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
Low
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
- ***1000 in EUR or USD for the stocks transaction
- ***Price per contract for Options & Futures
Account
Saxo’s opening of account is quick and fully online. Signing up online only takes 10-15 minutes, however the account authorization process is a bit sluggish. Saxo accepts clients from all over the world with some exceptions.
Classic
Classic
Minimum £500 Deposit
Platinum
Platinum
Minimum £200,000 Deposit
VIP
VIP
Minimum £1,000,000 Deposit
Click on the card to see details
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01Start online signup
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02Await account authorization
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03Start online application
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04Await approval process
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
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.
