Saxo Information
Saxo is a Danish investment bank founded in 1992. It provides trading in stocks, ETFs, bonds, mutual funds, forex, futures, forex options, and listed options its proprietary trading platforms - SaxoTraderGo, SaxoTraderPRO, and SaxoInvestor. The bank operates in over 100 countries and has offices in major financial centers worldwide, including Copenhagen, London, Singapore, and Tokyo. Saxo Bank is regulated by several financial authorities, including ASIC (Australia), FCA (UK), FSA (Japan), SFC (Hong Kong), AMF (France), CONSOB (Italy), FINMA (Switzerland), and MAS (Singapore). The bank also has a banking license and is a member of the Danish guarantee fund for depositors and investors.
Pros & Cons
Is Saxo Legit?
Saxo has several entities that operate in multiple jurisdictions, heavily and globally regulated to provide a reassuring trading environment.
How are you protected?
Saxo is a regulated broker, with licenses from multiple reputable regulatory authorities and a long-standing history of providing financial services. The broker takes extensive measures to protect client funds, including segregating them from the company's assets and offering negative balance protection.
Additionally, Saxo offers various security features, such as two-factor authentication and encryption, to ensure secure trading.
More details can be found in the table below:
It's important to note that while these measures provide some level of protection for clients, there is always some level of risk involved in trading financial instruments, and clients should always be aware of the risks before making any trades.
Our Conclusion on Saxo Reliability:
Based on the information available, Saxo is a reliable and trustworthy broker. It is regulated by reputable authorities, has been in operation for several years.
Market Instruments
Saxo offers a wide range of trading instruments across multiple asset classes, including
- Forex: More than 180 currency pairs, including majors, minors, and exotics.
- Stocks: Over 40,000 stocks from 36 global exchanges, including NYSE, NASDAQ, LSE, and more.
- Futures: Over 200 futures and options across a variety of asset classes such as commodities, indices, and bonds.
- Options: A wide range of options on stocks, indices, and futures.
- Bonds: Trade a wide range of government and corporate bonds, including sovereign bonds from developed and emerging markets.
- ETFs and CFDs: Access to over 3,000 ETFs and CFDs on indices, commodities, and stocks.
Account Type
Saxo offers a range of account types designed to suit the different needs of its clients. The account types offered by Saxo are:
- Corporate Account: An account for companies, partnerships, and other legal entities.
- Professional Account: An account specifically for professional traders.
Each account type has its own unique features and benefits, such as lower pricing, higher leverage, and dedicated account managers. Saxo also offers a free demo account (20 days with $100,000 virtual fund) for clients to practice trading before committing to a live account.
How to Open an Account with Saxo?
It takes only about five minutes and a short online form to open an account. Clients will need to submit the standard verification documents required by KYC and AML rules, but the procedure should be quick and easy, and they will have access to their account in minutes.
Leverage
Saxo offers leverage up to 1:100 for forex trading. Professional clients are entitled to leverage of 1:40 for the primary index, 1:33 for the secondary index, 1:33 for gold, 1:10 for equities, and 1:25 for commodities. Retail clients are entitled to leverage of 1:20 for the primary index, 1:10 for the secondary index, 1:20 for gold, 1:5 for equities and 1:10 for commodities.
However, the maximum leverage may vary depending on the instrument being traded and the client's location. It is important to note that trading with high leverage carries a higher level of risk, and traders should always exercise caution and use risk management strategies.
Spreads & Commissions
Saxo offers variable spreads, which means that the spreads can change depending on market conditions. The typical minimum spreads for popular instruments are as follows:
EUR/USD: 0.4 pips
USD/JPY: 0.6 pips
GBP/USD: 0.9 pips
AUD/USD: 0.6 pips
USD/CHF: 1.2 pips
USD/CAD: 1.5 pips
Saxo also charges commissions on some products, including stocks, ETFs, and futures. The commission fees vary depending on the specific market and the size of the trade. Commissions start from $1 on US stocks, US listed ETFs and futures. Bonds commissions start at 0.05%, listed options commissions start as low as $0.75 per contract, and mutual funds commissions are $0 for custody and platform fees.
Trading Platforms
Saxo offers its own proprietary trading platform called SaxoTraderGO. It is a web-based platform that can be accessed from any device with an internet connection. In addition, Saxo also offers SaxoTraderPRO, a desktop-based trading platform that is designed for advanced traders who require additional functionality.
SaxoTraderGO is highly customizable, allowing traders to arrange the interface to suit their preferences. It provides access to a wide range of trading tools and features, including charting tools, technical analysis indicators, and news feeds. The platform also includes a comprehensive range of order types, including market, limit, stop, and trailing stop orders.
