Saxo Bank Review 2026
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
- $1
- MultiCharts
- FIX API
- SaxoTraderGO
- SaxoTraderPRO
- TradingView
- Up to 1:30 for Forex
- Trading fees reduce when trading volumes increase
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 moderate-risk broker with the TU Overall Score of 6.68 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 recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
Saxo Bank focuses on providing access to trading in various markets that include stocks, bonds, Forex, futures, and options, as well as to mutual funds and ETFs. Moreover, it offers portfolio management tools and analytical data for traders and investors.
How we tested Saxo Bank
Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
Brief Look at Saxo Bank
Saxo Bank is a large Danish bank established in 1992. It specializes in online investments and trading different financial instruments, including underlying assets, debt instruments, and derivatives. It provides access to organized exchanges of the U.S., Pacific Ocean region, EU, Asia, Africa, and the Middle East, and to Forex and CFD markets. Saxo Bank provides its services to individual and institutional investors, offers a wide choice of account types, proprietary and third-party platforms, and a multi-level fee model that depends on the trading volume. The broker is regulated by DFSA (Danish Financial Supervisory Authority), FCA (Financial Conduct Authority | UK), ASIC (Australian Securities and Investments Commission), FINMA (Swiss Financial Market Supervisory Authority), and SFC (Securities and Futures Commission | Hong Kong).
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- Many representative offices and regulated activities;
- Presence in the market since 1992 and stable financial indicators;
- Huge range of trading instruments;
- Minimum fee for stocks and ETFs is $1;
- Three account levels with different initial deposit requirements, fees, and interest on free funds;
- Diverse investment solutions for traders who prefer passive strategies;
- Electronic platforms for professional investors and novice traders.
- Trading fees for individual traders with little trading volumes can be higher than those of the broker’s competitors;
- Lower fees are available only upon depositing from €200,000;
- Technical support isn’t available on weekends.
TU Expert Verdict
Chief Analytics Officer
Saxo Bank offers access to trading stocks, bonds, Forex, futures, options, mutual funds, and ETFs, with more than 70,000 trading assets available for individual and institutional clients. Electronic trading is supported through proprietary platforms such as SaxoTraderGO and SaxoTraderPRO and third-party solutions like TradingView and MultiCharts. The three-tier fee model rewards higher trading volumes with reduced fees, and top-level Platinum and VIP accounts are available for deposits from EUR 200,000 and above. Saxo Bank is regulated by the DFSA in Denmark, with additional oversight from the FCA, ASIC, FINMA, and SFC.
Some disadvantages include above-average trading fees for clients with lower volumes, limited customer support as technical help is unavailable on weekends, and certain assets such as some U.S. and EU bonds can only be traded via manual order at an extra cost of $50. Saxo Bank may be more suitable for experienced or active investors seeking a comprehensive platform and robust regulation rather than those who focus on low-cost trading or require extensive weekend support.
Saxo Bank Summary
Your capital is at risk. The risk of loss in online trading of stocks, options, futures, currencies, foreign equities, and fixed Income can be substantial.
| 💻 Trading platform: | SaxoTraderGO, SaxoTraderPRO, SaxoInvestor, FIX API, TradingView, Dynamic Trend, MultiCharts, Updata, etc. |
|---|---|
| 📊 Accounts: | Saxo (Classic, Platinum, and VIP), Joint, Corporate, Professional, and Portfolio-based margin |
| 💰 Account currency: | USD, EUR, GBP, AUD, CAD, HKD, etc. |
| 💵 Deposit / Withdrawal: | Bank transfers, bank cards (deposits), and Deposit with Quick Payment (for accounts opened with Danish banks) |
| 🚀 Minimum deposit: | 1 unit of base currency |
| ⚖️ Leverage: | Up to 1:30 for Forex |
| 💼 Copy Trading: | No |
| 📈️ Min Order: | 0.01 lots for Forex and $1 for securities |
| 💱 EUR/USD spread: | No |
| 🔧 Instruments: | Stocks, ETFs, ETNs, ETCs, bonds, options, futures, mutual funds, and leveraged instruments for CFDs and Forex |
| 💹 Margin Call / Stop Out: | 100%/75% |
| 🏛 Liquidity provider: | Commerzbank, Barclays, JP Morgan, Credit Agricole, HSBC, Lloyds, etc. |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | Market |
| ⭐ Trading features: | Trading fees reduce when trading volumes increase |
| 🎁 Contests and bonuses: | Yes |
Saxo Bank offers over 70,000 trading assets, including securities, derivatives, CFDs on different asset classes, and Forex. In addition to the main account, traders can open 4 sub-accounts in other currencies. Deposits are made in 18 currencies. The broker doesn’t set minimum deposit requirements for the Classic account level, however, there are certain payment rules. For example, bank cards are used to deposit amounts from $1 to $5,000, but not more than $50,000 within 30 days. Trading is available on Saxo Bank's in-house platforms and third-party solutions, including TradingView. Demo modes and mobile apps are available.
