Item: Saxo Bank
Rating: 7.43
Author: Oleg Tkachenko

6.97/10

Overall Score

Minimum deposit $0
EUR/USD spread 0.6
Supported assets 71000
Regulation DFSA, FCA, ASIC, FINMA, MAS, FSA (Denmark)

278*

users picked this broker in 3 months

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Saxo Bank isn't available in

Brief Look at Saxo Bank

Saxo Bank is a fully licensed multi-asset broker and investment bank, regulated by top-tier authorities including the Danish FSA and FCA (UK). Known for its institutional-grade infrastructure and global presence, Saxo caters to experienced retail and professional traders with access to a wide range of instruments across global markets. The broker offers three main account tiers: Classic, Platinum, and VIP, with a minimum deposit starting at $0. Saxo Bank provides its proprietary SaxoTraderGO and SaxoTraderPRO platforms, offering advanced tools, deep liquidity, and professional-grade execution.

Access to over 70,000 instruments including Forex, stocks, ETFs, options, futures, bonds, and commodities
Top-tier regulation and banking-grade security
Advanced proprietary platforms (SaxoTraderGO & PRO) with rich analytics and execution tools
Tiered pricing with tighter spreads and lower fees for high-volume clients
Comprehensive research, education, and risk management tools

No MetaTrader support, which may limit accessibility for some retail traders
Educational resources could be more extensive for beginners
Limited funding options (mostly bank transfers; no e-wallets or crypto)

Why trust us

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.

Excellent

Saxo Bank Key Parameters Evaluation

6.97/10

Saxo Bank Summary

6.9

User reviews and loyalty

Commissions and fees

Regulation and safety

Deposit and withdrawal

8.01

Trading account opening

Markets and products

7.35

Trading platforms and tools

Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Top Forex brokers vs Saxo Bank

	Saxo Bank	FBS	FxPro
TU overall score	6.97	8.21	8.48
Max. Regulation Level Tier-1 regulation represents the most stringent oversight by top financial authorities, ensuring the highest level of security and compliance. Tier-2 and Tier-3 regulations indicate moderate to lower levels of oversight, with varying degrees of investor protection.	Tier-1	Tier-1	Tier-1
ECN Spread EUR/USD	0.6	0.1	0.2
Withdrawal fee, %	No	No	No

User reviews and loyalty

User reviews and loyalty:

6.9/10

Saxo Bank generally receives favorable ratings from clients, though feedback across independent review platforms can be mixed. While many users highlight the broker’s advanced tools and broad market access, others point to high costs and limited support options as areas of concern. The following sections break down key insights from user reviews and evaluate customer sentiment and loyalty based on verified Trustpilot data.

What are Axi reviews?

User Reviews Score:

3.7/5

According to Trustpilot data, users have left over 7,200 reviews about the company. The overall Trustpilot rating for Saxo Bank is 3.7.

Note:

Our score may slightly differ from Trustpilot as we use a different scoring methodology. Our User Reviews Score methodology is superior to a simple average calculation as it takes into account not just ratings but also the volume of reviews, their representativeness, and the proportion of negative ones. It mitigates distortions from limited data, encourages companies to collect more high-quality feedback, and minimizes the impact of outlier negative reviews.

3.7/5

rate of 7200 reviews

5-star 42%

4-star 12%

3-star 5%

2-star 5%

1-star 36%

Customer loyalty and perception of Saxo Bank

Customer Loyalty Index:

3.2/5

The trust and satisfaction index for Saxo Bank is derived from the ratio of positive to negative reviews, offering a clear measure of customer loyalty and overall sentiment. Built on data from Trustpilot, a globally recognized platform for consumer feedback, this index provides valuable insight into how the brand is perceived by its customers. A high ratio of positive reviews signals strong loyalty, while a prevalence of negative feedback highlights areas for improvement in the customer experience.

How does Saxo Bank show up in online feedback?

While a significant number of reviews for Saxo Bank are positive, there is also a noticeable share of 1-star ratings. This suggests that, despite generally favorable sentiment, some clients report dissatisfaction in specific areas, which slightly affects the broker’s overall reputation.

Does Saxo Bank respond to reviews?

Yes, Saxo Bank encourages clients to leave feedback on its services, with a total of 92% responses to negative reviews. Engaging with reviews, especially negative ones, is essential as it demonstrates the company's commitment to addressing customer concerns, improving service, and building trust. Responding to feedback shows that the company values transparency and actively works to enhance client satisfaction.

Why do customers appreciate Saxo Bank?

