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Review Saxo bank

Saxo Bank, established in 1992 in Denmark and regulated by authorities like Denmark’s FSA and the UK’s FCA, offers online trading and investment services globally. Known for its high-quality platform and extensive research, it caters well to serious traders with a broad product range. However, Saxo’s services, including costs and product availability, vary by country. Notably, its UK branch experiences higher costs for bonds, options, and futures, and requires a high minimum deposit, with no live chat or 24/7 customer support.

Recommended to

Saxo Bank is best suited for experienced traders who seek a robust trading platform with extensive research tools and a broad range of products.

Pros

  • No inactivity fees
  • Great Research tools
  • Wide product portfolio

Cons

  • High costs for derivatives
  • Lack of Live Chat
  • Safekeeping charges

Review’s Keypoints

Country of regulation

Not available

Minimum deposit

$0 ($5,000 in the MENA region)

Time to open an account

0-5 days

Trading fees class

Average

Deposit with bank card

Available

Number of base currencies supported

26

Products offered

Stocks

ETFs

Forex

Funds

Bonds

Options

Futures

CFDs

Crupto

SaxoSelect

Depositing with electronic wallet

Not available

Demo account provided

Yes

Fees

We examined the costs associated with Saxo Bank in the UK and noted that these costs vary from country to country. To gain a comprehensive understanding of Saxo Bank’s fee structure, let’s begin by exploring its trading costs.

Pros

  • Lack of inactivity fees
  • Low Stock and ETFs rates
  • Low Forex costs

Cons

  • High safekeeping charges
  • Pricey costs for derivatives

Saxo Bank costs

Assets
Fee Level
Fee Costs
Assets
US Stocks
Fee Level
Average
Fee Costs
$5
Assets
EU Stocks
Fee Level
High
Fee Costs
€8
Assets
US Options
Fee Level
Average
Fee Costs
$2.25
Assets
EU Futures
Fee Level
Average
Fee Costs
€2.25
Assets
US Futures
Fee Level
Average
Fee Costs
$3
  • ***1000 in EUR or USD for the stocks transaction
  • ***Price per contract for Options & Futures

Transfers

Saxo Bank offers free deposits and withdrawals, with bank transfers and credit/debit cards as deposit options, excluding e-wallets. Withdrawals are limited to bank transfers, and credit/debit card withdrawals are not available in certain countries. For specific details, it’s recommended to consult Saxo Bank’s website.

Pros

  • No withdrawal fees
  • Lack of minimum deposit for most countries
  • Wide range of base currencies

Cons

  • No E-wallets availability
  • $5,000 minimum deposit for MENA region

Trading Platforms

SaxoTraderGo

Saxo Bank's web trading platform, SaxoTraderGo, stands out among online brokers for its ease of use and professional-grade features like an advanced order panel. While it's designed to cater to both beginners and professionals, its customization is somewhat limited, for instance, you can't rearrange the tabs' positions. Additionally, if you prefer a custom interface, Saxo offers an API partnership for personalized platform development.

Mobile Trading Platform

Saxo Bank's mobile platform, compatible with both iOS and Android, mirrors the web platform's design and functionality. It supports multiple languages and offers the same features, order types, and alerts, along with two-step verification. However, the web platform's user experience, despite its modern design, could be enhanced as its menu structure is somewhat confusing and can make navigation challenging.

Desktop Trading Platform

Saxo Bank's desktop platform, SaxoTraderPRO, is highly regarded for its user-friendly design and exceptional customizability. It mirrors its web counterpart but offers enhanced features befitting its 'PRO' designation, such as the ability to operate up to six customizable windows simultaneously for a more personalized trading experience.

Offering

SAXO Bank in numbers:

0
Markets
0
Instruments
0
Jurisdictions

Stocks and ETFs

Saxo Bank clients can trade on a variety of stock markets, from major ones like the US and Deutsche Borse to smaller markets such as Prague and Warsaw

Forex

Saxo Bank offers one of the broadest selections of currency pairs in the industry, including the option to trade in Forex Swaps

Funds

Saxo Bank recently introduced mutual funds to its offerings, but they are currently limited to a few countries like Germany, Poland, and Denmark. Compared to competitors like Swissquote, Saxo's range of mutual funds is relatively smaller

Bonds

Saxo Bank offers a strong bond selection, superior to DEGIRO but less extensive than Swissquote, featuring both government and corporate bonds

Futures

Saxo Bank offers extensive futures markets trading, similar to its options, encompassing commodities, stocks, indices, bonds, and currencies

CFDs

Saxo Bank offers an extensive range of CFDs, including stocks, ETFs, indices, commodities, forex, bonds, and index options, exceeding the variety available from its competitors

Options

Saxo Bank offers a wide variety of options trading on major and lesser-known stock exchanges like the CBOE, Euronext, and SEHK. Their options include stocks, forex, and contracts.

Cryptos

Trade Bitcoin and Ethereum using ETN instruments on Saxo Bank. For more insights into crypto trading, including Bitcoin ETNs, CFDs, and futures, refer to our detailed article on investing in Bitcoin

Tools

Saxo Bank provides user-friendly tools for financial analysis, including expert recommendations and interactive charts, suitable for all levels of investors

Trading Ideas

There are multiple analysis pieces and recommendations on Saxo’s trading platforms and on tradingfloor.com

Fundamental Data

Saxo offers very elaborate data on stock fundamentals. But, only a handful are available for free, namely Microsoft, Barclays, Apple, Siemens, Nokia, ENI, Telefonica, Hennes & Mauritz and Nestlé. To gather information on other stocks, you have to be a subscriber

Charting

Saxo Bank's interactive charts are user-friendly and feature-rich, offering over 50 technical indicators and various editing tools like trendlines and Fibonacci. Additionally, it includes a trading signal tool providing buy or sell signals based on technical analysis.

News Feed

A news feed and an economic calendar are also available on Saxo’s trading platforms. One small setback is the fact that you can’t filter news by assets. With tradingfloor.com, you can read more news, daily commentaries, long-term outlook pieces and expert opinions.

Other Research Tools

Saxo Bank's stock screener is efficient, allowing quick filtering of stocks by criteria such as industry, financials, and country. For example, finding U.S. tech companies with a P/E under 15 and market cap over $1 billion is a simple, two-click process.

Customer support

Opening Hours

Mn - Fr; 9.00 AM - 5.30 PM

Average Waiting Time

1 day

Live Chat

Available

Languages

Eng

Deu

Esp

Fr

Rus

More

Telephone Orders

Not available

Regulation

Saxo bank is regulated by several financial authorities, including the top-tier FCA, has a bank license and offers negative balance protection. However, it is not listed on any stock exchange. The broker is also regulated by the Danish Financial Services Agency (FSA), the UK’s Financial Conduct Authority (FCA) and the Swiss Federal Banking Commission, among others.

Bottom Line

Saxo Bank stands out as an excellent brokerage, offering a robust and comprehensive service. Its user-friendly and well-organized trading platform is complemented by top-notch research resources. The broker’s product portfolio is diverse, encompassing a wide range of asset types and extending across numerous international markets.

However, Saxo Bank does face some challenges. Notably, its fees for bonds, options, and futures are on the higher side.

Additionally, in certain countries, there is a significant minimum deposit requirement. One key area for improvement is customer support; the absence of live chat options and 24/7 service availability may affect the overall client experience. Despite these drawbacks, Saxo Bank maintains a strong position as a reliable and capable brokerage choice.

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