Saxo Bank review
Saxo Bank, a multi-asset brokerage platform, has become a leading choice for many active traders and wealthy investors around the world. This Saxo Bank Forex broker review aims to provide a detailed insight into the platform's offerings, its pros and cons, and its position in the trading industry. With over 60,000 tradable instruments, an impressive array of research tools and an exciting trading experience, Saxo Bank has truly carved a niche for itself in the world of brokerage services.
Exploring Saxo Bank
Saxo Bank was founded in 1992 and operates three regulated banks. Its offerings are diverse: cryptocurrency derivatives (depending on your location), micro futures, forex options and more. Saxo Bank is known for its flagship platform SaxoTraderGo, which offers a full suite of tools and features to help traders navigate the market.
The broker operates through regulated units in 15 international jurisdictions, including the UK, Denmark and Singapore, and has over $92bn in client assets.
Pros and cons of Saxo Bank
Like any other trading platform, Saxo Bank has its own unique set of advantages and disadvantages that traders should consider before making a decision.
- Regulation: Saxo Bank is highly regulated, with three banks and is licensed in several tier one and tier two jurisdictions.
- Variety of offerings: The platform offers access to over 60,000 instruments, including cryptocurrency derivatives, microfutures and forex options.
- SaxoTraderGo: Saxo Bank's flagship platform, SaxoTraderGo, provides the full range of tools and features traders need.
- Risk Management: Saxo Bank offers sophisticated order types and account protection features for effective risk management.
- Competitive pricing: Pricing for VIP and Platinum account holders is highly competitive.
- High minimum requirements: The minimum deposit to open an entry-level Classic account is €2,000, while Platinum and VIP accounts require $200,000 and $1,000,000, respectively.
- Limited video content: Although Saxo Bank produces high-quality training videos, it has not been active in creating new videos in 2021.
Is Saxo Bank reliable?
Saxo Bank, is considered to be highly reliable. However, it is important to realise that trading involves a high degree of risk. Therefore, traders should consider whether they understand how CFDs work and whether they can afford to accept the high risk of losing their money.
Investments from Saxo Bank
Saxo Bank is a multi-asset broker offering a wide selection of over 60,000 trading symbols. The platform supports trading on electronic markets with almost all types of assets. Saxo Bank offers spot FX, FX options, non-deliverable forwards (NDFs), contracts for difference (CFDs), equities, equity options, exchange traded funds (ETFs), exchange traded notes (ETNs), futures and 33,000 bonds.
Terms and prices
Saxo Bank offers highly competitive pricing for active traders and those who maintain large account balances. Average EUR/USD spreads are 0.8, 0.7 and 0.6 pips for Classic, Platinum and VIP accounts respectively. The entry-level Classic account requires a minimum deposit of €2,000, while the Platinum and VIP accounts require a minimum deposit of $200,000 and $1,000,000 respectively.
Mobile trading apps
Saxo Bank's SaxoTraderGO mobile app provides a great trading experience on all devices. The SaxoTraderGO mobile app is user-friendly and offers a wealth of useful information on each tab for a particular asset. The app supports around 20 drawing tools and 62 indicators, making it one of the best forex brokers for mobile trading.
Other trading platforms offered by Saxo Bank
Saxo Bank offers various trading platforms, including its own set of platforms SaxoTraderGO (web) and SaxoTraderPRO (desktop), as well as third-party platforms such as TradingView, MultiCharts, and the ability to connect to trading via API.
Market research offered by Saxo Bank
Saxo Bank offers a variety of research materials in different formats on its websites and platforms. These range from in-house materials, such as daily publications from its own analysts in the Market Analysis section, to third-party materials, such as news headlines from sources such as Dow Jones, NewsEdge and RanSquawk.
Training materials from Saxo Bank
Saxo Bank provides a wide range of quality educational materials in written and video formats. The Learning Centre features market analysis articles produced by Saxo Strategy's in-house team (Saxo Strats), which can be filtered by analyst or asset class.
Frequently Asked Questions:
Is Saxo Bank a good trading platform?
Saxo Bank is an excellent choice for both experienced investors and novice traders. It offers an easy-to-use trading platform, a wide range of tradable instruments, extensive educational content and excellent research tools.
Is Saxo Bank reliable?
Saxo Bank has been highly reliable and has an impeccable regulatory reputation since 1992. It operates three banks, holds multiple licences in tier 1 and tier 2 jurisdictions and is trusted by hundreds of thousands of customers around the world.
Is my money safe with Saxo Bank?
Saxo Bank is a low-risk broker for investing and trading in financial markets. It operates three banks, is well capitalised and has $92 billion in client assets. An excellent track record and numerous licences make Saxo Bank a reliable broker you can trust.