How to open a Saxo Bank account
Opening a Saxo Bank account can seem like a complex and daunting process - but with the right step-by-step guide, it doesn’t have to be. Saxo Bank is a global investment bank that offers a range of services for its customers, from online trading to managed investments. With this guide, you’ll learn everything you need to know about opening an account with Saxo Bank.
From the application process to the necessary documents and verification, this guide will make the process of opening a Saxo Bank account as simple as possible. In just a few simple steps, you’ll be ready to start taking advantage of all the services Saxo Bank has to offer.
Saxo Bank Account Requirements and Documents
Before you open an account with Saxo Bank, you must verify your account. To do this, you will need to provide the following documentation:
Photo ID - To verify your account, you must provide a photo ID, such as a passport, national identity card, or driver’s license.
Proof of address - Saxo Bank will also require you to provide proof of your address. You can use an official document, such as a utility bill, to verify your address.
Bank details - If you choose to fund your account with an online transfer, you will need to provide your bank details. If you choose to fund your account with a bank transfer, you will need to provide your account number and SWIFT code.
Saxo Bank Account Types
Saxo Bank offers a range of account types, each with different features and benefits.
The bank's most popular accounts include its Classic Account which allows traders to gain access to more than 35,000 markets across stocks, ETFs, options and forex. To open a Classic Account, you need a minimum deposit of $10,000 in most countries,
The Platinum Account offers 30% lower prices and priority local language support. A Platinum Account requires a $200,000, minimum deposit.
The VIP Account offers even better fees and provides access to a dedicated relationship manager. The minimum deposit for a VIP account is $1,000,000.
The Professional Account is for advanced traders who benefit from higher levels of leverage (up to 16.66x leverage in CFDs). To qualify for a Professional Account, you must meet two of three requirements. You must have 10 significant sized transactions each quarter within the past year.
You must also have a portfolio of financial instruments exceeding $500,000 in either your bank account or trading account. Or, you must have financial services experience.
Fees for each account type depend on the trading instrument. Here is a chart with the average cost for each instrument:
| Professional | Platinum | VIP | Professional | |
|---|---|---|---|---|
| Commissions | Stocks - From $4 Futures - From $6 Listed options - From $3 ETFs - From 0.1% Bonds - From 0.2% Mutual funds - $0 | Stocks - From $4 Futures - From $2 Listed options - From $2 ETFs - From 0.07% Bonds - From 0.1% Mutual funds - $0 | Stocks - From $1 Futures - From $3 Listed options - From $1.25 ETFs - From 0.05% Bonds - From 0.05% Mutual funds - $0 | Stocks - From $1 Futures - From $1.25 Listed options - From $1.25 ETFs - From 0.05% Bonds - From 0.05% Mutual funds - $0 |
Saxo Bank Account Opening Guide
To open a Saxo Bank account, you will need to register and provide the necessary documentation.
Choose your account type - Before you open a Saxo Bank account, it’s important to understand the different account types. If you’re unsure about which account type is best for you, you can refer to our account types section for more information.
Verify your account - Before you can start trading with Saxo Bank, you must verify your account. In addition to providing proof of identity and address, you might have to provide other documentation. For example, depending on the type of account being opened, you might need to provide financial statements from employers or other sources proving income. Furthermore,
Saxo Bank also requires clients to complete their Know Your Customer process before funds can be deposited into their accounts.
Fund your account - After you’ve verified your account, you can fund your account with the currency of your choice. You can fund your account with an online transfer or a bank transfer.
Start trading - Once your account has been funded, you can start trading. You can use the Saxo trading platform or the Saxo web trading platform.
Clients wishing to open any margin trading-enabled accounts must also show evidence that they meet Saxo Bank's minimum qualification criteria including having sufficient knowledge and experience in derivatives trading prior to opening an account. Additionally, Saxo Bank customers are required to enter into its customer agreement which sets out all the terms and conditions applicable to the services provided by the bank.
Forex Brokers ListHow to Close a Saxo Bank Account
Closing an account with Saxo Bank is a simple process and can be done in just a few steps.
Make sure all trades have been settled and that there are no open positions on the account.
This should include confirmation of any profits/losses from trading activity as well as any applicable taxes due to be paid.
Once this has been confirmed, fill out the relevant close account form online providing details such as the reason for closure, bank name and address etc., which can then be submitted via post or email depending on jurisdiction.
Upon receipt of the completed form, Saxo Bank will confirm if there are any outstanding funds in the account which will need to be withdrawn prior to closure.
Once all requirements have been met, Saxo Bank's team will initiate the closing process within 2 business days whereupon receivable payments (if applicable) will be sent by wire transfer directly into your nominated bank account while debit card payments may take up to 30 days depending on policy requirements in each jurisdiction. You should also make sure you retain copies of all documentation provided during this process so you are able to refer back at a later date if necessary - particularly important when dealing with tax matters related to closed accounts.
FAQ
How long does it take to open a Saxo account?
For most people, it takes only minutes to open an account, and you can fund it within a day. Afterwards, you can purchase international stocks and execute options quickly and easily.
Is my money safe with Saxo Bank?
Yes. Cash deposits of up to EUR 100,000 are guaranteed by the Fund if Saxo Bank suspends payments or goes bankrupt.
Are Saxo fees high?
Saxo Bank is an average broker when it comes to trading and non-trading fees. This means that some of the trading and non-trading fees are high, but the others are low or not charged at all.
Does Saxo have a minimum deposit?
Yes, the minimum deposit depends on the account type. Classic Accounts require a minimum deposit of £500. Platinum: £200,000. VIP: £1,000,000
Team that worked on the article
Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform. Andrey focuses on educating readers about the potential rewards and risks involved in trading financial markets.
He firmly believes that passive investing is a more suitable strategy for most individuals. Andrey's conservative approach and focus on risk management resonate with many readers, making him a trusted source of financial information.
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.