Abstract：Saxo is a well-capitalised Danish (EU) bank which was initially established in Copenhagen, Denmark in 1992. The company is currently regulated by 7 supervisory authorities by ASIC, FCA, FSA, AMF, CONSOB, FINMA and MAS in several countries.
Saxo is a well-capitalised Danish (EU) bank which was initially established in Copenhagen, Denmark in 1992. The company is currently regulated by 7 supervisory authorities by ASIC, FCA, FSA, AMF, CONSOB, FINMA and MAS in several countries.
Saxo is remarkable on its product scale, with more than 71,000 financial instruments for clients to choose from. These mainly include stocks, ETFs, bonds, mutual funds, crypto ETPs, options, futures, forex, forex options, crypto FX, CFDs, commodities and turbos.
Beside trading services, the company also offers financial services to maximize clients' returns, while institutional clients can benefit from the capital market solution services.
In addition, Saxo also offers a demo account to practice and four live account types to suit needs for different client groups. Learning material in both video and article format further enhances the necessary knowledge you need for successful trading.
However, the broker charges several service fees that may disappoint those who want to seek free transactions and services. What's more, there's still room for improvement on the broker's operation efficiency due to some negative exposure to withdrawal issues recorded on WikiFX.
Saxo Pros & Cons
Saxo Regulation & Security
Is Saxo safe? When reviewing Saxo, one of the primary concerns for beginners is the platform's safety and security. This is a question that almost all newcomers to investing prioritize. To address this concern, we will explore it from two crucial aspects: regulations and protection measures.
Saxo Regulations
Saxo is currently regulated in different countries by 7 major financial authorities:
- Australia Securities & Investment Commission (ASIC) in Australia
- Financial Conduct Authority (FCA) in the United Kingdom
- Financial Services Agency (FSA) in Japan
- The Autorité des Marchés Financiers (AMF) in France
- National Commission for Companies and the Stock Exchange (CONSOB) in Italy
- Swiss Financial Market Supervisory Authority (FINMA) in Switzerland
- Monetary Authority of Singapore (MAS) in Singapore
These regulatory bodies are authoritative in the industry, to some extent guarantees Saxo's stringent compliance to industry standards. When there are disputes, there will be intermediary reconciliation from these institutions.
However, it's worth noting that the broker has two revoked licenses from AMS and DFSA, indicating expired supervision from these institutions in certain areas.
Additionally, it holds an exceeded licenses from ASIC (Australia Securities & Investment Commission), suggesting possible involvement in financial activities beyond the permitted scope of the institution.
Even though decently regulated by 7 reliable authority bodies, three abnormal licenses will still irritate those who are risk-sensitive and care a lot about a broker's regulatory background.
You can always verify Saxo's regulatory status and explore its more details on WikiFX. WikiFX has the world's largest database of forex brokers, covering essential aspects such as company qualifications, regulatory status, historical performance, user reviews, and risk ratings, all rigorously verified. With over 60 regulatory agencies included, WikiFX provides a comprehensive resource for assessing the credibility of brokers like Saxo.
Security Measures
Saxo takes its own actions to enhance customer protection and fund security to ensure a healthy circle of their services.
- Two-factor authentication (2FA)
2FA is the verification of a user‘s online identity using at least two distinct factors to prevent unauthorized access to clients accounts. When accessing Saxo accounts, clients are asked to enter the an own password and a One-Time-Password (OTP) which may be delivered via SMS or a push notification approval delivered via the Saxo app on a previously designated ’trusted device.
- Depositor and Investor Guarantee Scheme (DGS)
Danish is a member of Depositor and Investor Guarantee Scheme (DGS), and the Danish Guarantee Fund will cover Saxo's depositors registered cash deposits up to an amount equivalent to EUR 100,000 per depositor in case Saxo becomes subject to resolution proceedings or bankruptcy.
From all the info above, we can conclude that while Saxo has strong regulatory backing, the revoked and exceeded licenses will still impair its operational integrity and damage its prestige among investors. But on the other hand, the DGS insurance program is believed to reassure clients a lot about uncontrollable and unforseen events of the company.
Market Instruments
Saxo boasts to offer an extraordinarily wide range of more than 71,000 financial instruments to global clients. You can choose from traditional investment or leveraged products.
Investment Products
These are traditional investment options for long-term growth or diversification: stocks, ETFs, bonds, mutual funds and crypt ETPs.
- Stocks
- Access 23,000+ stocks from major global markets, including New York, Hong Kong, London, and over 50 other global exchanges.
- ETFs (Exchange-Traded Funds)
- Diversified exposure to global markets and major sectors such as technology, healthcare, energy, and more.
