If you are a trader that can afford a minimum deposit of USD 10,000 (or GBP 500 for the UK), an excellent forex broker for you is Saxo Bank. Saxo Bank stands out since it provides a unique trading platform, competitive prices, professional research, more than 40,000 trading instruments, and outstanding customer service.
Saxo Bank Highlights For 2020
After analyzing and testing Saxo Bank for over five months, we can say that it is an excellent broker. Here is a quick summary of what we found:
- Saxo Bank was founded back in 1992. It is a well-regulated bank, and it has six tier-1 licenses. These licenses are the reason why we ranked Saco Bank as a low-risk CDF and forex trading broker.
- Saxo Bank is exclusive, as you will have to comply with a minimum deposit of USD 10,000 (GBP 500 in the UK, or SGD 3,000 in Singapore). This deposit will offer access to an entry-level `Classic` account. The Platinum and VIP accounts have a minimum deposit of USD 200,000 and 1,000,000, respectively.
- Overall, the user experience with the Saxo Trader is exceptional. You will get access to 40,000 trading instruments and a knowledgeable customer service team. Also, we like the incredible pricing on the platform and the exclusive SaxoTraderGO flagship platform. You will get everything you need to perform well in the market.
Fees & Commissions
Tools And Platforms
Are There Any Safety Risks With Saxo Bank?
Saxo Bank is a low-risk trading platform with a Trust Score of 98 out of 99. It is not a public trading platform and is authorized by six tier-1 regulators (high trust), one tier-2 license (average trust), and zero tier-3 regulators (low trust). Also, it is a forex broker authorised with the following tier-1 licenses: Financial Conduct Authority (FCA), Swiss Financial Market Supervisory Authority (FINMA), Australian Securities & Investment Commission (ASIC), Japanese Financial Services Authority (JFSA), Securities Futures Commission (SFC), and Australian Securities & Investment Commission (ASIC).
Investors And Trading With Saxo Bank
Saxo Bank is a reliable forex broker with several assets useful for both traders and investors. It has more than 35,000 symbols, all of which are electronically tradeable on several classes and international markets. Also, Saxo Bank has some extra 5,000 offline bonds with a total of 40,000 tools. In our opinion it is the number one forex broker in 2020 for its category. It has a Best in Class for its Offering of Investments ranking. The next table can get you a deeper understanding of the multitude of investment products their clients can use.
Forex: Spot Trading
Currency Pairs (Total Forex Pairs)
CFDs - Total Offered
Social Trading / Copy Trading
Cryptocurrency Traded As Actual
Cryptocurrency traded as CFD
Fees & Commissions
We conclude that Saxo Bank is the number one broker in 2020 for both CFDs and forex trading. It earned first place in the Fees and Commissions category.
Saxo Bank allows you to choose between three account types:
- The entry-level Classic account requires a minimum deposit of USD 10,000.
- The Platinum account recommended for active traders has a deposit of USD 200,000.
- The VIP account is the one who convinced us to award Saxo Bank the Best VIP Client Experience award. This type of account comes with the best advantages for traders, including significant savings on prices. Keep in mind that the Saxo Bank VIP account is for top investors who can cover a minimum deposit of USD 1,000,000. Still, there is an exception: if you are from Singapore or the UK, the Classic account has a minimum deposit of SGD 3,000 or GBP 500, respectively.
What Are The Spreads?
We looked at the pricing data for 30 days ending on March 1th, 2020. We concluded that the standard spread for the USD/EUR pair was 0.6 pips. This broker does not charge commissions and instead uses spread-only pricing. The low spread price combined with no commissions makes this broker an optimal choice for active traders.
The FX Global Code
Saxo Bank is part of the FX Global Code. This code represents an interbank standard for implementing the best practices and disclosures. The goal is to underline the transparency and trustworthiness of each forex broker on the international exchange market.
Minimum Initial Deposit
Average Spread USE/EUR
0.6 (as of Mar 31)
All-in Cost USD/EUR
0.6 (as of Mar 31
Active or VIP Discounts
Tools & Platforms
What makes Saxo Bank one of the most reliable and professional forex brokers in 2020, is their proprietary trading platforms, the SaxoTraderPRO (desktop) and SaxoTraderGO (web). They raised industry standards due to their excellent trading tools and designs. We like both platforms, but we recommend you try the web version.
SaxoTraderPRO represents Saxo Bank's flagship desktop platform. It provides access to a variety of professional tools such as Level 2 streaming order books, streaming news, up to six monitors, Trade Signals, Auto Chartist, algorithmic orders, and much more. Keep in mind that you will have to sign up for extra subscriptions to use all the tools available with SaxoTraderPRO. Additional subscriptions are common at the VIP level.
SaxoTraderGO is the standard user-friendly and web-based platform at Saxo Bank. There is consistent focus on simplicity, and provides access to plenty of useful features. This platform comes with 55 indicators and up to 20 drawing tools.
