20,0%
Top 3
10,0%
Top 5
7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
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Saxo Bank Review 2021
Saxo Bank Review 2021
Analysis of the Main Features of the Forex Broker
Trading terminals:
32
7.1/10
Overall rating
Trading terminals:
Attention!
Due to the large number of negative reviews about this company and because it occupies the low position of number 20 on our Ratings List of Forex brokers, the Traders Union does not recommend cooperating with this broker.
Instead, our experts strongly advise you to select a brokerage from among the Top 5 on our objectively ranked list:
Summary of Saxo Bank Trading Company
The SaxoBank brokerage company was founded in 1992 under the original name Midas. In 2001, the broker was licensed by the FSA, a Danish Financial Supervisory Authority. After that, the company changed its name to SaxoBank. Today the broker provides online access to various financial markets to clients from 170 countries. In 2017, the SaxoTraderGO terminal was recognized as the best trading platform for active trading according to FX Week’s e-FX Awards and ADVFN International Financial Awards.
Attention!
Traders Union works only with accounts registered with the Union’s referral code. Rebates on accounts that were opened differently are not paid.
👍 Advantages of trading with Saxo Bank:
- favorable trading terms for professional traders with at least 1 year of experience;
- over 40 thousand instruments for trading;
- the opportunity to invest in ready-to-use long-term portfolios managed by professionals.
👎 Disadvantages of Saxo Bank:
- Cent accounts are not available.
- The minimum deposit is $10,000 and more;
- You can trade through proprietary platforms; access to the MT4 and MT5 terminals is not provided;
- a ban on algorithmic trading for traders from abroad;
- you cannot contact support in the online chat on the company's website.
Overall
SaxoBank is a Danish broker designed for professionally active and passive trading.
Top 3 Saxo Bank Customer Reviews
I’ve been trading on Forex for about five years and during that time I have cooperated with a variety of brokers. I liked SaxoBank's terms immediately: it is clear that the company strives to make trading profitable and comfortable for professionals. At first, I opened a classic account, but the spreads were within 1.5 pips for the EUR/JPY pair. After testing the Pro terminal, I decided to open a premium account, because the spreads there are even lower, just 1.1 pips. However, problems with the stability of the platform began after the first transactions. Freezes led to a constant loss of money, so I went to another broker.
I chose SaxoBank for investing free capital (15,000 euros) because the company seemed to be quite serious. I’ve invested in a low-risk BlackRock portfolio, so the return is pretty low just about 10%. But I think: a stable (albeit small) income is better than a quick drain of a deposit with risks of 200-300%. I transferred money to a Visa card without problems, and I don’t consider waiting for funds for 3-4 days to be such a big disadvantage.
I dislike many things about SaxoBank. Quotes resemble those of bucket shops as they differ significantly from the quotes of other brokers. The TraderGO trading terminal is slow and freezes constantly, especially after an important news release. In general, it is simply impossible to trade at such moments! I also noticed constant slippage, even in a calm market. Moreover, as a rule, the trader always loses out because the broker almost always closes orders at the worst price. I didn’t manage to make money with SaxoBank, so I withdrew the balance of my deposit and found a more worthy broker.
Saxo Bank Latest Comments for 2021
11
0
6
Positive reviews increase standing and, of course, any negative reviews decrease its position in the ratings.
Just register and get authorized to submit a review of the broker’s activities and conditions on its platform. Everyone can and is invited to submit a review. All reviews of Saxo Bank published on the website in 2021 are verified and confirmed by Traders Union as reliable comments by real traders.
warunaraj
I recently opened an account with SaxoBank. Very surprised by the quality of service! Haven't seen this for a long time. I would like to express my gratitude to the company's employees for their support, they very patiently answered all my questions. Of course, I haven't been trading here for a long time, but at the moment I really like everything.
alibaba337
Everything suits me at Saxo Bank, although I did not dare to open an account here for a long time, I don’t know why. Just after a negative experience from cooperation with one of their Forex brokers, I was very careful in choosing a company. I replenished my account and withdrawn it immediately for verification. Everything worked quickly. The terminal works well, the support is responsive. There are no hidden fees. In general, everything is ok here.
cham39
SaxoBank is not my first brokerage company, so I have enough expertise to make a thorough comparison. The execution of orders is smooth sailing for me, the withdrawal of money is not lickety-split—some other companies offer more instantaneous methods—but it is still pretty fast. I’m in my element trading here. This broker is the definition of quality.
