The minimum initial deposit helps you decide which brokerage firm suits your needs best. Saxo Bank has a high minimum deposit fee, so it is recommended for active traders and professional investors.
| Saxo Bank | Swissquote | TradeStation Global | |
|---|---|---|---|
| Minimum deposit | $2,000 | $0 | $1,000 |
Fees & Funding Options
The minimum deposit at Saxo Bank is $2,000. The minimum deposit refers to the fact that you’ll have to transfer this amount to your brokerage account to start trading. The main funding options available at Saxo Bank are credit/debit cards and bank deposits.
| Saxo Bank | Swissquote | TradeStation Global | |
|---|---|---|---|
| Bank transfer | Yes | Yes | Yes |
| Credit/debit card | Yes | Yes | No |
| Electronic wallets | No | No | No |
The average transfer time for bank transfers is 2 to 3 days. Credit/debit card funding is instant. The funding process at Saxo Bank is straightforward to perform.
Currencies
All brokerage accounts have a base currency. The number of base currencies at Saxo Bank is 26. You’ll have to pay a conversion fee if you transfer funds in a currency different from the base currency of your Saxo Bank account. The best choice is to save money on conversion fees with a multi-currency digital bank account.
| Saxo Bank | Swissquote | TradeStation Global | |
|---|---|---|---|
| Number of base currencies | 26 | 21 | 22 |
Sending The Minimum Deposit
Funding your Saxo Bank brokerage account is user-friendly. All you have to do is follow the steps below:
- Create a brokerage account;
- Verify your information;
- Log in to your account and select a funding option;
- Verify the funding transaction;
- Initiate the funding process.
Final Verdict
Saxo Bank is a professional online broker with a high minimum initial deposit fee. The funding process is straightforward. Read about the funding process at Saxo Bank in our in-depth reviews.
Saxo Bank compared to other brokers:
Methodology
The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online providers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a providers’s platform. The rating scale was based on thousands of data points that have been weighted into the scoring system.
Providers were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online providers we reviewed.
Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.
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Disclosure
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.
