Saxo Bank account types compared
Saxo Bank offers a variety of accounts to suit your needs whether you are a novice investor or an experienced trader. With a Saxo Bank account, you have access to a world of opportunities to grow your wealth and diversify your portfolio.
From trading stocks and ETFs to investing in mutual funds, Saxo Bank has many options that suit the needs of different traders. If you’re looking for low fees, high leverage, or a specific trading platform, Saxo Bank has a variety of features and benefits. Read on to learn more about the different Saxo Bank account types and find out which one is right for you.
Saxo Bank Classic Account
Classic accounts require a minimum deposit of $10,000 for most countries, or £500 for UK accounts. With this entry-level option, you will have access to Saxo Bank's powerful trading platforms, as well as 24/7 customer support.
Saxo Bank Platinum Account
Platinum accounts require a deposit of £200,000 or $200,000, depending on your location. This is a steep jump, but the Platinum account offers tighter spreads and better commissions. A Platinum account holder also has priority access to local language support.
Saxo Bank VIP Account
Saxo Bank's VIP account comes with a hefty £1,000,000 (or $1,000,000) minimum deposit, but also the best prices around. With VIP accounts, investors receive one-to-one support from their personal relationship manager and one-to-one access to the broker's in-house strategists.
Saxo Bank Professional Account
You can access higher leverage on all assets if you open a professional account. There is a maximum leverage of 66:1 for forex. In order to qualify, you must comply with at least two of the following requirements:
In the past year, you have completed an average of 10 significant sized transactions each quarter.
In either your bank account or your trading account, you must have a portfolio of financial instruments exceeding €500,000.
You must have financial services experience
Traders with extensive experience trading several assets and instruments are eligible to participate. A trader also has the option to request a different categorization, but negative balance protection is not available. This means that there is no automatic system to make sure the account does not fall into a negative balance.
Saxo Bank Account Types Comparison
| Classic | Platinum | VIP | Professional | |
|---|---|---|---|---|
| Minimum deposit | £500 | £200,000 | £1,000,000 | N/A |
| Platforms | SaxoTraderGO and SaxoTraderPRO | SaxoTraderGO and SaxoTraderPRO | SaxoTraderGO and SaxoTraderPRO | SaxoTraderGO and SaxoTraderPRO |
| Markets | Forex spot pairs, Forex options, Cryptocurrencies, CFDs, Equities, Equity Options, Commodities, Indices, Bonds, Futures, |
Forex spot pairs, Forex options, Cryptocurrencies, CFDs, Equities, Equity Options, Commodities, Indices, Bonds, Futures, |
Forex spot pairs, Forex options, Cryptocurrencies, CFDs, Equities, Equity Options, Commodities, Indices, Bonds, Futures, |
Forex spot pairs, Forex options, Cryptocurrencies, CFDs, Equities, Equity Options, Commodities, Indices, Bonds, Futures, |
| Trade size | Depends on currency pair (e.g. EURUSD minimum trade size is EUR 1,000 |
Depends on currency pair (e.g. EURUSD minimum trade size is EUR 1,000 | Depends on currency pair (e.g. EURUSD minimum trade size is EUR 1,000 |
Depends on currency pair (e.g. EURUSD minimum trade size is EUR 1,000 |
| 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 |
| Max leverage | Up to 1:30 | Up to 1:30 | Up to 1:30 | Up to 1:66 |
| Special features |
- Tight entry prices
- Digital upport and service of the highest standard - Technical and account support is available 24 hours a day, 5 vdays a week |
- Prices are up to 30% lower - Local- language customer support on a priority basis |
Best prices Access to trading experts 24 hours a day, 5 days a week Access to SaxoStr ats 1:1 A unique invitation to an exclusive event |
1:66 leverage |
How to Open Saxo Bank Account
Saxo Bank's account opening process is fully online and user-friendly. The registration process can be completed easily on your device.
In general, you must provide proof of identity and residency in order to open an account with an online broker.
For identification purposes, Saxo Bank accepts the following documents:
ID / passport / driver's license as proof of identity
Identification card, insurance card, utility bill, or bank statement (proof of residence)
To begin trading, you will need to transfer the minimum deposit from your bank account to your brokerage account once you have completed registration and account opening.
Here are more in-depth steps to opening a Saxo Bank account:
Select your account. Be sure to select the right brokerage account type before providing any personal information. Select your choice on the registration page and then continue.
Add personal info.
Next, fill out the basic information questionnaire. As part of the application, you are required to provide your name, birth date, address, nationality, employment, and other similar information. To ensure you are legally allowed to trade, you will also need to answer some security questions.
Prove your identity. On the Saxo’s website, you will be asked to scan and upload your proof of identity.
Make a deposit into your account. You can start trading as soon as your account has been confirmed and opened. Deposit the minimum amount required for the Saxo Bank account you chose.
FAQs
Does Saxo have monthly fee?
Yes, under certain circumstances. Custody fees will apply to accounts with stock, ETFs/ETCs, or bond positions, starting at USD 5.00 per month. A Platinum client's custody fee will never exceed plus/minus 0.12% per year, and a VIP's custody fee will never exceed plus/minus 0.05% per year.
Are Saxo fees high?
This depends on the asset class. Fees for forex and mutual funds are low at Saxo Bank, but other fees range from average to high. Because Saxo charges inactivity and custody fees, it is not recommended for buy-and-hold investing.
Does Saxo have withdrawal fee?
Yes, under certain conditions. Withdrawals made via the Online Cash Withdrawal Module are free of charge at Saxo Bank.
Can I trust Saxo?
Yes. A leader in the industry, Saxo is regulated and licensed in 15 jurisdictions, including Denmark, the UK, Singapore, and holds banking licenses in Denmark and Switzerland.
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.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.