Parvez
I’ve been using the SaxoBank trading account for over a year. First, the company has improved its interface tenfold. In particular, it has become a piece of cake for me to trade with the aid of an application for mobile commerce, which is a legit brokerage with prompt execution. I withdrew my money pronto and it took no more than a day.
day
SaxoBank has built a fairly good reputation for itself. The brokerage strives to improve trading conditions. Considering this fantabulous approach, it’s a real blast to trade with them. Transactions are carried out in a proper manner, without fraud. What else is needed?
Sakti99
I have been trading on SaxoBank for quite some time now. Based on my in-depth evaluation, it’s a reputable broker. I can nit-pick about some minor flaws, but generally, they are way ahead of other brokerage companies. Naturally, I'm talking about quotation flow and accuracy in transactions. It is a blessing from above for me to trade here and earn a pretty penny.
samuel123
I changed my heart and select a new brokerage company, and now I cooperate with SaxoBank. Honestly, this company gives me chills. The broker offers second to none partnership conditions and low spreads. I’m pretty eagled-eyed so I admitted that trading operations are running like a Swiss watch. I don't even have to be on tenterhooks, everything always goes smoothly on this platform. As for the withdrawal of funds, I have never had any screw-ups with that either. So, I recommend this company to everybody.
Expert Review of Saxo Bank
SaxoBank trails far behind in the Traders Union Forex brokers rating. A large number of unfavorable comments from customers and constant problems in the trading terminals operation are the reasons for such an undervaluation. The broker's terms are good only for professional traders and investors who are ready to replenish a deposit with $10,000 or more. This company is not focused on novice traders.
SaxoBank provides its clients with multi-million-dollar transactions with access to 85 trading exchanges and platforms, top bank quotes, and professional support in 20 languages. The broker is a member of the investor compensation fund and keeps client funds in segregated bank accounts. The company offers the opportunity to get extra income by investing in ready-made diversified portfolios.
A well-structured website, allows you to read the SaxoBank terms and conditions in just a few minutes. The site also contains an education and training section with detailed materials on various financial markets
Analysis of the Main Features of the Forex Broker
Dynamics of the Popularity of Saxo Bank
in 2020 among the Users of the Traders Union
Geographic Distribution of Saxo Bank Traders
Investment Programs, Available Markets and Products of the Broker
The SaxoBank broker strives to provide its clients with a wide range of passive investment services. The company offers to invest in ready-made investment portfolios, transferring funds to trust management to professional traders. Customers from North America and Asia-Pacific countries can use algorithmic trading. Affiliate programs are available to everyone, regardless of their country of residence.
SaxoSelect comprises managed investment portfolios
SaxoSelect is a set of expertly-managed portfolios ranging from low to ultra-high risk. Ready-made portfolios are designed for long-term investment over several years. The trading strategies embrace ready-made portfolios with high returns, but they are highly risky at the same time. They are formed based on macroeconomic indicators and central bank policies that take into account events and instrument volatility.
-
The possibility to choose a portfolio based on the optimal acceptable level of risk.
-
Minimum investment from 10,000 euros.
-
No freeze period: you can withdraw your money at any time without any extra cost.
-
The service fee (0.5% per year) and commissions up to 20% in case of making a profit based on the results of the reporting period.
You have to answer several questions in the trading platform to invest in investment portfolios. This is necessary to understand which trading strategies may be perfect for you. After choosing a portfolio and making a minimum investment, trading starts automatically. Experienced traders make their own decisions on behalf of the investor—without his direct participation.
