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Saxo Bank Review

Published by Usman Ahmed, MBA (Researcher)

Reviewed by Bowen Khong, ACCA

Saxo bank is considered one of the most trusted names in the world of forex trading. The broker provides a large collection of assets for margin-based trading, low spreads, and lightning fast execution of trades. The broker holds multiple regulations worldwide. In this article, I review some features that Saxo Bank has and why traders and nontraders can make money with the broker’s provision.

Overview 

Saxo Bank A/S is privately owned; Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co., Ltd, owns 52 percent of the shares of its shares. The founder and CEO of Saxo Bank, Kim Fournals, owns 25.71% of the Bank shares. Shampoo Plc, a leading Nordic financial services company, also owns 19.9% of the bank shares. Minority shareholders, including several current and former employees of the Bank, hold the remaining shares.[1]

The Bank was the first broker in Denmark to gain approval from the European Investment Directive in 1992. Saxo Group presently operates worldwide, collaborating closely with supervisory authorities in each jurisdiction it exists in. The broker is regulated by the Australian Securities and Investments in Australia, the Securities and Futures Commission in Hong Kong, the Japanese Financial Services Agency in Japan, Financial Conduct Authority in the UK, Bank of Netherlands in the Netherland. It is also regulated in Italy, Czech, Singapore, Switzerland, U.A.E., Denmark, etc.

Aside from having a wide company jurisdiction, it also has a very wide range of markets accessible to traders. The markets provided include forex, stocks, ETFs, Bonds, Mutual Funds, Futures, Listed Options, and more. It also offers managed portfolios where experts navigate and manage your investments without your input. The managed portfolio also gives you the freedom to withdraw at any time. The Bank has provisions for retail traders and institutional traders.

ProsCons
Strongly regulated
Wide range of markets
Useful research tools
High minimum deposit 
Only available for 6 days a week 
High bond, options and future fees 

Who is Saxo Bank for?

The broker offers a wide range of services, and it has different aspects, which makes it useful for different types of people. 

  • The SaxoSelect program provides a managed portfolio which is useful for those who do not have any form of background in trading. Through the program, experts perform trading and manage portfolio on your behalf. The SaxoSelect is not just useful for novice traders; other traders who do not have time to trade or wish to build a separate portfolio aside from their regular trades can also make profits through the program.
  • Beginners and advanced traders can also make money through trading the thousands of instruments that are available at an affordable price.
  • The broker also provides a healthy ground for institutional traders and those who are interested in partnering with the company. 

Rating: 4.5/5

Is Saxo Bank Safe?

Saxo Bank A/S is incorporated in Denmark as a licensed bank and is regulated along with Saxo Bank A/S Italy, Saxo Bank AS the Czech Republic, Saxo Bank Netherlands by the Danish Financial Supervisory Authority (F.S.A.).

As a member of the European Union, the E.U. Banking and Investment Directives have been incorporated by Denmark into the Danish Law. 

Saxo bank A/C and its branches are also regulated in different jurisdictions. 

  • It is regulated and authorized in the U.K. by the Financial Conduct Authority; 
  • BG SAXO Societal did. Intermediazione Mobiliaire S.p.A. is licensed by the Italian Market Authority.
  •  It is licensed in the Czech Republic by Czech National Bank. 
  • Saxo Bank A/S Netherlands is registered by the Bank of Netherlands.
  • Saxo Bank Pte. Ltd. Singapore is supervised by the Monetary Authority of Singapore. It is a capital markets services license holder and an exempt financial advisor. 
  • Other regulations and licenses include the Central Bank of U.A.E. as a representative office, Japanese Financial Services Agency, Securities and Futures Commission in Hong Kong, Australia Securities and Investments Commission in Australia.[2]

So far, what I will say is that the bank is duly licensed and regulated by the top and trusted agencies and organizations. For more information about the licenses and regulations, please click here. 

