Saxo Bank Broker Review – A Trustworthy Forex Broker?


Saxo Bank is actually a Danish investment bank and broker. Saxo Bank offers asset traders lots of intriguing options and features that every trader may desire. Read here to find that Saxo Bank offers and when it’s the correct broker for you personally.

About Saxo Bank

Saxo Bank is actually a Danish investment bank specializing in online trading and investments. Launched in 1992, originally under the name of Midas Fondsmglerselskab, the business changed its name to Saxo as it got a banking permit in 2001. Situated from the capital city of Copenhagen, Saxo was popular across the European Union because of the wide variety of trading tools, access into the world’s stores, allowing international traders that a “one-stop-shop” for worldwide trading.

Saxo offers over 35,000 financial tools from one consideration. This consists of Forex, Forex options, CFD stores, shares, recorded options, commodities, ETF stores, futures, and bonds. To offer a good idea of the diversity of financial tools available, you are able to trade Forex pairs as exotic while the Swiss franc from the Mexican peso. There’s also that the New Zealand dollar against the Turkish lira, or Maybe that the Euro against the Chinese yuan. Evidently, you will find lots of other more conventional money pairs available also, with tight spreads.

CFD stores trail indices around the Earth, like the Australian Securities Exchange, Singapore Exchange, Prague Stock Exchange, NASDAQ OMX Stockholm, and also of course each one the typical asset exchanges which you would anticipate. Those indices are also represented by respective shares in the nations. Options stores are diverse and wide, whereas futures stores will probably pay for each one the typical stores you’d expect with the futures brokerage, based across the standard Chicago-based futures contract, but for example, a number of the European types also, providing you with access into the agricultural industry in a way most places can’t. Beyond this, Asian stocks can also be offered. Bonds are offered in Europe, the United States, and emerging stores. To put it differently, you won’t ever go out of places to trade.

Saxo Bank has a very powerful standing within the Forex and trading sphere, since it’s an extremely regulated bank in an extremely regulated section of earth. They’ve been enrolled in plenty of states, with the only exception of these personalities being Canada and the United States. But they’re governed in these areas as Denmark, the European Union, the United Kingdom, Switzerland, Hong Kong, Japan, and Lots of others.

Saxo Bank Account Opening

Saxo Bank allows traders to start an account with as low as $2, 000, that will be fairly minimal once you consider the total amount of investable stocks out there. Regrettably, Saxo will not simply take US taxpayers, but for the reason that of US governmental regulations.

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The method of opening an account up in Saxo Bank is pretty quick since you’re able to open an account up and as few as 5 seconds. You are able to fund your accounts via credit card or bank transfer, and nearly instantly obtain access to most of 35,000 trading tools. But, in addition you ought to supply each the customary documentation, however, Saxo will offer you access before each one that goes, presuming you have deposited the suitable quantity.

Product Offerings

This is where Saxo truly shines above the majority of other brokerages. As stated before, you will find over 35,000 financial tools offered at Saxo Bank. By way of instance, from the Forex stores, you can find 182 FX spot pairs readily available, and 140 forwards contracts. To put it differently, you’re likely to be more hardpressed to locate a Forex set which isn’t represented at Saxo Bank.

The CFD stores offer access to shares, indices, Forex, commodities, and bonds. There are over 9000 variations of contracts for different stores, giving you access to indices around the world, as well as over 19,000 shares. These are comprised of 36 exchanges worldwide. There are also 3100 ETF, ETC, and ETN stores available, as well as over 1200 listed options.


Interestingly enough, Saxo Bank has stepped away from the cryptocurrency stores, avoiding the boom and bust cycle of the recent bubble that has just been popped. Because of this, if you are looking at trading crypto stores, you may have to do that somewhere else.

Commissions and Fees for Saxo Bank

Commissions and fees are quite complex at Saxo, as there are so many different share classes to choose from. There are also volume discounts, and needless to say the more you trade, the cheaper your trading costs will be per deal. For example, if you are trading CFD stores on US shares, standard rates could be as little as $0.02 per share, with a minimum of US$20. CFD trades on UK shares are 0.10% of trade value, with a minimum of 8 GBP. Looking at the spot Forex marketplace, the EUR/USD is typically a 0.4 pips. The gold CFD marketplace is in the realm of 8.0 pips, but keep in mind that those stores are variable spread. Government Bonds are a bit more expensive, with European government bonds having a minimum of 80, based upon 0.20%. US Government Bonds are charged at similar rates.

