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Saxo Markets (Saxo Bank) review: Should you sign up or not?

  • 38000+ assets available
  • Free demo account
  • Regulated by the FSA Denmark & FCA
  • Intuitive trading platform
  • Low fees & competitive spreads

Trading online has made life easier for many who want to earn from home. It is now possible for everyone, on the whole, to meet at one spot on the internet and transact business as they would normally do physically. But also, this internet that makes trading easy for people has made some room for some who will make trading online dangerous. Established brokers are set up to dupe traders who may not know how to know a legitimate online broker.

Saxo Bank is a brokerage firm that is not new to the digital asset market. Is it worth it to have an account with this broker? Can it be trusted? What services does it provide? This review will cover all the information about the broker to help you decide whether Saxo Bank is a good broker.

The official website of Saxo Bank

What is the Saxo Bank? – Quick facts about the broker

Saxo Trader Go trading platform
Saxo TraderGo trading platform

Saxo bank is one of the first brokers that started operating in Denmark. Before 1996, when it was approved as a licensed broker, the firm was known as Firstly bank. But after approval from the EU, the name changed to Saxo Bank. There you have it; the broker was established in 1996; that is 26 years ago.

The broker has its HQ in Denmark but still has operating offices in countries around the world. It has operating branches in some countries around the world, such as Japan, Hong Kong, and London. The forex broker offers traders different assets to trade from. The assets available on the broker numbers are even more than the available accounts.

Numbers and facts of Saxo Bank

The broker has its self-made platforms. Unlike many forex brokers, Saxo bank operates its trading platform. The platforms allow the traders on the platform trades in a smooth manner. The broker has regulations that ensure the platform is a safe trading environment for everyone. 

The traders have access to more than 200 trading instruments. Even though the instruments may seem limited, it is still much compared to some brokers. When it comes to ensuring that their traders have the right educational materials, this broker has in its grasp resources to help the traders develop and even become better.

Regulation: Is the Saxo Bank regulated?

Yes, the broker is regulated under the FSA, which is a regulatory body located in Denmark. Regulation is very important for a broker to be considered legit. Any broker that is not under regulation might not be legit, and it may be a broker that is put to prying on traders who register with them and make away with their money. The same cannot be said about Saxo Bank because the regulator is an international regulator responsible for controlling many other brokers besides Saxo Bank.

The official logo of the FSA in Denmark

Saxo bank’s regulations ensure that the broker follows the rules, like making the platform transparent for every trader. The transparency policy means the broker must be clear on their fees to the traders. The broker should also not conduct any activity that will affect the trading rights of the traders on its platform. The most important regulation of them is to ensure that Saxo Bank does not keep its traders’ money in the same account as its own. This is because of the broker, the regulator present in Saxo Bank.

The official logo of the Financial conduct authority (FCA)

The broker is also under the regulation of the FCA, a financial regulator in the UK.

Security measurements for traders and their money

Every trader should know the security measure a broker has put into securing them and their funds this way, and the traders have a guarantee that they are safe on the broker. The broker, for safety reasons, keeps their client’s money in a different account from its own. This way, it can avoid any money problems affecting the traders’ money if the broker and traders share the same account.

By safeguarding the traders’ money, Saxo Bank also protects their rights to trading on the platform. The measure put in place to protect the rights of the traders is that they do not go through any form of financial abuse from the broker. Financial abuse can result in price manipulation and theft on the broker’s part. The regulators keep Saxo Bank in check to see that it functions in the right order. 

Review of Saxo Markets trading offers and conditions

The trading offers of Saxo Bank

Saxo Bank is a brokerage firm that offers digital products to clients on its platform. Traders have the opportunity to trade with more than 38,000 tradable assets, which is very impressive because not many brokers have this number of assets for their traders to trade from. Below are the trading assets available on the broker.

Forex pairs

Saxo Bank - Forex spreads

Forex involves the exchange of one currency for another. Traders can trade with different currency pairs to make a profit. Saxo Bank offers its clients considerable spreads and leverage on the assets. Forex is a good financial asset to your portfolio because they are easy to watch. Currency pairs involve risk in trading, but the risk is still more considerable than other trade assets.