Rating: 4.5/5

Year founded:1992
Publicly traded: No
Licenses: ASIC, FCA, FMS (Swiss), SFC, JFSA (Japanese), MAS (Singapore), and more
Backlist: No

Offering of Investments

Stock 

Saxo bank provides access to more than 19,000 stocks across several core and emerging markets on more than 40 exchanges worldwide. I find this mind-blowing because it is not common to see the number of stocks provided by the broker on many other brokerage platforms.

These exchanges include NASDAQ, NYS, Singapore Exchange, Hong Kong Exchange, Australian Securities Exchange, Tokyo Stock Exchange.

ETFs

It also has more than 3000 ETFs from more than 30 exchanges around the world

Bonds 

Mutual Funds

there are more than 250 top-rated mutual funds available on the platform. The mutual funds are from the world’s largest investors.

Futures

They are also available in their thousand 

Listed Products

Traders and investors have access to more than 1,200 listed options from 23 exchanges worldwide. These listed options are across equities, interest rates, energy, metals, indices, and more. 

Others 

Asides from all that have been listed above, you can also trade cryptocurrency CFD and ETPs. The ETPs help to take a long-term position without leverage. Forex trading and many more. The broker provides 82 FX spot pairs and 140 forwards across major, minor and exotic pairs. Metals are also available. 

Rating: 4.5/5

Forex: Spot TradingYes
Currency Pairs (Total Forex pairs)182
Social Trading / Copy-TradingYes
CFDs instrumentsforex, stocks, crypto, ETFs, Bonds, Mutual fund, futures, listed products, etc.

Commissions & Fees

The broker offers industry-leading prices. Traders and investors get competitive spreads and commissions across all asset classes. 

The rates also become better as trade volume increases. The broker offers commissions from $1 on US stocks and the US-listed ETFs. It also charges commissions as low as $1.25 futures and listed options; there are no charges for investing in mutual funds.

Many of the options, bonds, and futures fees are a little high compared to some other brokers.

For more information on the charges, kindly click here.

Rating: 4/5

Minimum Initial DepositUSD 10,00, 500(GBP) for UK, USD3000 for Australia  and SGD 300 for Singapore 
Average Spread EUR/USD – Standard0.8
All-in Cost EUR/USD – Active0.6
Minimum withdrawal 

Platforms & Tools 

SaxoTraderGO

It has enhanced trade tickets, fundamental and technical analysis tools, an extensive charting package, performance analysis, and some other important features. It supports a one-screen setup though the chart can be dragged to a second screen. 

I discovered that the platform is accessible through mobile and different versions of windows.

SaxoTraderPRO 

it is fully customizable and is a professional-grade platform. It provides features like algorithmic orders, one-click trading, and other charting packages. I discovered that it is customizable across six screens, with advanced workspace and more features through my test.

This platform is not accessible on mobile devices. It is limited to PC and MAC. The two platforms are well built and are user-friendly.

Connectivity and APIs: this tool helps you connect to Saxo’s capital markets infrastructure through your preferred interface. 

Third-party tools

These tools help to execute trades from one of Saxo’s partner’s platforms. This helps you connect your Saxo account to a third-party platform to access custom tools that suit your specific trading requirement. 

These tools, though useful, might be too technical for beginners to know how to use them. Such beginners would need to go through a learning process to master them. The broker also provides a demo account where traders can trade a specific market before trading it on a live account. 

Rating: 4/5

Virtual Trading (Demo)Yes
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Charting – Indicators / Studies (Total)58
Charting – Drawing Tools (Total)19
Charting – Trade From ChartYes
Order Type – Trailing StopYes

Research

The research tools cover all the assets provided. Saxo Bank provides daily commentary and in-depth analysis across its markets. There are also articles written by financial experts from different fields that can be useful for traders to get information from. The research information helps you know how traders view the markets and see what the experts are seeing.

Rating: 4/5

Education 

The broker provides educational resources that can help readers build new skills and sharpen their trading edge. The educational resources educate traders on using the platform and then introduce what trading is about before it moves into the risk management rules. This part covers the basics of trading. 

