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Saxo Bank Review

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Saxo Bank is an excellent online forex and CFD broker, known for their intuitive SaxoTraderGO platform, competitive pricing, 40,000 trading instruments and outstanding customer service. We recommend this broker to traders at all levels from beginners to advanced.

saxo-bank-logo
Broker NameSaxo Bank
Year Founded1992
RegulationFCA (UK), FINMA (Switzerland), ASIC and FSC (Australia), and JFSA (Japan)
Tradable Assets40,000 instruments, forex, spot FX, FX options, NDFs) CFDs, stocks, stock options, ETFs, ETNs, futures, and 33,000 bonds (available only via phone)
Min Deposit$10,000 (£500) for ‘Classic’ Account, Higher entry ‘Platinum’ ($200K) and ‘VIP’ ($1M) accounts
Min Trade 0
Average spread EUR/USD0.8, 0.7, and 0.6 pips, for Classic, Platinum, and VIP accounts respectively
PlatformsSaxoTraderGO
Publicly TradedNo
BankYes

Review Summary

Our top findings from Saxo Bank review:

  1. Saxo Bank operates multiple regulated banks. They hold six tier-1 jurisdiction licenses. Their trust score is exceptionally high. They are a safe, low-risk broker for forex and CFD trades.
  2. Saxo Bank opening deposits are high. Their trading platform SaxoTraderGO is excellent. It includes everything traders need to navigate the market.
  3. The overall trading experience is brilliant. Investors trade 40,000 instruments. The bank offers outstanding and reliable customer service. Their pricing is excellent.

Saxo Bank is a great online broker for traders in Forex and CFDs. They offer a feature rich and easy-to-use trading platform. Saxo Bank has low trading fees and great customer support. Traders access 40,000 trading instruments through 3 different account types. Founded in 1992 Saxo Bank’s owner is the Chinese Geely Holding. Services are accessible in 15 different countries including Denmark, Singapore, and the United Kingdom.

Saxo Bank’s requires a minimum deposit above the industry average. Their transaction pricing is competitive. The overall user experience is great.

Investment Offerings

Saxo Bank is a reliable forex broker for traders and investors. They trade more than 35,000 symbols electronically in several international markets. Saxo Bank trades an extra 5,000 offline bonds with a total of 40,000 tools. They received a ‘Best in Class’ rating for their Investment Offerings.

This table shows investors the investment products clients can trade.

FeatureName
Forex Spot TradingYes
Currency Pairs (Total Forex Pairs)182
CFDs – Total Offered35,000
Social Trading / Copy TradingYes
Cryptocurrency traded as actualNo
Cryptocurrency traded as actualNo

Commissions and Fees

In 2021, Saxo Bank was the number one broker in the industry for CFDs and forex trading. They earned first place in the Fees and Commissions category for active traders and those with large account balances.

Saxo Bank lets investors choose between three account types:

Classic: entry-level account requires a minimum deposit of USD $10,000

Platinum: recommended for active traders requires a minimum deposit of USD $200,000

VIP: this account convinced us to award Saxo Bank the Best VIP Client Experience award. This account comes with the greatest advantages for traders, including significant price savings. This account is for top investors who bring a minimum deposit of USD $1,000,000.

Minimum Deposit Exceptions: Singaporean or UK traders can open the Classic account for a minimum deposit of SGD $3,000 or GBP £500, respectively.

Saxo Bank provides traders with excellent all-around pricing. For active traders and those with large account balance traders, Saxo Bank offers the lowest industry pricing.

Pricing summary: In August 2020, Saxo Bank’s average EUR/USD spreads were 0.8, 0.7, and 0.6 pips, for the Classic, Platinum, and VIP accounts, respectively. The Classic Account pricing is in-line with industry averages. The Platinum and VIP accounts rank among the most prominent for forex brokers.

Upgrades: Investors receive upgrades to the next account tier by earning volume-related loyalty points through Saxo Bank’s Loyalty Program. If an investor trades $40M+ worth of forex, they can earn 120,000 points. That upgrades the trader from Classic to Platinum for 12 months. Traders with at least $167M in forex volume receive a similar upgrade to the VIP account. VIP accounts also receive exclusive access to events and Saxo Bank analysts.

