Saxo Bank Review 2024
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
- $0
- SaxoTraderGO
- SaxoTraderPRO
- DFSA
- 1992
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
- $0
- SaxoTraderGO
- SaxoTraderPRO
- DFSA
- 1992
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 7.52 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.
Brief Look at Saxo Bank
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 (1149). 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. Can you trade options with Saxo Bank?
- favorable trading terms for professional traders with at least 1 year of experience;
- over 71 thousand instruments for trading;
- the opportunity to invest in ready-to-use long-term portfolios managed by professionals.
- Cent accounts are not available.
- 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.
TU Expert Advice
Financial expert and analyst at Traders Union
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 2,000 EUR 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.
Saxo Bank Summary
Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.
| 💻 Trading platform: | SaxoTraderGO, SaxoTraderPRO |
|---|---|
| 📊 Accounts: | Classic, Platinum, VIP, Professional |
| 💰 Account currency: | EUR, USD |
| 💵 Replenishment / Withdrawal: | Bank transfer, credit/debit cards |
| 🚀 Minimum deposit: | $0 |
| ⚖️ Leverage: | Up to 1:30 |
| 💼 PAMM-accounts: | Yes |
| 📈️ Min Order: | 0.05 |
| 💱 Spread: | From 0.7 pips |
| 🔧 Instruments: | Forex, CFDs, Futures, Commodities, Forex options, Listed options, Stocks, Bonds, ETFs, Funds |
| 💹 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 |
SaxoBank’s trading terms are designed for real professionals who are ready to invest EUR 2,000 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.
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Trading Account Opening
Follow these instructions to start making money with SaxoBank:
Go to the official website of the company and click "Open an account" on the main page.
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.
The following is available in the SaxoBank personal account:
Also, in the user's personal account you can:
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choose a portfolio for investment;
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view the trading terms for a specific instrument;
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learn more about upcoming changes in the margin;
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download the trading terminal and useful applications for work;
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contact technical support specialists.
Regulation and Safety
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
Commissions & Fees
| 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 |
|---|---|---|
|
$8.5 | |
|
$1 | |
|
$8.5 |
Account Types
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:
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 $2 000 or more.
Deposit and Withdrawal
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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.
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Working with e-wallets is not provided. Withdrawals to bank accounts or credit/debit cards are available.
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The term for crediting money to the card depends on the bank and takes up to 10 working days.
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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.
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.
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The possibility to choose a portfolio based on the optimal acceptable level of risk.
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Minimum investment from 10,000 euros.
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No freeze period: you can withdraw your money at any time without any extra cost.
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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.
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.
SaxoBank’s affiliate program:
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“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.
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"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.
Additional Trading Tools
Saxo Bank offers a wide range of tools that can help traders in their trading and creating their own effective strategy. These include:
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Analytical podcasts. They are released several times a week and are available on popular online streaming platforms such as Spotify, Apple Podcasts, Stitcher, PodBean. The topics of the podcasts include analysis of various markets, trading strategies explainers, technical indicators, and so on.
Additional Trading Tools of Saxo Bank - Podcasts -
Saxo Strats. It's a portal featuring professional market research from in-house analysts at Saxo Bank, specializing in currency and commodity trading, investing in stocks, and fixed income instruments.
Additional Trading Tools of Saxo Bank - Saxo Strats research -
Webinars. They are dedicated to educating about trading in financial markets, improving skills and strategies, market analysis, political and economic events that may impact asset prices. The webinars are conducted by in-house analysts at Saxo Bank as well as invited experts.
Additional Trading Tools of Saxo Bank - Webinars -
Useful video materials. They are designed for new clients and beginners in trading financial instruments. In the video section, there are clips about trading platforms, price charts, portfolio management, and risks, aimed at providing guidance for newcomers.
Additional Trading Tools of Saxo Bank - Video guide
Customer Support
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:
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by phone as indicated on the website;
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via the "Contact Support" window in the SaxoTraderGO/PRO platforms in your personal account;
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in your account;
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in Facebook or Twitter messengers;
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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
| Foundation date | 1992 |
|---|---|
| Registration address | Philip Heymans Alle 15, 2900 Hellerup, Denmark |
| Regulation | DFSA |
| Official site | home.saxo |
| Contacts |
+44 (0)207 151 2000, +45 3977 4000
|
Education
There is a "Training" section to support traders. The materials for novice traders and professionals are in English.
You can apply your knowledge using a demo account.
Comparison of Saxo Bank with other Brokers
| Saxo Bank | RoboForex | Eightcap | Exness | FreshForex | FxGlory | |
| Trading platform |
SaxoTraderGO, SaxoTraderPRO | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | MT4, MT5 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MobileTrading | MT4, MobileTrading, MT5 |
| Min deposit | No | $10 | $100 | $10 | No | $1 |
| Leverage |
From 1:1 to 1:30 |
From 1:1 to 1:2000 |
From 1:30 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:2000 |
From 1:1 to 1:3000 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | 8.00% |
| Spread | From 0.7 points | From 0 points | From 0 points | From 1 point | From 0 points | From 2 points |
| Level of margin call / stop out |
100% / 100% | 60% / 40% | 80% / 50% | No / 60% | 40% / 20% | 20% / 10% |
| Execution of orders | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Instant Execution, Market Execution |
| No deposit bonus | No | No | No | No | $30 | No |
| Cent accounts | No | Yes | No | No | Yes | No |
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.
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.
SaxoBank is a regulated professional trading broker
SaxoBank is a reliable Danish broker providing a wide range of trading assets (over 71000+ instruments), innovative trading platforms, and comprehensive assistance to its clients. A big disadvantage of the company is the minimum amount of EUR 2,000 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:
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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;
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SaxoStrats. A section, where the company's financial analysts analyze successful transactions and conduct seminars;
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FIX API. Electronic infrastructure for quick access to trading instruments, pools, orders, and ready-made trading solutions.
Advantages:
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).
User Satisfaction