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

For cashing out, it can be processed to your bank or other broker accounts. Saxo Bank requires no minimum withdrawal, and also charges no fees on withdrawals. If you can afford the minimum deposit (which was reduced from $10,000 down to just €2,000 in 2021), Saxo Bank provides the complete package for discerning traders. If the $2,000 deposit requirement is a deal-breaker, I recommend checking out IG or CMC Markets.

From live market updates to in-depth macro analysis, your Saxo account gives you access to impactful insights, directly in your trading platform. Our platforms feature customizable workspaces, real-time news, live tradable Forex prices, advanced charting and a variety of order types, including Stops and Trailing Stops. SaxoTraderPRO and SaxoTraderGO are their trading platforms. Saxo offers trading access to a number of assets on Saxo Trader.

• Like most others on this list, LCG does not accept U.S. traders.
• Derive the value of potential price improvements on every trade.

Founded in Denmark, 1992

• Commission and spread disclosures are often contradictory, with different prices quoted for similar or identical instruments and venues.

Please saxo forex broker Saxo Bank Reviews below and share live trading experiences with this broker. The minimum deposit starts from $2000 depending on the country of residence. Managed Portfolios analytics are done by Blackrock, Morningstar, and others. However, guaranteed stop-loss protection is not available, exposing accounts to potentially catastrophic losses in extreme market conditions, like the 2015 Swiss franc currency shock. Once you have money in your account, you can start using their mobile app , web platform or desktop platform all of which are high quality and make great sense. To read much more details about the broker’s services and features, expand on the sections below.

Is Forex Good for Beginning Investors?

The lack of emphasis on customer service is the biggest drawback to Saxo Markets’ online brokerage offering. For anyone engaged in the arena of online training, the ability to readily contact a broker is crucial. Its website has no live chat functionality, and online chat is only available to funded accounts. Chatbot functionality is available, but Saxo might be better off if it weren’t.

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Mobile trading apps

In Saxo Bank’s education centre, you have many ways to learn about trading, including webinars, educational videos, e-books, and platform tutorial videos. The broker also offers demo accounts which are very helpful in practising trading. SaxoBank, founded in 1992, is a Danish investment bank excelling in online trading and investments.

Prospective clients usually test out a broker’s offerings via a demo account, and not having access to live chat is a glaring omission. Forex trading can be complicated, but it’s certainly possible for beginning investors to diversify their portfolios by trading currencies and other forex assets. It would be wise to exercise caution and take the time to educate yourself on the assets in which you wish to trade. There’s a wealth of education and research resources available through a number of forex trading platforms, so take the time to avail yourself of this information. Investors should seek out a broker that offers reasonable fees, a user-friendly interface, exceptional customer service, and a breadth of offerings. CMC Market is our top pick, but your needs may be better-suited by another forex broker on our list.

In addition, the Financial Conduct Authority has issued a warning against this broker for its illegally offering financial services or products without proper authorization. Saxo Bank’s trading fees are fairly high compared to its peers’. The broker offers Forex traders a volume based pricing plan with the standard commission of 0.005% applied for the first US$50 million worth of trading each month. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content. Saxo Bank is a multi-asset broker that offers investors and traders a vast selection of more than 60,000 tradeable symbols.

It’s about more than your money

Non-trading fees such as the custody and inactivity fee make Saxo expensive for buy and hold investors. There is a lot to like about Saxo Bank’s video content, and there’s a lot of it – there are 41 platform tutorials alone, alongside educational videos covering subjects like risk management and fundamental analysis. That said, bringing all of the educational video content into one easily-accessible location, and then organizing it by experience level or category would make the content easier to find and navigate. Lastly, Saxo Bank’s YouTube channel is simply not very active, and falls short when it comes to financial markets education. Saxo Bank does a great job of unifying the excellent SaxoTraderGO web-based platform experience across devices. Saxo Bank’s SaxoTraderGO mobile app is a favorite of mine, and competes with the best forex brokers for mobile, such as IG, CMC Markets, and TD Ameritrade (U.S. citizens only).

A key point to reiterate 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. Documentation for other regions that Saxo Markets operates in was often contradictory to what was listed on the U.K. Website, outlining conflicting fees and trading conditions for identical products and position sizes. It is also easy to miss fine print that adds a separate surcharge on small trades, raising the potential for confusion.

Ways to trade FX pairs with Saxo

0.25% of open positions with a minimum of €5/month for most other countries. For Platinum and VIP customers, the custody fee is reduced to 0.20% and 0.12%, respectively. To test the deposit process, we sent money from our Revolut account and it arrived instantly. “Egypt’s EFG-Hermes eyes revenue lift with Saxo Bank online trading deal.” You can start with as little as $100 in most cases, but it’s important to note that forex trades are made in standard lots of 100,000 units of currency.

