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Saxo Bank Broker Review

Author Author:  Alison Heyerdahl Published: Jun 10, 2020
Editor Editor:  Chris Cammack Updated: Sep 25, 2023

Last Updated On Sep 25, 2023

Alison Heyerdahl
Broker Score
4.36 4.36 / 5
Rated #24 of 77 Recommended Brokers
🏦  Min. DepositGBP 500
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
AlertAccepts Indian Clients. Average spread EUR/USD 0.8 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. SaxoTraderGo and SaxoTraderPRO trading platforms supported. Saxo Bank is regulated by the Danish FSA, the FCA, ASIC, and MAS.

Last Updated On Sep 25, 2023

Alison Heyerdahl

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.


Forex trading in India is illegal for non-professional traders, and the Securities Board of India (SEBI) tightly regulates professional Forex trading due to concerns over capital flight. Most Indian Forex traders use foreign “offshore” Forex brokers and fund their trading via online payment providers. For more information, click here.

Our verdict on Saxo

An excellent all-round broker, Saxo Bank is a well-regulated investment bank and brokerage with two top-end trading platforms and an outstanding selection of financial instruments. 

Geared towards more experienced traders, Saxo Bank’s ongoing trading fees are lower than average across all three account options, with spreads that average between 0.4 pips and 0.8 pips (EUR/USD), but it has a high minimum deposit of 1,000 CHF on its entry-level account and a whopping 1,000,000 CHF on its VIP Account. Experienced traders will also be satisfied with the number of financial instruments on offer, which includes no less than 190 Forex pairs. 

Saxo Bank’s platforms are some of the best in the industry, and although MT4 and MT5 are not available, it supports algorithmic trading. We were also impressed at the quality and frequency of market research available at the brokerage, which is on par with some of the biggest players in the industry. 

🏦  Min. DepositGBP 500
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Overall Summary

Trust Rating
111115/ 5
Trading Conditions
11110.54.5/ 5
Trading Platforms
111104/ 5
Deposit & Withdrawal
111003/ 5
Education & Research
11110.54.5/ 5
Assets Available
111115/ 5
Customer Service
111104/ 5
Beginner Friendly
Excellent
Welcome Bonus

Account Information

Base Currencies
AUD, CAD, CHF, CNH, CZK, EUR, DKK, GBP, HKD, HUF, JPY, NOK, NZD, PLN, SEK, SGD, USD
Number of FX Pairs
190
Crypto Pairs
9
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Account Name
VIP Account
Trading Desk
Market Maker
Commission
Fees Included in Spread
EUR/USD
0.40 pips
GBP/USD
0.60 pips
USD/JPY
0.80 pips
Negative Balance Protection

Company Details

Company Name
Saxo Bank (Switzerland) Lt
Founded
1992
Website Language
English
Support Language
English
Office Locations
Switzerland, Denmark, France, Italy, UK, Hong Kong

Pros

  • Well regulated
  • Innovative trading platforms
  • Wide range of financial assets
  • Excellent market analysis

Cons

  • Limited demo account
  • No swap-free account option
  • High minimum deposit

Is Saxo Bank Safe?

With a long history of responsible behaviour and local and strict international regulation, Saxo Bank is a safe broker for Indian traders to trade with.

FSA-Regulated: Indian traders will be trading with the Danish subsidiary of Saxo bank, which is licenced and regulated by the Danish Financial Supervisor Authority (FSA).

Safety Features: The FSA is a good regulator, and as such, it ensures that Saxo Bank:

  • Limits leverage to 30:1 on major Forex pairs
  • Provides all traders with negative balance protection, so they can never lose more money than they have in their trading accounts. 

With over two decades of responsible behaviour toward its clients, a large international customer base, regulation from some of the strictest authorities in the world, and a banking licence, Saxo Bank is considered a reliable and safe Forex broker.

Company Details:

Scroll for more detailsPreviousNext
Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Inactivity Fee
FINMA, FCA, ASIC, MAS, CONSOB, AMF
Market Maker
1992
Switzerland, Denmark, France, Italy, UK, Hong Kong
No

Saxo Bank’s Financial Instruments

Saxo Bank has an excellent product portfolio of both investment products and leveraged products for trading, including 190 Forex pairs. 

