Saxo Bank Review

Background

Saxo Bank has been trading since 1992 and is a veteran forex and CFD provider. The bank offers over 35,000 financial products, although most of these are not relevant to ordinary CFD traders. As a brokerage with massive liquidity and almost three decades experience, Saxo bank should be able to provide some of the world’s best technology. In fact, the overall trading experience is average. Saxo is not really geared towards meeting the needs of small private traders.

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Protection & Security

Saxo Bank has almost 30 years experience in protecting trader security and privacy. Their sites and platforms are secured with the latest SSL protocols and all traders have segregated accounts. Customer Service staff and account managers are trained to protect trader security.

Global Presence

Saxo Bank accepts traders from most countries in the world. The main offices are located in Denmark, with regional offices in the UK, the EU, the Middle East, Asia and Australia. The broker’s multilingual trading platform is fully accessible in over 20 different languages.

Account Types

FAccount types at Saxo are limited and are not especially attractive to most traders. The Saxo Account Classic requires a minimum deposit of €/£500, A Saxo Platinum Account, requires €/£50,000, but offers significantly lower spreads. VIP traders need to deposit €/£1,000,000.

Minimum Deposit – €/£500

Deposits & Withdrawals

Saxo Bank limits traders to credit/debit card deposits and wire transfers. Third-party payment processors are not accepted. There is no charge for deposits. Some manual withdrawals may be subject to a $40 charge. The account management systems haven’t kept up with new technology and trader expectations.

Deposit

There are no deposit fees at Saxo Bank, but minimum deposits are realtively high and traders are limited to credit/debit cards or bank wire transfers.

Withdrawals

Withdrawals are only permitted via bank wire transfer. On the plus side, there are no fees (except for manual withdrawals which can cost $40). Withdrawals are usually processed within a couple of working days.

Trading Platforms

Saxo Bank provides a proprietary trading platform that uses their own technology. The two versions SaxoTraderGO and SaxoTraderPRO are well designed and adequate for modern trading, but don’t match MT4/5 for professional trading. But they are highly secure and do provide plenty of useful features.

Markets & Products

One of Saxo Bank’s selling points is its huge index of over 35,000 assets drawn from eight different classes. This is impressive but probably not relevant for most CFD traders. If you want to learn more about the wider global markets, Saxo pretty much has it all.

Edcuation Center

Saxo tends to assume that most of its traders already have some market experience. There are some good features in the education center, including video courses and webinars.

Customer Service

Saxo’s customer service is multilingual, with well trained locally recruited staff. But traders have complained that reps are only available during office hours Monday – Friday. There is also no live chat. Saxo Bank seems to be stuck in the past when it comes to trader expectations.

Promotions & Offers

Saxo doesn’t offer conventional bonuses and promotions. High budget/high volume traders do receive lower spreads and additional benefits. It’s worth trying to negotiate a better deal with your account manager.

Trading Tools & Reaserch

Saxo Bank’s platforms contain the usual risk management tools, instant order execution, signals, alerts and live data feeds. The charting and updates allow for full technical analysis but the resources for fundamental analysis are weaker. Traders may have to use their own initiative when it comes to obtaining detailed market news.

Overall Summary

PLUS:
Saxo Bank is a well established and highly secure bank that also functions as a brokerage. The in house technology is good and there is an unrivalled index of over 35,000 assets. Deposits and withdrawals are simple and high volume traders get a lot of benefits.

MINUS:
The minimum initial deposit requirement of €/£500 is too expensive for many traders. Customer service is not available at weekends and the broker doesn’t accept commonly used payment providers.

Pros & Cons

Pros

Well established secure brokerage

Massive asset index

Multilingual platforms and support

Cons

Less suited to ordinary traders

High intial deposit requirement

Demo account access is limited to 20 days

High fees on bank wire withdrawals

Saxo Bank

Saxo Bank

Protection & Security
4/5
Global Presence
4.5/5
Account Types
2.5/5
Deposits & Withdrawals
2.5/5
Trading Platforms
4/5
Markets & Products
3/5
Edcuation Center
3.5/5
Customer Service
3/5
Promotions & Offers
2/5
Trading Tools & Reaserch
4/5

Minimum Deposit - €/£500

Recent Comments

Marc K.

November 17, 2020 08:00

3.5

Protection & Security

4.2

Deposit & Withdrawal

2.5

Trading Platform

3.2

Markets & Products

4.2

Education & Research

3.6

Customer Service

3.2

The Signals were wrong, the success rate was low… I’m not going to use them anymore..

Pros

Cons

More than 35,000 assets is awesome

You need at least $500 to get started

Saxo has high liquidity

Saxo feels a bit out of date

Site security is reassuring

My withdrawal cost $40

Gerald M.

November 17, 2020 08:00

3.2

Protection & Security

4.1

Deposit & Withdrawal

3.0

Trading Platform

3.1

Markets & Products

3.8

Education & Research

2.4

Customer Service

2.8

Saxo Bank takes itself too seriously and acts like they are doing you a big favour by letting you trade on their platform. The trading costs are high and the broker seems to be stuck somewhere in the 1990s when it comes to meeting trader expectations.

Pros

Cons

Has some good tech and features

Saxo prefers VIPs and big traders

Well established and secure broker

No withdrawal on credit/debit card

Plenty of financial instruments to trade

Inactivity fee

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