Over 54% users have shared their positive experiences, highlighting what they appreciate about Saxo Bank.
Top 5 common reasons why people are satisfied with companies in the financial sector based on reviews:

Responsive Customer Support	Quick and helpful responses that resolve issues efficiently.
Transparent Fee Structure	Clear communication about fees and charges, with no hidden costs.
Strong Security Measures	Robust protection and encryption measures, ensuring user data and funds are secure.
Fast and Smooth Withdrawals	Efficient processing of withdrawals, allowing easy access to funds.
Reliable Platform Performance	Consistent uptime and a user-friendly interface with minimal technical issues.

Commissions and Fees

Score:

6/10

The trading and non-trading commissions of broker Saxo Bank have been analyzed and rated as Medium with a fees score of 6/10. Additionally, these commissions were compared with those of the top two competitors, RoboForex and XM Group, to provide the most comprehensive information.

No inactivity fee
No deposit fee
No withdrawal fee

Above-average Forex trading fees
No ECN/Raw Spread account

Trading Fees and Spread

Below, we evaluated and compared the trading commissions of Saxo Bank with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.

Standard Account Spread

For Standard accounts, Saxo Bank’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.

Saxo Bank Standard spreads
	Saxo Bank	RoboForex	XM Group
EUR/USD min, pips	0.2	0.5	0.7
EUR/USD max, pips	0.9	2.0	1.2
GPB/USD min, pips	0.5	0.5	0.6
GPB/USD max, pips	1.0	1.5	1.2

Does Saxo Bank support RAW/ECN accounts?

As we discovered, Saxo Bank does not offer RAW/ECN accounts, which might be a drawback for transparency and liquidity. However, this doesn't make the broker uncompetitive. Consider factors like spread levels, execution speed, regulation, support quality, and trading tools when choosing a reliable broker.

Non-Trading Fees

We conducted a detailed analysis of the non-trading fees associated with Saxo Bank. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.

Saxo Bank Non-Trading Fees
	RoboForex	XM Group
Deposit fee, % The indicated amount does not include possible fees from payment systems and banks.	0	0
Withdrawal fee, % The indicated amount does not include possible fees from payment systems and banks.	0-4	0
Withdrawal fee, USD, % The indicated amount does not include possible fees from payment systems and banks.	0-1.3	0
Inactivity fee ($, per month)	0	10

Regulation and Safety

Score:

10/10

Saxo Bank has a safety score of 10/10, which corresponds to a High level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.

Tier-1 regulated
Negative balance protection
Regulated in the UK
Track record over 33 years

Strict requirements and extensive documentation to open an account

Saxo Bank Regulators and Investor Protection
Abbreviation	Full Name	Country	Investor Protection Fund	Regulation Level
FCA UK	Financial Conduct Authority	United Kingdom	Up to £85,000	Tier-1
ASIC	Australian Securities and Investments Commission	Australia	No specific fund but has stringent consumer protection	Tier-1
JFSA	Japan Financial Services Agency	Japan	No specific fund	Tier-1
FINMA	Swiss Financial Market Supervisory Authority	Switzerland	CHF 100,000	Tier-1
MAS	Monetary Authority of Singapore	Singapore	No specific fund	Tier-1
SFC HK	Securities and Futures Commission of Hong Kong	Hong Kong	No specific fund	Tier-1
FSA (Denmark)	Danish Financial Supervisory Authority	Denmark	Up to €20,000	Tier-1
CONSOB (Italy)	Commissione Nazionale per le Società e la Borsa	Italy	Up to €20,000	Tier-1
DFSA	Dubai Financial Services Authority	Dubai	No specific fund	Tier-2

Other Saxo Bank Security Factors
Foundation date	1992
Negative balance protection
Verification (KYC)

Deposit and Withdrawal

Score:

5/10

Saxo Bank received a Medium score for the efficiency and convenience of its deposit and withdrawal processes.
Saxo Bank provides a reasonable range of deposit and withdrawal options with moderate fees, in line with industry standards.

Bank card deposits and withdrawals
Minimum deposit below industry average
No deposit fee
Bank wire transfers available

BTC not available as a base account currency
Only major base currencies available
High minimum withdrawal requirement

What are Saxo Bank deposit and withdrawal options?

Saxo Bank provides a basic range of deposit and withdrawal options, covering essential methods in line with industry standards. This set of options is sufficient for most traders, with available methods Bank Card, Bank Wire.

Saxo Bank Deposit and Withdrawal Methods vs Competitors
	Saxo Bank	RoboForex	XM Group
Bank wire
Bank card
PayPal
Wise
BTC

What are Saxo Bank base account currencies? Base account currencies are the primary currencies in which trading accounts are denominated. They determine the currency used for deposits, withdrawals, and calculating account balances.Using a base currency that matches a trader's local currency can help avoid unnecessary conversion fees.

A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. Saxo Bank supports the following base account currencies:

USD

EUR

What Are Saxo Bank's Minimum Deposit and Withdrawal Amounts?

The minimum deposit on Saxo Bank is $0, while the minimum withdrawal amount is $1000. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact Saxo Bank’s support team.