Saxo Bank Key Parameters Evaluation
Trading Account Opening
To log into your Saxo Bank’s user account, use your ID and password. To receive those, create a user account on the broker’s website:
Click the “Open account” button to launch the registration process.
Next, enter your personal data as stated in your passport and email in the on-screen form. Also, the list of documents necessary to open the account is provided there.
Is Saxo Bank Safe?
Saxo Bank is a Danish bank that is licensed by the Danish Financial Supervisory Authority under number 1149. However, Saxo Bank has long become international and turned into a financial holding company with representative offices in Europe, Asia, and Australia. Currently, its representative offices are regulated by FCA, ASIC, FINMA, and SFC.
Investments are protected by the Danish Guarantee Fund, which provides coverage up to €100,000 per client. This fund guarantees compensation of investments if the bank fails to fulfill its obligations to its clients due to financial difficulties or bankruptcy. This ensures additional deposit protection increasing trust and stability of the financial system.
In the UK, Saxo Bank participates in the Financial Services Compensation Scheme (FSCS). It is similar to the Danish Guarantee Fund and pays up to £85,000 per client in case of the broker’s insolvency.
Advantages
- Investors can withdraw assets and funds if the broker goes bankrupt
- Regulators constantly monitor Saxo Bank’s activities and process its clients' complaints
- The company is obliged to maintain sufficient capital to fulfill its obligations to its clients
Disadvantages
- In some countries, regulators forbid bonuses and partnership programs
- Traders can’t withdraw their profits by different methods, including electronic systems and cryptocurrencies
- The broker processes client complaints according to approved protocols, which may delay the process
Commissions and Fees
Saxo Bank’s fees are subject to the level of its client account, instrument, and the exchange where it is traded. Fees for stocks and ETFs in the U.S., Australia, and Asia are 0.03%-0.08% of the position amount. For Europe, it’s 0.03%-0.25%; and for the Middle East and Africa, it’s 0.2%-0.3%. The minimum fee for stocks and ETFs regardless of the market is $1. Fees for futures are $1, $2, or $3/€1, €2, or €3; for options, it’s $0.75, $1, or $2/€0.75, €1, or €2, subject to the account type. Saxo Bank charges 0.05%-0.2% of the trade size but not less than €20 for trading bonds. The broker doesn’t withhold deposit or withdrawal fees.
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Classic | 0.08% but not less than $1 | Fees for bank transfers |
| Platinum | 0.05% but not less than $1 | Fees for bank transfers |
| VIP | 0.03% but not less than $1 | Fees for bank transfers |
Also, there are fees for conversion, custody of stocks, ETFs/ETCs, and bonds, as well as for providing statements by email. EU residents also pay a 25% value-added tax on the received income.
The average fee for a small trading volume is $1. This is a low indicator, as it is illustrated in the table below.
| Broker | Average commission | Level |
|---|---|---|
|
$1 | |
|
$ | |
|
$2 |
Account Types
Potential clients can open accounts with Saxo Bank that correspond to their experience and investment strategy.
Account types:
This account type is intended for legal entities. It also has three levels. Requirements for deposits and number of points don’t differ for Platinum and VIP, however, the minimum deposit for the Classic level is €100,000.
A variant of the Professional account is the Portfolio-based margin account with a unique margin calculation model.
Saxo Bank offers a wide range of account types, which is an important advantage.
Deposit and Withdrawal
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Clients can withdraw funds to their personal bank accounts. Direct transfer to a bank card isn’t available.
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It is impossible to withdraw money before the due date.
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If traders request amounts that exceed the required margin on all open positions, the broker refuses the withdrawal request.
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If withdrawal requests are submitted by 14:00 (CET), they are processed the next business day. If requests are submitted after 14:00, they are confirmed within 2 days.
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Saxo Bank doesn’t charge withdrawal fees. Traders pay transaction fees charged by banks.
Investment Options
Saxo Bank is an investment bank, therefore it provides its services to traders interested in passive investment as well as in actively trading securities and derivatives.
Popular investment solutions offered by Saxo Bank
To receive passive income, Saxo Bank clients can use the following options:
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Saxo Select managed portfolios. The broker offers 7 portfolio types with low-, middle-, and high-risk levels that are managed by professional investors. The minimum investment is €10,000-€30,000 subject to the portfolio type.
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Mutual funds. Saxo Bank clients can invest in 17,700 mutual funds without fees. It is possible to work with them on the SaxoTraderGO platform adjusted to investors of different levels. The choice of funds varies for different countries.
