Saxo Bank Vietnam Review 2024 - TU expert opinion
Is the Forex market legit in Vietnam?
Forex market has a great potential in Vietnam, but this type of activity is not regulated legislatively. The state bank did not approve trading transactions in the international Forex market out of fear that this type of activity could weaken the dong, the Vietnamese national currency.
Traders can register on the online platforms of international brokers, depositing USD to their accounts. However, trading in the Forex market in Vietnam is associated with significant risks, since brokerage companies operate illegally in this country.
How to Trade Forex in Vietnam
In order to trade currency assets you need to choose an international broker with a license of a European or U.S. regulator. Make sure that the broker supports users from Vietnam. The next step is registration of a personal account and verification. You can deposit funds to your account using international payment systems, as a bank may charge a high fee for bank transfers. Once the money is credited to your account, you can choose the trade and buy or sell currency.
Detailed Review of Saxo Bank in Vietnam
Saxo Bank is a good choice for traders from Vietnam. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
Although the broker SaxoBank is not a leader in providing Forex services on the market, it provides very favorable terms for traders. The company offers remote learning for novice and regular customers as well as advice from professional investors analyzing mistakes and teaching winning strategies. SaxoBank is implementing innovative technologies to reduce server response time, thereby increasing the speed of transactions.
Saxo Bank - Pros and Cons for Beginners
SaxoBank broker in figures:
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the amount of assets under the company’s management is $17 billion;
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serves 120 banks and 300 financial intermediaries;
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regulated in 15 jurisdictions.
Advantages of Saxo Bank for trading in Vietnam
Traders Union analysts conducted a detailed analysis of Saxo Bank for traders from Vietnam. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
8 assets and over 30,000 instruments: Forex, CFDs, stocks, options, ETFs, commodities, futures, bonds;
compensation fund to cover losses of investors in the event of a company's bankruptcy is available;
relatively narrow spread on premium and professional accounts;
investment portfolios for passive earnings;
several types of training;
The broker allows hedging (on platinum and VIP accounts) and scalping (on all accounts).
Analysis of the Main Features of Saxo Bank in Vietnam
Traders Union analysts analyzed the key features of Saxo Bank for traders from Vietnam. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for Saxo Bank traders from Vietnam
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of Saxo Bank trading conditions for traders from Vietnam. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
SaxoTraderGO, SaxoTraderPRO
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---|---|
📊 Accounts: |
Classic, Platinum, VIP, Professional
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💰 Account currency: |
EUR, USD
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💵 Replenishment / Withdrawal: |
Bank transfer, credit/debit cards
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🚀 Minimum deposit: |
$0
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⚖️ Leverage: |
Up to 1:30
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💼 PAMM-accounts: |
Yes
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📈️ Min Order: |
0.05
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💱 Spread: |
From 0.7 pips
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🔧 Instruments: |
Forex, CFDs, Futures, Commodities, Forex options, Listed options, Stocks, Bonds, ETFs, Funds
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💹 Margin Call / Stop Out: |
Not indicated
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🏛 Liquidity provider: |
Over 50, including Barclays, Commerzbank, Credit Agricole, HSBC Bank, JP Morgan, Lloyds, Nasdaq OMX (Copenhagen)
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Market execution
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⭐ Trading features: |
Reducing spreads due to trading volumes increasing
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🎁 Contests and bonuses: |
No
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Saxo Bank Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by Saxo Bank for traders from Vietnam. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
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 |
Spreads can be reduced with fruitful trading within three months. We also compared SaxoBank’s trading commissions with those of its competitors. The comparative results are in the table below.
Expert Review of Saxo Bank
SaxoBank trails far behind in the Traders Union Forex brokers rating. A large number of unfavorable comments from customers and constant problems in the trading terminals operation are the reasons for such an undervaluation. The broker's terms are good only for professional traders and investors who are ready to replenish a deposit with 2,000 EUR or more. This company is not focused on novice traders.
SaxoBank provides its clients with multi-million-dollar transactions with access to 85 trading exchanges and platforms, top bank quotes, and professional support in 20 languages. The broker is a member of the investor compensation fund and keeps client funds in segregated bank accounts. The company offers the opportunity to get extra income by investing in ready-made diversified portfolios.
A well-structured website, allows you to read the SaxoBank terms and conditions in just a few minutes. The site also contains an education and training section with detailed materials on various financial markets.
FAQs
Is Saxo Bank legal in Vietnam?
Yes. Saxo Bank operates legally in Vietnam. The broker holds the necessary licenses.
Can you learn trading with Saxo Bank? Does the broker offer courses for traders from Vietnam?
Yes, Saxo Bank offers good trading courses and a lot of educational information for clients from Vietnam.
Can Saxo Bank be trusted? Has the broker been operating in Vietnam long?
Saxo Bank has been operating in Vietnam quite long and has a good reputation. Therefore, traders can work with Saxo Bank.
Is Saxo Bank suitable for novice traders from Vietnam?
Yes. Saxo Bank offers optimal trading conditions and good education for beginners from Vietnam.
How efficient is Saxo Bank customer support in Vietnam?
Saxo Bank offers a sufficient number of ways to contact customer support in Vietnam, and also provides support in the state language.
Has Saxo Bank had any incidents involving theft of funds of clients from Vietnam?
No. Saxo Bank provides reliable security of funds of clients from Vietnam.
Will I be able to file a lawsuit in Vietnam if Saxo Bank violates my rights?
Yes. If Saxo Bank violates your rights, you can file a complaint with the regulator of Vietnam, and then with a court.
Can Saxo Bank clients from Vietnam use the broker’s mobile app?
Yes. The mobile app of Saxo Bank is available for the clients from Vietnam.
Does Saxo Bank provide Vietnam market analysis?
Analysis of Vietnam is featured in the information provided by Saxo Bank.
How can I withdraw funds from my account at Saxo Bank in Vietnam?
Saxo Bank supports bank transfers and debit/credit cards of the banks operating in Vietnam.
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.