- Bonds
- Over 5,200 government and corporate bonds are available at Saxo across exchanges and over-the-counter (OTC) markets.
- Mutual Funds
- More than 18,300 high-quality mutual funds managed by top global money managers.
- Crypto ETPs (Exchange-Traded Products)
- Exposure to the cryptocurrency market via Exchange-Traded Products (ETPs), allowing for trading in crypto assets like Bitcoin and Ethereum.
Leveraged Products
These are more advanced trading products that offer higher potential returns (but also greater risk), typically suited for active traders or those seeking leveraged positions.
- Options
- Options on stocks, indices, and futures from global exchanges including those in the EU, US, and Asia.
- Futures
- Trade in equity indices, commodities like energy and metals, rates, and more with spread trading.
- Forex (Foreign Exchange)
- A wide range of 185+ forex products including forwards, options, and spot pairs across major, minor, exotic and metals.
- Forex Options
- 45+ options on forex pairs, allowing for more complex trading strategies.
- Crypto FX
- Leverage the forex market to trade cryptocurrency pairs, including major coins like Bitcoin and Ethereum against traditional currencies.
- CFDs (Contracts for Difference)
- Over 8,600 CFDs on single stocks, ETFs, indices, forex, commodities, options, and bonds, enabling you to go long or short on various assets.
- Commodities
- CFDs, futures, options, Exchange-Traded Commodities (ETCs), and spot metals or commodity market stocks for those interested in raw materials like gold, oil, and agricultural products.
- Turbos
- High-leverage products that allow traders to take positions on more than 150 underlying values, including major indices, currencies, and blue-chip stocks.
Besides regular trading, Saxo also offers a range of financial services which enable clients to earn passive income. These include earning interest on uninvested cash with flexible withdrawal options, stock lending for earning fees by lending out stocks and ETFs, and a loyalty program that rewards clients with points for trades and account activities, which can lead to enhanced trading conditions and personalized services. For professional clients, Saxo provides Portfolio-Based Margin services, offering efficient capital use with higher leverage across related positions.
Additionally, Saxo delivers scalable digital solutions for institutional clients, including multi-asset execution, clearing, custody, regulatory compliance tools, and tailored research, helping optimize operations and navigate complex markets.
Saxo Account Review
Saxo offers a variety of account types to meet different investor needs, with tiered benefits based on minimum deposits and trading volumes. Heres a quick overview:
Demo Account
Traders of Saxo are entitled to a free demo account for a 20-day trial with real market conditions and test of strategies. You'll have a virtual USD 100,000 to practice within the simulated SaxoTraderGO and SaxoTraderPRO platforms.
Individual Account
In an individual account, you can start with no minimum deposit from the Classic tier, which is certainly a solid option for beginners. But to access better pricing and services, you need to increase the initial deposit sharply to USD 200,000, which can be quite steep for many investors. Make sure you've gained enough experience and capital to move to higher tiers with risk management.
Joint Account
Joint accounts are open to direct family members (spouses, siblings, parents, children) of investors. There are also three account types, including Classic, Platinum, and VIP, with different minimum deposit requirements.
Corporate Account
For businesses and institutions looking to access advanced trading features, Saxo offers a Corporate Account.
Note: The minimum funding initial in the Classic tier may vary by country and you need to verify details with Saxo's sales team case by case.
Professional Account
To qualify for a Saxo Professional Account, clients must meet the following criteria:
- Financial Portfolio: Must exceed €500,000 (e.g., cash, stocks, mutual funds; excludes non-tradable assets like property or luxury goods).
- Trading Activity: Must have executed at least 1 trade per quarter for the past four consecutive quarters in qualifying products.
- Total Trades: Must have completed a total of 40 trades over the past year.
- Professional Experience: Must have worked in the financial sector for at least 1 year.
Overall, Saxo offers a robust set of account types for both beginner and advanced traders to choose from. Nevertheless, the high minimum deposit requirements for the Platinum and Professional Accounts could make these features inaccessible to many retail investors.
And the tiered benefits are an attractive aspect for those who trade frequently, but the substantial capital required to unlock higher-tier services could limit Saxos appeal to smaller traders or investors.
Saxo Trading Platforms
Saxo offers several platforms for trading and market analysis, each with its own features for trading flexibility and accessibility.
SaxoInvestor
SaxoInvestor is said to be a simple, low-cost investment platform designed for those who want to invest quickly and securely. Not only can you access a wide variety of investment options, but also various tools to explore market trends, view curated stock lists. And the expert analyst ratings function helps you make informed decisions.
You can use the platform through web on any devices, or download an app version from iOS and Android galleries.
