to make better trading decisions. Use expert technical analysis, scanning, alerting and system testing to improve your timing and performance. Run hundreds of charts live across virtual desktops with over 1,000 pre-built custom indicators and trading strategies.
Saxo Bank Trading Tools
In addition to industry leading trading conditions, award-winning trading platforms and around the clock support, Saxo clients get access to a great selection of trading tools to help improve the overall trading experience.
Saxo Platform Tools
On the Saxo Market platforms, there is a selection of powerful trading tools that can help to assist traders with their online trading strategies. Some of the platforms tools include:
The economic calendar is useful for fundamental analysis. It shows important events and their dates as well as the potential impact on the markets and assets involved. You can view previous, forecasted and actual impact. The calendar can be filtered to display the market news that matters most to you.
Autochartist is a powerful pattern-recognition tool which automatically monitors the markets on your behalf. It can identify chart patterns using technical indicators such as Fibonacci retracements. It monitors the markets 24 hours a day, alerting you to trading opportunities in real time.
Autochartist’s features are designed to identify patterns in charts, with the main benefit being the real-time insights it generates for market movements. Autochartist is constantly scanning the markets on your behalf, and it gives you price alerts whenever a new opportunity presents itself.
The Autochartist search pane enables users to define the parameters of the markets that the program scans. It can be tailored to your individual trading style, or you can use it to search markets that are less familiar and find opportunities that you may not have otherwise thought about.
Autochartist can save you a lot of time that you would otherwise dedicate to scanning the markets manually. Technical analysis and chart pattern recognition are laborious tasks for a trader, and by using Autochartist to carry them out, you can spend more time developing your trading strategies or learning about new techniques that you think might be useful for you.
Autochartist is a flexible product because it is capable of highlighting thousands of potential trades a month in a range of financial markets, including forex and stocks. It is important to note that there are absolutely no guarantees on how the Autochartist signals will perform. You may want to do your own additional analysis and ensure that you understand the risks involved.
Keep up to date with the latest market news, directly from within the Saxo platform. News is powered by ‘NewsEdge Macro’ and ‘NewsEdge Corporate’.
Saxo Bank Education
You can build new skills and sharpen your trading edge with the wealth of Saxo educational resources and expert analysis. This includes video tutorials, trading guides, webinars and more.
Platform Video Guides
Tour the platforms and get step-by-step guidance on placing orders, managing positions, performing analysis and more. A full range of video tutorials are available in the Education section of the trading platform and on the brokers website.
Introduction To Trading
Explore the markets at your own pace with short online courses covering the basics of financial instruments. These e-learning courses are designed to give you the toolkit you need to understand and navigate the markets. Learn at your own pace with the short, step-by-step courses – including videos, interactive exercises and quizzes to help you track your progress.
Risk Management Rules
Learning how to manage risk in the markets is one of the most important steps for any trader or investor. Take your strategy to the next level by learning to manage risks to your positions and investments.
The Saxo expert team provides daily commentary and in-depth analysis across the global markets, including annotated charts.
Market Call Podcast
The Saxo strategy team brings you the Saxo Market Call podcast, available several times a week via your favourite podcast service. The Saxo Market Call podcast is a quick way to get up to speed on market news and upcoming risks and opportunities. Market Call is available on all major podcast apps, including Apple Podcasts, Spotify, PodBean and Stitcher. Just search ‘Saxo Market Call’ to find it.
Events & Webinars
Webinars are frequently scheduled on the website. They are handled by the SaxoStrats; Saxo Bank experts. You can also view previous webinars from the online library.
This section of the Saxo Bank website updates clients with market news, analysis and forecasts. It is prepared by the Saxo in-house analysts known as the ‘SaxoStrats’ who provide daily insights, analysis and views across global markets, asset classes and tradable instruments.
The following sections give updates on specific assets classes:
- Macro: Daily macro releases and their impacts on instruments as well as macro trading strategy ideas.
- Equities: Expert analysis on equities from 40 exchanges all over the globe. Saxo Bank team give technical analysis and cross-asset correlations. This section is updated several times a week.
- Quarterly Outlook: This is a quarterly financial outlook for key currencies, economies as well as forecasts for the new quarter.
Saxo Bank Instruments
Saxo offers access to an extremely impressive selection of over 40,000+ instruments – across asset classes – to trade, hedge and invest from a single account. You can choose from popular products such as Stocks, Forex & CFDs, along with futures, ETFs, bonds, mutual funds, forex options and listed options.
