Saxo Bank Trading Signals - TU Expert review
Trading signals are one of the best trading options for beginners and for earning passive income. Novice traders can use such signals and earn a profit, while still learning. Brokers can offer various ways of receiving signals. Traders Union analysts have prepared a detailed analysis of Saxo Bank trading signals. You will learn what kinds of trading signals Saxo Bank offers and what the conditions for using them are.
Short introduction of 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?
| 💰 Account currency: | EUR, USD |
| 🚀 Minimum deposit: | $0 |
| ⚖️ Leverage: | Up to 1:30 |
| 💱 Spread: | From 0.7 pips |
| 🔧 Instruments: | Forex, CFDs, Futures, Commodities, Forex options, Listed options, Stocks, Bonds, ETFs, Funds |
| 💹 Margin Call / Stop Out: | Not indicated |
Saxo Bank Pros and Cons
👍 Advantages of trading 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.
👎 Disadvantages of Saxo Bank:
•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.
What are trading signals?
Trading signals are signals to enter a trade, which the broker provides to traders. They can be based both on fundamental and technical analysis.
A broker can provide signals in several ways:
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Copy trading.
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Email alerts.
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Signals through a blog on the website.
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Recommendations of a personal manager, etc.
When choosing signals, it is important to take into consideration their profitability, the list of trading instruments, the conditions of their provision – fees, markup, etc.
Saxo Bank Trading Signals
Traders Union specialists have analyzed SaxoBank trading conditions for explicit and hidden commissions. The spread amount depends on the account types. 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 |
Conclusion
Based on the results of the analysis, Traders Union analysts have concluded that Saxo Bank does not have the best conditions for trading signals. The broker offers a limited choice of instruments, for which signals are provided, high fees and there are questions about signal profitability. Therefore, if you are planning to trade signals, it would be a good idea to consider another option.
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FAQs
Can I subscribe to several signal providers?
As a rule, brokers allow traders to do that. It is important to subscribe to several providers or newsletters, as it helps diversify the risks.
Can I lose money by trading signals?
Keep in mind that there are no ideal trading signals and trading signals may lead to a loss of funds. There are always risks.
Can I test signals on a demo account?
If you mean copy trading, it depends on the broker. If the signals are provided as a newsletter or notification, you can decide where and how to test them yourself.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.