Saxo Bank Germany Review 2024 - TU expert opinion
Is the Forex market legit in Germany?
Forex trading is absolutely legal in Germany. A large part of the country’s residents conduct active investment activity, including through trading currency pairs. The operation of Forex brokers is under supervision of specialists of the Federal Financial Supervisory Authority (BaFin) and also ESMA regulatory organizations. The regulators issue licenses only to reputable brokers with high financial potential for the protection of interests of their users.
Germany is an EU member and therefore all brokers must comply with the MIFID rules. Traders from Germany can work with organizations that are registered in other EU countries. There are no restrictions in this regard.
How to Trade Forex in Germany
In order to start trading, you need to choose a local or international brokerage company and register on its website. You will need to verify your account in order to receive full access to all services offered by the broker. Next, you need to fund your account and install a trading platform on your computer. Once the money is credited to your account, you can start trading.
Our Evaluation of Saxo Bank
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Saxo Bank is a reliable broker with the TU Overall Score of 7.4 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Saxo Bank clients on our website, Traders Union expert Anton Kharitonov believes he can recommend this company as the majority of reviews showed that the broker’s clients are mostly satisfied with the company.
SaxoBank is a Danish broker designed for professionally active and passive trading.
Detailed Review of Saxo Bank in Germany
Saxo Bank is a good choice for traders from Germany. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
Although the broker SaxoBank is not a leader in providing Forex services on the market, it provides very favorable terms for traders. The company offers remote learning for novice and regular customers as well as advice from professional investors analyzing mistakes and teaching winning strategies. SaxoBank is implementing innovative technologies to reduce server response time, thereby increasing the speed of transactions.
Saxo Bank - Pros and Cons for Beginners
SaxoBank broker in figures:
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the amount of assets under the company’s management is $17 billion;
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serves 120 banks and 300 financial intermediaries;
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regulated in 15 jurisdictions.
Advantages of Saxo Bank for trading in Germany
Traders Union analysts conducted a detailed analysis of Saxo Bank for traders from Germany. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
8 assets and over 30,000 instruments: Forex, CFDs, stocks, options, ETFs, commodities, futures, bonds;
compensation fund to cover losses of investors in the event of a company's bankruptcy is available;
relatively narrow spread on premium and professional accounts;
investment portfolios for passive earnings;
several types of training;
The broker allows hedging (on platinum and VIP accounts) and scalping (on all accounts).
Analysis of the Main Features of Saxo Bank in Germany
Traders Union analysts analyzed the key features of Saxo Bank for traders from Germany. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for Saxo Bank traders from Germany
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of Saxo Bank trading conditions for traders from Germany. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
SaxoTraderGO, SaxoTraderPRO
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---|---|
📊 Accounts: |
Classic, Platinum, VIP, Professional
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💰 Account currency: |
EUR, USD
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💵 Replenishment / Withdrawal: |
Bank transfer, credit/debit cards
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🚀 Minimum deposit: |
$0
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⚖️ Leverage: |
Up to 1:30
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💼 PAMM-accounts: |
Yes
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📈️ Min Order: |
0.05
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💱 Spread: |
From 0.7 pips
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🔧 Instruments: |
Forex, CFDs, Futures, Commodities, Forex options, Listed options, Stocks, Bonds, ETFs, Funds
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💹 Margin Call / Stop Out: |
Not indicated
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🏛 Liquidity provider: |
Over 50, including Barclays, Commerzbank, Credit Agricole, HSBC Bank, JP Morgan, Lloyds, Nasdaq OMX (Copenhagen)
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Market execution
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⭐ Trading features: |
Reducing spreads due to trading volumes increasing
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🎁 Contests and bonuses: |
No
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Saxo Bank Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by Saxo Bank for traders from Germany. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
Traders Union specialists have analyzed SaxoBank trading conditions for explicit and hidden commissions. The spread amount depends on the account types. The broker does not charge any commission for withdrawing funds and replenishing trading accounts. The withdrawal fee is charged by the bank for services or transfers. For all accounts, the broker charges a commission per lot for $50 (per $1 million traded).
Account type | Spread (minimum value) | Withdrawal commission |
Classical | from $12 | Yes |
Platinum | from $8 | Yes |
VIP | from $7 | Yes |
Professional | from $7 | Yes |
Spreads can be reduced with fruitful trading within three months. We also compared SaxoBank’s trading commissions with those of its competitors. The comparative results are in the table below.
FAQs
Is Saxo Bank legal in Germany?
Yes. Saxo Bank operates legally in Germany. The broker holds the necessary licenses.
Can you learn trading with Saxo Bank? Does the broker offer courses for traders from Germany?
Yes, Saxo Bank offers good trading courses and a lot of educational information for clients from Germany.
Can Saxo Bank be trusted? Has the broker been operating in Germany long?
Saxo Bank has been operating in Germany quite long and has a good reputation. Therefore, traders can work with Saxo Bank.
Is Saxo Bank suitable for novice traders from Germany?
Yes. Saxo Bank offers optimal trading conditions and good education for beginners from Germany.
How efficient is Saxo Bank customer support in Germany?
Saxo Bank offers a sufficient number of ways to contact customer support in Germany, and also provides support in the state language.
Has Saxo Bank had any incidents involving theft of funds of clients from Germany?
No. Saxo Bank provides reliable security of funds of clients from Germany.
Will I be able to file a lawsuit in Germany if Saxo Bank violates my rights?
Yes. If Saxo Bank violates your rights, you can file a complaint with the regulator of Germany, and then with a court.
Can Saxo Bank clients from Germany use the broker’s mobile app?
Yes. The mobile app of Saxo Bank is available for the clients from Germany.
Does Saxo Bank provide Germany market analysis?
Analysis of Germany is featured in the information provided by Saxo Bank.
How can I withdraw funds from my account at Saxo Bank in Germany?
Saxo Bank supports bank transfers and debit/credit cards of the banks operating in Germany.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.