Trading Account Opening

Score:

8.01/10

Saxo Bank isn't available in

* Location-based content display

We successfully registered an account with Saxo Bank, which took 20 minutes. The minimum deposit amount at Saxo Bank is $0.

No minimum deposit

You may be asked to provide extra documents
KYC can be extended

Saxo Bank Account Opening Documents and Options
Minimum deposit	$0
Is it fully online?
Registration time	20 minutes
KYC time	2 working day
Account currencies	USD EUR GBP
Funding options	Bank card, Bank Wire

Required documents

National ID number in your citizenship country.

Info: Tax ID number in your country of residence.

Proof of Identity (e.g. Passport, ID Card, Driver License etc.) and Selfie.

Proof of residential address (Document showing home address, e.g. residence permit, utility bill, bank statement etc.).

How to open Saxo Bank account

Click Open Account on the homepage.

Fill out the registration form by selecting your country, providing your email address, and creating a password for your personal account.

Saxo Bank registration form

Log in to your User Account and proceed with further registration steps, including phone verification, a detailed personal information questionnaire, and more.

Markets and Products

Score:

10/10

Saxo Bank offers a wider selection of trading assets than the market average, with over 71000 tradable assets available, including 190 currency pairs.

Copy trading platform
Commodity futures are available
Indices trading

Regional restrictions are possible

Saxo Bank supported markets vs top competitors

We have compared the range of assets and markets supported by Saxo Bank with its competitors, making it easier for you to find the perfect fit.

	Saxo Bank	RoboForex	XM Group
Currency pairs	190	40	57
Tradable assets The total tradable assets listed include all available instruments, including CFDs. Due to regional restrictions, certain CFDs may not be offered in some countries. For example, cryptocurrency CFDs are banned in the UK, and the U.S. has restrictions imposed on CFDs.	71000	12000	1400
Stocks
Commodity futures
Crypto Cryptocurrency CFDs are restricted or prohibited in certain regions due to regulatory limitations. These include the United Kingdom, China, Egypt, the United States and Canada.
Stock indices
Options

Investment options

We also explored the trading assets and products Saxo Bank offers for beginner traders and investors who prefer not to engage in active trading.

	Saxo Bank	RoboForex	XM Group
Bonds
ETFs
Copy trading
PAMM investing
Managed accounts

Trading Platforms and Tools

Score:

7.35/10

Saxo Bank offers access to leading trading platforms, ensuring a familiar and flexible trading experience for its clients. Supported platforms include MetaTrader 4 and MetaTrader 5.

Saxo Bank provides access to its proprietary trading platforms — SaxoTraderGO and SaxoTraderPRO — designed for both active retail traders and institutional clients. These platforms offer a professional-grade trading experience with advanced charting, multi-asset support, and powerful risk management tools.

Advanced proprietary platforms with institutional-grade tools
Access to 70,000+ instruments across global markets

No support for MetaTrader or popular third-party platforms

Key Information about Saxo Bank’s trading platform
Alerts
2FA
EAs
Indicators	50+

SaxoTraderGO is Saxo Bank’s proprietary trading platform, built to deliver a streamlined and powerful trading experience across multiple asset classes. Designed for both retail and professional traders, it offers fast execution, an intuitive interface, and a wide range of tools for market analysis and trade management.

The platform supports 40+ technical indicators, multiple chart types, and drawing tools, making it suitable for traders who rely on detailed charting. SaxoTraderGO is fully browser-based and optimized for mobile, allowing users to manage their portfolios seamlessly across devices.

Key Features:

Advanced Charting Tools – Over 40 indicators and multiple chart types for technical analysis

Multi-Asset Trading – Access to 70,000+ instruments across FX, stocks, ETFs, options, futures, and more

Cross-Device Synchronization – Trade from web, tablet, or mobile with a unified experience

Integrated News and Research – Access real-time market news, sentiment, and analysis within the platform

User-Centric Design – Clean, customizable layout tailored for efficient trade execution and monitoring

SaxoTraderGO combines professional-level features with user-friendly design, making it a reliable choice for traders who demand flexibility, depth, and control in their trading environment.

Additional trading tools

Saxo Bank offers a suite of advanced trading tools designed to support informed decision-making and efficient execution. Its proprietary platforms integrate real-time market data, professional-grade charting, and sentiment analysis features. While Saxo does not support third-party automation tools like Expert Advisors (EAs), traders benefit from built-in tools such as price alerts, risk management settings, and in-depth research to refine their strategies and stay on top of market movements.

