Abstract:Brokers also provide joint, corporate, and professional accounts. When choosing an account, consider how experienced you are in trading and pick one that suits your needs. Some factors to take into account are your investment goals, risk tolerance, trading frequency, and any associated fees or account balance minimums. All account types provide access to our complete range of financial products and all trading platforms.
About Saxo
Saxo's parent company is Denmark's Saxo Bank, trusted by over 1 million clients worldwide. Saxo charges competitive fees with no inactivity fees, platform fees, or custody fees. Saxo offers over 71,000 instruments across stocks, forex, bonds, and commodities.
The broker is regulated by the FCA (UK Financial Conduct Authority), ASIC (Australian Securities and Investments Commission), FINMA (Swiss Financial Market Supervisory Authority), etc., and supports more than 150 banks and brokers and more than 285 financial intermediaries.
Pros and Cons
Saxo Bank is a favourable choice for clients of a wide range of products that prefer lower stock and foreign exchange fees. The account opening process is quick and simple, and the trading platforms are diverse.
However, the cost of trading options or futures with Saxo Bank is high, and Saxo Bank's custody fees may be prohibitive for long-term investors.
Is Saxo Legit?
Saxo Bank is a fully regulated and licenced industry leader, subject to strict regulatory requirements in 15 jurisdictions, including Denmark, the United Kingdom, and Singapore. It holds banking licences in Denmark and Switzerland. It is relatively safe for investors to conduct financial activities in regulated entities. The regulatory information of this broker is as follows:
How can I obtain a verified trading account in Saxo?
Saxo Account Types
Saxo Bank offers three account types on the global English website (which might differ in other countries):
Classic: no minimum deposit
Platinum: minimum deposit: €200000.
VIP: Minimum Deposit: €1,000,000
All three accounts offer 24/7 technical and account support and discounts, with Platinum accounts receiving discounts of up to 30%. With Platinum and VIP accounts, you can enjoy more favourable pricing structures; Platinum account holders also have a dedicated contact person. If you are from the UK, you can open tax-efficient ISA/SIPP accounts as well.
Brokers also provide joint, corporate, and professional accounts. When choosing an account, consider how experienced you are in trading and pick one that suits your needs. Some factors to take into account are your investment goals, risk tolerance, trading frequency, and any associated fees or account balance minimums. All account types provide access to our complete range of financial products and all trading platforms.
Open a Saxo account step by step
Saxo's account opening process is swift and fully digital. Online registration only takes 10–15 minutes.

Saxo's account opening process consists of three steps:
- Online application
- Approval process
- Funding
To verify your identity and residency, you have to upload the following documents:
- Proof of identity: national ID card or passport
- Proof of residency: tax or bank statement
After approval, you must fund your account to activate it, but we weren't notified.

The following steps are typical towards the end of the application process or after verifying your identity:
- You'll have to fill out a trading experience survey. This is standard procedure, as brokers need to make sure that you have some basic financial knowledge and are aware of the risks of trading.
- Next, you'll have to choose an account type and a base currency.
- As a final step, you'll need to fund your account before you can start trading.
Saxo Bank's account opening is completely online, which means you can complete the process via your mobile phone anytime and anywhere. Opening an account is always free, but the time it takes varies from broker to broker. Opening an account with some brokers is as quick as signing up for a new Gmail account. At other brokers, it may take a few days as they do a background check on your data. It usually takes 1 day to get your account up and run with Saxo.
Saxo accepts clients from all over the world, with some exceptions. For example, you can't open an account if you are a resident of the US, Iran, Cuba, Sudan, Syria, or North Korea.
Saxo Trading Platforms
Saxo provides three major trading platforms that cover a wide range of users. All our platforms are available with a single Saxo account.
SaxoInvestor is the perfect platform for beginners. The trading platform allows you to invest quickly and securely from your desktop, phone, or laptop. With SaxoInvestor, you can access a wide range of investment products, including stocks, mutual funds, ETFs, and bonds.
SaxoTraderGO is a versatile and user-friendly trading platform designed to cater to both novice and experienced traders. The platform provides access to a wide range of financial instruments, including stocks, bonds, forex, commodities, and more, all from a single platform.
SaxoTraderPRO is a professional, fully customisable, and advanced trading platform suitable for high-volume, active traders. SaxoTraderPRO offers the same asset classes as SaxoTraderGO. There is only a downloadable version available for Windows and Mac.
Web-based platforms like SaxoInvestor or SaxoTraderGO are more suitable for small to medium-sized traders or long-term investors.

Saxo's Trading Fees
The average spread cost during peak trading hours on a Saxo FX Classic account is 0.9 pips (EURUSD). With VIP pricing, spreads can be as low as 0.4 pips (EURUSD). Saxo has average trading fees in general. We ranked Saxo fee levels as low, average, or high based on how they compare with all reviewed brokers.

Saxo Tradable Assets
Saxo offers trading, hedging, and investing in 71,000 financial instruments, including leveraged products such as 8600+ CFDs, futures, 250+ commodities, listed options, and investment products such as 23000+ stocks, 5200+ bonds, 7400+ ETFs, and 18300+ mutual funds.
How to deposit and start trading

Methods, Fees, and Processing Time
Saxo's account opening is fully digital, user-friendly, and available in most countries. There is no minimum deposit in most countries, but it is high in some others, e.g., $5,000 in the MENA region. The required Saxo minimum deposit is $10000. This means that you have to put at least $10,000 in your broker account to be able to start trading. Funding can take 0 to 5 business days, depending on the deposit method.
Deposit and Withdrawal Steps
Depositing cash into your Saxo account is easy. To find the different options for depositing cash in your Saxo account,
- SaxoTraderGO: click Deposit funds/Withdraw funds
- SaxoInvestor: click Deposit funds/Withdraw funds
- SaxoTraderPRO: click on the main menu > Look under Deposits and Transfers > Deposit Funds. Quick payment/click menu > Deposits and transfers > Withdraw funds
The following steps are required for withdrawal.
- Select the Saxo account you want to withdraw money from.
- Enter the withdrawal amount and the currency.
- Select your external account.
- When done, click Transfer.
- Your registered phone number will receive an SMS with a code, and a confirmation window will open. Type in the code in the confirmation window and click Confirm.
Saxo does not accept payments from accounts or cards that are not in your name (third-party payments). We will return any payments made by a third party to the original card or bank account. Saxo supports deposits and deposits to your Saxo account in 18 different currencies, such as AED, CNH, AUD, CZK, CAD, DKK, CHF, EUR, and more.