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SaxoInvestor. This is a platform for private investors who want to invest in securities for the long term. SaxoInvestor offers a simple and convenient interface, as well as access to analytical tools and market research.
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Algorithmic orders. Investors can give instructions on transactions with futures to the trading system in advance. These orders can be used for different goals, including the execution of large trades without significant influence on the asset price, arbitrage trading, and the development of automated strategies based on different factors, such as technical analysis, statistical models, and news.
The easiest additional income option is holding funds in a trading account. 0.012%-4.059% per annum is accrued on amounts over €10,000 subject to the account level.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Partnership programs from Saxo Bank
Refer a Friend. The broker gives its partners free loans to attract new clients. These loans can be used to reduce expenses for fees when trading stocks, ETFs, options, bonds, and futures. Fees of referrals, who open accounts following the existing clients’ links, are also partially refunded.
The program is available to residents of 12 countries, including the UK, Czech Republic, Belgium, the Netherlands, Japan, and Australia. Also, Saxo Bank partners with introducing brokers (IBs) worldwide.
Customer Support
Saxo Bank offers 24/5 support. The communication language depends on the office where clients work.
Advantages
- Numerous representative offices in many countries
- Live chat is available on trading platforms
Disadvantages
- Traders can’t contact support via messengers
- Saturday and Sunday are days off
Technical support can be contacted via the following communication channels:
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Telephone numbers provided on the website;
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Email of the servicing office;
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Live chat on the trading platform.
VIP clients can use the services of a personal account manager.
Contacts
| Foundation date | 1992 |
|---|---|
| Registration address | Philip Heymans Alle 15, 2900 Hellerup, Denmark |
| Regulation | FCA UK, ASIC, JFSA, FINMA, MAS, SFC HK, FSA (Denmark), CONSOB (Italy) |
| Official site | home.saxo |
| Contacts |
+44 (0)207 151 2000, +45 3977 4000
|
Education
Educational materials and useful content for novice traders are provided in the Inspiration block on the broker’s website. Staff strategists and professional investors write and compile these materials. Access to some tools is available only upon opening an account with Saxo Bank.
One of the activities of Saxo Bank is Saxo Investing Sessions. This is a series of training webinars for novice investors that provide them with professional knowledge to become successful on the stock market.
Detailed review of Saxo Bank
Saxo Bank is a multi-regulated broker and an investment bank used by traders from Europe, Asia, and Australia to execute over 260,000 trades daily. Liquidity providers are the largest and the most reputable companies. The broker is trusted by investors, which is confirmed by data on client assets; the total amount is over $100 billion as of 2022.
Saxo Bank by the numbers:
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Regulation in 15 jurisdictions;
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Over 1 million clients from 170 countries;
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Daily trading volume is over $17 billion;
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110+ industry awards;
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Offices are located in 15 countries.
Saxo Bank provides access to global stock exchanges through functional platforms
The company has developed three powerful platforms for trading, market analysis, and efficient portfolio management. SaxoTraderGO is suitable for a wide range of traders, including novice traders. SaxoTraderPRO is a specialized platform with a complicated but functional interface for professional trading. SaxoInvestor is only available in Denmark, Australia, France, Poland, Belgium, Singapore, Hong Kong, the Netherlands, and the Middle East and North Africa regions.
Saxo Bank clients get access to trading 23,000+ stocks on 50 global exchanges, 250+ futures contracts, and 3,200+ options on different assets, including currencies and stocks. Also, the broker provides for investment in over 7,000 ETFs traded on 30 international exchanges, government bonds, corporate bonds of 26 countries, and over 17,000 mutual funds.
Useful services offered by Saxo Bank:
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Podcasts headlined by financial market experts. These are broadcast several times a week and are available on Spotify, Apple Podcasts, Stitcher, and PodBean.
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Market news. The broker’s website covers events connected with stocks, Forex, options, and cryptocurrencies. Also, macroeconomic indicators are published there.
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Demo mode. All in-house platforms allow traders to open a virtual account and trade without depositing real funds within a limited time.
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Quarterly forecast. Before the start of the next quarter, Saxo Bank strategists and department heads compile recommendations and forecasts on financial markets.
Advantages:
Investment-free funds held in the account bring additional income;
Saxo Bank doesn’t charge deposit or withdrawal fees;
It is possible to transfer securities from an account opened with another broker;
Investments are protected by the state compensation schemes of Denmark and the UK;
Mobile versions of trading platforms and API-based user interfaces are available.
Saxo Bank provides access to a wide range of financial assets and investment products. This allows its clients to diversify their portfolios and work on different sites using one trading platform.
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