Commission-free: Saxo Bank is commission-free. They earn their money solely off the spread. The only exception is for investors trading less than 50,000 units (half of one standard lot) per month. In those cases, they are charged a ticket-fee of $3 per side. The low spread price combined with no commissions makes this broker an optimal choice for active traders.

Best execution: Saxo Bank is part of the FX Global Code. This code is an evolving interbank standard implementing ‘best practices’ and improving disclosure methods. The goal is to promote the integrity and transparency of each forex broker across global exchange markets.

FeatureSaxo Bank
Minimum Initial Deposit$10,000
Average Spread USE/EUR0.6
All-in Cost USD/EUR0.6
Active or VIP DiscountsYes

SaxoTraderPRO:

This is Saxo Bank’s flagship desktop platform. It provides access to several professional tools including Level 2 streaming order books, streaming news, supports up to six monitors, Trade Signals, Auto Chartist, algorithmic orders, and more. (Traders must purchase extra subscriptions to use all the tools available.) These additional subscriptions are common for VIP level traders.

SaxoTraderGO (web):

This is the standard user-friendly and web-based platform at Saxo Bank. There is a consistent focus on simplicity. It provides access to several useful features including 55 indicators and up to 20 drawing tools.

MetaTrader: If traders want to use MetaTrader and not SaxoTraderGO, they can. But this is not an affordable choice. Saxo Bank lets investors use MetaTrader in exchange for a minimum deposit fee of $20,000. Remember, traders must cover an additional $2,000 per month due to their minimum spend requirement.

FeatureName
Virtual Trading (Demo)Yes
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
Social Trading / Copy-TradingYes
MetaTraderYes, but an extra $20,000 deposit is required
cTraderNo
DupliTradeNo
ZuluTradeNo
Charting – Indicators / Studies (Total)58
Charting – Drawing Tools (Total)20
Charting – Trade From ChartYes
Chart types9

Research and Education

Saxo Bank combines high-quality in-house research with top-tier third-party providers to offer an outstanding research experience.

Saxo Bank offers a diverse set of tools across its website and platforms. Content formats include video, articles, and podcasts. There are daily analyst updates from in-house analysts through their Market Analysis section. News headlines stream from Dow Jones, NewsEdge, and RanSquawk.

Usability: Saxo Bank centralizes its research in both the SaxoTraderGO and SaxoTraderPRO platforms. They obtain third-party trading signals and analysis from Autochartist.

Video content: Video research is seamlessly integrated into Saxo Bank’s website and platforms. The Saxo Bank’s Fintech Unfiltered series is quite useful. They also include YouTube playlists. Many of Saxo Bank’s videos are purposely unlisted and difficult to find because their focus is on integrating their websites and trading platforms instead of YouTube.

Reports: Saxo Bank’s research team delivers quarterly outlooks and yearly forecast reports in pdf form. These often include videos. The reports help traders and investors take theme-based positions based on quality research.

Third-Party Tools: There are nine chart types. They all sync with the mobile version. The charts are quite versatile. Swapping between instruments is a breeze and traders can find related news and trade signals from Autochartist in the ‘Product Overview’ section. It delivers advanced trading capabilities. The watch list, screener, and alerts work together in unison.

FeatureName
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Weekly WebinarsNo
AutoChartistYes
Trading Central (Recognia)No
Delkos ResearchYes
Social Sentiment – Currency PairsYes
Economic CalendarYes

Customer Service

Saxo Bank rates exceedingly high in customer service when compared to other brokers.

The Saxo Bank Customer Service ranking comes via a partnership with a professional customer experience research team, Customerwise. They helped them conduct 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.

FeatureName
Average Connection time<1 minute
Net Promoter Score7.8 / 10
Average Professionalism Score7.9 / 10
Overall Score8.21 / 10
Ranking7th (22 brokers)

Mobile Trading

The Saxo Bank mobile platform is like its web version. Traders access market news, research content, and economic calendars. They also benefit from pattern recognition analysis offered by AutoChartist.

