In this Saxo Bank review, we will look into everything the bank has to offer in greater depth. Read the blog attentively to learn about its features and benefits.
The brokerage company SaxoBank started out in 1992 as Midas. The Danish Financial Supervisory Authority (FSA) licensed the broker in 2001. After that, the company’s name changed to SaxoBank. Today, the broker gives clients from 170 countries online access to various financial markets. FX Week’s e-FX Awards and ADVFN International Financial Awards named the SaxoTraderGO terminal the best platform for active trading in 2017.
It is an online brokerage that gives its customers access to more than 35,000 different types of financial products. The broker has been in business since 1992. Before that, it was a Danish investment bank. Over the years, it has grown into a full-service online broker with many options for trading CFDs and FX.
The company’s many years in the business have given it a good name and customers all over the world. Several large international organizations are in charge of keeping an eye on it. Two examples are the Financial Conduct Authority (FCA) in the UK and the Danish Financial Services Authority (FSA).
Everyone in the world can use Saxo Bank, but not everyone can open an account. Today, there are basically four different types of bank accounts.
With a minimum deposit of 2,000 EUR and spreads starting at 1.2 pips, the Classic account is the broker’s most popular offering. We recommend no more than a 1:30 leverage.
features a spread as low as 0.8 pips for skilled traders. When the account is refunded a sum of $200,000 or more, this feature becomes available. The customer’s language is given first priority while providing assistance.
is a VIP account that requires a minimum deposit of $1,000,000 and offers spreads beginning at 0.7 pips. In-country access to a dedicated account manager and SaxoStrats specialists; invites to private business events.
is a trading profile for those who have been active in the market for at least a year. Opening one of these accounts requires a deposit of 500,000 Euros and 10 high-dollar-amount transactions in the preceding four quarters. Significant transactions are those over 100,000 EUR (for Forex), 50,000 EUR (for indices), or 10,000 EUR (for commodities) (for CFDs on individual stocks). For foreign exchange instruments, the maximum leverage allowed is 1:66, and the minimum spread is 0.7 pips.
Fees and Withdrawal Options
A SaxoBank broker will only make withdrawals to refilled bank cards. Refunds will be sent to the original cardholders for any payments made with unverified or unauthorized cards.
Electronic wallet integration is not offered. Withdrawals can be made to a bank account or a debit or credit card.
Crediting funds to the card might take anywhere from one business day to ten, depending on the issuing bank.
Both Euros and US Dollars can be withdrawn and reloaded without incurring any fees. When withdrawing in a currency other than EUR or USD, the exchange rate displayed on the site will be used to calculate the amount to be withdrawn.
All of the terms and conditions that have been listed apply to new clients. After three months of business, each of the conditions will be looked at on its own. There is a demo account.
SaxoBank is a global broker that mostly works with institutional investors who have at least $2,000 in their accounts as capital reserves.
How to Pay for Things
The minimum deposit that Saxo Bank requires depends on the type of account, but it is always free. Most of the time, a classic account requires its customers to put at least £500 into it. When making a deposit, you can choose from nineteen different currencies. You can put money into your Saxo Bank account with a bank transfer, a credit card, or a debit card.
If you use a credit card, you’ll have access to your money almost right away, but a bank transfer could take up to three business days. The only way to withdraw money is through a bank transfer, which takes a day or two. At the moment, Saxo Bank does not work with any electronic wallets.
Advantages of trading with Saxo Bank:
- Preferential trading conditions for experienced professionals with a minimum of one year’s service.
- Trade over 40 thousand different instruments;
- Expert management of long-term investment portfolios that are ready for usage.
Disadvantages of trading with Saxo Bank:
- Only proprietary platforms are supported for trading; MT4 and MT5 terminals are not available.
- trading algorithms are prohibited for foreign investors.
- You are unable to speak with someone using the website’s live chat feature.
Unique Features of Saxo Bank
Saxo Bank offers a Top trading app for both Android and iOS. The same easy-to-use experience as on the desktop. Several traits overlap. Most languages offer the same order types, search functions, and notifications.
Authentication is done with biometric security. You can use the Saxo Bank mobile app to make trades quickly when you don’t need to do any research.
On the Saxo Bank website, you can use the menus to find what you need. If you can’t find the answer, you can get help from Saxo Bank. Call them up. Once you’re talking to a support person, your problem will be fixed quickly.
For more comprehensive queries, email them. In most cases, it takes 24 hours to get a reply. There is a chatbot for answering simple questions, but there is no live help. With 16 offices around the world, the phone lines are open Monday through Friday from 9 a.m. to 5:30 p.m.
Safety and fairness
Saxo Bank has been around for a long time and has a strong client base. Saxo Bank is a broker that works all over the world. The FCA in the UK and the FSA in Denmark keep an eye on it. This gives people who use the platform peace of mind.
Keep client funds separate from business funds. If Saxo Bank or its creditors have trouble getting cash, they can’t touch client money at tier-one banks. Different places have different client protections. FCA will pay up to £85,000 back to consumers in the UK.
There are a few extra security features at Saxo Bank, but there is no two-factor authentication. Its mobile app can be used with biometric authentication. All data sent and stored by Saxo Bank is encrypted.