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Data is not free unlike most Forex brokers, partially for non-Forex stores. It comes down to which stores we are talking about, but as you are trading on the asset exchanges, there are various fees that can differ drastically, depending on the exchange itself. For example, the NASDAQ is $7.00 a month for private individuals, while $27.00 four professional traders. The Toronto Stock exchange is $25.00 a month for level II private but is free for level I private. The majority of European exchanges are 7, partially for the basic feed. Johannesburg Stock Exchange is billed at $11.00, and so on.

Saxo Bank Platforms and Tools

The main platforms for Saxo Bank include SaxoTraderGo and SaxoTraderPro. The main difference medially the two is that SaxoTraderGo is web-based, meaning it is traded from anywhere, including the apps that are dedicated for use with Android, iPhone, and iPad. The original software is browser-based and can simply be used from anywhere. The SaxoTraderPro platform is a bit more robust, with multi-screen platform abilities in both Windows and Mac machines. Thankfully, you can trade a similar account from either platform, giving you the ability to customize how you trade at home or on the go.


Some of the features of the platform is an excellent charting package, news and research, and ability to enter in multiple order types such as one cancels other, marketplace, limit, and the usual. Trailing stops of course are also represented, giving you a multitude of ways to obtain in and out of the marketplace. The platform is very easy to use, although for those who are relatively new traders, it may be a bit overwhelming with all of the bells and whistles. Autochartist is built-in, giving you technical signals and alerts when it comes to specific patterns appearing.


There are excellent features of the platform called the “news and research” panel, which can give you a multitude of looks at a marketplace. For example, you can have an index pulled up, showing you the largest gainers and losers in that country. It also gives you trade signals based upon technical patterns, and of course headlines. Economic figures are also shown on the calendar, while keeping an eye on indices or other stores around the world.

News and Research

Ultimately, this platform gives you the world at your fingertips, and not just through execution but also through research and news. Autochartist has been trusted by traders around the world for several years now, so although not a unique factor to Saxo Bank, it certainly is a nice bonus in the platform.

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Saxo Bank Differentiators

Clearly, the biggest differentiator of Saxo Bank two other brokerages will be the huge amount of offerings available. If you are looking for a “one-stop-shop” for trading, Saxo Bank is probably going to be one of the best brokerages in the world that you is involved in. After all, there are few places in the world where you can trade both options on the Danish krone and short Portuguese shares at the similarly time. The commissions are hit or miss, while the platform is excellent.

Saxo Bank Customer Service

Customer service at Saxo Bank is strong, as they have not only a huge video library on how to use the platform, they also have a huge section of FAQ’s that you can refer to. However, there are also plenty of operators looking to help you as you need. You can call into a multitude of phone numbers around the world, and of course contact via email. Saxo Bank is available 5 days a week, 24 hours a day.


Saxo is highly regulated in the of course has had thousands of customers from across the globe over the last couple of decades. Currently, they are one of the more highly regulated brokers that you can use and have a strong support system for their traders. As they are regulated in countries such as Denmark, the United Kingdom, and many others, they are truly trustworthy, and of course well-capitalized.


If you are looking to trade the world, you would be hard-pressed to find a better brokerage firm than Saxo Bank. Being able to trade all of these stores gives you a “leg upward ” on the average retail trader, as in the last few years we have seen correlations medially stores strengthen. This gives you the ability to either take the convenience of inefficiencies in the global stores or find non-correlated stocks in order to diversify your portfolio. However, your trading prowess can either be your greatest weapon at Saxo Bank, or having a lack of prowess is very dangerous with these many stores available to you.

Saxo Bank




Commissions and charges


Deposits and Withdrawals


Trading Platforms


Customer Service



  • Over 35,000 financial instruments to trade
  • Highly regulated and well-capitalized
  • Large swath of correlated and non-correlated instruments
  • Robust trading platform offering advanced charting and news


  • $10000 minimum deposit
  • Commission schedule heavily favors high-volume traders
  • Not necessarily an account for beginners

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