Important!
If you are a large investor and plan on investments over $10,000, contact us at [email protected] or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
SaxoBank’s affiliate program:
-
“Member gets member” represents a remuneration accrual for attracting new clients who have replenished a trading deposit at least once. When replenishing from $10,000, the partner gets $500; from $200,000 - $1,000; from $1,000,000 - $3,000.
-
"White label", "Introducing brokers” (IB) programs, etc., are customized solutions to expand and optimize your business using SaxoBank resources for institutional partners.
The programs allow SaxoBank partners to get extra income for attracting new customers to the company. The broker pays material remuneration to retail traders and offers institutional partners tools to expand their own business through the SaxoBank brand.
Rebate and Discount Programs of the Traders Union for Saxo Bank
Traders Union pays spread compensation up to 100% to all partner traders. Register with the Traders union and open a brokerage account to get remuneration. Rebates on the SaxoBank broker are available only to those clients who have opened a trading account using the Traders Union website. If the account was opened without specifying the Traders Union referral link, then you won’t be able to get compensation for the spread from the Union.
Try it! You’ll like this!Trading Conditions for Saxo Bank Users
SaxoBank’s trading terms are designed for real professionals who are ready to invest $10,000 or more in trading. The company offers 8 asset classes for trading, but there are no cryptocurrencies among them. The broker cooperates with trusted liquidity providers, and therefore, provides accurate quotes in real-time. The DFSA regulator restricts the choice of payment systems for depositing and withdrawing funds. This broker doesn’t make transactions through e-wallets.
$10 000
Minimum
deposit
1:30
Leverage
24/5
Support
| Trading platform: | SaxoTraderGO, SaxoTraderPRO |
|---|---|
| Accounts: | Classic, Platinum, VIP, Professional |
| Account currency: | EUR, USD |
| Replenishment / Withdrawal: | Bank transfer, credit/debit cards |
| Minimum deposit: | From $10.000 and more |
| Leverage: | Up to 1:30 |
| PAMM-accounts: | Yes |
| Min Order: | 0.05 |
| Spread: | From 0.7 pips |
| Instruments: | Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options |
| Margin call/Stop Out: | Not indicated |
| Liquidity provider: | Over 50, including Barclays, Commerzbank, Credit Agricole, HSBC Bank, JP Morgan, Lloyds, Nasdaq OMX (Copenhagen) |
| Mobile trading: | Yes |
| Affiliate program: | Yes |
| Orders execution: | Market execution |
| Trading features: | Reducing spreads due to trading volumes increasing |
| Contests and bonuses: | No |
Comparison of Saxo Bank with other Brokers
| Saxo Bank | FxPro | XM Group | Admiral Markets UK | AvaTrade | FXTM | |
| Trading platform |
SaxoTraderGO, SaxoTraderPRO | MT4, MobileTrading, MT5, cTrader | MT4, MT5, MobileTrading | MT4, MT5, iPhone, iPad, Android, MT4 Supreme Edition | MT4, MobileTrading, Zulu Trader, Mirror Trader, AvaTrader, AVA Option | MT4, MT5, MobileTrading, WebTrader |
| Min deposit | $10000 | $100 | $5 | $200 | $100 | $1 |
| Leverage |
From 1:1 to 1:30 |
From 1:1 to 1:500 |
From 1:1 to 1:30 |
From 1:25 to 1:500 |
From 1:200 to 1:400 |
From 1:1 to 1:1000 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 0 points | From 1 point | From 1 point | From 0 points | From 0 points | From 0 points |
| Level of margin call / stop out |
100% / 100% | 25% / 20% | 100% / 50% | 100% / 30% | 25% / 10% | 40% / 20% |
| Execution of orders | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution | Instant Execution | Market Execution, Instant Execution |
| No deposit bonus | No | No | $30 | No | No | No |
| Cent accounts | No | No | Yes | No | Yes | Yes |
Broker comparison table of trading instruments
| Saxo Bank | FxPro | XM Group | Admiral Markets UK | AvaTrade | FXTM | |
| Forex | Yes | Yes | Yes | Yes | Yes | Yes |
| Metalls | Yes | Yes | Yes | Yes | Yes | No |
| Crypto | Yes | Yes | No | Yes | Yes | Yes |
| CFD | Yes | Yes | Yes | Yes | Yes | Yes |
| indexes | Yes | Yes | Yes | Yes | Yes | Yes |
| Stock | Yes | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | No | No | Yes | No | No |
| Options | Yes | No | No | No | No | No |
Saxo Bank Commissions & Fees
Information
Traders Union specialists have analyzed SaxoBank trading conditions for explicit and hidden commissions. The spread amount depends on the account type. 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.
