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.
Saxo Bank Pros & Cons
- 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.
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), FCA (Financial Conduct Authority | UK, 551422), ASIC (Australian Securities and Investments Commission, AFSL 280372), FINMA (Swiss Financial Market Supervisory Authority, CHE-106.787.764), and SFC (Securities and Futures Commission | Hong Kong, AVD061). 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?
TU Expert Verdict
Saxo Bank is a reliable and well-established choice. I’ve reviewed its features, tested its services, and found that traders generally report positive results. It offers stable performance, dependable execution, and overall solid quality for everyday trading.
Top-5 Brokers Traders Prefer
Saxo Bank User Reviews
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5-star
30%
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4-star
21%
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3-star
47%
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2-star
3%
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1-star
0%
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Commissions and Fees
Score:We evaluate brokers' fees and spreads by assessing the costs associated with Standard and ECN/Raw spread accounts, including commissions and spreads. Additionally, our evaluation considers extra fees such as deposit/withdrawal charges and inactivity fees. Learn the assessment criteria6 /10The trading and non-trading commissions of Saxo Bank have been analyzed and rated as having Medium fees, with a fees score of 6/10. Additionally, these commissions were compared with those of the top two competitors, OANDA and IG Markets, to provide the most comprehensive information.
- Low Forex trading fees
- No inactivity fee
- No deposit fee
- No withdrawal fee
- 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 OANDA IG Markets EUR/USD min, pips 0.2 0.1 0.6 EUR/USD max, pips 0.9 0.5 1.2 GPB/USD min, pips 0.5 0.1 0.6 GPB/USD max, pips 1.0 0.5 1.5 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 Saxo Bank OANDA IG Markets Deposit fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, USD The indicated amount does not include possible fees from payment systems and banks. 0 0-15 0 Inactivity fee ($, per month) 0 0 0 -
Is Saxo Bank Safe?
Score:We evaluate brokers' safety based on several key criteria. The highest value is placed on regulation, especially Tier 1 regulation, which ensures adherence to stringent standards set by top financial authorities like the FCA in the UK, CFTC in the US, CySEc and BaFin (EU) or ASIC (Australia). High scores are also given for participation in investor protection funds, which safeguard clients' funds in case of broker insolvency. Learn the assessment criteria10 /10Saxo Bank has a safety score of 10/10, which corresponds to a High security 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 34 years
- Strict requirements and extensive documentation to open an account
Saxo Bank Regulators and Investor Protection Abbreviation Full Name Country of regulation Investor Protection Fund Regulation Level FCA UK
Full Name Financial Conduct Authority Country of regulation United Kingdom Investor Protection Fund Up to £85,000 Regulation Level Tier-1 ASIC
Full Name Australian Securities and Investments Commission Country of regulation Australia Investor Protection Fund No specific fund but has stringent consumer protection Regulation Level Tier-1
JFSA Full Name Japan Financial Services Agency Country of regulation Japan Investor Protection Fund No specific fund Regulation Level Tier-1
FINMA Full Name Swiss Financial Market Supervisory Authority Country of regulation Switzerland Investor Protection Fund CHF 100,000 Regulation Level Tier-1 MAS
Full Name Monetary Authority of Singapore Country of regulation Singapore Investor Protection Fund No specific fund Regulation Level Tier-1
SFC HK Full Name Securities and Futures Commission of Hong Kong Country of regulation Hong Kong Investor Protection Fund No specific fund Regulation Level Tier-1 Abbreviation FSA (Denmark) Full Name Danish Financial Supervisory Authority Country of regulation Denmark Investor Protection Fund Up to €20,000 Regulation Level Tier-1 Abbreviation CONSOB (Italy) Full Name Commissione Nazionale per le Società e la Borsa Country of regulation Italy Investor Protection Fund Up to €20,000 Regulation Level Tier-1 Saxo Bank Security Factors Foundation date 1992 Negative balance protection YesVerification (KYC) Yes -
Account Types
Score:We evaluate a broker’s account offering by analyzing the range and suitability of available account types and how effectively they cater to different trader profiles and strategies. Our assessment covers the diversity of account options — including Standard, ECN/Raw, Cent, Swap-Free (Islamic), and VIP accounts — as well as the flexibility of trading conditions provided. Learn the assessment criteria.7.3 /10Saxo Bank offers the following account options: Demo, Standard, VIP.
However, it does not provide a Cent account, which can be a disadvantage for beginners looking to practice with minimal risk.
