Saxo Bank Review 2023: Pros, Cons & Features Revealed

Saxo Bank, also known as Saxo Capital Markets, is a Danish investment bank that was founded in 1992.

Saxo Bank Main Highlights

🚀 Minimum deposit:	£500
⚖️ Leverage:	Up to 1:30
🛡️ Regulations & Licenses:	Danish FSA, UK FCA, MAS, FINMA, ASIC
💵 Deposits/Withdrawals:	Visa, MasterCard, visa, electron, Maestro
💻 Trading platform:	Saxo TraderGO, Saxo TraderPRO, MetaTrader 4
🌙 Islamic Account:	No
🔗 Main domain:	home.saxo

A Look at Saxo Bank

Saxo Bank is a top-tier investment bank that offers a wide range of trading services. It provides users with over 35,000 trading instruments, including thousands of stocks on many different stock exchanges. It also caters to short-term traders, allowing them to buy and sell many Forex and CFDs.

Furthermore, Saxo Bank provides a variety of assets, such as futures and options, stocks, commodities, and more, so that all types of clients, regardless of experience level, can benefit from its services.

Saxo Bank has won two awards in 2022: Best Boutique Prime Broker at the HFM Asian Services Awards and Best Retail FX Broker at Finance Magnates.

It is regulated by many top-tier organizations, including the Financial Conduct Authority in the UK, the Swiss Financial Market Supervisory Authority, the Autorité des Marchés Financiers in France, the Monetary Authority of Singapore, CONSOB in Italy, the Australian Securities and Investments Commission, and the Financial Services Agency in Japan.

Saxo Bank Account Types

Saxo Bank offers three different account types based on the amount of money deposited by the trader.

Classic account

• The minimum deposit for this account is $10,000.
• Traders can access industry-leading assets with this account.
• There is 24×5 technical support for the classic account.
• Saxo Bank also offers first-class digital service and customer support.

Platinum account

• Requires an investment of at least $200,000
• Gives access to reduced commissions and spreads
• Provides discounts of up to 30%
• Offers a high quality digital service and customer support
• Gives 24/7 technical assistance.

VIP account

• Minimum funding for a VIP account is $1,000,000
• Offers premium treatment
• Provides top-notch digital service and customer support
• Local language personal relationship advisor available
• 24/7 access to trading experts
• Exclusive event invitations from broker

Saxo Bank Top Features

High security

Saxo Bank is an online trading platform that provides secure features. To open an account, clients need to provide a copy of their passport, driver’s license, or other government-issued ID. The login process for the different types of accounts is designed to protect user data.

Several trading instruments

Saxo Bank’s online trading services allow customers to buy and sell different trading instruments. They also provide managed portfolios, which are managed by experienced professionals from Saxo Bank. These portfolios are not locked in, meaning customers can withdraw their funds at any time.

Educational tools

This broker provides a lot of learning resources and trading courses covering topics such as futures, bonds, CFDs, equities, forex, and options. The courses are easy to follow and useful for both beginners and experienced traders.

Saxo Bank Regulations and Licenses

This is a broker that is authorized and allowed to operate in many places around the world.

• In the UK, Saxo capital markets are regulated and authorised by the FCA.
• In Singapore, Saxo capital markets are regulated by the MAS.
• In Switzerland, Saxo Bank is a licensed bank and regulated by FINMA.
• Saxo Bank Securities Ltd is regulated and licensed by the Japanese FSA.
• In Australia, Saxo capital markets are licensed by ASIC.
• Saxo Bank also holds various other licenses in other jurisdictions, making it one of the most regulated brokers in the industry.

Saxo Bank Deposits & Withdrawals

It is one of the top brokers, offering customers three different ways to deposit money, such as bank transfer, stock transfer, credit, and debit cards. The fees that apply depend on the currency of the transaction, not the currency of the account.

Cash transfers are free of charge.

Compared to other leading forex brokers, Saxo Bank does not charge any fees for online cash withdrawals. For manual withdrawals, the broker charges a fee of $40. Customers can also make withdrawals through a bank account in their own name that is linked to their trading account.

• This broker accepts payments with major credit and debit cards like Visa, MasterCard, Visa Electron, and Maestro. The limits for deposits are very high, up to $100,000 per transaction.
• If the debit or credit card used was issued in the European Economic Area, no trading fees need to be paid. However, if the card was issued outside of the EEA, a deposit fee may be charged ranging from 0.51% to 2.86%, depending on the country of issue.
• Saxo does not offer support for e-wallets such as Skrill and PayPal, so the only way to deposit funds is through a bank account. It typically takes 2-5 working days.

Saxo Bank Minimum Deposit

The minimum deposit amount for a classic-type account in the UK is 500 pounds.

The minimum amount to deposit varies depending on the account type, and the country the trader is from:

• For Middle Eastern or Central European clients, the minimum deposit is $10,000
• For Australian and Swiss clients, the minimum deposit is $2000.

Brokers do not charge any fees for deposits and withdrawals.

Saxo Bank Trading Platforms

Saxo Bank provides two outstanding platforms for its traders – SaxoTraderGo (web-based) and SaxoTraderPRO (desktop-based).

SaxoTraderPRO

Saxo Capital Markets offers a proprietary trading platform, which offers a range of improvements and upgrades compared to MetaTrader 4 and MetaTrader 5.

• A customized web version that includes features such as news, charts, research, and a watchlist.
• Traders can access a wide range of asset selections and use the professional-grade SaxoTraderPro trading platform via demo or live accounts.
• The platform provides access to more than 50 technical indicators and allows traders to trade directly from the chart.
• Advanced algorithmic orders and multiple-screen trading.
• Access to the platform is also available via a mobile app.

SaxoTraderGO

SaxoTraderGo provides traders with a simple and fast interface.

• It offers 17 drawing tools and 49 technical indicators.
• It also offers an option for customizing time-period views.
• Traders can access the platform through their live or demo accounts.
• It offers access to more than 35,000 trading instruments.
• A browser-based, no need to download.
• Traders can connect their Saxo account to a third-party platform to access custom tools.

Read more: Capital.com Review 2023: Is It a Scam Broker? (brokerstimes.com)

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