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Saxo Bank

Saxo Bank

$0

Min Deposit

0.5

Min Spread

1992

Foundation

8/10

Broker Trusted Point

Introduction

Saxo Bank is an online trading broker apart from being an investment platform. If you are willing to either trade on assets like forex, stocks, CFDs, etc. or look for long-term investments, then this broker might be the right call.

In this comprehensive Saxo Bank review, we will discuss the features the broker offers to help you decide if it can be a potential trading partner. Before we dive into the details, check out the quick overview of the broker below:

FOUNDED IN 1992
HEADQUARTERS Denmark
REGULATORS Denmark FSA
MINIMUM DEPOSIT $0
PLATFORMS OFFERED Saxo Trader Go, Saxo Trader Pro, Third-party tools/platforms and Connectivity & APIs.
TRADING INSTRUMENTS Stocks, ETFs, bonds, mutual funds, options, futures, managed portfolios, Options, Futures, Forex, Forex Options, Crypto FX, CFDs and Commodities
ACCOUNT CURRENCY USD, SGD, EUR etc.
MAXIMUM LEVERAGE 1:100
CUSTOMER SUPPORT 24/5
DEPOSIT OPTIONS Bank transfers, credit cards, net banking
COMMISSION Yes
SPREADS From 0.5 pips
MOBILE TRADING Yes
AFFILIATE PROGRAMME Yes
CONTESTS AND BONUSES No

What is Saxo Bank?

Saxo Bank is a Denmark-based online trading broker and investment bank founded in 1992 by Kim Fournais, Lars Seier Christensen and Mark Anthony Hauschildt. Since then, the company has successfully operated for over 30 years and has gained 1 million loyal clients around the globe.

The company offers over 71,000 financial instruments, including forex, stocks, CFDs, bonds, futures, ETFs and mutual funds. Proof of the broker’s impressive reputation is that it is rated BBB by the S&P Global Ratings, which means that the broker is at a moderate to “investment grade” level.

Moreover, the broker was designated as a Systematically Important Financial Institution by the Danish FSA on 26th June 2023, highlighting that it is a trustworthy broker with a systematic and reliable financial system.

Is Saxo Bank Regulated?

Saxo Bank is highly regulated under the Danish Financial Supervisory Authority with registration number 15731249 and licence no. 1149. Moreover, the broker is operational in different countries with different legal names and Global Intermediary Identification Number. You can check out the list below:

Bank Country GIIN
Saxo Bank A/S Denmark 2IN0H9.00000.LE.208
Saxo Capital Markets (Australia) Limited Australia 2IN0H9.00009.ME.036
Saxo Banque France LRBCFD.99999.BR.250
Saxo Capital Markets HK Limited Hong Kong 2IN0H9.00012.ME.344
Saxo Bank Securities Ltd Japan 2IN0H9.00006.ME.392
Saxo Capital Markets Pte Ltd Singapore 2IN0H9.00011.ME.702
Saxo Bank Schweiz AG Switzerland 2IN0H9.00001.ME.756
Saxo Capital Markets UK Limited United Kingdom 2IN0H9.00002.ME.826

Saxo Bank Account Types

The broker offers three different account types: Classic, Platinum and VIP. Classic accounts have low minimum deposits but limited features, whereas Platinum and VIP accounts have additional perks and benefits but a higher minimum deposit.

Once you open an account with the broker, you will be assigned a tier based on your initial deposit. But later, based on your trading volume, you will be promoted to different tiers.

You can check out the details of each account below:

Classic Platinum VIP
$0 minimum deposit Minimum initial deposit of $200,000 Minimum initial deposit $1,000,000
24/5 customer support 24/5 customer support 24/5 customer support
Digital support and services Digital support and services Digital support and services
Local language customer support Personal relationship manager in the local language
Direct access to trading experts
One-on-one access to SaxoStrats
Entry into exclusive events

The broker also has flexible account plans divided into 5 categories: Bronze, Silver, Gold, Platinum and Diamond. You can select the one most suitable for your trading needs. However, these accounts are only accessible via Singapore dollars or trading points. Check out the overview of the accounts below:

Bronze Silver Gold Platinum Diamond
Minimum Deposit Free 5 SGD/month or free with 5000 points 15 SGD/month or free with 15000 points 45 SGD/month or free with 45000 points 145 SGD/month or free with 145000 points
Transaction Fee 2 USD for U.S stocks and 5SGD for Singapore stocks 1 to 1.5 USD for U.S stocks and 3SGD for Singapore stocks 0.75 to 1 USD for U.S stocks and 5SGD for Singapore stocks 2 USD for US stocks and 5SGD for Singapore stocks 2 USD for US stocks and 5SGD for Singapore stocks
Commission rebates No 5 SGD/month 15 SGD/month 45 SGD/month 145 SGD/month
Real-Time Data No U.S Stocks U.S, E.U, U.K, & C.H Stocks US, EU, UK, SG & CH Stocks US, EU, UK, SG, HK & CH Stocks
Assets Stocks Stocks Stocks Stocks Stocks

Trading Platforms Offered by Saxo Bank

The broker offers multiple propriety platforms for trading, including Saxo Trader Go, Saxo Trader Pro, Third-party tools/platforms and Connectivity & APIs. If you wish to trade on relevant and popular trading platforms like MT4 and MT5, then Capitalix is a great choice.