- Exclusive VIP account with enhanced trading conditions
- Demo account
- Standard account with balanced trading conditions
- No ECN/Raw spread account
- No Cent account
Saxo Bank account types vs top competitors Saxo Bank Plus500 OANDA Standard YesYesYesECN/Raw spread NoNoYesDemo YesYesYesCent NoNoNoMicro NoNoYesSwap Free NoNoYesVIP YesNoNoManaged NoNoNoSaxo Bank accounts trading conditions
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 1 EUR and spreads from 1.2 pips. Maximum leverage is 1:30. Platinum is an account for professional trading with a spread starting from 0.7 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 0.4 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 $2 000 or more.
Saxo Bank members area
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Deposit and Withdrawal
Score:This section assesses the efficiency, speed, and affordability of brokers’ transaction processes, focusing on available methods, currencies, and fees. For further details, please refer to our data-focused methodology5 /10Saxo 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
- Bank wire transfers available
- No deposit fee
- Minimum deposit below industry average
- High minimum withdrawal requirement
- USDT payments not accepted
- Wise not supported
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 Plus500 OANDA Bank Wire YesYesYesBank card YesYesYesPayPal NoYesYesWise NoNoNoBTC NoNoYesWhat are Saxo Bank base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs. 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.
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Markets and Tradable Assets
Score:The evaluation in this section is based on the TU methodology and reflects the total number and variety of tradable assets offered by the broker, including Forex currency pairs. It also considers the availability of passive income tools such as PAMM accounts, copy trading, and similar services. All information is obtained from publicly available sources and may change. Learn the assessment criteria10 /10Saxo Bank offers a wider selection of trading assets than the market average, with over 71000 tradable assets available, including 190 currency pairs.
- 190 supported currency pairs
- Crypto trading
- Copy trading platform
- Regional restrictions are possible
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 Plus500 OANDA Currency pairs 190 60 68 Total 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 on CFDs. 71000 2800 129 Stocks YesYesYesCommodity futures YesYesYesCrypto 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. YesYesYesStock indices YesYesYesOptions YesYesNoInvestment 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.
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Trading Account Opening
Score:We evaluated Trading Account Opening at Saxo Bank by testing the registration process under real conditions, including opening an account and funding it with the minimum required deposit (but no less than $100). Our assessment considered whether onboarding was fully online, the average registration time, the speed of KYC verification, and how quickly traders could activate their accounts. Learn the assessment criteria.8 /10We successfully registered an account with Saxo Bank in 20 minutes. The KYC verification was completed within 2 business days. The minimum deposit amount at Saxo Bank is $0. This is one of the most accessible and hassle-free onboarding procedures on the market.
- Fully online account opening process
- Low minimum deposit requirement
- Registration process may take longer than expected
- Account approval may require extra time depending on the documentation.
Saxo Bank account opening Saxo Bank Plus500 OANDA Online Registration YesYesYesMinimum deposit $0 $100 $0 Mandatory KYC YesYesYesRegistration time (min) 20 10 KYC time (days) 2 3 3 Is Saxo Bank available in my country?
If you are a citizen of United States, the broker accepts clients from your country.
Please note that availability may vary due to regulatory requirements, so we recommend confirming directly with the broker for the most accurate and up-to-date information.
Account opening details
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:
- Replenishment, transfer, and withdrawal of funds..
- View the active operations log..
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.
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Trading Platforms & Tools
Score:This section evaluates the quality and variety of trading platforms offered by the broker. It considers supported platforms, core features, device compatibility, and the availability of tools for automation, analysis, and different trading styles. Learn the assessment criteria7.4 /10Saxo Bank received a score of 7.4/10, reflecting an average offering in terms of trading platforms and tools. The broker covers essential functionality but may fall short in some advanced features or platform diversity compared to leading competitors.
- Trading bots (EAs) allowed
- API access for automated trading
- Trade directly from TradingView
- Proprietary platform with unique features
- No access to Free VPS
- No access to cTrader and its advanced tools.
- Strategy (EA) Builder is not available
Supported trading platforms
Saxo Bank supports the following trading platforms: TradingView, Proprietary platform. This selection covers the basic needs of most retail traders. We also compared Saxo Bank’s platform availability with that of top competitors to assess its relative market position.
Saxo Bank Plus500 OANDA MT4 NoNoYesMT5 NoNoYescTrader NoNoNoTradingView YesYesYesProprietary platform YesYesYesNinjaTrader NoNoNoWebTrader NoYesYesKey Saxo Bank’s trading platform features
We also evaluated whether Saxo Bank offers essential trading features that enhance user experience, accommodate various trading styles, and improve overall functionality.
Supported features 2FA YesAlerts YesTrading bots (EAs) YesOne-click trading YesScalping YesSupported indicators 62 Tradable assets 71000 Additional trading tools
Saxo Bank offers several additional features designed to enhance the trading experience. These tools provide greater automation, deliver advanced market insights, and help improve trade execution.
