The Saxo Account Classic comes with a minimum deposit of just €/£500 and will be the one where most retail traders will find their comfort zone at Saxo Bank. In order to qualify for a Saxo Account Platinum Account, a minimum deposit of €/£50,000 is required, but as a result the spreads are decreased by up to 30%. Saxo Bank offers a VIP account for deposits above €/£1,000,000.
Saxo Bank’s proprietary trading platform, with its simplified looks and extensive trading capabilities, are, without a doubt, excellent. The broker charges zero fees on withdrawal and deposit; however, there is a high inactivity cost. Saxo Bank offers a global brokerage service provider, operating subsidiaries as independent legal entities in various parts of the world.
Deposit and Withdrawals
The above three tiers of personal accounts are also available as joint accounts between first-line family members. Reporting Fee of €/£50 for requested online reports asked to be delivered via mail or email. A 0.12% annualized fee on Bond, Stock and ETF/ETC positions with a minimum monthly fee of €/£10.
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- Specialized accounts and all-inclusive spreads are offered, but comparisons and disclosures are limited to the three accounts based on volume.
- After each trade, you may earn points , depending on the asset you traded and the volume.
For instance, if you reside in the US, Iran, Cuba, Sudan, Syria, or North Korea, you are not eligible to open an account. We have more evidence that a broker has successfully weathered prior financial crises the longer the broker has been in business. A track record of about 30 years in business is considered to be strong. The company is governed by a number of financial regulatory bodies around the world, including the UK’s Financial Conduct Authority and the Danish Financial Services Agency .
Fees on Saxo depend on the instruments you are trading, the size of the trading, your account type, and how long you keep the trade open. Here is an overview of the trading and non-trading fees on Saxo. Saxo Bank services both retail clients and institutional clients such as banks, brokers, fund managers, money managers, family offices, and private banks.
Saxo Bank also does not offer a welcome bonus or deposit bonus or the advantage of a no-deposit bonus when traders register a real account for the first time. If you are a retail trader, Saxo will be a solution to have the same access and features as an institution or organization. So, overall Saxo Bank is a good choice for traders of bigger size, since the first deposit is higher. Saxo Bank offers mainly proposals for traders with experience and bigger sizes. You will get trading courses, webinars, video tutorials, and podcasts.
https://forexhero.info/ bank is considered low-risk and is authorized by six tier-1 regulators, one tier-2 regulator, and no tier-3 regulators. Saxo is considered safe as it is fully regulated, adhering to strict regulatory criteria across, as we mentioned above, 15 different jurisdictions, including the UK, Denmark, Singapore and Australia. The broker operates under Saxo Group, and is a subsidiary of Saxo Bank, along with 9 other legal entities. However, while Saxo Capital Markets is a broker, Saxo Bank has a banking licence, which makes it different from a broker. ForexPeaceArmy.com has advertising and affiliate relationships with some of the companies mentioned on this site and may be compensated if readers follow links and sign up. We are committed to the fair handling of reviews and posts regardless of such relations.
The pricing for Saxo Bank’s products varies, but generally, forex trading has some of the lowest spreads and commissions, while trading in exotic instruments or options can be more expensive. However, the exact cheapest and most expensive options would depend on the specific product, market conditions, and the trader’s individual circumstances. The comprehensive account overview, besides a portfolio summary, includes performance analysis and returns breakdown.
Its customer service is active via phone calls; also high-quality research team regularly provides trade feeds. Our experts found that it provides traders with an extensive product portfolio, currency pairs so that each Saxo trader gets a product to trade as per his/her needs. The Platinum trading account requires a minimum deposit of $500,000. It allows access to all trading platforms and trading products, 24/7 customer service and an account executive service. The trader also gets to get to the Saxo Academy and Trade Maker.
On the other hand, it only offers standard margin trading and does not have more advanced features that investors may need. I’ve been working with this broker for almost a year already, and I’d say that overall experience is way better than with any other broker, but trading fees there are too high, compared to other brokers. If I were a novice trader, I wouldn’t choose that broker because of the trading fees. But I can say that you have access to 60,000+ instruments, and I don’t think that any other broker can provide that, it’s a huge advantage. So I believe that choosing this broker can be a great option, trading conditions there are on point. Saxo Bank’s pricing is competitive and transparent, with low spreads and commissions, as well as volume-based discounts and tiered pricing for high-volume traders.
Saxo Bank fees compared to AvaTrade fees
However, this scheme may not be applicable to all clients, depending on their country of residence and the specific products they are trading. SaxoTraderGo is an award-winning proprietary trading platform designed to support online retail traders and investor clients. Saxo’s trading platform provides access to multiple financial assets, including currency pairs, cryptocurrencies, stocks, CFDs, ETFs, bonds, mutual funds, options, futures and managed portfolios.