| Broker | Average commission | Level |
| Saxo Bank | $8.5 | Low |
| FxPro | $13.2 | High |
Saxo Bank
FxPro
Conclusion
SaxoBank broker offers market average spreads.
Detailed Review of Saxo Bank
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.
SaxoBank broker in figures:
-
the amount of assets under the company’s management is $17 billion;
-
serves 120 banks and 300 financial intermediaries;
-
regulated in 15 jurisdictions.
SaxoBank is a regulated professional trading broker
SaxoBank is a reliable Danish broker providing a wide range of trading assets (over 40,000 instruments), innovative trading platforms, and comprehensive assistance to its clients. A big disadvantage of the company is the minimum amount of $10,000 to activate an account. This threshold doesn’t allow novice and professional traders to start with a small amount to test the terms. At the same time, retailers get a wide range of online trading opportunities that were previously available only to fund managers and corporate clients.
Traders who register with a broker get the opportunity to work on the SaxoTraderGO (for novice traders) and SaxoTraderPRO (professional terminal with extra tools) platforms. For smartphone owners, mobile applications of platforms for OS based on iOS and Android are available. The broker doesn’t provide the popular МТ4/МТ5 terminals.
Useful services of SaxoBank:
-
SaxoSelect. A balanced set of portfolios and successful trading strategies service, where you can choose the best option for you according to the risk level;
-
SaxoStrats. A section, where the company's financial analysts analyze successful transactions and conduct seminars;
-
FIX API. Electronic infrastructure for quick access to trading instruments, pools, orders, and ready-made trading solutions.
Advantages:
1
8 assets and over 30,000 instruments: Forex, CFDs, stocks, options, ETFs, commodities, futures, bonds;
2
compensation fund to cover losses of investors in the event of a company's bankruptcy is available;
3
relatively narrow spread on premium and professional accounts;
4
investment portfolios for passive earnings;
5
several types of training;
The broker allows hedging (on platinum and VIP accounts) and scalping (on all accounts).
How to Start Making Profits — Guide for Traders
SaxoBank offers a choice of several types of accounts, the terms of which are designed for professional traders. They differ in the minimum deposit, the spread size, and additional options.
Types of accounts:
Account Type
Description
Classic
The Classic account is the most popular account among the broker's clients with a deposit of $10,000 and spreads from 1.2 pips. Maximum leverage is 1:30.
Platinum
is an account for professional trading with a spread starting from 0.8 pips. It is available when replenishing the balance with $200 thousand and more. Priority support is in the customer's language.
VIP
is a premium account with a deposit of $1 million and more and spreads from 0.7 pips. One-on-one access to SaxoStrats experts and a personal manager originates the account holder’s country of residence; invitations to exclusive company
events.
Professional
is an account for traders with at least 1 year of experience in financial markets. It is available for opening when depositing 500,000 euros to an account and making 10 transactions with large amounts during the last four quarters.
A significant transaction size is considered to be 100,000 euros (for Forex), 50,000 euros (for indices), 10,000 euros (for CFDs on individual stocks). Leverage shall be up to 1:66 (for Forex instruments), and spread from 0.7 pips.
All the terms described are valid for new customers. The terms shall be reviewed individually after three months of trading. A demo-account is available.