Saxo Trader Go

Saxo Trader Go is an award-winning platform often preferred by Saxo Bank traders, as it offers basic features with one screen set up, best for novice traders. This platform allows you to trade on various assets, including stocks, ETFs, bonds, mutual funds, options, futures, and managed portfolios. Check out some of the features offered on this platform:

  • Trade tickets enhance the speed and efficiency of trades as they compile the necessary information on a single ticket.
  • Research and Analysis tools include various stock indicators, Saxostrats price data analysis and trade ideas.
  • Access to news and research from in-house and third-party trading experts.
  • Technical analysis tools like trade signals, live charts, annotation tools, 40+ technical indicators and integrated charts.
  • Access to option chain including Trade F.X. Vanilla, touch options, and options on stocks, indices, and the future.
  • Risk management tools like account shield, stop orders, cancel orders, margin breakdowns and alerts, and instant close position option.

Saxo Trader Pro

This advanced platform has additional features and is best suited for large-volume trading and professional traders. Some of the key features of Saxo Trader Pro are as follows:

  • Fully customisable
  • One-click trading
  • Options chain including touch options and Trade Fx Vanilla and charting packages
  • Assets include stocks, ETFs, bonds, mutual funds, options, futures, managed portfolios and other leveraged assets.
  • Allows multiple-screen trading with a maximum 6-screen limit.
  • Workspace management
  • Advance trade ticket
  • Real-time order management & executions
  • Access to algorithmic orders on large U.S., Asian and European markets.
  • Flexibility to open, close & edit market positions via integrated charts.
  • Access to over 50 technical indicators and market insight.
  • Performance analysis and risk management tools are the same as the Trader Go platform.

Connectivity and APIs

Through connectivity and APIs, you can access the following benefits:

  • Tailored multi-asset liquidity through FIX API
  • Market access through stable and flexible electronic infrastructure in documented form.
  • It also has OpenAPI, which provides access to resources to build a highly functional multi-asset trading platform.
  • List of tradable instruments along with their timezones, locations and opening hours.
  • Permission to stream quotes, request-requotes, order placement and more.

Third-Party Tools

With this feature, you can trade on the broker’s partnership platforms and get access to additional features like strategy backtesting, hyper-responsive charting, etc., without any additional charges. The third-party platforms include:

  • Trading View
  • OpenAPI for Excel
  • Dynamic Trend
  • Multicharts
  • Update

Pros and Cons of Trading with Saxo Bank

Pros Cons
Suitable for both novice and experienced traders The high minimum deposit for Premium and VIP accounts with more features. Check out TradeEU to access advanced features at a low minimum deposit.
A large number of assets Only 24/5 customer support
Expert Guidance MT4 and MT5 platforms are not available
Long-term portfolio management Algorithmic trading is not supported by foreign traders.
Rewards and cashback
Competitive spread
Educational resources

How to Open a Saxo Bank Account?

To open an account with the broker, you must decide which Saxo Bank platform you wish to create an account with and follow the steps below:

  • Go to the broker’sbroker’s website.
  • Locate and click on the trading platform of your choice.
  • Click on Open account.
  • Fill in personal details, including name, email I.D., contact, occupation, etc.
  • Enter your investment or trading amount & your base currency.
  • Set the password, then verify your phone no. via otp
  • Add your valid I.D. and a picture.
  • Click on the link sent to your active email I.D.
  • Now, you can access your Saxo trading account.

Saxo Bank Login Details:

After creating an active trading/investment account, you can access your account after completing the Saxo Bank login process. To do that, follow the steps below:

  • Go to the website Saxobank.com
  • Locate and click on the Saxo Bank login option
  • You can either log in to Saxo Bank with a demo account or a live trading account
  • Enter your Saxo Bank login credentials, and you can access your trading dashboard.

Assets Offered by Saxo Bank

The broker offers two kinds of assets- investment and leveraged products. Let’s look at the assets offered in each criterion:

Investment Products

You can invest in the following assets as a Saxo Bank investor

  • Stocks
  • ETFs
  • Bonds
  • Mutual Funds
  • Crypto ETPs
  • Managed Portfolios

Leveraged Products

  • Options
  • Futures
  • Forex
  • Forex Options
  • Crypto F.X.
  • CFDs
  • Commodities

Leverage Offered by Saxo Bank

In the account details of the broker’s broker’s website, there is no information on the leverage offered by the broker. However, on other broker review websites, the maximum leverage is mentioned as 1:100. Trade with an Equiity broker to access flexible leverage starting from 1:500, which goes up to 1:2000.