Forex assets:190+ forex spot pairs
Leverage:Up to 1:50
Trading costs:The trading costs vary, depending on the asset. Usually tight spreads
Execution:Instant
Availability:During trading hours

Bonds

Saxo - Bonds pricing

Bonds are a form of security that traders can buy from Saxo bank. It’s a situation where Saxo Bank borrows money from traders with a particular security. Bonds are offered on the trading platform from as low as 0.05% of commission whenever they trade with it. This asset does not involve high risk as Saxo Bank surely pays back the investors who issue them money. 

Bond assets:Bonds from 26+ countries in 21+ currencies
Leverage:Up to 1:50
Trading costs:The trading costs vary, depending on the asset. Usually tight spreads
Execution:Instant
Availability:During trading hours

Commodities

Saxo - Commodity pricing

Commodities are securities that come from natural resources such as gas and agriculture. Saxo Bank offers traders a good number of commodities to perform trade with. The leverages on them and spreads differ depending on the commodity you are using to trade. Traders can choose trading commodities such as futures, CFDs, etc. The commodities offered by the broker are gold, corn, and oil. 

Commodity assets:Wide range of commodities available. They can be traded as futures, CFDs, options & spot pairs.
Leverage:Up to 1:50
Trading costs:The trading costs vary, depending on the asset. Usually tight spreads
Execution:Instant
Availability:During trading hours

Stocks 

Saxo - Stock pricing

The price of commission on stocks starts from $1 on the broker. Saxo Bank offers different stocks, including CFDs. Stocks are good assets that traders can use to diversify their portfolios because of the low risks involved in trading them. The broker has over 22000 stocks from different companies. Some examples of stocks offered in Saxo Bank are Amazon.com, Nvidia Corp, Just Eat Takeaway, etc.

Stock assets:22,000+ stocks across core and emerging markets. Tradable on more than 50 exchanges around the world
Leverage:Up to 1:50
Trading costs:The trading costs vary, depending on the asset. Usually tight spreads. The trading costs for stocks start from $1.
Execution:Instant
Availability:During trading hours

CFDs

Saxo - CFD pricing

CFDs that the broker offers come in different forms. They can come from Stocks, Forex, and Cryptocurrencies. The different assets have different commission and spread fees that come with them when trading them. 

CFD assets:80+
Leverage:Up to 1:50
Trading costs:The trading costs vary, depending on the asset. Usually tight spreads
Execution:Instant
Availability:During trading hours

Cryptocurrencies 

Saxo - Cryptocurrency pricing

Today, almost every broker offers their traders cryptocurrencies. This is because cryptocurrencies are in high demand from traders worldwide. Some examples of the cryptocurrencies the Saxo Bank offers include Ripple (XRP), Ethereum (ETH), Bitcoin (BTC), Binance (BNB), e.t.c. Traders can trade cryptocurrency with ease on the broker’s platform.

Cryptocurrency assets:9+
Leverage:Up to 1:50
Trading costs:The trading costs vary, depending on the asset. Usually tight spreads
Execution:Instant
Availability:24/7

Trading fees: How much does it cost to trade with Saxo?

Fees and trading costs on Saxo

The trading costs of Saxo Bank are one of the least in the Forex industry. The broker has one of the lowest commissions offered on the assets that the traders can access. The funds have very low or zero commissions on most of their assets. The broker gets most of its finance from spreads that are on each asset when they are traded. The broker, however, has a high initial deposit before trading can be done on the platform. 

There are zero charges for withdrawals and deposits. This is an advantage of trading on Saxo Bank. You do not get charged for any withdrawal or deposit. Today not many brokers offer free deposits and withdrawals to their clients. There is a fee for inactivity after six months of not performing any trade on the account. Trading overnight may be charged if the trader trades leveraged products on the broker’s platform. 

The inactivity fee is quite high, as opposed to most brokers. Traders who do not perform any trade on their platform after six continuous months will pay a fee of $100 or the same amount that is equivalent in your country. No swap-free accounts, so the fees for overnight trading cannot be dodged by the clients.

Fee:Information:
Swap fees for overnight open trades:Apply
Management fees:No management fees
Transaction costs:Spreads + Commission
Inactivity fee:$100 after 6 months of no activity
Deposit fee:No deposit fees
Withdrawal fee:No withdrawal fees
Market data fee:No market data fees

Test of the Saxo Markets trading platforms

This broker does not have any 3rd party platform. The broker’s platforms are solely designed and developed by the broker. The platforms are very useful, making trading simple for traders. The platforms are available for traders to trade on, including SaxoTraderGo, SaxoTraderPro, and Mobile Trader. Below is a detailed explanation of the three platforms. 