Saxo Bank offers a multi-purpose platform experience, which is why we ranked it as the number one Best in Class for the Ease of Use category. Everything is user-friendly, especially the menus. These menus come with personalized charts, automatic saving, syncing watch lists in the mobile app, and an outstanding "feel."
If you want to use MetaTrader and not SaxoTraderGO, you can do it. But this is not an affordable choice. Saxo Bank allows you to use MetaTrader in exchange for a minimum deposit fee of $20,000. Keep in mind that you will have to cover for an additional $2,000 per month due to the minimum spend requirement.
Saxo Bank offers outstanding research from both in-house research and third-party sources. This approach gets you a well-rounded research experience.
Saxo Bank has a wide array of research offerings on both of its platforms and websites. The research includes in-house analysis data achieved via Saxo Bank's Market Analysis portal. Several third-party providers complete this data.
The SaxoTraderGO web platform has all Saxo Bank's research in one place. Some of the third-party research sources are the streaming economic news from EanSquawk and NewsEdge, along with the automated trade signals, Auto Chartist. We thoroughly looked at all features objectively and found very little to criticize. Probably the most notable frustration was that the included economic calendar wasn't interactive.
Through SaxoTraderPRO, you gain access to more research tools than through SaxoTraderGO. For example, the PRO version has equity research data from FactSet, screeners, and level 2 order books.
Saxo Bank has a knowledgeable research team that publishes quarterly and yearly forecast reports. Also, relevant podcasts are linked with blog posts so that the daily coverage is completed within the Market Analysis category.
Saxo Bank has professional and useful research and trading tool in its mobile app. The mobile trading app complements the total experience you have with the web platform, SaxoTraderGO.
The Saxo Bank mobile platform is similar to the web version. This similarity means that you can access the market news, research content, and economic calendars. Also, you can benefit from the pattern recognition analysis offered by Auto Chartist.
Charting is well-designed within the mobile platform. You can use several customization features, indicators, and drawing tools. We believe the mobile trading experience is similar to the web version of the platform.
The Saxo Bank mobile platform comes with active syncing capabilities, as seen in SaxoTraderGO. The charts in SaxoTraderGO mobile can sync with the web platform. For example, you can use trend-lines and include indicators in the web platform which then appear in the mobile app.
The Saxo Bank Customer Service ranking comes via a partnership with a professional customer experience research team, Customerwise. They helped them with a thorough phone test from multiple locations around the United Kingdom. Our Saxo Bank review uses the data compiled from 330 customer service tests done over six weeks.
- Average Connection Time: <1 minute
- Average Net Promoter Score: 7.8 / 10
- Average Professionalism Score: 7.9 / 10
- Overall Score: 8.21 / 10
- Ranking: 7th (22 brokers)
In our opinion, Saxo Bank is an outstanding broker with superb desktop, mobile, and web platforms. The customer experience is exquisite, while the research capabilities and tools are one of a kind.
We conclude that Saxo Bank offers a useful package for traders who can cover for the high minimum deposit. We believe that it can be a great experience to trade with a trustworthy, global bank. Saxo Bank is Best in Class across twelve categories (which you won't find with any other broker).
Of course, if the minimum deposit is a downside for you, you can always try the CMC or IG Markets. These markets offer similar experiences will less expensive minimums.
About Saxo Bank
Saxo Bank was created back in 1992, owned almost entirely by the Chinese Geely Holding Group. It is the top multi-asset and retail forex broker firms, with regulations on 15 international areas, such as Denmark, Singapore, and the United Kingdom. Saxo Bank welcomes both institutional and retail traders, having more than one million transactions daily. According to 2019 data, after BinckBank acquired it, Saxo gained 46 billion euros in assets under management (AUM) with 860,000 clients.
Saxo Bank allows you to use almost all electronically traded assets, such as Exchange Traded Funds (ETFs), stocks, stock options, spot FX, FX options, Contracts for Difference (CFDs), non-deliverable forwards (NDFs), and Exchange Traded Notes (ETNs), like futures, cryptos, bonds or contract options. You can check out additional information about Saxo Bank on Wikipedia.
Trading Features At Saxo Bank
Desktop Platform (Windows)
Social Trading / Copy Trading
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
Charting – Indicators / Studies (Total)
Charting – Drawing Tools (Total)
Charting – Trade From Chart
Watchlists – Total Fields
Order Type – Trailing Stop
Daily Market Commentary
Forex News (Top-Tier Sources)
Social Sentiment – Currency Pairs
Mobile App Features At Saxo Bank
Trading - Forex
Alerts – Basic Fields
Watch List Syncing
Charting - Indicators / Studies
Charting - Draw Trend Lines
Charting - Trend Lines Moveable
Charting - Multiple Time Frames
Charting - Drawings Autosave
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- 1 Overall Rating
- 2 Fees & Commissions
- 3 Tools & Platforms
- 4 Research
- 5 Mobile Trading
- 6 Customer Service
- 7 Final Verdict