Saxo Bank – Forex Broker review

Saxo Bank – Forex Broker review
4.3 (85%) 4 votes

Read Saxo Bank forex broker review, rating and detail information for their services below. Saxo Bank is investment bank specializing in online trading and investment. It was founded in 1992 in Copenhagen, Denmark. As per clients review Saxo Bank is very trustworthy and strictly regulated forex broker. Because of that, Saxo Bank has clients in 180 countries and has a daily average turnover of approximately USD 12 billion. They are one of the oldest ECNs available to the retail client and institutional trader. Saxo Bank offers trading through its online platforms in Forex, stocks, CFDs, futures, funds, bonds and futures spreads.

Regulation

Saxo Bank is regulated by the Financial Conduct Authority (FCA) in United Kingdom. Saxo bank is a fully licensed European bank under the supervision of Danish FSA and got banking license in 2001. They hold client funds in segregated bank accounts with the client as beneficiary. Furthermore, it is regulated by below regulatory boards.

  • Danish Financial Supervisory Authority
  • Banco de España
  • Financial Services Agency (FSA)
  • Monetary Authority of Singapore
  • Swiss Federal Banking Commission
  • Japanese Financial Services Agency

Awards

Saxo Bank won the following awards for its product offerings and services.

Simon Fasdal, Saxo Bank's Head of Fixed Income
Simon Fasdal, Saxo Bank’s Head of Fixed Income
  • Best Margin Sector Platform in Profit & Loss FoXy awards.
  • Technology at HFM Week European Hedge Fund Services Awards.
  • Best Platform for Active Traders’ in 3rd annual ADVFN International Financial Awards.
  • Saxo Bank named Prime of Prime House of the year at FX Week Best Banks Awards.
  • Best mobile trading initiative at Sell Side Technology Awards.
  • Saxo Trader named Best Multi-Asset Trading Platform and Best FX Broker at 2017 Finance Magnates Awards.
  • The Banker’s Best Trading Platform Project Award.
  • SaxoTraderGO named Best Retail FX Platform at FX Week e-FX Awards.
  • Saxo named Best Prime of Prime Provider at FX Week e-FX Awards.
  • Best Platform for the Active Trader at ADVFN International Financial Awards.
  • Saxo named “Best Prime Broker” at HFM Week European Hedge Fund Services Awards.
  • Profit & Loss FoXYs Best FX Broker-Dealer award.
  • Saxo named Best prime broker at HFM Week Asia Hedge Fund Forum Services Awards.
  • Saxo Bank named “Best Forex Broker” at the prestigious Finance Magnates Awards.
  • “Best Prime of Prime/Retail Liquidity Provider” at the Finance Magnates Awards.
  • Saxo Bank named “Best Prime of Prime House” in FX Week’s Best Banks Awards.
  • ‘Best Overall Boutique Prime Broker’.
  • SaxoTraderGO named ‘Best Mobile Trading Platform’ at JFEX Awards.

Trading Platforms

Saxo Bank provides SaxoTrader 2.5 is their standalone platform, and there is a web-based version called SaxoWebTrader 2.5 as well. They give an offer for their client of 20-day free trial of their platforms with a demo USD 100,000. So that traders can practice and make themselves comfortable with this platform. Even more, there is a mobile platform called SaxoMobileTrader as well for smart phones. This platform includes all of the functionality available in the desktop application. This App can be downloaded from Google PlayStore and Apple App Store. Both the iPhone app and the Android app include fingerprint security.

SaxoTraderGO
SaxoTraderGO

Commissions & Spreads

Like other online Forex brokers, Saxo Bank doesn’t have any commissions or service fee. The spreads are floating like other ECN brokers. But minimum deposit for any account is bit higher. The Classic Account requires a minimum deposit of $10,000. Saxo bank is asked $100,000 for Premium Account. Furthermore, Platinum account is a required $500,000.

Payment options

Saxo Bank Supports Debit card, UK debit card, Credit card for deposits and withdrawal.

Support

Saxo Bank has offices in 26 countries across Europe, Asia, Australia, South America and Africa and they have clients in more than 180 countries. Customer support at Saxo Bank is available 24/5. Hence there are several ways which you can get in touch with the support team such as Live chat, Telephone support and Email. Above all, Saxo Bank trading platforms are available in over 20 different languages.