There are also podcasts (available several times a week), events, and webinars (the upcoming events and webinars dates and topics are available in the platform) to equip traders to perform better in the trading market.

Rating: ⅘

Mobile Trading 

SaxoTraderGo is available on mobile devices, and this is the medium the broker provides for on-the-go trading. Some mobile devices, or browsers that also provide desktop mode can also access SaxoTraderPro on them. The platform can be used to execute and manage trades, perform basic charting operations, create and manage portfolios, create and manage price alerts, and so on.

Rating: 4/5

Mobile devices apple, android.
Featuresallow making trade,, watchlist, charting, alert, etc.

Final Thoughts

I have described the services of this broker, and I believe it is obvious that the broker is a force to reckon with in its provision of trading assets, especially the stocks and ETFs. The broker has provisions that touch many assets that it might be hard not to see the market one desires to trade. The provision also shows the value it places on security and accountability by being regulated, licensed, and registered by many different financial regulatory bodies in several jurisdictions.

Overall rating : 4.3/5

Frequently Asked Questions

How do I withdraw money from Saxo Bank?

Withdrawing funds from Saxo Bank is easy.

  1. go to the menu> deposits and transfers 
  2. Click ‘withdraw funds’.
  3. Select the particular account you want to withdraw from
  4. Put in the withdrawal amount and currency 
  5. Select the external transfer. 
  6. Then click on the transfer when everything is done.
  7. You will then get an SMS with a code in your registered phone number.
  8. Type in the code and click on ‘confirm’

Is the Saxo account free?

Saxo offers a free 20-day demo account to help you practice before you open a live account. The platform is available for use on all devices.

Does the Saxo account have negative balance protection?

The Saxo essential account has a minimum funding level of €1000. It also helps clients to trade within a limited risk environment where they cannot lose more than the cash on account. That is negative balance protection.

Can you trade on Saxo?

The Saxo Bank platform is available for trading 24 hours a day and six days a week. Various currency pairs and assets have their specific trading hours.

How long does it take to withdraw from Saxo?

Withdrawals over the platform will be processed the next business day if requested before 13:00 GMT and two working days otherwise.

Is Saxo Bank direct market access?

The broker offers direct market access to optimized liquidity pools from ECNs and more than 25 Tier 1 providers. Traders have access to multi-asset execution and integrated custody, clearing, and post-trade services. 

Is Saxo a market maker?

The Saxo Bank Group may act as a market maker in all products and services that are not traded on an exchange and maybe the counterparty in any trade conducted by customers in these products. The Bank does not engage in corporate finance activities. 

What is the difference between SaxoTraderGo and SaxoInvestor?

SaxoInvestor is built on the same technology as the Bank’s other platforms (SaxoTrader and SaxoTraderPro). SaxoInvestor has a simpler interface that caters to the needs of the typical investor. The platform gives access solely to cash products and has investment themes (a new feature).

Is Saxo a custodian?

Saxo Bank acts as the custodian when trading ASX stocks, ETFs, ECTs, and Bonds with Saxo Markets (Australia) in a custody share trading account.

How does Saxo calculate P/L

  1. Calculate the difference between the open and close conversion rate.
  2. Multiply the current market value of the position by the difference between the two conversion rates.

Does Saxo have a custodian fee?

The broker charges a custody fee to clients holding bonds, stock, and ETF/ETC positions on their accounts. The custody fee is usually calculated daily, and it is calculated using end-of-day values. The custodian fee is charged monthly.

Usman Ahmed, MBA (Researcher)
Usman Ahmed, MBA (Researcher)
Usman Ahmed is a currency trader and financial market analyst with more than 7 years of active trading experience. Besides holding a Masters degree in Business Administration, he has worked for some of the most renewed companies in the forex industry including FXCM, IQOption, MetaQuotes, Alpari, FXStreet, DailyFX and several others. Usman possesses strong technical analytical skills and is famous for his very own, informative and entertaining, writing style. He believes in naked chart trading analysis that is commonly known as price action trading. He follows global financial news and macro-economic events very closely.
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