Saxo Bank Fees and Minimum Deposit - TU Expert review
While reliability is paramount, fees and minimum deposits are crucial factors when choosing a broker. Lower fees with diverse options make a broker more attractive for trading. The minimum deposit is another important factor for new traders who may not have a substantial amount to invest immediately.
Traders Union analyzed Saxo Bank fees, minimum deposit requirements, and commission structure to assess their suitability for beginner traders.
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 Commissions and Fees
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 |
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Forex market:
-
Spread – the difference between the buy and the sell price of an asset.
-
Commission per lot.
-
Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
Saxo Bank Minimum deposit
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:
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.
Brokers similar to Saxo Bank
When analyzing Saxo Bank, it is important to compare it with other similar companies. Before you choose a broker, it is important to compare its trading conditions with competitors. Traders Union analysts have prepared a comparison of the minimum deposit and other trading conditions of Saxo Bank and other brokers.
Comparison of Saxo Bank with other Brokers
| Saxo Bank | RoboForex | Pocket Option | Exness | Vantage Markets | XM Group | |
|---|---|---|---|---|---|---|
|
Trading platform |
SaxoTraderGO, SaxoTraderPRO |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MT5, WebTrader, Mobile Apps |
MT4, MT5, Mobile Trading, XM App |
|
Min deposit |
No |
$10 |
$5 |
$10 |
$50 |
$5 |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
|
Trust management |
No |
No |
No |
No |
No |
No |
|
Accrual of % on the balance |
No |
No |
No |
No |
No |
No |
|
Spread |
From 0.7 points |
From 0 points |
From 1.2 point |
From 1 point |
From 0 points |
From 0.6 points |
|
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
|
Execution of orders |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution |
|
No deposit bonus |
No |
No |
No |
No |
No |
No |
|
Cent accounts |
No |
Yes |
No |
No |
No |
Yes |
| Saxo Bank | RoboForex | Pocket Option | Exness | Vantage Markets | XM Group | |
|---|---|---|---|---|---|---|
|
Forex |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Metalls |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Crypto |
Yes |
No |
Yes |
Yes |
No |
Yes |
|
CFD |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Indexes |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Stock |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
|
ETF |
Yes |
Yes |
No |
No |
No |
No |
|
Options |
Yes |
No |
No |
No |
No |
No |
Could I recommend Saxo Bank to a beginner trader?
Analysis of Saxo Bank shows that the broker has a rather high minimum deposit. It could pose a problem for traders, who are only starting their path in trading. Nevertheless, the fees are low. Therefore, the broker will be a good choice for professional traders.
FAQs
Are the fees charged on a demo account?
Yes, but they are written off the virtual funds you use for trading on the demo account. This allows you to learn the level of the fees.
Can the level of the fees change if different accounts imply the use of different platforms?
Yes. Some brokers offer different trading platforms on different types of trading accounts. In this case, the size of the fee may change.
What fees may be charged on ECN accounts?
As a rule, the fees are minimal on ECN accounts, with the spread rarely above 0.1 pips. Commission per lot may be charged.
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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.
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.