A (Complete Analysis) Saxo Bank Review 2024 • Fees, Pros, Cons & More

Saxo believes investing is about more than financial gains; it’s about opening up curiosity to the world!

Is Saxo Bank safe? Yes, Saxo Bank prioritizes security with licenses and regulations in 15 jurisdictions across Europe, the Middle East, and Asia.

Saxo Bank broker review

Saxo Bank online trading review Founded in 1992 in Copenhagen, Denmark, Saxo has made global markets accessible to over 1 million customers worldwide. With better capitalization rates and access to over 71,000 financial instruments, Saxo empowers serious investors to take charge of their financial journey!

Saxo Bank UK review, it is regulated by the financial conduct authority in the UK.

Is Saxo Bank legit? Yes, Saxo Bank’s accreditation by multiple Tier-1 regulators signifies its commitment to regulatory compliance and high standards of conduct in the financial sectors are given below.

Country	Regulatory Authority
Australia	Australian Securities & Investment Commission - ASIC
Hong Kong	Securities Futures Commission - SFC
Japan	Japanese Financial Services Authority - JFSA
Singapore	Monetary Authority of Singapore - MAS
Switzerland	Swiss Financial Market Supervisory Authority - FINMA
United Kingdom	Financial Conduct Authority - FCA
European Union	Regulated via the MiFID Passport System - MiFID
Denmark	Danish Financial Supervisory Authority - FSA

How to open an account with Saxo Bank?

Opening an account with Saxo is simple and easy as given below:

Step 1: Click “Open an Account” on their site.

Step 2: Complete the online form.

Step 3: Wait for your account to be approved.

Step 4: Deposit funds into your trading account.

Step 5: Confirm Residency and Identity.

Step 6: Start Trading!

Saxo Bank trading platform review

Saxo Bank platform reviews diverse trading needs with its platform options, third-party integration, and APIs. The mobile trading app is available through the Google Play and Apple App Store. It offers two main trading platforms are:

SaxoTraderGO

It offers basic analysis tools, charting, options chain, and mobile/desktop access. It is suitable for beginners and casual investors.

SaxoTraderPRO

Provides advanced features like algorithmic orders, one-click trading, and in-depth performance analysis. Perfect for active traders.

Third-Party Connectivity

Saxo allows connecting your account to external platforms for specialized tools and functionalities. There are no additional fees are charged.

APIs

Saxo offers FIX API for fast market access, and OpenAPI for programmatic trading through a web interface.

Saxo Bank asset classes

Saxo Bank provides comprehensive opportunities to diversify and optimize your investment strategy.

Stock

Invest in 23,500+ stocks on major stock exchanges in New York, Hong Kong, and London, plus 50+ other global markets.

ETFs

Trade over 7,000 ETFs across major sectors.

Bonds

Search for fixed income with 5,900+ government and corporate bonds.

Mutual funds

Choose from 17,700+ mutual funds to match your investment goals.

Cryptocurrency

Trade leading cryptos like Bitcoin and Ethereum directly on Saxo – no wallet required.

Option trading

Active traders, expand your arsenal. Saxo Bank offers options on stocks, indices, and more on 20+ exchanges. Maximize potential returns, but remember: option trading comes with risk. Do your research first.

Futures

Access a wide selection of over 250+ futures contracts on 25 global exchanges. From equity indices and energy to metals, agriculture, and interest rates, Saxo Bank lets you trade a variety of futures markets on its award-winning platform.

Saxo Bank Forex Trading reviews

It offers comprehensive forex trading on its award-winning platform. Explore over 185+ currency pairs including majors, minors, exotics, and cryptocurrencies. Additionally, trade spot metals with competitive spreads starting from just 0.6 pips.

FX options

Saxo bank forex review FX Options Edge. Tight spreads (EUR/USD from 3 pips) & 45+ vanilla options 1 day – 1 year) Powerful tools & 24/7 support Trade wisely.

Crypto FX

Easy platform, no crypto wallets are needed.
Go long or short, leverage for amplified gains.
No coin storage reduces hacking risk.
Trade on a regulated platform with 30+ years of experience.
Invest in leading cryptos like Bitcoin and Ethereum.

Saxo CFDs

Trading CFDs US Stocks from $1 and major indices like US 30 from 2 points.
Access 8,800+ CFDs across stocks, forex, commodities, and more.
Trade with integrated tools, news, and risk management features.
24/7 support ensures a smooth trading experience.

Trade Commodities

SaxoSelect

It helps you with your investments. You choose a portfolio based on your risk tolerance, and experts at Saxo, along with partners like BlackRock and Morningstar, handle the buying, selling, and rebalancing of your investments in that portfolio.

Is Saxo Bank good for day trading?

Day traders, listen up! Saxo Bank is a strong contender for your needs. They offer a wide range of currencies, stocks, commodities, and bonds to keep trading alive. In addition, their platforms boast excellent ranking tools and indicators, perfect for making quick decisions on day trading requests.

