Saxo Bank Forex Broker Review and Rating 2023 Detailed Saxo Bank information with traders reviews for 19 April 2023

I have found a better deal for fx and so just kept Saxo for CFD’s it works ok. Trading precious metals is one of the most popular ways of diversifying your portfolio. Trade spot gold and spot silver prices against the US Dollar and other major currencies with a global broker today, and reap the potential benefits.

BrokerChooser is free to use for everyone, but earns a commission from some of its partners with no additional cost to you . We received relevant answers on the phone, but reaching a customer support representative took time. Email responses arrived within one day but were not always accurate. No, our base case is that Saxo Bank is not a good option for saving for retirement because of its high non-trading fees.

• The forex markets exist as spot markets, as well as derivatives markets, offering forwards, futures, options, and currency swaps.
• Our fully customised orders offer you greater control over your trading.
• We established a rating scale based on our criteria, collecting thousands of data points that we weighed into our star scoring system.
• Choose from a wide range of products for cash and margin trading, across global markets.
• To provide you with the best price possible, we derive our prices from a broad range of Tier 1 institutions.

Extensive and comprehensive research facilities, an API interface, and discounted https://forexhero.info/ (high-tier accounts) could add to account profitability, but trader education falls short and customer service is substandard. A confusing array of fee schedules and hidden costs can also make it difficult to estimate bottom-line costs. The company embraced the technological advancements of the late ’90s in launching one of the first online trading platforms in 1998.

Deposits & Withdrawals

This coupled with the ubiquitous MT4 platform and a functional mobile application, comprises LCG’s online consumer offerings. LCG provides access to a broad selection of CFDs and spread betting instruments across several different asset classes. SaxoTraderGo apps for iOS, Android, and tablets provide easy access to the impressive features on the desktop and web versions, with full syncing across platforms. The indicator list is shorter but comprehensive, and traders can read real-time news and research with a few swipes. The apps provide fingerprint ID entry, but this useful feature isn’t part of a two-­tier authentication process. Saxo is cheap for trading forex and mutual funds, expensive for bonds, options and futures while stock and ETF trading have average fees.

The EUR/USD would be a currency pair for trading the euro against the U.S. dollar, for example. The company launched as one of the first online trading platforms in 1998. With a minimum funding requirement of $2,000, the broker isn’t suitable for traders with a small wallet. Saxo Bank’s service fees are also high among its namesakes. Saxo Bank’s spreads are as low as 0.2 pips, which is competitive. However, there are reports from traders that the broker’s spreads strongly widen when high-impact news and economic data releases came in.

I’ve got very poor performance since started trading using small take profits and stop losses. It brings my strategy performance to negative level comparing to other brokers. I also found that results are the same on all main currencies. So my conclusion is to use this broker only for position trading. The platform is to some extent good; however, if you need to chat with the agent and receive support it is very challenging.

Is it difficult to open an account at Saxo Bank?

Furthermore, seamless integration with third-party tools opens up myriad possibilities for an advanced trader. Commission charges added to the listed spread come into play when trading other instruments. Saxo built its trading platforms, SaxoTraderPRO and SaxoTraderGO (web-based), with the end user in mind, providing major upgrades over the industry standard MT4 and competitor offerings. Furthermore, seamless integration with third-party tools opens up a myriad of possibilities for an advanced trader.

Our initial margin rates start at 3.33% for major FX pairs including EURUSD, USDJPY, USDCAD, EURJPY and more. If you qualify as an Elective Professional client, our initial margin rates start at 1.5% for major FX pairs. Our fully customised orders offer you greater control over your trading. With no asymmetric slippage, you could benefit from significant price improvements on every trade. Benefit from integrated Trade Signals, news feeds and innovative risk-management features. ForexPeaceArmy.com has advertising and affiliate relationships with some of the companies mentioned on this site and may be compensated if readers follow links and sign up.

Saxo Bank employs over 2,490 staff and is majority-owned by China-based Geely Holding Group. Saxo Bank is highly reliable thanks to its numerous banking and financial services licenses. It has been in operation for nearly 30 years, and has had an impeccable regulatory track record since 1992.

XTB Online Trading: Best for Low Costs

Investopedia is dedicated to providing investors with unbiased, comprehensive reviews and ratings of online brokers. We established a rating scale based on our criteria, collecting over 3,000 data points that we weighed into our star scoring system. SaxoBank offers traders 3 types of accounts to choose from, including Classic, Platinum, and VIP, with over 35,000 available trading instruments plus a 24/5 customer service line. Beginner traders with limited money can start with a Classic account, whose minimum deposit is US$2,000. Saxo VIP accounts require an initial funding of $1,000,000; in return, VIP clients can enjoy tighter spreads for FX options and support from the broker’s dedicated sales traders. In the U.S., it’s for clients who want to trade the foreign exchange markets.