Some of the saxo bank broker reviewss and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker’s track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
However, transacting a minimum of $600 per month will lower the commission to $30 per million traded, which is highly competitive. Larger traders that transact a minimum of $2000 per month and above can reduce their commission to $20 per million traded. EToro is a social trading and investment platform, similar to the XTB platform, that also offers a banking service.
Is it safe to use Saxo Bank?
When you are confident enough with a demo mode, you can proceed with live trading. 71% of the retail investor accounts lose money when they are trading CFDs with this provider. The course is easy to understand, and it is useful for both new and experienced traders. Commission and spread disclosures are often contradictory, with different prices quoted for similar or identical instruments and venues. However, for a sophisticated, well-funded market professional, Saxo would be quite attractive. Saxo Markets offers an excellent option for advanced traders and professionals with well-funded accounts.
- Along with very competitive pricing, the broker is one of the large liquidity providers thus getting exclusively fast and low quotes, the bigger account shows spreads from 0 pips.
- Access 19,000+ stocks across core and emerging markets on 37 exchanges worldwide, with the same Saxo Account.
- If all of the funds in your account are cash, a fee is assessed.
- When you qualify for an account tier, you’ll receive a rolling 12-month membership.
This broker also offers its services to short-term traders; the traders can buy and sell several thousands of Forex and CFDs by using the platform. Moreover, Saxo bank offers several trading assets like futures and options, stocks, commodities, and several more. This shows that the platform caters to all types of clients with different experience levels. Relatively high account minimums, limited support options, and higher-than-average bottom-line trading costs make Saxo less than ideal for the smaller, lower-skilled trader. CFDs are a type of complex instrument product and they come with a high risk of trading. As per the Saxo Bank reviews and reports on the internet, 72% of retail investor accounts on this platform tend to lose money when trading CFDs.
Saxo Markets lets you to invest in diverse investment products in several countries and more than 100 local and global exchanges. Lastly, SaxoTraderPro comes with advanced features set for advanced institutional investors. Yes, it is regulated by a number of financial regulators, including the Swiss Federal Banking Commission, the UK’s Financial Conduct Authority, and the Danish Financial Services Agency , among others. A demo account can be used to get acquainted with the platform.
It comes preloaded with virtual funds so you can trade online, risk free. This is a great way to try out the Saxo products and services to see if they are suitable for your needs. This is the main account type that has the best of services, price and priority support in local language. VIP clients receive priority one-to-one support, market commentary, assistance placing complex orders and a sparring mate to discuss trading strategies. The minimum account opening balance is £1 million or AUD1 million or $1 million. AvaTrade is an award-winning and multi-regulated broker offering a great selection of trading instruments including Forex, Cryptos, Stocks and Commodities.
After each trade, you may earn points , depending on the asset you traded and the volume. You can upgrade to a Platinum or VIP account after earning a predetermined number of points. For a Platinum upgrade, you’ll need 120,000 points, and for a VIP account upgrade, 500,000 points. All asset classes and a wide range of international markets are included in Saxo Bank’s product portfolio.
The relatively lower fee structure of Saxo Markets is a remarkable feature of the platform. There are numerous order types and order time limits available. With SaxoSelect, a robo-advisory service, you can choose an investment theme and have Saxo create your portfolio. At Saxo, you can trade cryptocurrencies using Crypto FX and exchange-traded products .
Saxo clients spreads go down and benefits go up at higher tiers, but they all come with a commission, not to mention a spread on most instruments, including forex. However, clients will have no access to guaranteed stop-loss protection, which makes accounts vulnerable to unlimited losses during volatile market conditions, like the Swiss Franc currency crisis in 2015. All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team.
Saxo Bank offers a quick and digitized online application form. Yes, Saxo Bank is regulated across several different global financial centers with its main regulator the Danish Financial Supervisory Authority . Saxo Bank offers credit and debit cards as well as bank wires.
Saxo Bank was established in 1992, and it is an investment bank based in Denmark. It offers several online trading services to retail and institutional investors as per their requirements. Saxo Bank is completely regulated, and it adheres to strict regulatory compliances across several jurisdictions, which includes Denmark, the UK, Australia, and Singapore. Further, we can say that Saxo capital markets are a global service provider having customers in more than 170 countries; it offers more than 35,000 tradable assets.
Traders can connect to Saxo’s capital markets infrastructure via your preferred interface. When it comes to direct market access solutions for institutional trading conditions, it is hard to beat Saxo in my opinion. I will say that some brokers do some close, for instance I really like the FIX API over at Global Prime as another option. Saxo allow you to fully integrate MT4 with your Saxo account to plan, place and manage your trades using powerful tools, while benefitting from Saxo’s industry leading execution and liquidity.