Saxo Bank Account Spreads and Commissions

You can check out the details of spreads offered by the broker for each account below:

Instrument Bronze Silver Gold Platinum Diamond
EUR/USD 0.7 0.7 0.7 0.6 0.5
USD/JYP 0.8 0.8 0.8 0.7 0.5
GBP/USD 0.8 0.8 0.8 0.6 0.5
AUD/USD 0.6 0.6 0.6 0.5 0.5
EUR/JYP 1 1 1 0.8 0.7

The commissions vary for different assets and account types, and you can check out the quick overview of commissions in the table below:

Asset Stock Commission
CFDs US stocks $3
Stocks US stocks $0.25
Commodities per lot $1.25
ETFs US stocks $0.25
Futures per lot $1.25
Bonds US govt. bonds $0.05
Options (listed) per lot $0.25
Mutual Funds $0

Benefits, Rewards and Programs Offered by Saxo Bank

The broker offers a sufficient number of benefits, rewards, and programs for clients to participate in and gain additional perks.

Saxo Rewards

Depending on your trading activities, like adding funds to the account, security transfers, and investments in different products, you will earn Saxo reward points. If you reach 6000 points within the first 30 days of trading, the reward point will equal EUR 10,000. You can also waive the cost of your account after reaching a certain number of points, as mentioned below:

Account Waived Trading points
Silver After reaching 5000 points
Gold After reaching 15000 points
Platinum After reaching 45000 points
Diamond After reaching 145,000 points.

Commission Credits

You can earn commission rebates or credits just by following the steps given below:

  • Open an account
  • Place Trades
  • Get a refund of your commission cost at the end of each trading day.

Cash Rebates

You can earn monthly cash rebates after completing F.X., CFD or indices trading worth 10 million USD through the diamond, platinum or gold packages.

Refer a Friend

Saxo Bank allows clients to earn referral bonuses where you and your friend can earn extra money. For every 3000 SGD deposit your friend makes, you will receive 250 SGD, and your friend will receive 100 SGD as a reward.

VIP Account

If you are looking for additional perks, you can register with the VIP account offered by the broker. Through the VIP account, you can earn access to advantages like:

  • Priority client support
  • Best prices
  • Personal meetups with experts
  • Invitation to exclusive events.

SaxoWealthCare

Saxo Wealth Care is a program meant to protect your funds and provide advice and guidance to your investment plans. With this program, you can access the following perks:

  • Personalised portfolio
  • Expert Guidance
  • Long-term investment plan
  • Fair pricing.
  • Track your wealth 24/7
  • Control over your finances

Asset Management

Through this program or benefit, you can let experts handle your finances and manage your investments from their expert point of view. You can enjoy this cost-effective asset management with no lock-in period.

Savings Plans

This plan allows you to start saving in managed portfolios at a low price with the help of financial insights from Lion Global and Black Rock. You can save your funds in an investment portfolio handled by an expert and earn the benefits without any hassle.

Educational Resources Offered by Saxo Bank

The broker offers various educational resources or inspiration to improve your trading knowledge. You can access the following resources from the website without any charges:

  • Expert Videos
  • SaxoStarts daily podcast
  • Latest News
  • Articles on trading
  • Events and Webinars
  • Meet and Greats with Experts
  • Informational series called “Money Matters.”

Customer Support

You can contact Saxo Bank customer care through the contact number, email support, reach out to the support centre and even file a complaint through the website. But the customer support is only available 24/5; opt for OctaFX broker to access 24/7 customer support.

The contact and email address vary based on the country you are trading from. You can check out the detailed offline address, email I.D.s and contact numbers for different regions below:

Belgium

Saxo Bank

Italiëlei 124, box 101

2000 Antwerp, Belgium

+32 (0)3 500 52 11

[email protected]

Czech Republic

Saxo Bank A/S, organizační složka

Na Poříčí 3a

Praha 1, 110 00

Czech Republic

+45 3977 4113

Denmark

Saxo Bank A/S (Headquarters)

Philip Heymans Alle 15

2900 Hellerup, Denmark

+45 3977 4000

home. saxo/da-dk/contact-us

France

Saxo Banque

10, rue de la Paix

75 002 Paris, France

+33 1 78 94 56 40

[email protected]

Italy

Saxo Bank A/S

Philip Heymans Alle 15

2900 Hellerup, Denmark

+39 02 3668 2929

[email protected]

Netherlands

Saxo Bank

Barbara Strozzilaan 310

1083 HN Amsterdam

Netherlands

+31 (0)20 225 5900

Switzerland

Saxo Bank (Schweiz) AG

The Circle 38

CH-8058 Zürich, Switzerland

+41 58 317 95 00

[email protected]

U.K.