Saxo Bank Detail Information

Company Saxo Bank
Founded in 1992
Online since 1996
Offices in China, Cyprus, Greece, Italy, Netherlands, Spain, United Arab Emirates, United Kingdom
Payment options Credit/debit cards; Wire transfer
Demo platforms SaxoTrader (Limited with 20 days), SaxoWebTrader (Limited with 20 days), SaxoTraderGO (Limited with 20 days)
Account currencies Australian dollar, Canadian dollar, Czech koruna, Danish krone, Euro, Great Britain pound, Hong Kong dollar, Hungarian forint, Japanese yen, New Zealand dollar, Norwegian krone, Polish złoty, Singapore dollar, South African rand, Swedish krona, Swiss franc, United States dollar
Currency pairs
AUD/CAD AUD/CHF
AUD/CZK AUD/DKK
AUD/EUR AUD/GBP
AUD/HUF AUD/JPY
AUD/MXN AUD/NOK
AUD/NZD AUD/PLN
AUD/SEK AUD/SGD
AUD/TRY AUD/USD
AUD/ZAR CAD/CHF
CAD/JPY CAD/MXN
CAD/NOK CAD/PLN
CAD/SEK CAD/TRY
CAD/USD CHF/AUD
CHF/CZK CHF/DKK
CHF/HUF CHF/JPY
CHF/MXN CHF/NOK
CHF/PLN CHF/SEK
CHF/SGD CHF/TRY
CHF/USD CHF/ZAR
CZK/PLN DKK/CZK
DKK/HUF DKK/JPY
DKK/PLN DKK/SGD
DKK/ZAR EUR/AUD
EUR/CAD EUR/CHF
EUR/CZK EUR/DKK
EUR/GBP EUR/HKD
EUR/HUF EUR/ILS
EUR/JPY EUR/LTL
EUR/MXN EUR/NOK
EUR/NZD EUR/PLN
EUR/RON EUR/RUB
EUR/SEK EUR/SGD
EUR/TRY EUR/USD
EUR/ZAR GBP/AUD
GBP/CAD GBP/CHF
GBP/CZK GBP/DKK
GBP/EUR GBP/HUF
GBP/ILS GBP/JPY
GBP/MXN GBP/NOK
GBP/NZD GBP/PLN
GBP/SEK GBP/SGD
GBP/TRY GBP/USD
GBP/ZAR HKD/JPY
HUF/JPY JPY/DKK
JPY/NOK JPY/USD
MXN/JPY NOK/DKK
NOK/JPY NOK/SEK
NOK/USD NZD/AUD
NZD/CAD NZD/CHF
NZD/CZK NZD/DKK
NZD/EUR NZD/GBP
NZD/HUF NZD/JPY
NZD/MXN NZD/NOK
NZD/PLN NZD/SEK
NZD/SGD NZD/TRY
NZD/USD NZD/ZAR
PLN/DKK PLN/HUF
PLN/JPY PLN/SEK
SEK/DKK SEK/JPY
SEK/NOK SEK/PLN
SGD/HKD SGD/JPY
TRY/DKK TRY/JPY
TRY/ZAR USD/AED
USD/BHD USD/CAD
USD/CHF USD/CNH
USD/CZK USD/DKK
USD/HKD USD/HUF
USD/ILS USD/JOD
USD/JPY USD/KWD
USD/LTL USD/MXN
USD/NOK USD/OMR
USD/PLN USD/QAR
USD/RON USD/RUB
USD/SAR USD/SEK
USD/SGD USD/THB
USD/TRY USD/ZAR
XAU/THB XAU/TRY
XPT/ZAR ZAR/JPY
Regulated by ASIC, 109605610; Banque de France, 483632501; CySEC, 163/12; FCA (UK), FC026688; FSA (Denmark), 1149; SFC (Hong Kong), 1395901
Website available in Arabic, Chinese, Czech, Danish, Dutch, English, Finnish, French, German, Greek, Hebrew, Hungarian, Italian, Norwegian, Polish, Romanian, Russian, Slovenian, Spanish
Support methods Email, Live chat, Phone
Trading server time zone GMT

Saxo Bank Features

  • Interest rate on funds
  • Islamic accounts available

Account Types

  • Classic Account
    • Trailing stop
    • Pending orders
    • One-click trading
    • Mobile trading
    • Browser-based platform
    • Automated trading
  • Premium Account
    • Trailing stop
    • Pending orders
    • One-click trading
    • Mobile trading
    • Browser-based platform
    • Automated trading
  • Platinum Account
    • Trailing stop
    • Pending orders
    • One-click trading
    • Mobile trading
    • Browser-based platform
    • Automated trading

Saxo Bank Review and Rating

Saxo Bank is a value-packed heavily regulated forex broker. The broker has long been known to be reliable, honest, and cheap in their commissions. Another best part of Saxo Bank is, it provides traders with a free trial for a period of time. This allows traders to understand and make themselves comfortable with SaxoTrader platforms and software.

Support
80%
Platform
90%
Education
70%
Insights
80%
Leverage
70%

Pros

  • Excellent trading platform SaxoTraderGo
  • Lots of research and news content
  • Competitive forex spreads=
  • Regulated in multiple major financial jurisdictions
  • Access over 35,000 global markets

Cons

  • Minimum deposit to open an account is $10,000 USD.
  • Lack of automated trading solutions
  • Less availability of indicators and drawing tools
  • No Cryptocurrency Trading
  • No Spread Betting available
7.8

Average Score

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