SaxoTraderGo

SaxoTraderGo platform

This is mostly the choice of most traders. The platform is one of Saxo Bank’s inventions to make trading easy for those trading assets on the platform. The platform is simple yet has a powerful system to function properly and carry out fast transactions for the trader. This platform is web-based. The traders do not have to download any application which can be used on the browser.

SaxoTraderGo platform has multiple assets available on it, plus there are tools to help trading be easy for the traders. Most importantly, this trading platform is easy to understand and for traders to navigate through.

SaxoTraderPro 

SaxoTraderPro platform

This is a platform that professionals mostly use. Unlike the SaxoTraderGo, this one needs to be downloaded on the desktop. It is trading software and is not as easy to trade on. SaxoTraderPro has a cool interface that helps the traders to focus their minds on the trade they have set. This platform has trading tools that traders can use as assistance whenever they want to place trades. The number of assets is also high, and the traders have access to the multiple assets that the broker provides on this platform. 

Mobile Trader

The mobile app of Saxo

This is a unique trading platform that traders can only access when they download the application on their phones. Traders can download the mobile trader on their Android and iOS devices. The platform is flexible because traders can take their phones wherever they go. The mobile trader is just as effective as the other two platforms because traders can assets more than 20,000 trading instruments, and this platform even comes with a free demo account. 

How to trade on the platform

How to trade on the Saxo Bank platform

The trading interface of any broker is simple to use, but you must first open a trading account with the broker. In the following section, you will see how simple it is to open an account with Saxo Bank. Once your account has been opened or registered for your trading account, you can trade with any of the assets available on Saxo Bank’s trading platform. You must have money in your account to execute a trade with any asset, so make sure it is funded.

No matter the instrument you choose, you must set a position on the chart after making your choice. Your profit or loss will depend on your trading position. Use the offered trading tool on the platform before establishing your trading position. The trader can position themselves better for trading using tools like technical indicators.

The order mask of Saxo Bank

To complete your transaction, you must choose a value to trade for the particular asset you’ve chosen. Additionally, you must select the transaction duration, which might be one day, two days, or even a whole week. Once you’re done, confirm the steps. By confirming it, you have created trade with that asset on the market; the deal will be open for the specified period.

It’s not always necessary to wait for the trade to be completed before ending trading with the item. In some cases, likely, your forecast isn’t turning out the way you anticipated it to, and you’ll need to make changes. Throughout the brief trading period, you should remain on the platform to track the trade’s development and make a decision. To become a more proficient trader, use the broker’s demo account. Using a trial account is among the simplest ways for traders to learn how to trade on any platform they come across on a broker.

How to trade forex with Saxo

How to trade forex with Saxo

Forex is one of the most frequently traded assets on the broker. The numerous currency pairs available for use by investors are available for selection. You must have money in your trading account to open the currency market on the chart. After funding your account, you can select the assets you want to trade.

You need to select a currency pair first, then a trading amount. To set up a deal on the platform, traders must utilize a minimum amount, though. Before setting the amount, remember that you must first choose a trading position on the chart. Most traders use trading tools, such as technical indicators, to place a transaction. Any trading tool can help you lower the risks involved in trading forex.

Forex trading with Saxo

After you’ve set the amount, you can decide how long you want to trade for. It could be days, weeks, or even a month. After that, complete the transaction. Keep an eye on the trade after you’ve placed it, especially if the term is short, because the currency pair market has high volatility. Traders can use the trial account to practice trading forex. The demo account is another useful tool for learning the strategies you’ll use when trading with real money.

How to trade options with Saxo

Options trading dashboard on the Saxo Bank trading platform

Trading options with the broker is simple. Traders can choose the different assets that can be traded in options. The broker not only offers options, it also has other options available. When you want to place a trade on the options market, you choose the kind of asset you want to trade. For example, trading the EUR/USD currency pair.