SaxoTraderPRO is a professional-grade trading platform that offers advanced trading tools and features. It is designed for active traders and includes a range of tools that allow traders to monitor multiple markets and instruments simultaneously. The platform also includes advanced charting tools and a range of order types, including conditional orders and algorithmic trading capabilities.
Saxo also offers SaxoInvestor, which is a user-friendly trading platform suitable for beginner investors who are interested in a wide range of asset classes. It provides a simple and intuitive interface with basic research tools and features, making it easy for investors to buy and sell stocks, ETFs, bonds, and mutual funds. However, advanced traders may find the platform's lack of advanced tools and customization options limiting.
Deposits & Withdrawals
Saxo Bank supports several deposit and withdrawal methods, including Online Banking, Electronic Direct Debit Authorization (eDDA), and Bank Transfer (Counter services or ATM).
Conclusion
Overall, Saxo is a multi-asset broker that offers a comprehensive suite of trading tools and services to help traders achieve their investment goals. However, potential clients should carefully consider the fees before opening an account. Also, dont forget check their user reviews on the Internet.
Frequently Asked Questions (FAQs)
Is Saxo legit?
Yes. It is regulated by ASIC (Australia), FCA (UK), FSA (Japan), SFC (Hong Kong), AMF (France), CONSOB (Italy), FINMA (Switzerland), and MAS (Singapore).
Does Saxo offer demo accounts?
Yes.
Does Saxo offer the industry-standard MT4 & MT5?
No. Instead, it offers SaxoTraderGo, SaxoTraderPRO, and SaxoInvestor.
What is the minimum deposit for Saxo?
There is no minimum initial deposit to open an account.
Is Saxo a good broker for beginners?
Yes. It is a good choice for beginners because it is regulated well and offers various trading instruments with competitive trading conditions. Also, it offers demo accounts that allow traders to practice trading without risking any real money.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
Khan1630
Pakistan
I have lost my 85000 pkr in this adress
Exposure
2023-09-05
姗姗
Hong Kong
I paid a security deposit and asked to pay taxes, but I couldn’t withdraw money at all. I don’t know if I was cheated
Exposure
2023-05-27
Allaoui
Morocco
I can't withdraw money from my account, they are theft
Exposure
2022-11-24
我叫磁力棒
United States
Recently, I have been studying online trading and came across Saxo, a trading firm. After using it for a while, I would like to share my thoughts. First, let's talk about the advantages. Saxo's trading platform has a clean and intuitive interface, making it easy to operate and suitable for beginners. It offers a wide range of trading tools and charting functions, providing various real-time data and technical indicators for market analysis and trading strategy development. Moreover, it offers a comprehensive range of trading instruments, including stocks, forex, futures, options, and more, catering to the diverse investment needs of different investors. The customer service team also responds promptly and can answer my questions in a timely manner. However, Saxo also has some areas that need improvement. In terms of trading costs, compared to some competitors, its fees and spreads are slightly higher, which can be a burden for frequent traders. The deposit and withdrawal process can be a bit cumbersome, and the time it takes for funds to be credited is sometimes not very stable, which can be a cause for concern. Additionally, although the platform provides support for multiple languages, there is still room for improvement in terms of accuracy and professionalism in some less commonly used languages. Overall, Saxo is a trading firm with a certain level of strength and uniqueness. It performs well in terms of trading platform and product diversity, but there is still room for optimization in terms of trading costs and the convenience of deposit and withdrawal. For investors who value trading experience and a wide range of product choices and are not too concerned about trading costs, it is a choice worth considering. However, if cost sensitivity is a priority, it may be necessary to weigh the options before making a decision. Therefore, I give it a moderate rating.
Neutral
03-21
HenryM
United Kingdom
I appreciate that SAXO Bank allows me to invest in a diverse range of markets, including stocks, ETFs, and bonds. This variety is appealing for my portfolio diversification. However, I do wish the transaction fees were lower, as they can be a deterrent for smaller investors like myself.
Neutral
2024-09-06
Ethan1454
United Kingdom
Knowing that SAXO Bank is regulated by the Financial Conduct Authority (FCA) in the UK gives me peace of mind. I feel secure knowing that my funds are protected up to £85,000 through the Financial Services Compensation Scheme (FSCS).
Positive
2024-09-06
James7312
United Kingdom
I’ve had a great experience with SAXO Bank’s customer service. They are responsive and knowledgeable, which has made my trading journey smoother. The UK-based support team has been particularly helpful, adding to my overall satisfaction with the broker.
Positive
2024-09-06
Isabella2322
United Kingdom
While I enjoy the excellent trading tools and broad range of assets SAXO Bank provides, I’ve noticed that their fee structure is quite high for UK investors. This makes it less competitive compared to other brokers in the region. I recommend being aware of the costs involved before committing.