Broad Range of CFD Instruments: Saxo Bank offers over 9,000 CFD trading instruments. Besides Forex pairs, Saxo Bank lists indices, shares, options, commodities, cryptocurrencies, and bonds. Saxo also offers a huge range of investment products, but they will not be the focus of this review. 

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Financial Instrument
Number of Assets
Leverage
Commodities2020:1
Cryptocurrencies92:1
Stock CFDs9,00020:1
ETFs67510:1
Forex19030:1
Indices2920:1

  • Forex pairs: Saxo Bank offers over 190 Forex pairs to trade, including majors, minors, and exotics such as USD/ZAR and ZAR/JPY. This is one of the largest forex offerings found at any broker. 
  • Commodities: Saxo Bank offers trading on 20 commodities, including spot metals, energies, agriculture, commodity futures, commodity options, and commodity ETCs. This is an average range compared to other similar brokers.
  • Shares: Saxo Bank excels in its share CFD offering, and professional traders looking for a specific instrument will be satisfied. Saxo Bank offers over 9,000 share CFDs to trade, including popular US tech companies, multinational energy companies, and more.  
  • Cryptos:  Like many other brokers, Saxo Bank offers Crypto FX, including pairs such as the BTC/USD, BTC/EUR, and BTC/JPY, but it has a unique offering of Crypto ETPs, which are investment products.
  • Indices: Saxo Bank offers cash and futures contracts on over 29 international indices, including the NASDAQ, S&P500, FTSE100, and the Nikkei. This is an average range of indices compared to other brokers. 
  • ETFs: Saxo Bank offers trading on 675 stock CFDs, a huge range compared to other similar brokers.

Overall, Saxo Bank excels in its range of tradable assets, especially in the number of Forex pairs and share CFDs available for trading.  This is a great advantage for professional traders who may be looking for a specific asset. 

Saxo Bank’s Trading Costs

We were pleased to find that Saxo Bank offers three account types, which is average for the industry, and low trading fees on all options.  

Trading Fees: Saxo Bank offers three live commission-free accounts with increasing minimum deposits linked to tighter spreads and more account benefits. Spreads are generally tight across all account options, but the minimum deposits required to open an account are high. For example, Saxo Bank’s entry-level account has a minimum deposit requirement of 2,000 CHF and an average spread of 0.8 pips (EUR/USD).

Account Trading Costs:

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Trading account
Min. Deposit
Min. Spread EUR/USD
Commission
Trading Cost (USD)
ClassicGBP 5000.80Spread Only8
PremiumGBP 2000000.60Spread Only6
VIPGBP 10000000.40Spread Only4

As you can see from the table, the trading costs are built into the spread on all account options. The average cost of trading one lot of EUR/USD is 8 USD on Saxo Bank’s entry-level account and down to 4 USD on its VIP Account.

These are some of the lowest trading costs in the industry because the average trading cost at other market makers is around 9 USD per lot. However, the high minimum deposits may be a deterrent to some traders. 

Saxo Account Tiers

See below for account details:

Classic Account: Saxo Bank’s entry-level account, the Classic Account has a minimum deposit requirement of 2,000 CHF, which is significantly higher than other brokers. However, its spreads start at 0.8 pips (EUR/USD), making it highly competitive. 

Platinum Account: The Platinum Account has a minimum deposit requirement of 250,000 CHF, making it inaccessible to most traders but tight spreads, starting at 0.6 pips (EUR/USD). Traders also have access to priority local-language customer support and additional currency sub-accounts.

VIP Account: A professional trading account, the VIP Account has a minimum deposit requirement of 1,000,000 CHF and spreads that start at 0.4 pips (EUR/USD). In addition to the tight spreads, traders have access to a personal relationship manager, exclusive event invitations, and additional currency sub-accounts.

Saxo Bank Accounts

Deposits and Withdrawals

We were disappointed that Saxo Bank’s funding methods are limited to bank and credit card transfers.  

As per regulation, Saxo Bank ensures that all Anti-Money Laundering rules and regulations are followed, and as such, all withdrawals are returned to the deposit source. 

