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.

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Features

In addition to the standard features offered by many brokers, Saxo Bank introduces a host of features that are unique to its platform. It also offers traders the ability to access and use other relevant sites, such as tradermarket.com, automatically. Traders can benefit from over 30,000 assets offered under one roof, providing them with a vast opportunity to diversify their portfolios and explore a variety of different strategies and trading instruments. 

Company Information

  • Broker's Name : Saxo Bank
  • Headquarter : Denmark
  • Regulation : FSA, Bank of Spain, MAS, SFBC

Account Information

  • Type of Broker : Market Maker
  • U.S. Clients Allowed :
  • Minimum Deposit : $10,000
  • Maximum Leverage : 1:200
  • Commissions / Spreads : Variable
  • Account 1 : Classic
  • Account 2 : Premium
  • Account 3 : Platinum
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Managed Accounts :
  • Institutional Accounts :
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Type of Platform : MetaTrader 4, Proprietary platform
    • Platform Languages :
      • Other
      • English
      • Arabic
      • French
      • German
      • Chinese
    • OS Compatibility :
      • Mobile
      • iPhone
      • iPad
      • Web
      • Windows
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :

Customer Support

    • Website Languages :
      • English
      • Arabic
      • Spanish
      • Italian
      • French
      • German
      • Russian
      • Japanese
      • Chinese
  • Support Hours : 24/5
  • E-mail Support :
  • SMS Support :
  • Chat :

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Platforms

Saxo Bank offers several different trading platforms.

SaxoTrader

SaxoTrader Platform

SaxoTrader, the most professional and complete multi-product online trading platform on the market combines a highly secure environment with award-winning speed and a massive choice of trading modules. SaxoTrader helps clients make trading decisions with real-time execution. Easily downloadable, SaxoTrader allows investors to trade thousands of instruments across multiple asset classes from a single account.

SaxoWebTrader

The SaxoWebTrader platform, allows traders to trade multiple asset classes, personalize the interface and choose from an array of charts, prices, market research, data sources and news feeds, designed to continually strengthen market positions.

The browser-based SaxoWebTrader offers online trading access to Forex, FX Forwards, Spot Gold & Silver, CFDs, Index Tracking CFDs, Stocks, ETFs and ETCs. It requires no download or installation, and is accessible behind most firewalls. A SaxoWebTrader account also allows integrated access to the comprehensive, professional SaxoTrader and the SaxoMobileTrader.

SaxoTrader Charts
SaxoTrader Charts

MT4

There are three different versions of the MT4 platform. The MT4 DMA platform is designed for those who seek Direct Market Access (DMA) by trading anonymously on liquidity sourced from top banks and specialist trading firms. The MT4DMA Plus platform is similar to this one in most regards except it charges raw spreads plus certain commissions.

For professional traders and investors Saxo Bank offers the SaxoMT4Linked account where traders can combine the use of MT4 as an execution harness for FX and CFDs, with trading on Saxo Bank’s award-winning proprietary platforms, giving access to tens of thousands of additional products.

Both of these platforms are No Dealing Desk (NDD) style accounts and all trades flow to a single multi-product, cross-collateralized margin account.

The mobile app can be downloaded to most smartphone devices.

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User Reviews

Did you have a good experience with this broker? A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate, irrelevant or promotional links will also be removed.



6 User Reviews
AMIFOX Brokerhouse
AMIFOX Brokerhouse

+ FOREX from 0,4 Pips EUR / USD (average 1,4 Pips) + Minimum deposit $ 0 + Gold, Silver, Commodyties, CFDs, Futures, Index,... + trade micro Lots 0,01 + Leverage 1:500 + deposite per credit card + MT4 Trading-Platform + EA Trading ...

Avi Bessler
Avi Bessler

Dear Sirs, I have deposited in Saxo Bank 50,000USD for trading, on my first day of trading although it not the first time I am trading forex, I have touched one of their buttons in the program. A trading has started, not even letting know that, not even letting me approve that, and not letting me close it. I have lost 1000USD!!! They were rudely telling me that I can move my money from the account if I want! I said I am not moving without my money. And now...they want to wait 60 days! to giove an answer? Crazy. Aviad

L Court
L Court

I have been using Saxo Trader platform for several months for stock trading. Whilst it has many good features, it has a number of major problems and its use is turning into a nightmare: 1. There is no transparency regarding bugs in the system. You find major problems, report them, only to be told, for example, that the problem is known, and they are working on a solution. But there is no advice when bugs are fixed. For example, I recently found that virtually ALL the daily charts for Xetra DAX constituents (and no doubt other exchanges as well) were wrong: eg, the decline on K+S one day of 3% was reported as a small gain. So all technical analysis using Previous Close data are incorrect! 2. They introduce a new version, and you find that it has bugs because of inadequate testing. But there is no provision to reinstall a prior, more stable version. 3. They seem to put all their efforts into adding more 'bells and whistles' when basic problems still exist. 4. There are extensive charting features, but there are major problems with chart basics. For example, the horizontal time scale is often broken up into unequal divisons; and even when the time divisions are equal, say 45 minutes, the horizontal space for each may differ markedly, so that the real shape of the chart is distorted. Vertical grid lines often occur haphazardly and not at major time intervals. These problems have been around a while, but no attempt seems to be made to fix them. 5. "Help" is hopelessly inadequate. Many features are simply not described; sometimes the description is incorrect. There’s got to be a better platform than this.

Hans Jensen
Hans Jensen

CORRECTION TO PREVIOUS CORRECTION: Trading CDF based SP 500 and Dow is not recommended with saxobank. Besides that the spreads are wider than other companies, they manipulate the quotes based on the order book. As they use factual pricing as for instance SP500: 849.45/850.46 will give them a fill without the client gets a fill. A limit sell order at 849.50 will not be done before the market goes 849.70 bid and buy that time they have allready sold position at 849.50 ... if market never go 849.70 bid they will run your short trade. The same issue with the dow cfd that also is quoted fractually.

Hans Jensen
Hans Jensen

CORRECTION TO PREVIOUS: Trading CDF based SP 500 and Dow is not recommended with saxobank. Besides that the spreads are wider than other companies, they manipulate the quotes based on the order book. As they use factual pricing as for instance SP500: 849.45/850.46 will give them a fill without the client gets a fill. A limit sell order at 849.50 will not be done before the market goes 849.60 and buy that time they have allready sold position at 849.50 ... if market never go 860 they will run your short trade. The same issue with the dow cfd that also is quoted fractually.

Hans Jensen
Hans Jensen

Trading CDF based SP 500 and Dow is not recommended with saxobank. Besides that the spreads are wider than other companies, they manipulate the quotes based on the order book. As they use factual pricing as for instance SP500: 849.45/850.46 will give them a fill without the client gets a fill. A limit sell order at 850 will not be done before the market goes 860 and buy that time they have allready sold position at 850 ... if market never go 860 they will run your short trade. The same issue with the dow cfd that also is quoted fractually.

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Did you have a good experience with this broker? A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate, irrelevant or promotional links will also be removed.


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Review info: Saxo Bank
Review Date:
Rating : 4
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