Saxo Bank Reviews 2023: Features, Cost & Alternatives
Reviewed by Randolph Vialva, MBA
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Saxo Bank is a Danish investment bank that provides online trading services for a wide range of financial instruments, including forex, stocks, and commodities.
Pros
- Advanced tools
- Extensive market access
- Competitive Pricing
Cons
- High account minimums
- Advanced features can be overwhelming
- Limited customer support available on weekends
Saxo Bank offers advanced trading features including social trading, customizable charts, extensive market access, transparent fee structures, and educational resources for traders of all levels.
With over 20 years of experience, Saxo Bank has established itself as a reliable and innovative financial institution, offering advanced tools and features, such as social trading and customizable charts. The platform is user-friendly and provides access to a wide range of markets and assets, with competitive pricing and transparent fee structures. Additionally, Saxo Bank offers extensive educational resources and support for traders of all levels, including webinars, guides, and market insights.
In this Saxo Bank review, we go over costs, types of accounts, and strategies for trading. Saxo Bank is a Danish investment bank that offers online trading services for a wide range of financial instruments, including forex, stocks, bonds, options, futures, and cryptocurrencies. The bank was founded in 1992 and has since established itself as a reliable and innovative financial institution. Saxo Bank Securities LTD’s online trading platform provides advanced tools and features for traders, such as social trading, customizable charts, and extensive market access, with competitive pricing and transparent fee structures. The bank also offers extensive educational resources and support for traders of all levels, including webinars, guides, and market insights. However, some traders may find the platform’s advanced features overwhelming, and the bank’s high account minimums for some products and services may be a barrier to entry.
Saxo Bank provides access to a broad range of mutual funds from a variety of fund providers. Traders can choose from a diverse selection of mutual funds across different asset classes, investment styles, and regions, with low fees and competitive pricing. They also provide extensive research tools to help traders make informed investment decisions.
Saxo Capital Markets Pte is a subsidiary of Saxo Bank, based in Singapore, that offers trading services for a wide range of financial instruments, including forex, stocks, options, futures, commodities, and bonds. The Saxo Capital Markets provides a user-friendly platform, competitive pricing, and educational resources for traders of all levels.
Saxo Bank Advantages
In this Saxo Bank review, you’ll learn about their global presence. Saxo Bank and Saxo Capital Markets, aka Hong Kong LTD, operate in over 170 countries, with offices and partnerships in major financial centers around the world. banks offer services, such as prime brokerage and liquidity services, as well as wealth management solutions for high-net-worth clients. Saxo Bank has received numerous awards and recognitions for its trading platform and services, including “Best Multi-Asset Trading Platform” at the 2020 Finance Magnates London Summit Awards. Despite its reputation as a high-quality trading platform, some customers have reported issues with customer support and slow account opening times.
A Safe Broker For Trading Forex and CFDs
A Saxo Bank account offers a wide range of forex and CFD trading options, with extensive market access, asset classes, and competitive pricing, as well as educational resources for traders of all levels. Saxo Bank is considered a safe broker for forex and CFD trading, with multiple regulations and investor protection measures in place.
Saxo Bank offers Platinum and VIP accounts to high-net-worth individuals and professional traders, with benefits such as dedicated account managers, competitive pricing, exclusive market insights, and customized trading conditions. These platinum and VIP accounts also provide access to a wider range of trading instruments and advanced tools. The account minimums for these accounts are generally higher than for standard accounts.
Access to Over 60,000 Instruments for Trading
Saxo Bank offers access to more than 60,000 trading instruments, including forex, stocks, bonds, options, futures, commodities, and cryptocurrencies, through its trading account.
Great Trading Platforms
Saxo Bank’s trading account offers a user-friendly interface, advanced trading tools, extensive market access, and customizable features for traders of all levels, with competitive pricing and transparent fee structures.
Account Holders benefit from Highly Competitive Pricing
Their pricing is competitive and transparent, with low spreads and commissions, as well as volume-based discounts and tiered pricing for high-volume traders. However, some products may have high account minimums.
Saxo Bank Features
Saxo Bank’s pricing is competitive and transparent, with low spreads and commissions, as well as volume-based discounts and tiered pricing for high-volume traders. Their minimum deposit varies depending on the type of account typically ranging from $500 to $200,000 USD.
Offering of Investments
The pricing for Saxo Bank’s products varies, but generally, forex trading has some of the lowest spreads and commissions, while trading in exotic instruments or options can be more expensive. However, the exact cheapest and most expensive options would depend on the specific product, market conditions, and the trader’s individual circumstances.