Whether you want to invest in cash products, trade with leveraged products or let the experts manage your money, there is something for everyone to trade.
Access 19,000+ stocks across core and emerging markets on 37 exchanges worldwide, with the same Saxo Account. The prices are very competitive, you can trade US stocks from USD 3 and HK stocks from HKD 60 with even lower rates for active traders.
Access more than 3,000 ETFs from 30+ exchanges around the world with ultra-competitive ETF commissions.
You can digitally trade 5,000+ government and corporate bonds in Europe, US, Asia, Middle East and Latin America, from the same platform as other assets and access powerful analysis tools. Standard commission rates start at 0.20%, and drop as low as 0.05% as you trade more.
Clients get direct access to tier 1 liquidity and receive the best spreads with minimal mark-up. Orders are routed straight to an optimised digital dealer auction, where the top end of 50+ liquidity providers compete for your order and return the best possible price for an instant trade.
With direct electronic access to liquidity providers, Saxo eliminate manual processes across the value chain of traditional bond trading – so that you can benefit from significantly lower commissions.
The broker sources liquidity from a network of more than 50+ Tier-1 liquidity providers in the global OTC market, covering the US, EU and emerging markets including LATAM, APAC and MENA.
Saxo offer full access to more than 250 top-rated mutual funds from the world’s largest investors. The broker eliminates commissions and custody fees to make sure you get the most out of your savings. You only pay the management fee when you invest in mutual funds with Saxo.
Saxo Bank has created managed portfolios where clients can invest their funds. The clients will have access to monitor the investments, withdraw or exit at any time. Each portfolio consists of a collection of assets, investment strategies and managers.
The broker has partnered with renowned asset managers like BlackRock and Morningstar. A client can browse through the details of each portfolio to choose the best that suits his budget, assets of interest, risk level, return rate, etc.
There is no minimum investment period and you can exit at any time for no additional cost. Fees depend on the managed portfolio you choose to invest in. You can see a full list of managed portfolio fees on the Saxo website.
It is important to note that past performance is by no means any indicator of future performance. Investing in financial products always involves risk. As a general rule, you should only invest in financial products if you understand the risks associated with them.
You can trade 182 FX spot pairs and 140 forwards across majors, minors, cryptocurrencies, exotics and metals.
Trade major Forex pairs from 0.6 pips with competitive entry prices and even lower rates for active traders.
The brokers top class execution and Tier-1 liquidity gives higher fill-rates, fewer premature stop-outs and significant price improvements.
Go long or short on 9,000+ instruments with tight spreads and low commissions. Saxo offer CFD trading on single stocks, indices, forex, commodities, options and bonds.
Single Stocks & ETFs
CFDs on 8,800+ single stocks and 675 ETFs traded on the world’s biggest exchanges.
Tight spreads on 29 index-tracking CFDs, including Germany 30, US 500, UK 100 and more.
CFDs on seven FX pairs, including EURUSD, EURGBP, GBPUSD and AUDUSD. The EURUSD spread starts from 0.6 pips depending on the market volatility and liquidity.
CFDs on five government bonds, including the German 10-year bund and French 10-year OAT.
19 commodity CFDs covering energy, agriculture, metals, softs and emissions.
15 index option CFDs, including the SPX, DJX, ESX and OESX.
Trade a wide range of commodities as CFDs, futures, options, spot pairs or exchange traded commodities (ETCs). You will find tight spreads and low commissions across the entire Saxo commodity range.
There are over 200+ futures from 23 global exchanges available at Saxo, covering equity indices, energy, metals, agriculture, rates and FX. You can trade futures from 1.25 USD, 1 EUR or 1 GBP per lot. These are some of the lowest futures commissions in the industry.
The broker has a good selection of advanced future trading tools. Take advantage of time and sales, futures spread orders and depth trader — plus, trade directly from charts.
Saxo offer access to 44 FX vanilla options with maturities from one day to 12 months, so traders can choose the expiration and strike price that best suits their strategy and market view.
When you trade FX options with Saxo Bank, you get competitive pricing. Trade EUR/USD from 3 pips and USD/JPY from 5 pips. You can also take advantage of extensive option chain tools, option analytics and innovative risk-management tools.
In addition to traditional stop-loss orders, FX options offer more alternatives to controlling risk. They can be used to hedge current FX positions, or express a view on future volatility.
