Saxo Bank mobile app: main features and functionality

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Thanks to Saxo Bank 's online trading platform, which is a fully authorized and regulated Danish bank, you can trade in many international financial markets. You can access various investment options, user-friendly trading tools, and market analytics to assist you in putting your trading plans into action. For easy user accessibility, Saxo Bank has also launched its mobile app. Using their mobile app, you can trade in stocks, bonds, ETFs, mutual funds, futures, and other Advanced products. Saxo Bank mobile app offers its users many more advantages and features, and here we will learn about them.

Like Saxo Bank mobile app, other Fintech companies such as XM and Axi also offer similar facilities. Let's compare them for a better idea.

Saxo Bank XM Axi

Mobile App Rating

4.2

3.9

2.6

User friendliness

Very

Good

Average

Updates

Frequent updates. Last updated on 12/12/22

Frequent updates. Last updated on 14/12/22

Frequent updates. Last updated on 04/11/22

Biometric and two-factor authentication

Yes

No

No

How to download and set up the Saxo Bank app?

Open an account
Your capital is at risk.
1

Download the Saxo Bank mobile app from the play store or App store, depending on your phone.


2

Fill out your personal details such as name, number, email, country, address, etc.


3

Click on continue and enter your occupational details.

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Enter your occupational details


4

You will also have to fill in your primary source of wealth and how much you intend to invest with Saxo Bank.


5

A radio button will appear, asking whether you are a US citizen. If you are a US citizen, select that radio button; if not, choose the other radio button and fill in the remaining field accordingly.


6

In the next step, You will have to upload your documents

To prove your identity, you must upload either your passport, driver's license, or National identity card.

To prove your residence, you must upload either your Insurance Card, Government Issued ID Card, recent utility bill, or bank statement.


7

After uploading the document, Saxo Bank will take 1-2 days to verify your documents.


8

After your account is approved, fund your Saxo bank account using a debit/credit card.


9

Choose the type of account you want to open.


10

Select your base currency.


11

The final step to open your Saxo bank account is to complete the trading survey.


12

Presto! You are all set.

Main features of the Saxo Bank mobile app

Striking trading tools

Saxo Bank mobile app offers a wide variety of intuitively designed trading and investment features. With its improved trade ticket, placing an order requires fewer clicks. It also offers various powerful and useful equity research tools, technical analysis tools, comprehensive charts, etc.

Detailed account summary

Saxo Bank's updated account area allows you to control your account's activities or thoroughly analyze performance. It enables you to view your net assets' historical and current statistics. Visualize your P/L, returns, and performance records for any account and timeframe, and use time-weighted percentages to analyze the evolution of your trades.

Comprehensive research hub

Curated research materials, including news, price data, SaxoStrats analysis, educational resources, and trade suggestions, can help you make better trading decisions. You can see the latest news and significant instrument views of the market you are trading in. Get alerts on rapid price changes or other vital actions affecting your positions.

Additional features of the Saxo Bank app

You receive specialized help from in-house Sales Traders of Saxo Bank or your appointed Relationship Manager.


Setting the account shield value serves as a stop-loss order on the total amount of your account(apart from bonds and mutual fund holdings).


For each instrument, you can readily observe margin utilization.


The margin alerts feature allows you to receive push notifications and pop-up alerts.


You can defend your positions from unfavorable market movements with stop-limit orders and trailing stops.

Technical analysis tools

Simple moving average

Since a simple moving average mellows out price fluctuations and lowers "noise," you can use it to assess a security's trend.

An upward move on the 50-day simple moving average crosses above the increasing 200-day simple moving average is a buying indicator.


A downward move on the 50-day simple moving average crosses below the decreasing 200-day simple moving average is a selling indicator.

Trend lines

Establishing trend lines is a technique for determining when to buy and sell to cease loss.

The resistance trend line is the upper trend line. When the price crosses the resistance line, it can imply a buy signal.


Lower price points are used to create the support trend line. If the price is below the support line, it indicates that an investor should cut their losses rather than hold onto them.

Relative Strength Index

The RSI is a momentum analysis tool that ranges from 0-100 and displays the connections between the most recent market activity. It suggests that when an asset is overbought or oversold.

Indicators below 0-30 indicate that the asset has been oversold, and it is time to buy until the trend reverses.


The asset is overbought if the indicator is set between 70 and 100. It suggests that withdrawal would be a good idea before the trend changes.

Bollinger bands

You can use Bollinger bands to track market volatility and generate buy/sell signals.

A sudden move that breaks through the top band is typically a bullish indicator.


A sudden movement in the direction of the lower band indicates a bearish trend.

Volume

Keeping a watch on the trade volumes will help you choose when to buy or sell by predicting the market's ups and downs.

Price and volume increases confirm an uptrend and a bullish indication.


If the price increases while the volume decreases, this points to a market disparity and price exhaustion.

Main advantages and disadvantages of the Saxo Bank mobile app

Advantages of the Saxo Bank app

There are more than 35,000 trading instruments available at Saxo Bank.


Investors are entitled to compensation in the event of bankruptcy of a company.


Deposits and withdrawals are free.


Disadvantages of the Saxo Bank app

It does not offer trading in Cryptocurrency.


No live chat facility

FAQ

Can I use a different currency to fund Saxo bank account?

Yes, you can, but a conversion fee will be charged.

Can I log in to Saxo bank account simultaneously on many platforms?

Yes, you can log your account on multiple devices.

Can I utilize Saxo bank money before the value date?

Yes, it is possible to do so.

What is 'Value date'?

Value dates are future dates when transactions are effective.

Team that worked on the article

Andrey Mastykin
Author, Financial Expert at Traders Union

Knows about
Trading strategies, technical analysis, Forex, stock market, long-term investing

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.

Experience
Andrey's passion for finance began in 2009, and he has since accumulated extensive experience in trading and investing across various asset classes, including stocks, Forex, and cryptocurrencies.

He has spent over 15 years managing his own capital and working with financial portals, financial institutions, and IT companies, as a financial writer and analyst, further refining his investment expertise.

He is the author of several training courses on investing and trading in financial markets. Led multiple FX/Stocks/Crypto webinar educational presentations. Authored hundreds of articles on the global economy, stock, cryptocurrency, and Forex markets, along with trading strategies. He has also penned hundreds of professional reviews of financial firms.

Throughout his journey, Andrey has been heavily influenced by the works of renowned authors and investors like Benjamin Graham, Ray Dalio, Robert Shiller, and Nassim Taleb.

Dr. BJ Johnson
Dr. BJ Johnson
Developmental English Editor

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.