Saxo Bank trading tools vs competitors Saxo Bank Plus500 OANDA 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. NoNoNoAPI YesNoYesFree VPS NoNoYesStrategy (EA) builder A Strategy or EA builder is a tool that allows traders to create and test their own automated trading strategies without requiring programming skills. NoNoYesAutochartist Autochartist is a market scanning tool that identifies trading opportunities by analyzing chart patterns and key price levels. YesNoYes -
Mobile Apps
Score:This section assesses the quality and functionality of the broker’s mobile trading apps. It takes into account app ratings, number of downloads, platform features such as two-factor authentication (2FA), mobile alerts, and technical indicators, ensuring traders can manage positions and monitor markets effectively from their smartphones. Learn the assessment criteria8 /10Saxo Bank supports mobile trading, offering dedicated apps for both iOS and Android. Saxo Bank received 8/10 in this section, reflecting strong user engagement and well-developed functionality. High ratings, solid download numbers, and the presence of advanced mobile features contributed to the high score.
- Solid iOS user feedback, with a rating of 4.4/5
- Strong Android user ratings, currently at 4.2/5
- Mobile alerts supported
- Fewer charting tools
We compared Saxo Bank with two top competitors by mobile downloads, app ratings, 2FA support, indicators, and trading alerts.
Saxo Bank Plus500 OANDA Total downloads The parameter reflects the combined number of installations from both the Apple App Store and Google Play. It serves as an approximate indicator of the broker’s mobile trading app popularity and user adoption across platforms. 100,000 10,000,000 1,000,000 App Store score App store scores reflect the average user ratings of the broker’s mobile applications on the Apple App Store and Google Play. These ratings indicate user satisfaction based on criteria such as usability, stability, performance, and overall experience. 4.4 4.7 4.8 Google Play score 4.2 4.4 3.4 Mob. 2FA YesYesYesMob. Indicators YesYesYesMob. Alerts YesYesYes -
Customer Support
Score:We evaluated Customer Support at Saxo Bank by opening a real account funded with the minimum required deposit (no less than $100) and contacting support to measure response time under real conditions. Our assessment considered contact channels, response speed, multilingual support, and availability hours. Learn the assessment criteria5.5 /10Customer support at Saxo Bank is available, but response speed and service quality may vary. Some requests are handled efficiently, while others may require follow-ups.
During testing, response times were moderate, and communication depended on the complexity of the request. Saxo Bank provides basic support functionality but does not stand out in overall service performance.
InformationThe broker's support service is available 24/5.
- Telephone support is available
- Multilingual support in the trading platform
- 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 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 info@saxobank.com +44 (0)207 151 2000, +45 3977 4000
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FAQs
How is Saxo Bank regulated and what investor protection measures are described in the review?
The review states that Saxo Bank has a safety score of 10/10 and is regulated by multiple Tier-1 authorities, including the FCA (UK), ASIC (Australia), JFSA (Japan), FINMA (Switzerland), MAS (Singapore), SFC HK (Hong Kong), the Danish FSA, and CONSOB (Italy). Investor compensation schemes mentioned include up to £85,000 under the UK FCA, CHF 100,000 under FINMA, and up to €20,000 under the Danish FSA and CONSOB, and the broker also applies negative balance protection and mandatory KYC.
What commissions and trading fees are highlighted for Saxo Bank in the review?
The review rates Saxo Bank’s overall fee level as medium with a score of 6/10, noting low forex trading fees and the absence of deposit, withdrawal, and inactivity fees. For Standard accounts, EUR/USD spreads typically range from 0.2 to 0.9 pips and GBP/USD from 0.5 to 1.0 pips, and the broker does not offer RAW/ECN accounts according to the section.
What do Saxo Bank user reviews and feedback scores indicate about client satisfaction?
Saxo Bank has a user satisfaction score of 7.5/10 based on 115 reviews, with 785 users having chosen this broker according to the section. Rating distribution shows 30% 5-star, 21% 4-star, 47% 3-star, 3% 2-star, and 0% 1-star reviews, so the overall tone is described in the review as mixed; According to user reviews, experiences vary across different satisfaction levels.
What markets and tradable assets are mentioned in reviews of Saxo Bank’s product offering?
The review notes that Saxo Bank provides access to over 71,000 tradable assets, including 190 currency pairs, stocks, stock indices, commodity futures, options, and cryptocurrencies. It also mentions additional investment options such as bonds, ETFs, copy trading, and PAMM investing, while indicating that regional restrictions are possible.
How do reviews describe the Saxo Bank account opening process and requirements?
The section states that opening an account with Saxo Bank is fully online, took 20 minutes for registration in the test, and that KYC verification was completed within 2 business days, with a minimum deposit of $0. It is described as one of the more accessible onboarding processes, although the review notes that registration and approval may sometimes take longer depending on documentation.
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