SaxoTraderGO
SaxoTraderGO, with an easy-to-use interface, is designed for both beginner and experienced traders. The platform features enhanced trade tickets, analysis tools, and extensive charting package. You can also access a wide variety of market data, news, and research content to stay updated. Whether you're managing a single account or analyzing complex trades, SaxoTraderGO offers a comprehensive account overview, performance analysis, and the ability to track returns across various asset classes.
Like SaxoInvestor, this platform can also be accessed via web on any devices or apps on iOS and Android phones. But risk management features like stop orders, margin alerts, and the Account Shield can only be reached on desktop/laptop version.
SaxoTraderPRO
SaxoTraderPRO supports up to six screens and provides features like algorithmic orders, in-depth charting, and real-time market data. The platform is built for speed and efficiency, with a trade ticket that reduces clicks and displays all relevant information in one place. SaxoTraderPRO also offers detailed performance analysis, portfolio summaries, and same risk management features such as account shields, stop orders, and margin alerts. You can download the app version on Windows and MasOS.
Its ideal for active traders who require high-performance tools and the ability to manage complex positions across multiple asset classes.
Saxo Margin Rates
Saxo's margin rates are applicable for forex, forex options, CFDs, futures and listed options. Take forex for example, margin rates are different for retail clients and professional clients.
For Retail Clients
For Professional Clients
For margin rate details for each currency pair or other products, you are encouraged to visit https://www.home.saxo/products/margin-information for further exploration.
Saxo Fees Review
Saxo Bank offers full transparency about its charges that clients get to know the costs associated with trading and investing. Key fees for Saxo clients are as below:
Interest in Deposits and Margin Products
Interest is calculated daily and settled monthly. For margin products, interest depends on your account tier (Classic, Platinum, or VIP), and the rates are based on Saxo's Bid/Ask rates, which fluctuate. Negative Net Free Equity (NFE) results in overdraft charges with higher rates depending on the account tier.
For margin collateral rates, you can refer to https://www.home.saxo/-/media/documents/business-terms-and-policies/cash-collateral-for-margin-financing-used-in-net-free-equity-calculation.pdf?revision=bfbd68e3-9b0c-49ed-ba21-b3559d8237be.
Currency Conversion Fees
When trading in a currency different from your base currency, Saxo applies a conversion fee of ±0.25% based on the FX spot mid-price at the time of closing your position. This fee does not apply to margin collateral.
Custody Fees
Saxo applies annual custody fees for holding stocks, ETFs, and bonds, calculated daily and charged monthly.
Note: Custody fees vary based on the country of residence.
Value-Added Tax (VAT)
Other Fees
Commissions on Products
If you want to check full pricing for each particular product, visit https://www.home.saxo/rates-and-conditions/commissions-charges-and-margin-schedule, scroll down to the bottom, and click on the specific product you would like to know about.
Generally speaking, Saxos fee structure is relatively transparent. While there are no inactivity fees, clients should be aware of charges such as commissions for various products, custody fees for holding stocks, ETFs, and bonds, as well as fees for additional services like manual orders and proxy voting.
Education
Saxo provides video guides which offer step-by-step instructions on using the platform and understanding different trading concepts. Additionally, an extensive FAQ section covering a wide range of topics, from account setup to advanced trading strategies is also available for traders with different levels to navigate themeselves with the platform.
User Feedback on WiKiFX
WikiFX exposure section is a prism to reflect a broker's performance where traders can release their opinions and feelings trading with brokers. So far, 59 traders have left their footprint and shared their trading experience with this broker, with 14 expressed their satisfaction with the broker's responsiveness, profitability and service efficiency.
However, there's no such thing like perfection in the world, it's same case with Saxo. 32 negative reviews are recorded on WikiFX at the same time, with most complaints are about withdrawal difficulties, others are about random position closing and unexpected loss. Actually if these issues are not tackled timey and appropriately, they can considerably harm customer experience. Therefore, the broker obviously still needs to do better to enhance its withdrawal process and system efficiency.
Traders are encouraged to interact with each other and share their trading experience within WikiFX community through the exposure section. Our professional team is here to give hands anytime if you encounter problems and report awkward issues in this area.
Compare to Similar Brokerages
The Bottom Line
All in all, Saxo Bank is a well-regulated broker with formidable regulatory background supported by ASIC, FCA, FSA, AMF, CONSOB, FINMA and MAS in several countries. With demo accounts, no deposit requirement, and more other advantages we have mentioned above, Saxo Bank behaves better than average brokers.
However, there's still room for improvement due to some abnormal licenses exist and negative reviews are recorded on WikiFX.