Research and Trading: Saxo Bank provides professional and useful research and trading tool in its mobile app. It complements the experience with their web platform, SaxoTraderGO.

Charting: is well-designed within the mobile platform. Traders use several customization features, indicators, and drawing tools. We believe the mobile trading experience is like the web version of the platform.

FeatureName
Android AppYes
Apple iOS AppYes
Trading – ForexYes
Trading – CFDsYes
Alerts – Basic FieldsYes
Watch ListYes
Watch List SyncingYes
Charting – Indicators / Studies58
Charting – Draw TrendlinesYes
Charting – Trendlines MoveableYes
Charting – Multiple Time FramesYes
Charting – Drawings AutosaveYes
Forex CalendarYes

Saxo Bank UAE

Saxo Bank is available to UAE traders with no limitations. They are under regulation of the top tier financial regulators in the MENA region including the DFSA and the Central bank of UAE. Saxo Bank has its local offices and representatives in the Dubai International Financial Centre (DIFC).

UAE citizens are offered to trade in compliance to the Sharia law by using an islamic account. Support is available is Arabic language by email or direct in the local offices.

Conclusion

Saxo Bank is an outstanding broker with superb desktop, mobile, and web platforms. Their customer experience is exquisite. The research capabilities and tools are one of a kind. Saxo Bank offers a useful package for traders who cover their high minimum deposit. The pricing is rated ‘Best in Class’ for Platinum and VIP account holders.

Saxo Bank is a trusted, global brand that understands traders. Traders feel assured investing with a trustworthy, global bank. Saxo Bank is rated ‘Best in Class’ across 9 categories, including first place for Platform & Tools, Offering of Investments, and Research (something no other broker comes close to accomplishing).

Business 24-7 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.

Business24-7 maintains high editorial standards and provides the best advice and recommendations. The products and companies that we review may compensate us when you click on the links on this website.

. Their minimum opening deposit is USD $10,000 (or GBP £500 for the UK). Saxo Bank provides an exceptional user experience, high quality trading platform, competitive pricing, professional research, more than 40,000 trading instruments, and outstanding customer service.

Broker NameSaxo Bank
Year Founded1992
RegulationFCA (UK), FINMA (Switzerland), ASIC and FSC (Australia), and JFSA (Japan)
Tradable Assets40,000 instruments, forex, spot FX, FX options, NDFs) CFDs, stocks, stock options, ETFs, ETNs, futures, and 33,000 bonds (available only via phone)
Min Deposit$10,000 (£500) for ‘Classic’ Account, Higher entry ‘Platinum’ ($200K) and ‘VIP’ ($1M) accounts
Min Trade 0
Average spread EUR/USD0.8, 0.7, and 0.6 pips, for Classic, Platinum, and VIP accounts respectively
PlatformsSaxoTraderGO
Publicly TradedNo
BankYes

Review Summary

Our top findings for Saxo Bank

  1. Saxo Bank operates multiple regulated banks. They are licensed in six tier-1 jurisdictions, have an exceptionally high trust score, and are considered a safe, low-risk broker for forex and CFD trades.
  2. They are an exclusive broker requiring a high opening deposit for their accounts. Their trading platform SaxoTraderGO is excellent. It includes everything traders need to navigate the market.
  3. The overall trading experience is brilliant. Aside from trading 40,000 instruments, they offer outstanding and reliable customer service. Their pricing is excellent.

Saxo Bank is an exclusive broker. The minimum deposit opens an entry-level “Classic” account. Saxo Bank’s Platinum and VIP accounts require USD $200,000 and $1,000,000, respectively. The user experience with Saxo Bank is exceptional. Traders can access 40,000 trading instruments and they have a knowledgeable customer service team.

Transaction pricing on the platform is very good. Their exclusive SaxoTraderGO flagship platform gives an investor everything they need to perform well in the market.