Trading Account Currencies: Saxo Bank allows traders to open an account in over 17 trading account currencies, but not INR. Indian traders will therefore have to pay currency conversion fees on both deposits and withdrawals.

Currency conversions of trading costs and profits and losses from trading activities are executed at the mid-FX Spot rate plus/minus 1.00% for classic clients, 0.75% for platinum clients, and 0.50% for VIP clients. These fees are high for the industry.

Deposits and Withdrawals: You can only fund your account by transferring funds from your bank account. This is disappointing considering how popular digital wallets and credit and debit card payment methods are in India.  See below for more details:

  • Bank transfers: Deposits are free and can take several days to reflect. Withdrawals done over the platform will be processed the next business day (T+1) if requested before 14:00 CET and T+2 otherwise.

Overall, Saxo Bank offers a limited range of funding methods compared to other similar brokers and doesn’t offer popular payment methods such as e-wallet transfers, and it charges high currency conversion fees.

Mobile Trading Platforms

Saxo Bank offers two trading platforms, both developed in-house, but only the SaxoTraderGo is available for mobile trading. It also lacks support for popular third-party platforms like MT4 and MT5. That said, SaxoTraderGO has won awards for its ease of use and excellent features.

We downloaded and tested the mobile app on an iPhone 11.

SaxoTraderGO

Account Management: After downloading the app, we found it easy to open new real and demo accounts, manage our leverage, and deposit and withdraw funds.

Trader Tools: We found that the app offers advanced charting, making it easier to spot trends and identify new trading opportunities, and comprehensive drawing tools to plot trendlines, channels, pitchforks, Fibonacci Retracements, and much more. It also features technical and fundamental analysis tools, news and expert research, and innovative risk management features from within the app.

Customer Support: Support was available 24/5 from inside the app. We found the customer support team helpful and responsive.

Saxo Bank Mobile Saxo Bank Mobile Saxo Bank Mobile

Other Trading Platforms

Both SaxoTraderGO and SaxoTraderPRO are available as downloadable desktop applications on Mac and Windows operating systems.

Saxo Bank’s trading platforms are available on a web browser and as a downloadable desktop app. 

SaxoTraderGO

SaxoTraderGO has all the same features as the mobile version, but the windows are more spread out and easier to operate.

Saxo Bank Mobile

SaxoTraderPRO

Advanced Trading Features: SaxoTraderPro was developed for advanced traders. Unlike other brokers’ in-house platforms, we were impressed to find that it offers algorithmic trading. It also has a trade ticket, reducing the number of clicks required to place an order – a real benefit for traders who want to execute trades quickly. Depth of market is available, and it offers an advanced charting package.

We also loved the comprehensive account overview in the accounts section, available on both SaxoTraderPRO and SaxoTraderGO. It gives traders a detailed analysis of their net holdings, profit and loss, and the development of their trades.

Traders who are used to trading on MT4 or MT5 will be disappointed that Saxo Bank does not support these trading platforms. This is because traders like to take their own customised versions of the platform with them should they decide to switch brokers. However, the benefits of Saxo Bank’s trading platforms are numerous. 

Opening an Account at Saxo Bank

We were impressed that the account-opening process at Saxo Bank is user-friendly and that accounts are ready for trading in one day. 

All Indian traders can open an account at Saxo Bank but have to meet the following minimum deposit requirements:

  • Classic Account: 2,000 CHF
  • Premium Account: 250,000 CHF
  • VIP Account: 1,000,000 CHF

We opened an account at Saxo Bank, and after we had submitted our documentation, our accounts were approved the next day.

Saxo offers individual, joint, corporate, SIPP, ISA, and trust accounts, but we will focus on opening an individual account:

  1. New traders must click on the “Open Account” button at the top of the page, where they will be directed to register an account.
  2. Traders will then enter their name, and email address, and create a password.  
    Saxo Bank Sign Up
  3. Traders must complete their personal details, including contact number, gender, date of birth, and address.
  4. Once this step is complete, clients must fill out a questionnaire that helps Saxo Bank assess the trader’s financial status and experience. Traders will also have to complete their tax and bank account details.
  5. Traders are required to detail their trading experience.
  6. Saxo Bank requires at least two documents to accept you as an individual client:
    1. Proof of Identification – Saxo Bank accepts all government-issued identification documents such as Passport, national ID card, driving license, or other government-issued ID. 
    2. Proof of Address – Proof of residence/address document must be issued in the name of the Saxo Bank account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority. 