Neutral
2024-09-05
FX2510300550
United Kingdom
I've found SAXO Bank to offer a sophisticated trading platform with a range of financial instruments. The user interface is sleek, which I appreciate as a new trader. However, I must admit that beginners might find it challenging due to the steep learning curve. Overall, I feel it has a solid reputation among experienced investors.
Positive
2024-09-05
Daniel324
United Kingdom
I've been using Saxo Bank for a few weeks, and I’m thoroughly impressed with the platform’s capabilities and the level of service provided. The range of trading instruments available is vast, allowing me to trade everything from stocks and bonds to forex and commodities all in one place. The platform itself is robust and packed with advanced tools that cater to both novice and experienced traders. I particularly appreciate the customizability of the interface, which lets me tailor my dashboard to suit my trading style.
Positive
2024-08-14
Mohamed Lewaa
Vietnam
The platform runs smoothly, and the user experience is top-notch.I rarely experience downtime or lag, making trading reliable
Positive
2024-07-31
Vfghu
Belarus
It covers my needs - That's why I gave 5 stars. However, by the way, I face one problem for more than a year - I have communicated this to your support team but the problem remains. Every day, when I first start the (windows 11) Saxotraderpro app, it opens as a full screen and I have to adjust it twice in order to place it at a the particular part of the screen that is convenient for me.
Neutral
2024-04-25
Jonathan Batista
Colombia
Nice plataform but, need a better costumer service.
Neutral
2023-06-27
㭍
Indonesia
What Saxo dissatisfied me was that it did not provide 7/24 customer support. I am a part-time trader, and I basically trade on weekends. Sometime, I want to withdraw my money on Sunday or Monday, but they always let me wait and wait. I had it enough.
Neutral
2023-02-20
linsingi
United States
My friend recommended it. It is regulated by so many regulators, which surprises me a lot. However, my past trading experience has taught me that investment has to be cautious, and I can no longer invest as vaguely as before. It is advisable that everyone, especially newcomers like me, get a full understanding and then decide!
Positive
2023-02-13
老拙
Hong Kong
I have traded foreign exchange currency pairs on Saxo, and found that his point difference is indeed much higher than other platforms, but fortunately, the transaction is very formal. I have neither lost money nor made a profit on this platform. Overall it's okay for Samsung.
Neutral
2022-12-13
Wcnmdjpp
Hong Kong
The maximum leverage, spreads and trading platforms available at Saxo are all quite well, whch make me feel very surprised, but...the minimum initial deposit requirement is extremely high-up to $2,000...i’m just a forex beginner...i dont wanna bear too much risks, so im prefer to choose those brokers who offer lower deposit amount.
Neutral
2022-11-18
卡布奇诺80913
Hong Kong
Overall, I am satisfied with the platform but there are several issues that need to be addressed. The platform was user-friendly and easy to use. But the new login page was not necessary as the old one is very good and nice… I love its platform, but its support and logging is quite lagging...
Neutral
2022-11-17
ONE I LOVE
Hong Kong
not a good impression, asking for a high initial capital to start... Maybe you can go to other brokers' hug. Here you should notice that spreads on this platform is not that stable, although extremely competitive sometimes...
Neutral
2022-11-16
Cathy 34180
Hong Kong
1) When the position margin is 70%, SAXO has no reason to liquidate. This is a robbery; 2) and in the event of an unprovoked liquidation, the closing price is as much as 50 times the real-time market price! lead to huge losses. This is a fraudulent transaction, because the minimum price change unit is 0.01 and it needs to be changed gradually, instead of 2 blocks directly changing to 111 blocks! SAXO is a black-hearted trading platform. It gives me the feeling that it uses malicious liquidation to earn money from users' forced liquidation! 3) The official SAXO customer service fabricated the fact that it did not exist. I didn’t place an order to close the position, and said that someone placed the order;
Exposure
2022-09-19
读万卷书
Hong Kong
I trade and buy USDJPY at 135.098 for 0.2 lots. The market reached 135.2, I actually lost 25 dollars, and it fell to 135.07, but I only lost 3 dollars, and I closed the position.
Exposure
2022-06-27
Blue-
Hong Kong
I met someone on a certain platform who pretended to be a firefighter to deceive trust. After a month of phishing guidance, I entered Saxo Financial's website. I was induced to recharge my loan to defraud my trust. I recharged about 10w and now the withdrawal fails. The website has also been hacked and I can't get my money back. I'm ready to report it to the police.
Exposure
2022-04-08
shrimp99
Taiwan
The account is frozen first, and then the unfrozen fee must be paid, and another deposit is required after that. How to withdraw money...
Exposure
2021-12-13