TradingView is a popular trading platform that delivers a range of powerful charting functions, robust analysis tools, and engaging community features. The addition of Corellian Academy content for risk management is a great complement to Saxo Bank’s existing educational offering. Competitive entry prices and even lower rates for active traders. Saxo Bank is a bank, stock broker, and a forex broker established in 1992. Saxo Bank is well regulated, holding licenses from FCA, FSA , IMA , CNB , Bank of the Netherlands, MAS , FINMA, AMF, Central Bank of UAE, JFSA, SFC , and ASIC. The broker also has up to EUR 100,000 Danish Guarantee Fund.

Analyse, optimise and manage your risk with trading tools tailored to your needs

The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.

If you have a big saxo forex broker they give you priority to your support. At the beginning they used to send me a Christmas Card, I had phone calls from my “personal banker”. But after loosing 60% of my capital, they never continued the contact they had. Also when I had 100%+ to my margin (I was a Professional client so I had the option to go above 100%) I received a lot of notifications about adding more funds and if I don’t ,“maybe” my positions will be closed. When I asked when my positions will be closed (for example at 110% or 120% etc) I never got a specific and clear answer.

A key point to note is that Saxo Markets does not offer MT4, the ever-present, white-labeled interface that is part of nearly every forex broker’s platform suite. Mutual funds are one of the top favorites of investors saving for retirement. As a Saxo client, you can invest in mutual funds with no commission and this may counterbalance the negative impact of the custody fee charged by the broker. You can buy and sell stocks cheaper and equally safe at alternative equity brokers.

Saxo Bank review for 2023

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points. Complex products, including CFDs and FX, come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs, FX, or any of its other products work and whether you can afford to take the high risk of losing your money.

Research services are also superb, with Saxo’s own research team constantly providing trading ideas. Saxo has a wide-ranging product portfolio, meeting the needs of even heavy traders. On the negative side, Saxo’s bond, options and futures trading fees are high.

How do I withdraw money from Saxo?

At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies . Saxo Markets offers clients access to an extensive range of offerings, comprised of both leveraged and investment products, that spans a multitude of asset classes. Clients have access to forex, shares, ETFs, commodities, indices, options, bonds, forwards, and futures. FOREX.com is a trusted brand that delivers an excellent trading experience for forex and CFDs traders across the globe. It offers a wide range of markets and provides an impressive suite of proprietary platforms – alongside limited access to MetaTrader.

Saxo Bank is trusted by hundreds of thousands of clients from all over the world, and has over $90 billion in client assets under its custody. Saxo Bank is a highly trusted, global brand that delivers just about everything that traders need. The client experience is seamless, and is rich with advanced tools and quality market research. There’s no question; Saxo Bank’s proprietary trading platforms are terrific, thanks to their streamlined designs and robust trading tools. Saxo Bank is an exclusive multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 60,000 tradeable instruments. Do you want to quickly take the pulse of a market or research ESG-focused investments?

However, if you’d like some help getting started, we’ve put together a short guide on how to trade forex on SaxoTraderGO, which highlights the key features you’ll need. Read more about FX margins for Retail clients hereor FX margins for Professionals here. Access comprehensive graphs with more than 50 technical indicators and innovative risk management tools. Blaming the broker for slippage, execution or else comes only from ROOKIES…. Trading FX or CFDs on leverage is high risk and your losses could exceed deposits. Saxo only allows withdrawals to accounts that have been verified to belong to you.

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law. Receive our very best prices, priority support and exclusive event invitations.

In our analysis of 23 international regulators across 62 of the best forex brokers, Saxo Bank is considered low-risk, with an overall Trust Score of 99 out of 99. FOREX.com is considered low-risk, with an overall Trust Score of 99 out of 99. Saxo Bank’s trading platform, SaxoTrader, ranks among the top trading platforms in the Forex industry. There is a wide range of tools and research capabilities integrated, making analysis and trading easily available at your fingertips. Whether you are an experienced investor or you’re just getting started as a trader, Saxo Bank’s trading platform is an excellent choice. Each year, Saxo Bank ranks at the top of nearly every category in our annual review.

You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Denmark’s Saxo Bank Group , founded in 1992, classifies itself as “a leading Fintech specialist that connects people to investment opportunities in global capital markets.” Full BioWith practical experience running his own IT business and an education in the liberal arts, Matthew Klammer had become well-accustomed to the difficulties of research. From providing POS systems to small tourist shops to data security and account management Matthew has provided business solutions to many individuals. When it comes to research, Saxo Bank deserves a 9-out-of-10 rating. They provide traders with rich and in-depth research on both their website and platform.