Saxo Account
| Classic | Classic | Platinum | VIP |
| Minimum initial funding | 2,000$ | 200,000$ | 1,000,000$ |
| Entry prices | Tight | Up to 30% lower prices | Best prices |
| Best-in-class digital service and support |  | | |
| 24/5 technical and account support | | | |
| Priority local-language customer support |  | | |
| Direct access to our trading experts, 24/5 | | | |
| 1:1 SaxoStrats access | | | |
| Exclusive event invitations | | | |
Saxo Bank Trading Platforms
Saxo Bank offers a user-friendly and feature-rich Forex trading account, accessible through the web and mobile, with advanced tools and extensive market access.
Market Research
Saxo Bank provides extensive market research and analysis tools, including live news feeds, expert insights, and charting software, to help traders make informed trading decisions.
Mobile Trading Apps
Saxo Bank’s mobile trading apps offer a fully-featured trading experience, with intuitive navigation, advanced charting, and push notifications for real-time market updates. These third-party platforms include MetaTrader 4 (MT4) and MetaTrader 5 (MT5), as well as a number of other trading platforms that are used by institutional and professional clients, retail traders, and managed accounts.
Commission & Fees
Saxo Bank’s minimum deposit ranges from 500 to 200,000 USD. Saxo Bank charges competitive and transparent fees, with low spreads and commissions, and no hidden charges. Some products, such as stocks and bonds, may have volume-based fees, and some services have high account minimums. However, Saxo Bank provides a comprehensive fee schedule and offers tiered pricing for high-volume traders.
Saxo Bank Quick Overview
Saxo Bank Customer Reviews
As a small type trader, I like their platform. It’s very detailed, and it’s easy to use.
Stefan
Having traded with at least five other brokerages in Singapore, Saxo is my first choice by a mile.
James
The SaxoInvestor platform is so easy to understand..I also appreciate the tremendous support I have received from the client services team.
June
Saxo Bank Service Review
Review of Saxo Bank
| Overall Pricing and Value | 92.5%
| 92.5% |
| Cost Value | 95%
| 95% |
| Customer Support | 90%
| 90% |
| Ease of Use | 95%
| 95% |
| Included Features | 90%
| 90% |
The platform offers a classic account and a professional account. These accounts have different features including options for bank transfer, active traders, trading fees, different client money rules, and risk management. As a global bank, they serve a global clientele including UK clients and Asian clients. Saxo Bank provides negative balance protection for its clients, ensuring that they cannot lose more than their account balance. This also helps protect from losing money rapidly. When accounts lose money quickly they can become overdrawn; this dynamic trend can affect not only the client account but the trader as a whole. Saxo Bank is a participant in the Danish Guarantee Fund, a financial services compensation scheme that provides coverage of up to 100,000 euros per client in the event of bank insolvency. However, this scheme may not be applicable to all clients, depending on their country of residence and the specific products they are trading. They do charge trading fees.
Is Saxo Bank Right For You?
Saxo Bank may be a good fit for traders who require extensive market access, advanced tools, bank transfer, and competitive pricing. The broker’s educational resources may also be beneficial for traders of all levels. However, some products may have high account minimums, and the platform’s advanced features may be overwhelming for some traders.
Cost Value
Saxo Bank provides a high-value trading experience, with extensive market access, advanced tools, and comprehensive educational resources, although some products may have high account minimums. Saxo Bank’s minimum deposit requirement varies by account type and ranges from $500 to $200,000 USD. The deposit fee is typical $0.
Customer Service
Saxo Bank provides customer support through phone, email, and live chat, as well as comprehensive educational resources, including webinars, guides, and market insights. However, there are fewer customer support options for weekends, which has caused many complaints.
Ease of Use
Saxo Bank’s demo account is user-friendly and customizable, with an intuitive interface and advanced trading tools that may require some experience to master. Mobile apps are also easy to use.
Included Features
Saxo Bank’s platform includes features such as VIP and Platinum accounts, advanced charting, real-time news and insights, economic calendars, risk management tools that protect when accounts lose money, and an extensive range of trading instruments, including forex, stocks, bonds, options, futures, commodities, and cryptocurrencies.
Overall
Saxo Bank is a well-established broker that provides a comprehensive trading experience, with extensive market access, advanced tools, and educational resources for traders of all levels. However, some products may have high account minimums, and customer service may not be optimal in all cases.