Saxo Markets

40 Bank Street, 26th Floor

E14 5DA London, United Kingdom

+44 (0)207 151 2100

[email protected]

India

SAXO Group India Private Limited

5th Floor, MLCP Tower

Candor TechSpace, Sector 21, Gurugram

122016 Haryana, India

+91 124 452 3000

Australia

Saxo Capital Markets (Australia) Limited

Suite 1, Level 14, 9 Castlereagh St

Sydney NSW 2000

Sydney, Australia

+61 2 8267 9000

[email protected]

Shanghai

+86 400 0628 068

[email protected]

Hong Kong

Saxo Capital Markets H.K. Limited

19th Floor

Shanghai Commercial Bank Tower

12 Queen’sQueen’s Road Central

Hong Kong

+852 2207 6040

[email protected]

Japan

Saxo Bank Securities Ltd.

Izumi Garden Tower 36F

1-6-1 Roppongi Minato-ku Tokyo 106-6036

1-6-1 Roppongi, Minato-ku, Tokyo 106-6036

Izumi Garden Tower 36F

Japan

+81 3 55116077

Singapore

Saxo Capital Markets Pte. Ltd.

88 Market Street,

CapitaSpring #31-01

Singapore 048948

+65 6303 7788

[email protected]

Dubai

Saxo Bank A/S – Representative Office

Boulevard Plaza, Tower 1, 30th Floor, office 3002

Downtown, P.O. Box 33641 Dubai, UAE

Dubai, UAE

+971 4 5206999

[email protected]

Conclusion

Overall, Saxo Bank is a reliable broker that has been successfully operating since 1992 and providing both novice and experienced traders a platform. You can access the classic account with a $0 minimum deposit and get advanced trading tools through Traders Go and Traders Pro platforms. Moreover, you can also enjoy benefits and rewards through various client programs.

FAQs

Who owns Saxo Bank?

The founder and CEO of Saxo Bank are Kim Fournais, along with Lars Seier Christensen and Mark Anthony as co-founders. However, the company is owned by a subsidiary of the Chinese company Zhejiang Geely Holding Group Co., Ltd, called Geely Financials Denmark.

What is Saxo Bank?

Saxo Bank is an online investment and trading platform offering a variety of trading and investment assets.

Who started Saxo Bank?

Kim Fournais, along with Lars Seier Christensen and Mark Anthony, are the founders of Saxo Bank.

How much does it cost to have an account with Saxo Bank?

The amount may vary depending on the type of account you choose, but you can create an account with the broker’s classic account with zero minimum deposit.

Where is Saxo Bank located?

Saxo Bank is a Denmark-based company that is headquartered in Copenhagen. The founder and CEO of the broker is Kim Fournais, along with Lars Seier Christensen and Mark Anthony as co-founders. However, the company is owned by a subsidiary of the Chinese company Zhejiang Geely Holding Group Co., Ltd called Geely Financials Denmark.

What is Saxo Bank?

It is an online investment and trading platform offering a variety of trading and investment assets.

How much does it cost to have an account with Saxo Bank?

The amount may vary depending on the type of account you choose, but you can create a Saxo Bank account with a minimum deposit as low as $0

Where is Saxo Bank located?

It is a Denmark-based company that is headquartered in Copenhagen at Philip Heymans Alle 15, 2900 Hellerup, Denmark.

Can anybody use Saxo Trader Go?

Yes, Saxo Trader Go is the basic platform offered by the broker with one screen set up that can be easily navigated by novice traders as well. Experienced traders can also use Trader Go or opt for Trader Pro to get more features.

Does Saxo Bank have Job Offers?

Users can create Saxo Bank careers by applying for job openings on the broker’s website. To

apply, follow the steps below:

  • Go to the broker’s website
  • Click on the About section, then click on Careers
  • Look for Saxo Bank jobs
  • Enter location, category, full-time or part-time job preference
  • Click on Apply!

Does Saxo Bank have Job Offers?

Users can create Saxo Bank careers by applying for job openings on the broker’s broker’s website. To apply, follow the steps below:

  • Go to the broker’sbroker’s website.
  • Click on the About section, then click on Careers.
  • Look for Saxo Bank jobs.
  • Enter location, category, full-time or part-time job preference.
  • Click on Apply.

How do you make a payment for the Saxo Bank account?

You can make payments via Saxo Bank net banking, credit/debit cards, bank/wire transfer or stock transfer from another provider to create an active trading account.

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