Clients can access 1,200+ listed options from 23 exchanges worldwide, across equities, indices, interest rates, energy, metals and more. Trade stock options from 1.25 USD, 1 EUR or 1 GBP. The broker has advanced options tools including option chain functionality, combination order tickets and one-click trading.
When you invest in a Trading Strategy using SaxoSelect, the brokers traders make speculative trade decisions on your behalf, right in your account. There is a choice of trading strategies on the Saxo website, showing the performance of each.
They may take one or two speculative positions with specific short-term expectations, or none at all if conditions aren’t favourable – the pulse of the market dictates. This means the traders may also enter short positions to target profits from downward market movements.
There is no minimum investment period and you can exit at any time for no additional cost. SaxoSelect has a service fee, trading fee and performance-based fee. The service fee and performance fee are deducted quarterly on a pro rata basis. The minimum investment is USD 20,000.
Please note that Trading Strategies are categorised as very high risk. While taking on such risk has some potential for significant returns, be aware that drawdowns in excess of 20% are a distinct possibility. It is imperative that you are fully aware of and have a complete understanding of the risks involved.
Saxo Bank Accounts & Fees
There are a range of different account types depending on the trader’s capital. Generally speaking, the more you trade with Saxo, the less you pay and better service you get. When you open an account, you are placed into a tier based on your initial funding within 30 days. After your first three months trading, you will automatically be moved to the tier that best reflects your volume – with no additional funding required.
The following are the Saxo account types:
The minimum balance is £500 for UK clients but for international clients, it is $10,000. For Australian clients, the minimum opening balance is AUD 3,000.
This account features 30% lower prices than the classic account. Priority support is given in local language. The minimum opening balance is as follows:
- UK clients; £50,000
- Australian clients; AUD 50,000
- International clients; $200,000
Platinum and VIP clients benefit from a personal point of contact to answer account queries and offer exclusive invitations to events and webinars. Your relationship manager can also provide a personal introduction to Saxo platforms and educational content, as well as curated market news relevant to your trading and investment interests.
This is the main account type that has the best of services, price and priority support in local language. VIP clients receive priority one-to-one support, market commentary, assistance placing complex orders and a sparring mate to discuss trading strategies. VIP clients can also speak directly with the SaxoStrats to discuss asset allocation in line with macro developments, their views on all major asset classes, and the implications of central bank policies and other market events. The minimum account opening balance is £1 million or AUD1 million or $1 million.
This is exclusively for high volume traders, financial experts or high net worth individuals who qualify based on stated criteria. Professional account holders can trade with higher leverage of up to 1:66 but will waive some of the protections that non-professional accounts have. As a professional client, you can also use a percentage of your shareholdings as collateral for margin trading.
If you meet at least two of the following criteria, you may be eligible to reclassify as an elective professional client:
- Have a financial portfolio that exceeds €500,000
- Placed at least 10 relevant trades in significant sizes over the last four quarters
- Work, or have worked, in the financial sector for at least one year
The broker accepts corporate accounts if you have a corporate bank account and are able to submit the necessary documents. You can access all our 40,000 tradable instruments from the corporate account, with optimised liquidity and dedicated support.
It normally takes one week to approve a corporate account, assuming you provide clear copies of the required documents. When you open a corporate account, you will be assigned a dedicated relationship manager, who will provide expert 1:1 support.
The Saxo demo account allows you to practice your trading strategies and familiarise yourself with the brokers platforms. It comes preloaded with virtual funds so you can trade online, risk free. This is a great way to try out the Saxo products and services to see if they are suitable for your needs.
Saxo Rewards is an award-based programme where you can earn reward points for every qualifying trade with different asset classes and trade sizes worth a varying number of points. You can also earn points for other activities, such as adding funds to your account.
Clients can collect reward points to qualify for account upgrades, and monitor their points balance in real-time for complete transparency. Unlock better levels of pricing and service as you collect more points. If you trade more, you pay less and receive better service with the loyalty programme.
When you qualify for an account tier, you’ll receive a rolling 12-month membership. That means if you continue to meet the rolling points criteria of your tier, your 12-month membership will roll over as well. If you ever drop below the qualifying points criteria, you’ll have a 12-month grace period before we’ll move you to a lower tier, giving you time to build up your reward points again.
You are automatically enrolled on the Saxo rewards programme when you open a Saxo account, at no extra cost.