• 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.
• Our main reasons for assigning a high safety score to Saxo are its banking license, regulation by top-tier authorities and regularly disclosed financial data.
• Our initial margin rates start at 3.33% for major FX pairs including EURUSD, USDJPY, USDCAD, EURJPY and more.
• Basically, Saxo Markets offers just about any research a client would require in order to make an informed trading decision.
• Simply put, regulation by a reputable, government-backed agency goes a long way toward establishing a firm’s credibility.

Unlike most brokers on this list, IG does accept U.S. forex traders, which has been the case since early 2019 when the company re-entered the U.S. market. We research and reviewed dozens of forex brokers to help you decide which broker is right for your needs. At ForexBrokers.com, we track where each forex and CFD broker is regulated across over 23 international regulator databases.

Pricing for VIP and Platinum account holders is highly competitive, while Classic account holders pay closer to the industry average on pairs such as the EUR/USD. Saxo Bank’s flagship platform, SaxoTraderGo, includes everything that traders might need to navigate the market. The SaxoInvestor platform is so easy to understand, and I check it everyday on my computer. I also appreciate the tremendous support I have received from the client services team. The rating from S&P Global Ratings demonstrates our dedication to maintaining a strong financial position, resilient business model and providing cutting-edge services to our clients. We’ve been consistently recognised by our industry and have won the highest accolades for our products, platform and service.

Buy and hold or trade on leverage

The broker is active on Twitter and Meta, but it handles no service inquiries through those social media interfaces. Saxo’s flagship platform is SaxoTraderPRO, a downloadable offering that is ideal for advanced traders. SaxoTraderGO, its web-based platform, comes equipped with functional trading features, a user-friendly interface, and a functional mobile application and rounds out its proprietary interfaces. Additionally, Saxo offers access to third-party tools that can enhance the trading experience and APIs that the client can use to build bespoke applications. Saxo Markets offers an excellent option for advanced traders and professionals with well-funded accounts.

The minimum fund to open a Saxo account varies depending on the account type you want to open. Saxo says no withdrawal fee, but actually withdrawal has a fee under the name of intermediary charges, funny enough that there is no other bank involved in the withdrawal transaction. Hans Daniel Jasperson has over a decade of experience in public policy research, with an emphasis on workforce development, education, and economic justice.

The company went public in 2007, listing on the Warsaw Stock Exchange under the ticker symbol XTB, and it was rebranded as XTB Online Trading in 2009. Like most others on this list, LCG does not accept U.S. traders. Overall, if you are looking for a solid broker and can afford a high minimum deposit, Saxo Bank is an ideal place.

This matters because the regulator and the amount of investor https://forexhero.info/ you’re eligible for differs from entity to entity. In addition, every broker we surveyed was asked to fill out a comprehensive survey about all aspects of their platform that we used in our testing. London Capital Group , founded in 1996, has continued to keep pace in the highly competitive online brokerage space. The company rebranded in 2016 with the launch of LCG Trader.

For example, in SaxoTraderGO, the trade ticket comes with advanced options such as the ability to switch between forex CFDs, futures, forwards, or forex options. Also, the Quick Trade option allows you to set price tolerance for slippage when you need immediate fills. For active traders, and those able to maintain large account balances, Saxo Bank offers the lowest pricing in the industry. I do most of my trading on US markets and appreciate the low trading costs and quick execution. Having traded with at least 5 other brokerages in Singapore, Saxo is my first choice by a mile.

However, please note that if the currency of your deposit is different from the currency of your Saxo Bank account, a conversion fee of 0.5% will be applied. Saxo Bank provides a diverse selection of quality educational materials in both written and video format. The scope of educational resources available at Saxo Bank rises above the industry average, yet falls slightly behind category leaders. The following table summarizes the different investment products available to Saxo Bank clients.

It’s best known for its innovative SaxoTraderGO trading platform suite, which includes its mobile and web trading app, as well as its SaxoTraderPRO platform desktop software. For active traders , Saxo Bank provides an immersive, rich trading experience with a towering selection of tools, research, and premium features. Choose from a wide range of products for cash and margin trading, across global markets. Whatever you trade, get what you need to make confident decisions from advanced tools, trading inspiration and market research. Saxo bank trading platforms include proprietary SaxoTraderPro, SaxoTraderGO, and third-party platforms such as MetaTrader 4, OpenAPI for MS Excel, Dynamic Trend, TradingView, MultiCharts, and Updata.