Before you place your bet:

  1. Make sure that there is money in your trading account. If there is, set your position and whether you want to buy or sell.
  2. Set the amount you want to enter to trade and how long you want the bet to last.
  3. Confirm by clicking on trade. Once you confirm, a market will be opened for you on the position you are trading. 

An option involves many risks, so it is best if you keep a careful eye on the market. Assets on the options market are susceptible to fluctuation. Keeping careful eyes on the market will help you decide if you should abandon the market before it ends or if you should wait because your prediction is going right.

Traders can use the practice account to train themselves in trading options before they start trading with their real account. There are also educational materials to help traders trade whatever asset they want on the broker’s platform.

How to trade cryptocurrencies with Saxo

BTC/USD trading chart on the Saxo Bank platform

Saxo Bank has multiple cryptos from which traders can pick. Opening an account is easy regardless of location, and verification takes less than a day. Once you have fully opened your account and accessed your real money account, you must fund your trading account first. Once you have deposited funds, you can trade.

Choose a cryptocurrency such as Ripple (XRP). You can choose where you are on the chart when investing in XRP. After setting up a trading position, enter the amount you want to open the trade with and the duration of the trade. Cryptocurrency trading is permitted overnight on the Saxo trading platform. Check the instructions when you’re done. Traders can reduce their trading risk by using tools at their disposal. Trading tools are useful for reducing risks involved while trading assets, including cryptocurrencies.

The next step is to monitor the market once the trade is completed. A demo account works just like a real account, except that it is a practice account that traders can use to learn how to trade this asset. You can execute trades on the trading platform using copy trading strategies and also have access to demo accounts.

How to trade stocks with Saxo

How to trade stocks with Saxo

Most of the broker’s assets are stocks. They come in both standard format and his CFD format. Before you can trade stocks, like any other accessible asset, you need to open an account with a brokerage firm. Traders can choose any stock from many well-known companies and earn money. Additionally, traders must deposit funds into their trading accounts. Otherwise, they cannot execute the transaction.

Trading tools can be used to make any asset more convenient. Knowing how to use technical charting tools can help you establish your position in the stock market at the right time. Once the position is established, decide how much to trade. Then confirm your intention to trade on the stock exchange.

It is a success if the prediction is correct when closing the transaction. However, an incorrect assessment of market movements will result in you losing money. For this reason, you should periodically check for open transactions. This way, you can decide whether to keep the market or not. You can use the copy trading option if you don’t want to trade. Demo accounts can also be used for trading. Trading stocks is risky, so be careful when entering the market.

How to open your trading account

How to open a trading account with Saxo Bank

Of course, before trading on the Saxo platform, you must have an account with a broker. The account opening process, also known as registration, should not take more than 20 minutes, as you should read the platform carefully. Open an account by visiting the broker’s website and clicking “Open Account.” If you want to do this, follow the steps below.

Saxo Bank account opening form

On the signup page, you will have a form to enter your first and last name, email address, and then your country of residence. Once you enter the information needed, a mail will be sent to you with a link. The link will help you verify your email address. You will need to respond to the KYC form when your email address is verified.

In the KYC form, you will need to choose your account type. There are different account types available, so the trader must choose the one that suits them best. Once you have selected the account type, you have to verify your account. To verify your account, the broker will require you to submit some documents. The verification process will take one day. 

Once your account has been verified, you can access your live trading platform. You will be able to deposit money into your trading account. Depending on your chosen account, traders can make different initial deposits. Then you can select the assets you wish to add to your trading account.

Account types of Saxo Bank

Advantages of having a Saxo Bank account

Traders can choose three different trading accounts while registering on the platform. These accounts are Classic, Platinum, and VIP accounts. The account types have what differentiates them from each other. For example, the initial deposits for each account type. This section will help you know which account type is best for you and how best to utilize it.

Classic account

Details of the Saxo Bank classic account

The classic account is the first kind of account and the one that has the least deposit. To begin trading, traders must make a minimum deposit of $10000. The account has a tight spread and zero commission attached to it. The classic account has different technical tools to help them trade comfortably and easily. The minimum deposit for the broker’s last account type is high, but the traders get to trade and have access to some of the best features the broker offers.