As broker fees can vary and change, there may be additional fees that are not listed in this Saxo Bank review. It is imperative to ensure that you check and understand all of the latest information directly from Saxo Bank before opening a trading account with this brokerage.
Saxo Bank Support
Saxo offer expert support for account and technical queries whenever markets are open. The Saxo support teams operate from 16 countries, and each team member is a Saxo platform specialist and fully immersed in their local market.
The support team is available 24/5 and speak multiple languages. They can be reached via several phone numbers, email and live chat.
The support centre has an FAQ centre with answers to over 250 questions about opening accounts, funding and withdrawals, trading platforms, trading instruments, trading costs, and much more.
With over 660,000 satisfied customers, Saxo Bank offers world-class service around the clock. Whether you’re a high- or low-volume trader, you’ll receive first-class support tailored to your needs. They have an easy to use digital service and exclusive personal service for active traders.
Saxo Bank Deposit & Withdrawal
Saxo Bank offer a choice of convenient funding options including bank wire transfer and credit/debit cards. They do not charge deposit or withdrawal fees. Third party transfers are prohibited.
Bank Wire Transfers
Initial account funding can only be made via bank transfers. Also, withdrawals are only done using bank transfers. It takes 2-7 days to complete a bank transfer.
A maximum of 3 cards is allowed per client. A maximum of $100,000 is allowed for each transaction. The international cards accepted are Visa, Mastercard and Visa Electron. Transaction fees are charged by the card processors depending on the currency. For credit cards denominated in USD, 2.62% is charged while 2.24% is charged for debit cards. Card deposits are processed instantly.
clients can transfer their stock portfolio to Saxo Bank and use it for collateral trading. On requests, securities can be transferred from other brokers to Saxo.
Saxo Bank Account Opening
It only takes a few minutes to open a Saxo Bank trading account. To open a Saxo Bank trading account, visit the Saxo website and click on ‘Open Account’. The account opening form will be displayed. Keep in mind that you may need to open an account with your local regulated entity of Saxo.
Fill in your name, password, email and phone number and click ‘continue’. The next part of the form requires your address, financial information, tax information and business terms acceptance. Next, is the uploading of verification documents; government issued ID card and a ‘proof of residence.’ On successful completion, wait for the approval email after which deposits can be made and live trading can commence.
Saxo Bank FAQ
What is the Saxo Bank minimum deposit?
The minimum deposit required at Saxo Bank can depend on your country and account type. The classic account requires a minimum deposit starting from $500 and going up to $10,000. Premium accounts need a minimum of $100,000, Platinum accounts a minimum of $500,000 and the VIP account a minimum of $1,000.000.
How do I deposit money into Saxo Bank?
Saxo Bank accept deposits via credit/debit card, bank wire transfer and portfolio transfer (transfer stocks, bonds, ETPs). There are restrictions regarding the countries they can accept cards from which you can find on the brokers website.
To add funds to your Saxo account, simply log into deposits and transfers then select your funding method and desired amount. The funds can take up to 5 working days to show in your account.
The following transaction limits apply to card payments whereas the issuer of your card might have additional limitations:
- Minimum 1 USD and maximum 5,000 USD per transaction
- 50,000 USD per 30 days.
To transfer your stock portfolio to Saxo, you will need to submit a transfer request. It is only possible to transfer stocks that are registered in the same name as the Saxo Bank account holder.
Stock transfer can take some time to process, as the request needs to also be processed by your current portfolio holder when Saxo contacts them on your behalf.
You can fund your account in a currency other than the account currency. A conversion fee will be added which can vary depending on your region. The amount of funds is calculated by using the mid-spread FX spot rate at the time of transfer, plus/minus the conversion fee.
Saxo Bank only accepts transfers to a Client Account from a credit/debit card held by the same individual as the holder of the Client Account. Any payments made by a third party will be returned to the remitter.
No more than 1 card can be used with your Saxo Bank account, except for clients residing in the United Kingdom who are allowed to use no more than 3 cards.
Clients contracting with Saxo Capital Markets UK Limited can only fund their accounts using Debit Cards.
When you send funds to your account, it is possible to use them before the value date. Funds become available immediately for further operations as soon as they appear in your Transactions not booked under Account details. The amount booked will move from Transactions not booked to Cash balance on the following day.
What are the Saxo Bank deposit fees?
Saxo does not charge for wire transfer deposits.