Saxo Bank was founded in 1992. It is owned entirely by the Chinese Geely Holding Group. It is the top multi-asset and retail forex broker firm, regulated in 15 international areas. These include Denmark, Singapore, and the United Kingdom. Saxo Bank welcomes institutional and retail traders. They handle more than one million transactions daily.

After BinckBank acquired it, Saxo Bank gained €46 billion euros in assets under management (AUM) serving 860,000 clients. Saxo Bank lets traders use every type of electronically traded assets.

Saxo Bank holds several banking charters and therefore operates under strict financial regulations. They are also members of FX Global Code, an evolving interbank standard implementing ‘best practices’ and improving disclosure.

Investment Offerings

Saxo Bank is a reliable forex broker for both traders and investors. They trade more than 35,000 symbols electronically in several international markets. Saxo Bank trades an extra 5,000 offline bonds with a total of 40,000 tools. They received a ‘Best in Class’ rating for their Investment Offerings.

This table shows investors the investment products clients can trade.

FeatureName
Forex Spot TradingYes
Currency Pairs (Total Forex Pairs)182
CFDs – Total Offered35,000
Social Trading / Copy TradingYes
Cryptocurrency traded as actualNo
Cryptocurrency traded as actualNo

Commissions and Fees

In 2021, Saxo Bank is the number one broker in the industry for CFDs and forex trading. It earned first place in the Fees and Commissions category for active traders and those with large account balances.

Saxo Bank lets investors choose between three account types:

Classic: entry-level account requires a minimum deposit of USD $10,000

Platinum: recommended for active traders requires a minimum deposit of USD $200,000

VIP: this account convinced us to award Saxo Bank the Best VIP Client Experience award. This account comes with the greatest advantages for traders, including significant price savings. This account is for top investors who bring a minimum deposit of USD $1,000,000.

Minimum Deposit Exceptions: Singaporean or UK traders can open the Classic account for a minimum deposit of SGD $3,000 or GBP £500, respectively.

Saxo Bank provides traders with excellent all-around pricing. For active traders and those with large account balance traders, Saxo Bank offers the lowest pricing in the industry.

Pricing summary: In August 2020, Saxo Bank’s average EUR/USD spreads were 0.8, 0.7, and 0.6 pips, for the Classic, Platinum, and VIP accounts, respectively. The Classic Account pricing is in-line with industry averages. The Platinum and VIP accounts rank among the most prominent for forex brokers.

Upgrades: Investors receive upgrades to the next account tier by earning volume-related loyalty points through Saxo Bank’s Loyalty Program. If an investor trades $40M+ worth of forex, they can earn 120,000 points. That upgrades the trader from Classic to Platinum for 12 months. Traders with at least $167M in forex volume receive a similar upgrade to the VIP account. VIP accounts also receive exclusive access to events and Saxo Bank analysts.

Commission-free: Saxo Bank is commission-free. They earn their money solely off the spread. The only exception is for investors trading less than 50,000 units (half of one standard lot) per month. In those cases, they are charged a ticket-fee of $3 per side. The low spread price combined with no commissions makes this broker an optimal choice for active traders.

Best execution: Saxo Bank is part of the FX Global Code. This code is an evolving interbank standard implementing ‘best practices’ and improving disclosure methods. The goal is to promote the integrity and transparency of each forex broker across global exchange markets.

FeatureSaxo Bank
Minimum Initial Deposit$10,000
Average Spread USE/EUR0.6
All-in Cost USD/EUR0.6
Active or VIP DiscountsYes

SaxoTraderPRO:

This is Saxo Bank’s flagship desktop platform. It provides access to several professional tools including Level 2 streaming order books, streaming news, supports up to six monitors, Trade Signals, Auto Chartist, algorithmic orders, and more. (Traders must purchase extra subscriptions to use all the tools available.) These additional subscriptions are common for VIP level traders.

SaxoTraderGO (web):

This is the standard user-friendly and web-based platform at Saxo Bank. There is a consistent focus on simplicity. It provides access to several useful features including 55 indicators and up to 20 drawing tools.