After the application is approved, traders can log in and fund their accounts  We advise that you read Saxo Bank’s risk disclosure, customer agreement, and terms of business before you start trading. 

Research and Trading Tools

Saxo offers many trading tools to help traders make trading decisions, including third-party tools like TradingView, and numerous innovative in-house tools. Its market research is curated in-house and is superb.

Trading Tools

TradingView

TradingView is available on Saxo Banks’ trading platforms, but only for those who purchase a subscription. It is an excellent tool for researching, charting, and screening instruments.  Additional features of Saxo Bank’s TradingView tool include:

  • 50+ intelligent charting tools
  • Over 100,000 custom user-built indicators and scripts
  • Synchronised layout for multiple charts

MultiCharts

Traders will have to purchase a MultiCharts subscription to use the service. MultiCharts provides advanced market analysis and high-speed one-click trading straight from the chart. Other features of the service include:

  • High-definition charting with built-in indicators and strategies.
  • Faster and more precise execution with full support for automated trading.
  • Verify and optimise your strategy with extensive backtesting features.

Innovative Risk Management Tools

Saxo Bank has developed several unique tools to help traders manage their risk and control their positions:

  • Account Shield: This tool acts as a stop loss on the entire account value, and if triggered, all positions are liquidated.
  • Cancel All Orders: You can cancel all open orders with just a few clicks.
  • Margin Breakdown: This allows you to manage the margin on each instrument.
  • Margin Alerts: Set custom margin alerts.
  • Quick Close Positions: Close all CFD and Fx positions in two clicks.

Research

Saxo Bank’s research is world-class. It has eight analysts and strategists under its SaxoStrats Experts brand that provide curated research content, including news, analysis, price data, and trade ideas. 

Analysis Blog: The in-house research team runs a regular blog covering both fundamental and technical analyses. The research provides information on market-moving events outside of conventional news sources.  The research team also provides a day-to-day analysis of events affecting the markets. 

Webinars: Market analysis and trade ideas are available in both video and text form, and the quality is high and useful for traders of all experience levels. The topics are based on both technical and fundamental analysis.

Podcasts: Saxo Bank’s strategy team delivers market insights across all asset classes. Podcasts are recorded most days of the week.

Research Insights: Saxo Bank delivers alerts about any sudden price movements or important actions which may impact your individual positions.  

Overall, it is clear that Saxo Bank values its research team and understands the importance of this service.

Trading Tools Comparison:

Scroll for more detailsPreviousNext
Broker
Autochartist
Trading Central
Trading View
Saxo Bank
Swissquote
eToro
 

Education 

Saxo Bank’s education section is slightly limited to what’s available at other brokers, but what is available is of high quality.

Saxo Bank’s educational materials cater more to beginners than experienced traders. It offers:

  • Platform Video Guides: Helpful for new traders to Saxo Bank, these videos provide step-by-step guidance on placing orders, managing positions, performing analysis, and more.
  • Introduction to Trading: Catering mainly to beginner traders, this resource is a series of online short courses covering the basics of financial instruments. 
  • Risk Management Rules: Traders can learn to manage risks in their positions. 
  • Demo Account: Traders can open a demo account with Saxo Bank, but it will only remain active for 20 days, which is limited compared to other brokers, and won’t give beginner traders a good feel for real market conditions or the trading platform. 

Education Overview:

Scroll for more detailsPreviousNext
Broker
Beginner Course
Advanced Course
Saxo Bank
Swissquote
eToro

Customer Service

We found that Saxo Bank’s customer service is average compared to other similar brokers.

Customer support is available 24/5 via a few different channels:

  • Local telephone support
  • Live chat with a customer support agent (but ONLY from within the platform)
  • Email

For the purposes of the review, we tested the email services. Our email was answered within a couple of hours, and the answer was relevant and to the point. Unfortunately, the live chat feature is only available within the platform, which means that visitors to the website won’t have the benefit of getting quick responses to their questions.