Debit & Credit card payments are subject to the fee charged by the card operator (Visa / MasterCard), which ranges from 0.51% to 2.86%, depending on the transaction currency. The relevant fee is displayed before the transaction is committed, and is deducted from the total amount transferred.
No fees will be charged on Debit and Credit cards issued in EEA.
Saxo does not charge any fees for transferring securities to your account with Saxo.
How do I withdraw money from Saxo Bank?
To withdraw funds from your Saxo account, login and select deposits and transfers, then click withdraw funds. Select the Saxo account you want to withdraw money from, enter the withdrawal amount and the currency. Finally, select your external account and click transfer.
At Saxo, they take precautions to ensure your account is secure. For this reason, they only allow withdrawals to accounts that have been verified to belong to you.
Previously used and verified accounts will appear in the “External account” drop down menu of your withdrawal module.
Saxo does not offer the ability to withdraw funds directly to a bank card. However, clients can perform cash transfers to the bank account to which the card is linked by using the Withdraw Cash module in the Saxo trading platforms.
Withdrawals done over platform will be processed the next business day if requested before 14:00 CET or the following day if otherwise.
What are the Saxo Bank withdrawal fees?
Saxo does not charge for withdrawals, but there might be fees from other banks, used for routing the funds.
Saxo executes all payments as SHA payments which means that the client must carry all costs applied by other banks used for routing the funds to the client’s account with the beneficiary bank.
Saxo do charge transfer fees for transferring securities out from your Saxo account. However, there are no costs involved when transferring Bonds out of Saxo.
What is the Saxo Bank commission fee?
The Saxo Bank commission fees are very competitive and vary depending on the instruments and volume that you are trading. Generally speaking, the more volume you trade, the less you pay in fees.
- Forex: Spreads as low as 0.5 pips
- Forex Options: Spreads as low as 3 pips
- CFDs: Spreads from 0.4 on US500
- Stocks: Commissions from $3 on US stocks
- Commodities: Commissions as low as $1.25 per lot
- ETFs: Commissions from $3 on US listed ETFs
- Futures: Commissions as low as $1.25 per lot
- Bonds: Commissions from 0.05% on government bonds
- Listed Options: Commissions as low as $1.25 per lot
- Mutual Funds: Commission, custody and platform fees at $0
Small FX Options trade sizes will incur a minimum ticket fee of 10 USD. A small trade size is any trade below the commission threshold which for most currency pairs is 50,000 units of base currency, however variations occur.
A fee of 0.12% p.a. (classic/platinum accounts) or 0.08% (VIP accounts) is charged on open Bond and Stock / ETF / ETC positions, with a minimum monthly fee of EUR 10 (or account currency equivalent). Fees are calculated daily but debited on a monthly basis.
Clients placing orders over the phone, chat or email will be subject to a manual order fee of EUR 50 per order. Certain products which cannot be traded on the platform (such as market-made instruments on the LSE, offline bonds, and specific algorithmic orders) and must be executed with the help of the trading desk can still be done free of charge.
Positions held overnight in Listed Futures, CFD Futures, and short-Listed Options will be subject to a carrying cost.
The carrying cost is calculated based on the daily margin requirement and applied when a position is held overnight. It is charged at the end of each month.
For Futures the funding rate used for calculating the carrying cost is based on the relevant Interbank-rate + mark-up at: 2.5% (classic accounts), 1.5% (platinum accounts), or 0% (VIP accounts).
For short Listed Options the funding rate used for calculating the carrying cost is based on the relevant Interbank-rate + mark-up at 1.5%.
Bought positions held overnight in long options positions (all maturities) will be subject to a holding fee. Holding fees will not be applied for the first 30 days. Holding fees will only apply after 30 days of holding a position.
When you hold an Index or Single Stock (Single Stock and ETFs/ETCs) CFD position overnight your position will be subject to the following credit or debit:
- Long positions incur a financing mark-up of +3% (classic/platinum accounts) or +2% (VIP accounts).
- Short positions incur a financing markdown of -3% (classic/platinum accounts) or -2% (VIP accounts).
For Classic clients there is a fee of USD 50 when requesting online reports to be delivered by standard mail or email. This fee will also apply for third-party requests for reports from, for example, auditors.
Are there any Saxo Bank inactivity fees?
No fees are charged for holding an account with Saxo Markets, unless the account has been inactive for a prolonged period of time, in which case a platform fee applies.