Platinum account

Details of the Saxo Bank platinum account

The minimum deposit for this account type is $200,000. Traders get a very tight spread and lower prices on every asset they want to trade. Professionals use this account type as it has features that will help them focus more on making a profit. The platinum account allows traders to get customer support that communicates in the trader’s local language. This is an incredible feature that is not available on my brokers. Platinum account users have access to different trading tools and various assets.

VIP account

Details of the Saxo Bank VIP account

There’s a reason why this is called the VIP account. Traders get the best prices on assets available on the broker. They also get customer support that speaks in their local language. The VIP account has a minimum deposit of $1,000,000. This account has access to exclusive events and access to trading experts to help the traders on the platform. This is the best account type for professionals. The leverage on assets goes at 1:1. Traders have access to a demo account while trading on the platform. 

Can you use a demo account on the Saxo Bank platform?

How to open a demo account with Saxo Bank

Traders can get a demo account at Saxo Bank/Markets. A demo account can be used regardless of which trading account you use. This is a positive feature. The demo account interface is similar to the live account. Additionally, traders have the option to select a specific account type and test how the market works while using that account type. Live trading and demo accounts have the same balance. We encourage traders to test the platform for themselves using a demo account before depositing funds into their broker’s account can be done.

How to login into your Saxo Bank trading account

How to login on the Saxo platform

Once your account is set up, you can log in at any time to start processing your transactions. After clicking the signup button, fill in the required fields on the signup page. You will need to enter your broker’s email address and account password. You will be granted access to your trading account if they are correct. After that, you can start trading. If you haven’t done so, fund your account and start trading.

Saxo Bank login form

If you can’t remember your login password or user ID, you can press the ‘forgot user ID or password’ link on the screen. The good thing is that on Saxo Bank’s page, you can also log in to your demo account if you wish. 

However, when you click any of the forgot item links, you will be referred to a link where you can retrieve your trading account. Enter your date of birth, name, and phone number. This is Saxo Bank’s way of protecting your account and making sure that you are the person logging into the account. If the information is correct, you can access your trading account immediately.

Verification: What do you need, and how long does it take?

Verification form on Saxo

Upon completing a KYC form during registration, the broker will be required to verify your account before completing a registration and activating your live account. Merchant must present proof of identification for this process. 

An ID card, driver’s license, or another government-approved ID card of his can be used as proof of identity. Brokerage firms do not accept things like office IDs. You will be required to submit additional documents proving residency. 

An example of proof of residence is a bank statement. The broker will process your account and have it ready for trading on the platform within 24-48 hours of receiving the two documents.

Available payment methods for deposits and withdrawals

Unaccepted payment methods on Saxo Bank

Different payment methods are available from the broker for depositing and withdrawing from your trading account. Before any money can enter or go out of a trader’s trading account, a payment method must be selected. Without delay, let’s look at some of the payment methods that are available on Saxo Bank’s trading platform.

  • Bank transfer
  • Mastercard 
  • Visa
  • Portfolio transfer 

How to deposit money – The minimum deposit explained

How to deposit money on Saxo Bank

Depositing money into your trading account on the broker can be done with simple steps. Once you log into your account, click the deposit link so you can deposit money into your trading account. When you click deposit, you can choose the payment method you desire. Whether it is a bank transfer or a card method, select one. After you do, you can enter how much you want to deposit into your trading account. 

There is the least amount that traders can deposit into their trading account. The least deposit will, however, depend on your account type. The minimum deposit for the broker starts from $2000. This is pretty high because many other brokers have a minimum deposit of $1. Once you confirm the amount you want to fund, the money will be reflected in your trading account.

Deposit bonus

Saxo Bank clients do not receive any bonus for depositing money into their accounts. Whether the client is a new or old one, the broker has no promotion or bonus that it offers to the traders. 

Withdrawal review – How to withdraw your money on Saxo Bank

How to withdraw money on Saxo

Select the withdraw funds button at the top of the screen after logging into your trading account. When you do, you can choose the mode of payment that will be used to withdraw funds from your trading account. The broker doesn’t charge the traders for withdrawals from the trading platform. 

You will need to input the withdrawal amount after choosing your payment option. On the broker, withdrawals take 1-4 working days to process. How long it will take for the money to be sent into your account depends on the payment method you have selected. Saxo Bank benefits from this in this way.