SaxoBank is an international broker focused on working with professional traders with capital reserves of $10,000 or more.
Bonuses Paid by the Broker
The SaxoBank broker is focused on professional investors who have large equity capital, and therefore, do not need extra financial incentives. For this reason, the company doesn’t offer cash reward bonus programs. Contests and promotions are not held among traders. The broker reduces the commission for large trading volumes and this is the only offer that allows clients to save on trading.
Bonus from Traders Union
Traders Union pays a rebate bonus to all partners. Open an account with a broker using the referral link of the Union to get compensation for the spread. Don’t forget to register on the Traders Union website before that. If you have opened an account as described above, you will receive a partner remuneration for all transactions completed from the Traders Union. We will compensate for the costs of the spread, regardless of the transaction’s result. If you’ve been trading on Forex for some time, then read here for detailed instructions on how to link your brokerage account to your Traders Union account.
Investment Education Online
Information
There is a "Training" section to support traders. The materials for novice traders and professionals are in English.
Information available in the "Training" section
Information not on the SaxoBank website
Account opening rules, financial instruments trading basics
There is no glossary listed alphabetically to quickly find the information you need
Guide describing the trading platform’s functionality
There is no multilingual theoretical knowledge consolidation in practice in video format
International factors affecting exchange rates
Key terminology for bonds, stocks, and CFDs
Practical video tutorials in English
You can apply your knowledge using a demo account.
Security (Protection for Investors)
Information
SaxoBank is a licensed broker regulated by the Danish Financial Conduct Authority (DFSA). License Number: 1149.
SaxoBank follows strict legal requirements in 15 jurisdictions, including Denmark, United Kingdom, and Singapore. The broker is a member of the Danish Guarantee Fund for Depositors and Investors and provides services based on the provisions of the Markets in Financial Instruments Directive (MiFID).
👍 Advantages
- You have the opportunity to get compensation for up to 100,000 euros in the event of bankruptcy of the company
- Customer funds are maintained in the custody of separate bank accounts
👎 Disadvantages
- The regulator doesn’t consider cryptocurrency to be a real currency, therefore it doesn’t control its exchange, purchase, or sale
- Identity and phone verification is a mandatory procedure
Withdrawal Options and Fees
-
The SaxoBank broker withdraws funds only to verified bank cards from which the balance was replenished. Payments from unverified cards or third-party cards shall be returned to their owners.
-
Working with e-wallets is not provided. Withdrawals to bank accounts or credit/debit cards are available.
-
The term for crediting money to the card depends on the bank and takes up to 10 working days.
-
Commission-free withdrawal and replenishment are in EUR and USD. The currency shall be automatically converted from EUR or USD at the exchange rate set on the site when withdrawing in other currencies.
Customer Support Service
Information
The broker's support service is available 24/5.
👍 Advantages
- Telephone support is available
- Multilingual support in the trading platform
👎 Disadvantages
- Does not work on weekends
- Online-chat on the website is not available
- No option to send a question via email
There are several ways to contact customer support:
-
by phone as indicated on the website;
-
via the "Contact Support" window in the SaxoTraderGO/PRO platforms in your personal account;
-
in your account;
-
in Facebook or Twitter messengers;
-
through your LinkedIn profile.
Support is not available from the broker's website; it is only available through the personal account and trading platforms.
Contacts
| Registration address | Philip Heymans Alle 15, 2900 Hellerup, Denmark |
| Regulation |
FCA, DFSA |
| Contacts |
Email:
[email protected],
[email protected],
Phone: +44 (0)207 151 2000, +45 3977 4000 |
Review of the Personal Cabinet of Saxo Bank
Follow these instructions to start making money with SaxoBank:
1
Go to the official website of the company and click "Open an account" on the main page.
2
Indicate the name, surname, email address, country, and phone number. Come up with a strong password in the registration form. Enter the info in Latin characters. Provide personal information and upload documents confirming your identity and place of residence to complete the registration. The system will automatically check the uploaded images for compliance. Next, select the account currency from the drop-down list. After that, go through authorization via your phone number.