Saxo Bank deposit methods

Saxo Bank withdrawal methods

Saxo bank account types

Saxo Bank offers a variety of account types to suit different business needs. From classic accounts at industry-leading rates to VIP accounts for high-volume traders, each account has access to reviews of Saxo Bank’s comprehensive product range and dedicated support.

Standard account

Ideal for beginners with its wide range of instruments, competitive pricing, and award-winning platforms:

Trade over 71,000 instruments across various asset classes.
Enjoy industry-leading prices for your trades.
Access Saxo Bank's recognized trading platforms.
Benefit from personalized service from Saxo's specialists.
Open a Saxo account today and start trading!

Joint Account

Open an account with a direct family member to trade, hedge, and invest together.

Corporate Account

Designed for businesses looking to trade a wide range of instruments (71,000+) with optimized liquidity and dedicated support.

Pro Account

Experienced traders seeking more control!

Trade with less leverage restrictions and wider product access.
Manage risk based on your overall portfolio (portfolio-based margin model).
Unlock additional trading power by using shares as collateral.
No negative balance protection.
Fewer risk warnings.
Leverage flexibility = potentially higher losses.

Upgrade Requirements (meet 2 of 3)

VIP account

Saxo trader reviews High-volume traders, listen up! Saxo VIP offers exclusive perks:

Best pricing (tight spreads, low commissions)
24/5 dedicated support from experts
Direct access to top analysts (CIO, chief economist)
Invitation-only industry events
Personalized service (sales trader, relationship manager)
Qualify with a $1 million deposit or high trading activity
Upgrade your trading experience
Join Saxo VIP

Saxo bank fees

Saxo Bank offers ultra-competitive spreads and commissions across all asset classes.

Volume discounts: Their rates get even better as your trading volume increases.
Transparency: They provide clear commission structures for various asset classes.
Stocks: Commissions start from $1 on US stocks.
ETFs: Commissions start from $1 on US-listed ETFs.
Futures: Commissions start as low as $1 per contract.
Bonds: Commissions start from 0.05% on government bonds.
Listed Options: Commissions start as low as $0.75 per contract.
Mutual Funds: No commission, custody, or platform fees.
They do not charge inactivity fees.
Trading fees: 0.7 to 0.9 pips.
Currency conversion fee: Plus or minus 0.25.

Saxo Bank custody fees (annual %)

Account Type	Stocks & ETFs/ETCs & Bonds
Classic	0.15%
Platinum	0.12%
VIP	0.09%

Saxo Bank Additional Fees

Manual order fee: €50 per order (phone, chat, email) - Applies to all accounts (except exempt products)
Reporting fee: USD 50 (Classic accounts only) - Get charged for online reports delivered by email
1042-S form handling fee: EUR 1,000 per year (unless exempt) - Applies to all accounts.
Proxy voting fees: (Optional)
Subscription: EUR 30/year (charged quarterly)
Per vote: EUR 5 - Applies to all accounts choosing to vote
Adding instrument fee: USD 200 (Classic & Platinum accounts only) - Adding a new tradable asset to your platform

Customer support

Saxo Bank offers support in over 180 countries. Find the contact details for their offices closest to you.

Visit the Saxo Bank website: https://www.home.saxo/
Click on "Contact Us" at the bottom of the webpage.
Select your region from the options provided (Europe, Asia/Pacific, Middle East).
Find the country you're interested in and view the contact details (phone number, email address).

Conclusion

Saxo Bank review positions itself as a trusted financial partner, boasting a strong balance sheet for stability, a global presence serving more than 1 million clients in 170 countries, and the trust of investors managing more than $100 billion in assets.

Pro Tip

Explore powerful trading tools and expert insights. Check out our trusted Forex broker to know more reviews and discover other wide range of offerings in forex, stocks, cryptocurrencies, and more to improve your trading strategy!

Frequently Asked Questions

1. Is Saxo Bank a regulated broker?

Yes, Saxo Bank is regulated by the Danish Financial Supervisory Authority and holds a banking license in Denmark and Switzerland.

2. Who is Saxo owned by?

Saxo is owned by Geely Financials Denmark A/S.

3. What is the minimum deposit for Saxo?

The minimum deposit is $0.

4. Why use Saxo?

The main reason for choosing Saxo Bank is listed below:

5. Is Saxo Bank a prime broker?

Yes, it accesses top-tier bank and non-bank liquidity providers and venues.

6. Does Saxo charge for withdrawal?

No, Saxo does not charge any fees for withdrawal.

7. Can I withdraw money from Saxo?

Yes, you can withdraw money from the trading account to the bank account held under your name.

8. How do I deposit money into my Saxo account?

To deposit funds into your Saxo account:

9. Does Saxo have an inactivity fee?

There are no inactivity fees.

10. What is the interest rate on Saxo cash?

The interest rate on Saxo cash is 4.0% USD on uninvested balances in several currencies.

11. Does Saxo allow day trading?

Yes, Saxo allows day trading; it supports both open and closed individual and multiple trades. It has no overnight charges.

12. How safe is Saxo Bank?

Client deposits are guaranteed by the European Investor Protection Fund with up to EUR 100,000 for cash deposits.

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