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Saxo Bank broker review: facts and recommendations

Saxo Bank broker: a reliable partner for big business

Registration, financial regulation

Saxo Bank was founded in 1992 as a private company « Midas Fondsmæglerselskab» and received a European banking license only in 2001. The main office of the company is located in Denmark (Saxo Bank Copenhagen office: Philip Heymans Alle 15, 2900, Hellerup) and provides online broker services in 70 countries. The broker has licenses from the leading financial regulators ASIC, DFSA, FCA, FSA, FSC (depending on the jurisdiction of its branches), as well as a Danish investment bank license, but Saxo Bank does not offer traditional banking services.

saxo bank official website
Saxo Bank Review: Official Website

Saxo Bank Forex services are not provided in the USA, Spain, Portugal, etc.

Rate: 10

Warranties and insurance

Saxo Bank UK broker is one of the founders and an active participant in the anti-money laundering program following FATF standards. The manager based on the verification results will determine trading conditions for each client. Checking the legality of generating income is required.

The FSCS bank deposit compensation service in the process of Saxo Bank trading is offered to EU residents for deposits from €20000, for customers of other jurisdictions – from $10000. For large customers, the broker offers a personalized system of segregated trading accounts, the terms of which are not disclosed.

Nevertheless, Saxo Bank negative balance protection the broker’s technical against a potential is weak. The trader’s balance may be negative if Saxo Bank cannot time to close the losing position of the client.

Rate: 8

Trading Assets

Team Saxo Bank offers clients more than 35000 assets (182 FX spot-pairs and 140 forwards, as well as Forex Options, CFDs, Stocks, Futures, Bonds, ETFs, Listed options). Thanks to the largest European bank, the Saxo Bank capital markets provides access to unique aggregate liquidity (Saxo Bank level 2), guarantees simultaneous access to all instruments from a single multicurrency account, and a unified system of accounting for margin requirements.

saxo bank trading assets review
Review: Selection of a trading asset in SaxoBank system

Spreads/commissions are significantly higher than market ones, but very much depend on the type of trading account and the amount of capital. For example, the minimum spread for EUR/USD starts at 0.4 pips for VIP customers and reaches 1.2 pips for minimum deposits. The interests of small clients are not of interest to a broker. Moreover, a post-trading commission is charged: from $50 per $1 mln of trade turnover with the possibility of reducing the commission based on the average trading volume for the last quarter.

In the absence of trading activity for six months, a fee of $ 100 is charged for servicing the account.

Rate: 7


The broker offers 4 types of trading accounts: Classic (min $2000), Premium (min $100000), Platinum (min $500000) and VIP (min $1000000). The package of preferential services directly depends on the amount of the deposit, for example, VIP accounts have a tight connection with the client’s IP address, which provides additional security and a narrower spread.

sahotradergo research
Saxo Bank Review: Intermarket Analysis
  • Saxo Bank minimum deposit: from $2000
  • Leverage: from 1:20 to 1: 200.
  • Minimum transaction volume: 0.1 lot.
  • Islamic trading accounts (with a 2-week free-swap restriction).
  • 24-hour technical support in a language that is comfortable for the user.
  • Saxo Bank demo (download SaxoTraderGO or SaxoTraderPRO software, Classic scheme) for $100000 for 20 trading days.
  • Type of transaction: Dealing Desk, Market Maker, STP.
  • Saxo Bank spread betting is not offered.

For corporate clients, Saxo Bank provides a special corporate account for investment and speculative activities, the conditions for this procedure are quite stringent.

 Rate: 7


Saxo Bank trading platform − it’s trading software − that is incompatible with the popular MetaTrader 4 (5) trading platforms: SaxoTraderGO (iOS, Android, Windows), SaxoTraderPRO, Saxo WebTrader, Saxo MobileTrader (for Android and iOS systems). The SaxoTraderPRO platform is considered the best professional software: it has everything you need for multi-factor trading. Automated trading is also allowed, but development applications are not provided free of charge.

Saho Trader Go Software review
Saxo Bank Review: Market Analysis
Rate: 9

Deposit and withdrawal

Funds can be credited to the Saxo Bank trading account only by bank transfer, credit card or transfer of shares to the property. Moreover, most European customers must transfer money to the Saxo Danish account, which requires an international bank transfer, which may take 1-5 business days. Using a credit/debit card (VISA or MasterCard), money is credited to the trader’s account instantly. There are no additional fees for replenishment or withdrawal of funds, except for those that are charged by your bank (usually 0.5-2.5%).

The transfer of shares and bonds to Saxo Capital Markets is free of charge. This takes longer, as it must be handled by your current package owner. The withdrawal of investments or profits can be made to a bank account or a broker’s account.

Rate: 5

Technical support

General technical and legal support, direct access to technical and sales experts are available 24/5; Priority customer support, in particular services, personal manager, is provided to Platinum and VIP customers. The broker provides the most active technical support in countries where its subsidiaries are present. Currently, the technical service is available in 20 different languages − by email, via online chat or by phone.

Rate: 7


A complete training Saxo Bank education for traders has not yet been developed. Training materials are available in the form of thematic webinars that describe only the broker’s trading capabilities and do not help beginners learn how to trade. As an alternative, you can become a “student” at Saxo Bank Academy and get the opportunity to choose more professional materials, but also in online video format.

On the company’s website, you can find only the minimum amount of reference information in Saxo Bank wiki format. Leading experts of the company offer personal advice, but their level is also designed for traders with successful experience and large capital.

Rate: 5

Information support and social communications

Corporate professional analytics of the stock market, Forex and macroeconomics are provided to each client, but in a different volume. Particular attention is paid to quarterly forecasts available both on the company’s official web pages and in trading applications. The most serious analytics (Saxo Bank reviews) is available only in a paid subscription.

Saxo Bank News
Saxo Bank Review: Blog Analytics

Saxo Bank is practically not represented on social networks, but it maintains a special information resource there you can find up-to-date statistics, market research, Saxo Bank news, opinions of Saxo Bank strategists, trading signals and a Saxo Bank economic calendar.

Rate: 6

Bonuses & Promos & Partnership

Since Saxo Bank is a broker regulated by the MiFID Directive, it is assumed that the company is not entitled to offer any bonuses to its customers or conduct other promotions.

The broker prefers to work with large clients and does not need too active advertising.

However, there is a White Label Partnership program to promote the SaxoTrader trading platform with other financial institutions under its own brand. Saxo Bank also provides a number of technical services for other brokerage companies, including advertising.

Rate: 5

Аnd look how well that turned out?

Saxo Bank has a reputation as a reliable banking broker with a huge selection of trading assets. Is Saxo bank a good broker? But still, this is a broker, at least for average capital:

  • high minimum deposit,
  • lack of the familiar MT4 trading platform,
  • the complexity of verification,
  • minimum choice of ways to replenish the account and withdraw funds.

It is assumed that you trade actively and successfully, otherwise, the entire profit will be destroyed by too high commissions.

SaxoTraderPRO platform is ideal for professional traders and analysts, but for beginners, we strongly recommend looking for another broker to implement their ideas.

Overall assessment from the point of view of the prospective client: 69 marks out of 100

You are free in your final choice and let it be the right one!

( 1 , average 5 from 5 )
Denis Tannen
Denis Tannen / article author
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