Saxo Markets Review 2020
Saxo Markets is an online broker and licensed bank which has been in operation for over 25 years. They offer over 42,000 Forex and CFD assets for trading on their proprietary platforms. Whilst they offer a good seelction of market analysis and useful trading tools, the funding options are limited and they do not provide the popular MetaTrader 4 (MT4) platform as many other online brokers do.
Saxo Markets Review 2020, Pros & Cons
- Multiple regulations in several jurisdictions
- Access to trade over 42,000 trading instruments
- Multilingual customer support team
- Market analysis from a team of analysts known as SaxoStrats
- Modern trading platforms which are swift & replete with essential tools for traders
- Traders from USA are not accepted
- No cryptocurrency trading
- Broker does not accept modern online payment methods such as Skrill, Neteller, PayPal, etc
- Large trading capital is required especially for VIP clients
- No MetaTrader 4 (MT4) platform
- Restricted leverage
- No fixed spread accounts
In this detailed Saxo Markets 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 Markets is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Saxo Markets.
Saxo Markets Review: Summary
Saxo Markets 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 spreads by Saxo are 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 Markets have been honoured with numerous awards for their brokerage services.
Saxo Markets Review: Regulation
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 Markets 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 Markets 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 markets 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 Markets Review: Countries
United States residents are not allowed to register for Saxo Markets services. Some Saxo Markets broker features and products mentioned within this Saxo Markets review may not be available to traders from specific countries due to legal restrictions.
Saxo Markets Review: Trading Platforms
This is a 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 apps available. Here are some of the platform’s features:
- 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.
This is Saxo Markets premium trading platform designed for professional traders. The platform is sophisticated and embedded with essential tools useful to an expert high volume trader. It can be downloaded and installed only on a Windows or MAC OS computer. Here are some of the features of the Saxo TraderPRO:
- 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.
Saxo Open API
Clients can access the Saxo Markets infrastructure, assets index, quotes and charts via this technology. Saxo Open API runs on HTTP protocol and it is like a REST API. It gives access to all the resources needed to build a trading platform.
Saxo Markets Review: Trading Tools
Saxo Select Managed Portfolios
Saxo Markets 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.
This section of the Saxo Markets website updates clients with market news, analysis and forecasts. It is prepared by the Saxo in-house analysts known as the ‘SaxoStrats’.
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 Markets 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 Platform Tools
On the Saxo Market platforms, there is a selection of useful trading tools that can help to assist traders with their online trading strategies. Some of the platforms tools include:
- Economic Calendar: This is useful for fundamental analysis. It shows important events and their dates as well as the potential impact on the markets and assets involved.
- Technical analysis and trading signals from ‘Autochartist’. This section is updated multiple times in a day. The signals are updated daily on over 200 trading instruments.
- News: Powered by ‘NewsEdge Macro’ and ‘NewsEdge Corporate’.
Saxo Markets Review: Education
The education section of the Saxo Markets website contains around 20 video courses grouped under 7 asset classes of forex, bonds, CFDs, Equities, forex options and futures.
Webinars are frequently scheduled on the website. There are handled by the SaxoStrats; Saxo Markets experts. Seminars are also scheduled on the website.
Also, there are around 46 video guides on how to use the Saxo TraderGO and Saxo TraderPro platforms.
Saxo Markets Review: Trading Instruments
Saxo Markets asserts that it gives traders access to more than 35,000 online trading instruments. They are as follows:
- Approximately 182 forex currency pairs
- Over 19, 000 stocks
- 200+ futures
- Over 1,200 Listed options
- Bonds from 26 countries in 21 currencies
- Over 9,000 CFDs
- 44 vanilla options
- Over 3,000 ETFs
Saxo Markets Review: Trading Accounts & Fees
There are a range of different account types depending on the trader’s capital. The EURUSD spread starts from 0.6 pips depending on the market volatility and liquidity. The following are the account types:
- Classic Account: 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.
- Platinum Account: 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
- VIP Account: This is the main account type that has the best of services, price and priority support in local language. Account holders are given exclusive invitation to Saxo Bank’s events and granted one-on-one access to the SaxoStrats; Saxo Banks’ team of analysts. The minimum account opening balance is £1 million or AUD1 million or $1 million.
- Professional account: This is exclusively for high volume traders, financial experts or high net worth individuals who qualify based on stated criteria. Account holders trade with higher leverage of up to 1:66.
As broker fees can vary and change, there may be additional fees that are not listed in this Saxo Markets review. It is imperative to ensure that you check and understand all of the latest information directly from Saxo Markets before opening a trading account with this brokerage.
Saxo Markets Review: Customer Service
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, etc.
Saxo Markets Review: Deposit & Withdrawal
Saxo Markets 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.
- Bank Cards: 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.
- Securities transfer: clients can transfer their stock portfolio to Saxo markets and use it for collateral trading. On requests, securities can be transferred from other brokers to Saxo.
Saxo Markets Review: Account Opening
It takes a few minutes to open a Saxo Markets trading account. But, it takes up to 2 days to approve an individual account and up to one week to approve a corporate account. This is because of the verification documents required. To open a Saxo Markets trading account, visit the Saxo website and click on ‘Open Account’. The form below displays.
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 Markets Review: Conclusion
Saxo Markets is part of Saxo Bank and has been in existence for over 25 years. The company is regulated in multiple jurisdictions and has won over 35 broker industry awards. With access to trade over 42,000 trading instruments, Saxo Markets has a wide range of online trading instruments to suit all different types of online trader.
The proprietary Saxo Markets platforms offered are intuitive, sophisticated and fully customisable to suit the individual needs of traders. The SaxoStrats are hardworking, coming up with daily analysis, article updates and lots of useful market insights.
However, the broker does not include other popular platforms such as the popular MetaTrader 4 (MT4) platform which supports many existing strategies, apps, signals, indicators and automated trading using expert advisors.
The payment options are not exhaustive as modern online payment gateways and cryptocurrencies are currently not provided. The trading capital requirements are quite high in comparison to many other brokers.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider.You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money.