2 Top Saxo Bank Trading Platform Alternatives
| Etoro | IG Markets | Saxo Bank | |
| Award | Best Options | Most Expensive | Best Overall Value |
| Rating | 4.5/5 | 4/5 | 4.5/5 |
| Features | Social Trading Multi-Asset Trading User-Friendly Interface | Wide Array of products User Friendly Comprehensive Education Products | Advanced tools Extensive market access Competitive Pricing |
| Detail | Read Review | Read Review | Read Review |
| Link |
Etoro
eToro is a social trading and investment platform, similar to the XTB platform, that also offers a banking service. eToro Bank provides users with a multi-currency account, a debit card, and a mobile app for managing their finances. The bank also offers competitive interest rates on deposits and allows for easy conversion between currencies. They also offer a demo account, auto trading, tax accounting tools, and streamlined retail investor accounts. eToro has Forex options and a multi-asset brokerage platform that offers online forex trading services to traders and investors worldwide. Forex brokers buy and sell different currencies with the aim of profiting from changes in their value relative to one another. Forex trading is a highly leveraged activity, meaning that traders can make large profits (or losses) with a relatively small amount of capital.
IG Markets
IG Markets is a well-established online broker offering access to a wide range of financial markets, with a user-friendly platform, competitive pricing, and comprehensive educational resources. They have a reliable broker that offers competitive pricing and an easy-to-use platform for trading a wide range of financial instruments, with extensive educational resources available to traders. IG Markets is a trading platform that offers a range of financial products to its clients, including exchange-traded notes (ETNs). An exchange-traded note (ETN) is a type of unsecured debt security that tracks the performance of a particular index or asset. ETNs trade on exchanges and their value is linked to the performance of the underlying index or asset.
Conclusion
Saxo Bank’s minimum deposit ranges from 500 to 200,000 USD. They offer managed portfolios, the Saxo Bank website is simple to navigate, and offer education including trading ideas, trading CFDs, and follow negative balance protection rules. Client assets are protected whether through a classic account, VIP account, or broker account by the Danish financial supervisory authority; because they are regulated banks you can rest comfortably in your trades. A licensed bank, Saxo Bank provides access to a team of experienced Saxo Bank analysts who offer market insights and research across a wide range of financial instruments, including forex, stocks, bonds, and commodities. These insights are available to clients through the SaxoTraderGO and SaxoTraderPRO platforms. Saxo Bank is a well-regarded broker that provides a comprehensive trading experience, with extensive market access, advanced tools, and educational resources for traders of all levels. While some products may have high account minimums and customer service may be lacking, overall Saxo Bank offers high value for traders seeking a comprehensive platform.
Frequently Asked Questions (FAQs)
ETCs can be bought and sold on stock exchanges like stocks, offering investors exposure to commodities such as gold, oil, or agriculture. Whether ETCs are a good investment depends on an individual’s investment goals, risk tolerance, and market conditions. ETCs can provide exposure to commodities with lower costs and greater flexibility than traditional commodity investments. However, as with any investment, there are risks, and investors should do their own research and consult with a financial advisor before investing.
Trading signals are alerts or indications that suggest a potential trade opportunity. These signals are generated by technical analysis or fundamental analysis, which involves analyzing market data and conditions to identify patterns or trends that may indicate a good entry or exit point for a trade. Signals can also be used for government bonds. In this context, signals are generated based on the analysis of various economic factors, such as inflation, interest rates, and government policies. These signals can be affected by the account currency used for trading. Since currency exchange rates fluctuate, the value of trades can be impacted by the exchange rate used to convert the trade value from the account to the quoted currency.
Yes. A Monetary Authority is a government entity or agency responsible for implementing and regulating a country’s monetary policy. The primary objectives of authority typically include maintaining price stability, ensuring financial stability, and promoting sustainable economic growth. Saxo is a licensed bank regulated by the DFSA. In Italy, Saxo Bank is regulated by the Commissione Nazionale per le Società e la Borsa (CONSOB), which is the Italian market authority responsible for regulating securities markets and protecting investors.
The trading industry encompasses a wide range of activities related to buying and selling securities and other financial instruments. Asset classes are groups of securities that share similar characteristics and are typically traded in the same markets. Some of the main asset classes include stocks, bonds, commodities, currencies, and real estate. Trading strategies are approaches used by traders to make buy or sell decisions in financial markets. There are many different trading strategies, some of which are specific to particular asset classes.
The FX Global Code provides a common set of guidelines for all market participants, including banks, asset managers, and other financial institutions, to follow when trading in the foreign exchange market. The code covers a wide range of topics, including ethics, governance, execution, risk management, and compliance, among others.
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