Saxo charge £25 GBP (or currency equivalent based on the account’s base currency) per quarter if you only hold cash funds on your account. These fees will be applied during the first week of the following quarter month, as long as your account remains inactive and continues to hold funds.
If you pay a custody fee, place a trade, or maintain an open position in the quarter, you will not be charged the platform fee.
Where a client fails to withdraw any assets and/or cash on an account after their termination date (specified by Saxo), an administration fee of £40 may be charged per month for the continued servicing of the account. This will be charged for as long as assets/cash continue to be held on the account.
What are the Saxo Bank account types?
Saxo Bank offer different accounts to suit your needs. All account types provide access to the brokers complete range of financial products and all trading platforms. You can choose between the following Saxo accounts:
- Classic account
- Platinum account
- VIP account
- Professional account
- Corporate account
- Joint account
The main difference between each account type is the minimum deposit required, pricing, fees and features. In general, the larger the trading volume, the better the conditions and more benefits the accounts have.
You may open several different types of accounts with Saxo (e.g. an individual, joint, corporate) but not more than one of each account (i.e. you may not open multiple individual accounts in the same name). For Joint Accounts it is only allowed to have two Joint Account Holders.
Is there a Saxo Bank demo account?
Saxo offer a free 20-day demo account so you can practice trading and try out their award-winning platforms before you open a live account.
Demo accounts can be a great way to familiarise yourself with trading online and test your trading strategies risk free, until you feel confident enough to trade with real funds.
What are Saxo Bank spreads?
Saxo Bank have very competitive spreads, starting from as low as 0.5 pips on major FX currency pairs such as the EURUSD. They use a tier-based system which means the more volume you trade, the tighter the spreads are.
The bid–ask spread is the difference between the prices quoted for an immediate sale and an immediate purchase for stocks, futures contracts, options, or currency pairs. The size of the bid–ask spread in a security is one measure of the liquidity of the market and of the size of the transaction cost. It is a fee that the majority of brokers charge.
What is the Saxo Bank leverage?
Saxo Bank offers different amounts of leverage depending on the product and your country, but the maximum leverage is 1:66.
When you trade CFDs, you can trade on leverage, this means that you only have to deposit a small percentage of the total trade value to gain a similar level of exposure to the markets. E.g. A leverage ratio of 1:30 means that for every $1,000 in your account, you can enter a position size of up to $30,000.
Whilst this can increase profit potential, it also significantly increases potential risk. It is therefore imperative that you have a clear understanding of what leverage is and how it works, before you trade with leveraged positions.
What are the Saxo Bank margin & stop out levels?
Before you open a Margin Trade you are required to have sufficient funds or collateral in your account that is at least equal to the initial margin requirement as indicated on the relevant product trading rates and conditions page or displayed on the trading platform. The margin is usually a small percentage of the overall value of the contract.
Although the margin required is small in comparison to the overall value of the contract, price movement may result in the requirement to place additional funds at a short notice to maintain the position(s). You will need to satisfy the margin requirements and failure to do so may result in a compulsory close-out of the open margined position(s).
It is not just vital but also your responsibility to effectively manage and monitor your account at all times to ensure that it does not breach 100% margin utilisation. If your account breaches 100% margin utilisation, then automatic margin close-out will commence, and consequently positions will be closed and existing orders will be cancelled.
Do Saxo Bank allow hedging, scalping, news trading & expert advisors?
Saxo Bank does not allow hedging but does allow scalping, news trading and automated trading with expert advisors (EAs).
Is there a Saxo Bank Islamic account?
Saxo Bank clients can trade Islamic compliant stocks and ETFs on more than 25 exchanges worldwide.
What are the Saxo Bank trading instruments?
Saxo offers access to an extremely impressive selection of over 40,000+ trading instruments – across asset classes – to trade, hedge and invest from a single account.
You can choose from popular products such as Stocks, Forex & CFDs, along with futures, ETFs, bonds, mutual funds, forex options and listed options.
Whatever your interests, there is something for everyone to trade.
- Forex: Approximately 182 forex currency pairs
- Stocks: Over 19, 000 stocks
- Futures: 200+ futures
- Listed Options: Over 1,200 Listed options
- Bonds: Bonds from 26 countries in 21 currencies
- CFDs: Over 9,000 CFDs
- Commodities: Including oil, gas, gold & silver
- Vanilla Options: 44 vanilla options
- ETFs: Over 3,000 ETFs
How do I open a Saxo Bank live account?