MetaTrader: If traders want to use MetaTrader and not SaxoTraderGO, they can. But this is not an affordable choice. Saxo Bank lets investors use MetaTrader in exchange for a minimum deposit fee of $20,000. Remember, traders must cover an additional $2,000 per month due to their minimum spend requirement.

FeatureName
Virtual Trading (Demo)Yes
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
Social Trading / Copy-TradingYes
MetaTraderYes, but an extra $20,000 deposit is required
cTraderNo
DupliTradeNo
ZuluTradeNo
Charting – Indicators / Studies (Total)58
Charting – Drawing Tools (Total)20
Charting – Trade From ChartYes
Chart types9

Research and Education

Saxo Bank combines high-quality in-house research with top-tier third-party providers to offer an outstanding research experience.

Saxo Bank offers a diverse set of tools across its website and platforms. Content formats include video, articles, and podcasts. There are daily analyst updates from in-house analysts through their Market Analysis section. News headlines stream from Dow Jones, NewsEdge, and RanSquawk.

Usability: Saxo Bank centralizes its research in both the SaxoTraderGO and SaxoTraderPRO platforms. They obtain third-party trading signals and analysis from Autochartist.

Video content: Video research is seamlessly integrated into Saxo Bank’s website and platforms. The Saxo Bank’s Fintech Unfiltered series is quite useful. They also include YouTube playlists. Many of Saxo Bank’s videos are purposely unlisted and difficult to find because their focus is on integrating their websites and trading platforms instead of YouTube.

Reports: Saxo Bank’s research team delivers quarterly outlooks and yearly forecast reports in pdf form. These often include videos. The reports help traders and investors take theme-based positions based on quality research.

Third-Party Tools: There are nine chart types. They all sync with the mobile version. The charts are quite versatile. Swapping between instruments is a breeze and traders can find related news and trade signals from Autochartist in the ‘Product Overview’ section. It delivers advanced trading capabilities. The watch list, screener, and alerts work together in unison.

FeatureName
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Weekly WebinarsNo
AutoChartistYes
Trading Central (Recognia)No
Delkos ResearchYes
Social Sentiment – Currency PairsYes
Economic CalendarYes

Customer Service

Saxo Bank rates exceedingly high in customer service when compared to other brokers.

The Saxo Bank Customer Service ranking comes via a partnership with a professional customer experience research team, Customerwise. They helped them conduct 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.

FeatureName
Average Connection time<1 minute
Net Promoter Score7.8 / 10
Average Professionalism Score7.9 / 10
Overall Score8.21 / 10
Ranking7th (22 brokers)

Mobile Trading

The Saxo Bank mobile platform is like its web version. Traders access market news, research content, and economic calendars. They also benefit from pattern recognition analysis offered by AutoChartist.

Research and Trading: Saxo Bank provides professional and useful research and trading tool in its mobile app. It complements the experience with their web platform, SaxoTraderGO.

Charting: is well-designed within the mobile platform. Traders use several customization features, indicators, and drawing tools. We believe the mobile trading experience is like the web version of the platform.

FeatureName
Android AppYes
Apple iOS AppYes
Trading – ForexYes
Trading – CFDsYes
Alerts – Basic FieldsYes
Watch ListYes
Watch List SyncingYes
Charting – Indicators / Studies58
Charting – Draw TrendlinesYes
Charting – Trendlines MoveableYes
Charting – Multiple Time FramesYes
Charting – Drawings AutosaveYes
Forex CalendarYes
Saxo-Bank-sign-up-button

Conclusion

Saxo Bank is a great online broker for people who are looking to trade forex and CFDs on a feature rich trading platform with great customer support and industry leading pricing. Traders like their extensive offer of 40,000 different tradable assets, great research tools and interactive mobile app.

We recommend Saxo Bank to traders at all levels from beginners to advanced.

Business 24-7 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.

Business24-7 maintains high editorial standards and provides the best advice and recommendations. The products and companies that we review may compensate us when you click on the links on this website.

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Braden Chase is an investor, trading specialist and former research specialist for Forex.com who helps aspiring investors develop the confidence and habits they need to make an income. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has has also spoken & moderated numerous forex and finance industry panels across the globe.

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