Saxo Bank Review: What to Consider Before Trading

Saxo Bank, a global investment bank and online trading platform, is the go to for professional traders and investors. With over 40,000 financial instruments to trade including forex, stocks and mutual funds, Saxo Bank is for those who want the best trading experience. This review covers the features, pros and cons of Saxo Bank so you can decide.

Saxo Bank Review

Saxo Bank Summary

Founded in 1992 and based in Copenhagen, Denmark, Saxo Bank is regulated by the Danish Financial Supervisory Authority and operates under the rules. Known for its platforms and market access Saxo Bank is for high volume traders and professional investors. Saxo Bank Group is a major player in the retail forex and multi-asset brokerage industry, with a large client base and regulated presence in multiple international jurisdictions.

Features

1. Platform

Saxo Bank has platforms for all trading styles:

• SaxoTraderGO: For everyone.

• SaxoTraderPRO: For algorithmic trading, technical analysis and multi-screen setups.

Saxo Bank was one of the first to bring online trading to the masses, making global markets accessible through one of the first platforms in Europe. Their platforms are known for tools, price and a large number of financial instruments to a growing customer base.

Both have:

• Global markets.

• Advanced tools.

• Mobile apps.

2. Market Access and Asset Classes

Saxo Bank has over 40,000 financial instruments across:

• Forex: Major and minor currency pairs with tight spreads.

• Stocks and ETFs: Global shares and exchange traded funds.

• Mutual Funds: Hundreds of managed portfolios.

• Cryptocurrencies: Bitcoin and Ethereum.

• CFDs: Margin trading with advanced risk management.

3. Accounts and Min Deposits

Saxo Bank has multiple accounts:

• Classic: $2,000 min deposit, price and basic features.

• Platinum: $200,000 min deposit, discounted fees.

• VIP: For high volume traders, personalized service and exclusive trade ideas.

Platinum and VIP accounts get higher interest on cash balances, exclusive rewards and lower trading costs, making them suitable for high net worth clients and active traders.

4. Security and Regulation

Saxo Bank prioritizes client security:

• Regulated by the Danish Financial Supervisory Authority and other global regulators.

• Client funds are protected by the Danish Guarantee Fund, up to €100,000.

5. Fees



6. Order Types and Technology

Saxo Bank has a range of order types to suit different trading styles and risk management. The order types are:

• Market orders: Trade at the current market price.

• Limit orders: Trade at a specific price or better.

• Stop orders: Trade when the market price reaches a specific level.

• Stop-limit orders: Combination of stop and limit orders.

• Trailing stops: Adjust the stop-loss level as the market price moves in your favour.

• One-cancels-other (OCO) orders: Allow you to set multiple orders with the condition that if one order is filled, the others are canceled.

Saxo Bank’s technology provides fast and reliable execution with:

• Algorithmic trading: Trade with your own algorithms.

• API connectivity: Connect your trading strategies to Saxo Bank’s platform via API.

• Multi-asset trading: Trade forex, stocks, options and futures from one platform.

These features make Saxo Bank a solid and flexible trading environment for all trading styles and risk management.

7. User Experience

Saxo Bank’s platforms are designed to be user friendly and simple. The platforms have:

• Customizable layouts: Personalize your trading environment.

• Real-time market data: Get live market prices and news.

• Advanced charting: Analyze market trends and patterns.

• Trade alerts: Get market movements and trading ideas.

Saxo Bank’s app lets you access your account and trade on the go with:

• Real-time market data: Get live market prices and news.

• Advanced charting: Analyze market trends and patterns.

• Trade alerts: Get market movements and trading ideas.

• Mobile specific features: Push notifications and mobile specific trading tools.

So you can stay connected and make informed decisions wherever you are.

Saxo Bank benefits

1. Market Access

Trade multiple asset classes from forex pairs to managed portfolios in one account. Saxo Bank’s SaxoTraderGo mobile app lets you manage your portfolio, trade and access various market tools with full functionality and sync with other platforms.

2. Advanced Tools

For professional traders Saxo Bank’s platforms have technical analysis, algorithmic trading etc.

3. Regulation and Trust

Saxo Bank is a trusted broker, regulated and negative balance protection.

4. VIP Support

VIP accounts get special treatment, trade ideas and lower fees.

Saxo Bank drawbacks

1. High Min Deposit

$2,000 min deposit, not for retail investors. Please note that 64% and 65% of retail investor accounts lose money when trading CFDs.

2. Custody and Inactivity Fees

• 0.12% custody fee on most assets.

• Inactivity fees will eat into small accounts.

3. Steep learning curve

The platforms are powerful but take time to learn, not for newbies.

Education

Saxo Bank has educational resources to help you improve your trading skills and knowledge. These resources include:

• Webinars: Live and recorded webinars on various trading topics, market analysis and trading strategies.

• Video tutorials: Step by step guides on how to use Saxo Bank’s platforms and tools.

• Trading guides: Trading strategies, risk management and market analysis.

• Market analysis: Saxo Bank’s analysts’ views and commentary.

• Research reports: In-depth reports on various markets and asset classes.

Saxo Bank also has:

• Technical analysis tools: Charts and indicators.

• Fundamental analysis tools: Financial statements and economic data.

• Market news: Live news and market commentary.

• Trading signals: Automated trading signals based on technical and fundamental analysis.

These educational resources and research tools are to help you improve your trading strategies, manage your risk and stay up to date with market news.

FAQs

Is Saxo Bank a trusted bank? Yes, Saxo Bank is a trusted broker, regulated by the Danish Financial Supervisory Authority and client funds are safe.

Does Saxo Bank accept US clients? No, Saxo Bank does not accept US based clients due to regulatory restrictions.

What are the drawbacks of Saxo Bank? High min deposits, custody fees and steep learning curve for the trading platforms.

Is my money safe in Saxo Bank? Yes, client funds are protected under the Danish Guarantee Fund up to €100,000.

Why do I need a trading strategy when trading with Saxo Bank? A trading strategy is crucial when trading with Saxo Bank because it helps you make informed short-term trade decisions. Saxo Bank’s experts can execute these strategies on your behalf and you can potentially make big profits or losses. There are different types of strategies available, each with its own risk and conditions under which you can benefit. Professional oversight of these strategies can be an added bonus.

Summary

Saxo Bank is a professional trading platform for high volume traders and professional investors. With global market access, advanced tools and tiered accounts it’s a full solution for those who want a pro trading experience.

But high min deposits and fees might not be for casual investors. If you’re an experienced trader looking for a secure and feature rich platform, Saxo Bank is a good option. If you’re a beginner, you might want to consider brokers with lower entry points like eToro or Interactive Brokers.

Risk warning: Trading may lose you more than your initial deposit. Ask for financial advice before trading.