It is quick and easy to open a Saxo Bank account. Simply visit the brokers website, click on the “open account” button and complete the sign-up form.
At Saxo Bank, most sign-ups are approved digitally within minutes and they make every effort to get your account approved as soon as possible. This process may take longer when the demand for accounts is higher.
The onboarding department will send an email with all necessary information (including SaxoID, log-in credentials and payment information) as soon as your account is open.
If you have not received this information, the account is probably undergoing a manual inspection and you will be alerted to any issues or missing documentation.
How do I verify my Saxo Bank account?
You may need to submit documents to verify your Saxo Bank account. This is a normal part of any brokers anti-money laundering (AML) and know your customer (KYC) procedures. Documents can include:
- Proof of identity: Passport, drivers licenses, national identity card
- Proof of address: Utility bill, bank statement (no more than 3 months old)
If all the documents you provided meet the specified documentation requirements, you should expect your application to be processed within the next 2 working days for a private account. You will need to make sure you that you submit the correct documentation in order to avoid delays.
What is the Saxo Bank trading platform?
Saxo Bank provide their very own proprietary trading platforms, SaxoTraderGO and SaxoTraderPRO. They also offer the popular MetaTrader 4 (MT4) platform, API connectivity and integration with third-party tools.
We found the Saxo platforms to be amongst the best trading platforms of all the brokers that we have reviewed over the years. They are packed with powerful tools, advanced features, functionality and capabilities to meet the needs of even the most demanding traders.
Where can I download the Saxo Bank platform?
You can download the Saxo Bank trading platforms directly from the brokers website or by searching for them in the app stores on your mobile device.
Where is Saxo Bank located?
Saxo Bank is headquartered in Copenhagen, but also has offices in financial centres such as London, Paris, Zurich, Dubai, Singapore, India, and Tokyo.
Is Saxo Bank regulated?
Yes, Saxo Bank is regulated in 15 jurisdictions across Europe, the Middle East and Asia. They are regulated by some of the top-tier authorities, including the UK’s Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Monetary Authority of Singapore (MAS).
This is an impressive range of regulators covering multiple jurisdictions. It shows that Saxo Bank are transparent and must comply with strict rules and regulations that are put in place to protect the interests of traders and investors all over the world.
What countries do Saxo Bank accept?
Saxo on-board traders from most countries, excluding the USA and a few other countries. In the first step of the open account process you are asked to select your country of residency and if there are any restrictions regarding the country you come from, a message will alert you about it.
Is Saxo Bank a scam?
No, Saxo Bank is not a scam. They are a multi-regulated brokerage firm and licensed bank which has been in operation for over 25 years, providing a wide range of superior trading products and services to clients across the globe.
How can I contact Saxo Bank support?
If you have a question about the Saxo Bank products, platforms or services, you can visit the brokers support centre to find answers to some of the most frequently asked questions. If you are still unable to locate an answer to your question, you will also find contact details for your local Saxo office to speak with a representative. This includes telephone numbers, emails and office addresses.
Saxo Bank Summary
Saxo Bank is regulated in multiple jurisdictions and have won over 40 industry awards. They have been providing top class brokerage service for over 25 years to a global clientele.
Saxo Bank provide access to trade over 42,000 trading instruments, with a wide range of online trading instruments to suit all different types of online trader. Trading conditions include tight spreads, low commission fees and rapid trade execution speeds.
The proprietary Saxo Bank platforms offered are intuitive, sophisticated, powerful and fully customisable to suit the individual needs of traders with different trading strategies and experience levels.
In addition to the award-winning Saxo platforms, clients can download the user-friendly MetaTrader 4 platform and choose to implement a wide variety of third-party tools for a flexible and customised trading experience.
Saxo have trading platforms and tools that can meet the needs of even the most demanding of traders whilst still being readily available to new traders.
They also have an educational section that is dedicated to helping traders improve their trading skills and knowledge. This shows that they are a broker who care about client needs and support informed trading decisions.
The “SaxoStrats” in-house expert analysts are hardworking, producing in-depth daily analysis and market insights to help identify potential trading opportunities.
In addition to this and more, Saxo provide managed portfolios, trading strategies, 24-hour customer support and a rewards-based programme for active traders.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any other products work and whether you can afford to take the high risk of losing your money.