Saxo Bank Review

Saxo Bank

  • Name : Saxo Bank
  • Website : saxobank.com
  • Established : 1992
  • Regulation : FSA, Bank of Spain, MAS, SFBC
  • Country : Denmark
  • U.S. Clients Allowed : No?
    Due to strict US regulation many brokers aren't able to accept traders with US citizenship.
    See our list of recommended brokers that do accept US traders.
* Ranked #6 of 314 in DailyForex's top broker list

Info

Name : Saxo Bank
Website : saxobank.com
Established : 1992
Country : Denmark
U.S. Clients Allowed : No?
Due to strict US regulation many brokers aren't able to accept traders with US citizenship.
See our list of recommended brokers that do accept US traders.

Advantages

  • Large Banking Institution
  • Fully Regulated

Disadvantages

  • U.S. Traders Not Accepted

Saxo Bank Review

Saxo Bank Review

Saxo Bank, founded in 1992 and domiciled in Denmark, is one of the largest retail Forex brokers around and is one of the oldest ECNs available to both the retail client and institutional trader. Because it is a banking institution as well as a financial service provider, Saxo Bank is the most regulated Forex broker in the industry: Danish Financial Supervisory Authority, Banco de España, FSA, Monetary Authority of Singapore, Swiss Federal Banking Commission, Japanese Financial Services Agency.

Saxo Bank is the recipient of over 50 different awards.

Accounts

There are 3 trading accounts for each of the Saxo Bank platforms and the minimum deposit required for each is considerably higher than for most Forex brokers. The Classic Account requires a minimum deposit of $10,000; $100,000 is needed to open the Premium Account and the minimum required for the Platinum account is a whopping $500,000.

Account Types
Account Types

Price spreads include all fees and commission and are listed clearly on the spread form.

Traders with any of these three accounts have access to all the Saxo Bank trading products and platforms as well as to TradeMaker and TradeMentor.

Saxo Bank offers a 20-day free demonstration of their platforms with a simulated USD 100,000 account to practice with, so new traders can try out market strategies and familiarize themselves with the Saxo Bank platforms before they start trading for real.

U.S. residents are not allowed to trade with Saxo Bank.

Education

At the Saxo Bank Academy, traders can take advantage of a host of different educational programs. There are so many different courses, they take up more than two pages to list. There are basic lessons on each of the different types of assets offered at Saxo Bank, such as Forex, stocks, bonds, CFDs and even futures. Each course consists of a basic lesson, explainer video, a getting started guide and a quiz on the material presented.

Saxo Bank Academy
Saxo Bank Academy

There are additional lessons on the use of the Saxo Trader platform where traders can download pdf videos on how to get started using Saxo Trader, how to read an account summary, how to place an order and ticket, and how to use a chart module.

In addition, there are videos on key concepts such as Touch Options, Vanilla Forex Options, how to use Forex Trader and more.

All Academy learning material is developed by their own experts, and they collaborate with their clients on the most relevant material to develop next. That means traders will always have the latest information to empower their trading.

Their innovative trading education program, TradeMentor, offers live assistance to traders when engaged in trading Forex, CFDs and more in the WebTrader platform. Lessons on chart reading and how to create a personal trading strategy are also provided by Saxo Bank’s professional traders and a series of webinars on many financial topics is offered to all account holders.

A unique tool at Saxo Bank is its TradeMaker where traders can execute Entry, Target and Stop price levels for trading ideas on major and minor currency crosses, index and commodity CFDs. Each idea is linked to a chart image and text displaying and explaining the idea and how to manage it. A pre-populated order ticket facilitates fast execution of the entry and related orders. TradeMaker uses ideas from a number of different providers.

Social Trading

Engagement with social channels is an important part of the Bank's communication strategy, and Saxo Bank maintains an active presence across all the leading social sites, including Facebook, Twitter, LinkedIn, Google and YouTube. Traders in need of a quote on financial markets or insight into Saxo Bank’s business areas, can avail themselves of the Bank’s expert and executive spokespeople are always available for comments to the media.

Social trading has become an important feature with many brokers and is a central offering at Saxo Bank. The new Saxo Bank TradingFloor.com offers multi-asset social trading and provides traders with the means of connecting online to experienced and like-minded traders. With TradingFloor.com traders can share trades online and interact with other traders, see verified performance data of successful traders in real time and copy their trades and enjoy news, views, data and analysis and much more.

The list of active traders is posted on the landing page of tradingfloor.com as are updated trade activity in addition to news reports and opinions by expert social traders.

Saxo Bank Trading Floor
Saxo Bank Trading Floor

Customer Support

Headquartered in Copenhagen, Denmark, Saxo Bank spans the entire globe with offices in 26 countries across Europe, Asia, Australia, South America and Africa. Through their local sales and service organization and global online presence, Saxo Bank serves clients in more than 180 countries, and their trading platforms are available in over 20 different languages.

Customer support is offered via phone and live chat 24 hours a day during the Forex market hours and email support is also available.

Conclusion

As can be expected from a large banking institution, Saxo Bank offers reliability and transparency to its Forex division and Forex traders should feel comfortable trading here. The website is user-friendly and much of the important information appears on the home page.

Saxo Bank delivers access to competitive pricing and tight spreads and offers traders a platform with live streaming prices and with volume-based commissions, the more you trade, the less cost you'll incur.

Review info :
Broker reviewed : Saxo Bank Rating : 8 out of 10
Reviewed By : Review Date :