Safety and Industry Recognition

Regulation: Founded in 1992, Saxo Bank is based in Denmark and has a Danish banking licence. It also has a corporate structure composed of multiple regulated entities operating in different regions worldwide, including Denmark, the UK, France, Switzerland, Italy, Netherlands, Czechia, the UAE, Singapore, Japan, Australia, and Hong Kong. 

See below for more details: 

  • Saxo Markets is a registered Trading Name of Saxo Capital Markets Ltd (‘SCML’). SCML is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422.
  • Saxo Banque is authorised and regulated by the ACPR (Autorité de Contrôle Prudentiel et de Résolution) and AMF (Autorité des marchés financiers).
  • Saxo Bank Schweiz AG is authorised and regulated by the Swiss Financial Market Supervisory Authority (FINMA).
  • BG Saxo (in Italy), Saxo Bank A/S (Netherlands), and Saxo Bank A/S (Czech Republic) are all regulated by the Danish Financial Services Authority (FSA).
  • Saxo Bank A/S (UAE) is authorised and regulated by the Central Bank of the UAE.
  • Saxo Capital Markets Pte Ltd Singapore is authorised and regulated by the Monetary Authority of Singapore (MAS).
  • Saxo Bank Securities Ltd is authorised and regulated by the Japanese Financial Services Agency.
  • Saxo Capital Markets Hong Kong Ltd. is authorised and regulated by the Securities and Futures Commission in Hong Kong.
  • Saxo Capital Markets (Australia) Limited is authorised and regulated by the Australian Securities and Investments Commission (ASIC).

Industry Recognition: Besides being regulated by several national authorities, Saxo Bank has received widespread industry recognition for its innovations.  Recent awards include:

  • Best CFD Education 2022 (ADVFN)
  • Best Professional Trading Account 2022, Best Bond Broker 2022, Best CFD Broker 2022 and Best Futures Broker 2002 (Good Money Guide)
  • Best Retail CFD Broker 2021 (Finance Magnates)
  • Best Retail FX platform 2021 (FX Week)

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process. Central to that process is the evaluation of the broker’s reliability, platform offering, and trading conditions offered to clients, summarised in this review. Each one of these is graded on 200+ metrics across seven areas of interest, and an overall score is calculated and assigned to the broker according to the diagram below:

TD Ameritrade Scoring

Saxo Banks’ Risk Statement

Trading Forex is risky, and each broker must detail how risky the trading of Forex CFDs is to clients. Saxo Bank would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, or any of our other products work, and whether you can afford to take the high risk of losing your money. The value of your investments can go down as well as up. Losses can exceed deposits on some margin products. Professional clients can lose more than they deposit. All trading carries risk.

Overview

Saxo Bank is a large, reputable broker with many financial instruments, two excellent trading platforms, and three low-cost trading accounts. Spreads range between 0.4 and 0.8 pips (EUR/USD) but with higher minimum deposits than other similar brokers. 

Saxo’s feature-rich trading platforms have been developed in-house but come with numerous innovative trading tools, including risk management tools and in-depth charting and drawing tools, and they allow automated trading.

Traders will also be impressed at the quality of market research at Saxo, which is available via a blog, video format, podcasts, and frequent webinars. Some drawbacks for traders considering Saxo is that live chat is only available through the platform and has a limited number of payment methods. 

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

 

Vanessa Marcos
Financial Writer

Vanessa joined the team in 2023. Born and raised in southern Portugal, she has a BA in Journalism and a Master’s in Literary Theory, both from Lisbon University. Since 2011, she has worked in social media, copywriting, content management, ghost-writing, and SEO. Vanessa loves to write, and although she is a generalist in digital marketing, she always draws on her creativity in her work. She is constantly researching new subjects and finds the analytical depth of Forex trading fascinating.

AlertAccepts Indian Clients. Average spread EUR/USD 0.8 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. SaxoTraderGo and SaxoTraderPRO trading platforms supported. Saxo Bank is regulated by the Danish FSA, the FCA, ASIC, and MAS.
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Rated #24 of 77 Recommended Brokers
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