3
The following is available in the SaxoBank personal account:
Also, in the user's personal account you can:
-
choose a portfolio for investment;
-
view the trading terms for a specific instrument;
-
learn more about upcoming changes in the margin;
-
download the trading terminal and useful applications for work;
-
contact technical support specialists.
Tags:
Saxo Bank www home saxo home.saxo home saxoThe Oldest Reviews of the Saxo Bank
The reviews by customers of the Saxo Bank indicate that it is a reliable brokerage company. Positive reviews increase standing and, of course, any negative reviews decrease its position in the ratings.
Just register and get authorized to submit a review of the broker’s activities and conditions on its platform. Everyone can and is invited to submit a review. All reviews of Saxo Bank published on the website in 2021 are verified and confirmed by Traders Union as reliable comments by real traders.
RANDIKA
I’ve been trading with SaxoBank for 1.5 years. It’s a proper platform for everyone with decent performance spreads on the majors and prompt money withdrawal. However, if you try to withdraw money on a different card, you will face a lot of hassle with documents, but this is not a mind-breaker.
wakawaka
I have been at SaxoBank for 3 years now. In general, you can trade here, but sometimes slippage occurs. I want to note that there is a very responsive support service. They have your back if something happens. There are a couple more remarks about the broker's work, but not critical ones. From my trading standpoint, you can work here.
CHARITH
I had an account with SaxoBank for a long time, then I stopped trading on it. A couple of months ago I started working with this account again. I want to note that many improvements have been made, including the expanded selection of trading instruments. Now you can find many things for most people’s taste. The company is client-oriented.
bahamgold
SaxoBank is a trustworthy company. Payments are always made on time. For me, this is the key factor. They offer low spreads and there have never been problems with the trading terminal. Therefore, if you are looking for a reliable partner, congratulations, you have found it. I advise you to work with SaxoBank and you will be overjoyed. It’s high time to earn a pretty penny!
papariza
I compared the different brokers’ execution of orders — there was nothing unusual. Of course, I was interested only in legit brokers, including SaxoBank. The scammers have prompt execution, but you can't withdraw your money, or your trading account will be forcibly merged down the road. Well, there will certainly be slippages in a frantic market during news releases. Therefore, it is better to work in the medium term with long stops, so as not to be knocked out by a random movement. This is how I work with SaxoBank.
mrjoexzy
I have been working with this broker for several months now, and now I can safely tell about my impressions. I enjoy working with SaxoBank, and I am very glad that I changed my previous broker to this particular company. Here it is safe like that! All cash payments come without delay. I am attracted by the very low spreads. The terminal works great. I can safely recommend this company to everyone.
INDIAN
I have been working in the foreign exchange market for a long time. Recently I decided to change my brokerage company. There were constant problems with my retroactive operations and payments. In general, there were also severe issues that made me change my heart. I needed a reliable broker because Forex is my main income. A friend who also trades here advised SaxoBank. I decided to test the waters and did not regret it. I usually trade on the EUR/USD pair, but here there are pretty cool spreads, which made me one happy customer. In general, there are tons of interesting offers for traders, but everything is individual.
Author of this Review
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FAQs
Do reviews by traders influence the Saxo Bank rating?
Any review can raise or lower the rating of any broker in the general list of brokers. To read reviews about Saxo Bank you need to go to the broker's profile.
How to leave a review about Saxo Bank on the Traders Union website?
To leave a review about Saxo Bank, register on the Traders Union website or you can also leave a review through Facebook.
Is it possible to leave a comment about Saxo Bank on a non-Traders Union client?
Anyone can leave feedback about Saxo Bank on multiple participating clients; however, Traders Union clients also receive additional payments later for working with any broker listed at the Forex market.
Why is it more profitable to work with Saxo Bank through Traders Union?
Because you will receive additional payments from Traders Union every month while all other functions on your chosen trading platform remain the same.
Traders Union Recommends: Choose the Best!