Saxo Bank trading tools vs competitors
	Saxo Bank	Eightcap	FxPro
Trading bots (EAs)
Trading Central Trading Central is a leading provider of investment research and financial market commentary. Integration with Trading Central offers traders advanced analytics, trading signals, and expert market insights, aiding in more informed decision-making.
API An Application Programming Interface (API) allows traders to connect their trading accounts to custom applications, algorithms, or third-party software. This flexibility enables advanced trading strategies and automated trading solutions tailored to individual needs.
Free VPS A Virtual Private Server (VPS) provides a dedicated and reliable server environment for running trading platforms and EAs without downtime. Free VPS ensures that trading operations continue uninterrupted, even when the trader's personal device is off.
Signals (alerts) Trading signals or alerts are notifications that provide buy or sell recommendations based on market analysis. These signals help traders make timely decisions by highlighting potential trading opportunities.
One-click trading One-click trading simplifies the trading process by allowing traders to open or close positions with a single click. This feature is particularly useful for scalpers and day traders who need to act quickly in fast-moving markets.
Strategy (EA) builder A Strategy or EA builder is a tool that allows traders to create and test their own automated trading strategies without needing to write code. This empowers traders to customize their trading approaches and backtest them for effectiveness.
Autochartist Autochartist is a market scanning tool that identifies trading opportunities by analyzing chart patterns and key levels. It provides traders with real-time alerts and actionable insights, helping to improve trading accuracy and efficiency.
TradingView

TU Expert Advice: Is Saxo Bank Worth the Try?

Saxo Bank offers a diverse range of trading instruments, including Forex, CFDs, stocks, bonds, and ETFs, available on its proprietary SaxoTraderGO and SaxoTraderPRO platforms. The company provides Classic, Platinum, VIP, and Professional accounts, catering to experienced traders. It offers access to over 71,000 trading instruments, allowing for substantive market engagement and portfolio diversification through ready-made investment portfolios. The company operates without minimum deposit requirements and supports multilingual assistance within trading platforms.

Despite its extensive offerings, Saxo Bank lacks popular MT4 or MT5 platforms, has no access to cryptocurrencies, and high deposit thresholds for advanced account types. Additionally, it does not provide live chat support, which may affect client experience. These factors make Saxo Bank more suitable for experienced traders or investors with significant capital. While it may not cater to novice traders, those in search of niche assets and premium trading conditions may find its services advantageous.

FAQs

How much do you need to start trading with Saxo Bank?

Saxo Bank now offers a Saxo Account with no minimum deposit, making it accessible to a wider range of traders. However, higher-tier accounts — Classic, Platinum, and VIP — still require minimum deposits of $2,000, $200,000, and $1,000,000 respectively and offer better pricing and services. Read more about Saxo Bank’s account options in our article.

Is Saxo Bank a regulated broker or a scam?

Saxo Bank is a fully regulated and trusted broker, not a scam. It is licensed by the Danish Financial Supervisory Authority (FSA) and other top-tier regulators, including the FCA (UK) and ASIC (Australia). Saxo is also a licensed bank, which adds another layer of client protection. Read more about Saxo Bank’s regulation.

What is the spread for EUR/USD at Saxo Bank?

Saxo Bank provides competitive spreads, with EUR/USD typically starting from 0.6 pips on the Classic account. Clients with Platinum or VIP status may access tighter spreads — from 0.4 pips or lower — depending on their trading volume. Spreads include trading costs, with no extra commission on FX trades.

What are Saxo Bank deposit and withdrawal options?

Saxo Bank supports:

Bank wire transfers

Credit/debit cards (in selected countries)

E-wallets and cryptocurrencies are not supported. Deposits are usually fee-free, but withdrawal fees may apply based on your bank and currency.

Where is Saxo Bank available?

Saxo Bank serves clients in most regions worldwide, including Europe, Asia-Pacific, the Middle East, and Latin America. However, it does not accept clients from the United States, Ukraine and certain restricted jurisdictions. Visit Saxo Bank’s website for the most accurate availability by region.

How many Forex pairs and trading instruments does Saxo Bank offer?

Saxo Bank gives access to over 180 Forex pairs and more than 70,000 financial instruments across stocks, ETFs, bonds, futures, options, commodities, and cryptocurrencies, offering one of the largest product ranges among online brokers.

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Latest Saxo Bank News

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Saxo Bank has published its market outlook for the third quarter of 2025, placing strong emphasis on the urgent need for global diversification in

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02.07.2025

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01.07.2025
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10.06.2025
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06.06.2025

Team that worked on the article

Oleg Tkachenko is an economic analyst and risk manager having more than 14 years of experience in working with systemically important banks, investment companies, and analytical platforms. He has been a Traders Union analyst since 2018. His primary specialties are analysis and prediction of price tendencies in the Forex, stock, commodity, and cryptocurrency markets, as well as the development of trading strategies and individual risk management systems. He also analyzes nonstandard investing markets and studies trading psychology.

Learn about our editorial policies

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.

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).

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