Saxo customer support for traders

The support section of the broker Saxo Bank

The broker’s FAQs are sufficient for providing traders with the necessary support. The FAQs must address any potential questions traders may have regarding the broker platform. Not every trader is eager to make the call or send an email. They only need to check the FAQs to receive a prompt response. More than ten languages are available on the broker’s platform for communication with its traders. This is outstanding because most forex brokers only offer English and two other languages.

Traders can also get help from the call center and message agents. Customers can communicate with call center agents in 9 languages. The same goes for email and live chat. On weekdays, customer service is only available 24 hours a day. Since everyone who trades on this platform has access to a demo account, everyone can get full first aid on properly trading with the broker. One downside of the broker is that there is no live chat on the website. Traders can only communicate through emails and calls.

Contact info 

  • Phone number: +61 2 8267 9000
  • Fax: +65 6303 7808
  • Website: www.home.saxo/au
  • Email for new clients: [email protected]
Customer care number:Email support:Live chat:Availability:
+61 2 8267 9000[email protected]Yes, available24 hours a day on weekdays

Educational material – How to learn trading with Saxo Bank

The education section of the broker Saxo

The broker has different educational materials for the traders. The educational materials are newly introduced. Traders get education from video courses and articles to help them develop their forex trading knowledge. As a broker that cares about the development of the traders, the scholarly sources are free and explanatory. 

Saxo Bank has a podcast where it talks about different things concerning forex and market strategies. The broker also helps with Webinars for free. Topics on strategies and the different market types are discussed. New traders can even learn when best it is to place a trade on specific assets. Saxo Bank’s educational materials are indeed qualified for the traders. 

Additional fees

The additional fees on Saxo Trader come from inactivity. Traders who leave their trading account dormant for some time will be charged. The fee charged for inactivity on the broker is high. This fee cannot be avoided, so you must try to trade once in a while, even when you’re on a break. Traders are charged for overnight position holding. There is no swap-free account on the broker, so even traders in Islamic regions will get fee charges. 

Available countries and forbidden countries 

Saxo Bank is available in over 170 countries, with more than 78,000 traders on the platform.

Some of the countries that the broker accepts include the following:

  1. Nigeria
  2. UK
  3. UAE
  4. India
  5. Germany
  6. Denmark 
  7. Canada
  8. Thailand

Meanwhile, the countries that cannot trade on Saxo Bank’s platform are Russia, the USA, Brazil, etc.

Conclusion – Saxo is a regulated broker that offers numerous assets

Using the Tunnel delta in trading binary options

Saxo Banks is an old broker platform that has regulations from more than one regulator. The broker has merits and demerits. Let’s look at some of the advantages and demerits. Some of the broker’s advantages can be seen in its number of assets. 

Traders have the potential to trade from over 30,000 kinds of assets; this is rare. The number of available assets on the broker is incredibly high. The broker has zero or very little commission on the assets available. This makes the broker recommendable. Traders also get top-notch educational materials for free on the platform.

One demerit of this broker is the minimum deposit. The broker offers traders a very high minimum deposit; not everyone can trade on the platform. Compared to other brokers with a minimum deposit of $1, the gap is just too much. Another disadvantage is that the broker’s customer support works throughout the week, and there is no live chat on the broker’s website.

Frequently asked questions (FAQs) about Saxo Markets:

Is Saxo Bank a scam or legit? 

Saxo Bank is in 180 countries with over 70,000 traders. The broker is also under the regulation of both local and international financial regulators. The broker has existed for 26 years, and there still hasn’t been any report of it acting illegally or defrauding any of its customers. The broker is not a scam, as it has continued to prove through the years.

Is it safe to trade on Saxo Bank/Markets?

Yes, it is safe to trade on the broker’s platform. Saxo Bank/Market is under the regulation of FSA and FCA, which guards the operation of the broker. They make the trading platform as transparent as possible to the traders.

Is copy trading available on Saxo Bank?

No, Saxo Bank doesn’t offer traders a platform for copy trading. Although copy trading has become quite popular among traders and brokers, not all brokerage firms offer this service. There are however some others who have created a platform where traders can copy from professional traders. 

How long does the demo account on Saxo Bank/Markets last?

After traders finish registering and when their account has been verified, it takes 21 days before the demo account will no longer be accessible by the traders. However, before the expiration period, traders should use it to train themselves on the platform.