Saxo Bank, one of the top retail forex and multi-asset brokerages, was founded in 1992 and serves over 790,000 clients from its regulated entities in 15 different countries, including the U.K., Denmark, and Singapore. Following the integration of BinckBank, Saxo Bank, which serves both institutional and retail clients, processed over 67 million transactions in 2021 alone and held over $92 billion in client assets as of its first half report for 2021.

Saxo Bank is a prestigious multi-asset broker with outstanding research, a first-rate trading platform, and an amazing variety of more than 60,000 tradeable instruments.

Saxo Bank offers active traders a comprehensive, rich trading experience with a vast array of tools, research, and premium features.

Trading Instruments

A multi-asset broker, Saxo Bank provides traders and investors with a wide range of more than 60,000 tradeable symbols. Saxo Bank offers spot FX, FX options, non-deliverable forwards (NDFs), Contracts for Difference (CFDs), stocks, stock options, exchange traded funds (ETFs), exchange traded notes (ETNs), futures, and 33,000 bonds in addition to nearly all asset types that can be traded electronically.

Exchange-traded securities: Saxo Bank provides ISA/SIPP accounts for share trading in addition to CFD shares. 

Trading in cryptocurrency is only possible through derivatives; trading the underlying asset is not an option. Notably, neither U.K. residents nor retail traders from any broker’s U.K. entity are permitted to trade cryptocurrency CFDs.

• Forex Trading (Spot or CFDs) Yes
• Tradeable Symbols (Total) 60000
• Forex Pairs (Total) 190
• U.S. Stock Trading (Non CFD) Yes
• Int’l Stock Trading (Non CFD) Yes
• Social Trading / Copy Trading Yes
• Cryptocurrency (Physical) No
• Cryptocurrency (CFD) Yes
  
  

Fees and Account Types

Overall, Saxo Bank offers great pricing across the board. Saxo Bank provides the lowest rates in the market for active traders and those able to keep sizable account balances.

For the Classic, Platinum, and VIP accounts, the average EUR/USD spreads in August 2020 were 0.8, 0.7, and 0.6 pips, respectively. The pricing for the Platinum and VIP accounts is among the best of all forex brokers, whereas the pricing for the Classic account is more in line with the industry standard.

Minimum deposits for Classic accounts: The standard minimum deposit for a Classic account is €2,000, though your country of residence may have different requirements.

Minimum deposits for Platinum accounts are $200,000. If you live in Australia, the minimum deposit is $300,000. Through Saxo Bank’s loyalty program, traders with Classic accounts can become Platinum by accumulating volume-related Loyalty points. For instance, you could upgrade from Classic to Platinum for a full year by trading more than $40 million in foreign exchange and earning 120,000 points in the process.

VIP account requirements: Saxo Bank won our prize for the best VIP client experience in 2023. Elite investors who deposit at least $1,000,000 or who meet the requirements to be upgraded under Saxo Bank’s Loyalty Program are eligible for the VIP account, which offers the greatest price discounts. Trading at least $167 million in forex volume is required for account tier upgrades to VIP; these upgrades are good for a full year. Additionally, the VIP account offers connections to Saxo Bank analysts and access to special events.

Saxo Bank does not charge commissions, so the spread is how it generates revenue. There is one exception; traders who transact fewer than 50,000 units (or half a standard lot) each month are subject to a $3 per side ticket fee.

The FX Global Code, an evolving interbank standard that focuses on improved disclosures and execution best practices, is something that Saxo Bank is committed to following. The FX Global Code’s goal is to advance honesty and openness in the world’s foreign exchange market.

Trading platform and mobile app

The fantastic SaxoTraderGO web-based platform experience is superbly unified across devices by Saxo Bank. One of my favorite mobile apps is Saxo Bank’s SaxoTraderGO, which competes with the top mobile forex brokers.

Overview of the apps: The SaxoTraderGO web-based platform’s experience closely resembles that of Saxo Bank’s primary mobile app offering, which is one of the platform suite’s strengths.

Trading features: The SaxoTraderGO mobile app offers almost all of the platform’s features, including the trade ticket window, watch list and screener features, and all research tabs. Similar to the web version, the platform’s economic calendar, educational videos, market news from reputable sources like Dow Jones Newswire, and pattern recognition analysis from Autochartist are all available on the mobile app. Last but not least, the options strategy finder offers 13 predefined strategies that make it simple to create related orders for a specific instrument.Overview of the platforms: Saxo Bank’s primary trading suite consists of SaxoTraderGO for the web and SaxoTraderPRO for desktop, as well as a number of external platforms like TradingView, MultiCharts, and trading connectivity via API. A number of updates were made to Saxo Bank’s proprietary platform suite in 2021, including the integration of webinars, the addition of cryptocurrency trading, and a new Hot Topics tab.

Market research

The desire to see its customers succeed financially seems to be Saxo Bank’s only goal. That’s how I feel when I read the cutting-edge research produced by Saxo Bank’s internal team, browse the voluminous trading ideas offered on the company’s website and other platforms, or interact with the material made available by the company’s numerous premier third-party vendors.

Overview of the research: Saxo Bank provides a wide range of research across its websites and platforms, in a number of different formats (video, articles, podcasts, and headlines). In addition to third-party content like the news headlines that are streamed from sources like Dow Jones, NewsEdge, and RanSquawk, it also offers internal content like the daily updates published by its own analysts in Saxo Bank’s Market Analysis section.

Market news and analysis: The Saxo Bank platforms, SaxoTraderGO and SaxoTraderPRO, do a fantastic job of centralizing its research. Autochartist, which is seamlessly integrated into the software, provides trading signals and analysis from outside sources. Because its research articles are arranged according to asset class or geopolitical themes, I had no trouble finding pertinent information. You can see related news and trading suggestions, for instance, when viewing the EUR/USD pair. I had to be choosy in order to find shortcomings in Saxo Bank’s product. An integrated economic calendar, for instance, exists but is not interactive.

Education Saxo Bank

Saxo Bank offers a wide range of high-quality educational resources in written and video format. Although Saxo Bank’s selection of educational resources is greater than the industry average, it lags behind leaders in its respective categories.
Learning center: Saxo Bank’s internal Saxo Strategy (Saxo Strats) team produces market analysis articles under its Insights section, which can be searched by analyst or asset class. These articles include market movers and client sentiment data that are updated several times daily. Additionally, there are 20 beginner-friend

Conclusion on Saxo Bank

Saxo Bank is a well-known, international brand that offers almost everything traders require. Customers enjoy a seamless customer experience that is rich in cutting-edge tools and reliable market research.

Additionally, Saxo Bank does a fantastic job of integrating its desktop, web, and mobile platforms. In eight categories, Saxo Bank won Best in Class honors in 2023, taking first place in Platform & Tools and Mobile Trading Apps.

Saxo Bank offers the full package for discerning traders if you can afford the minimum deposit, which was lowered from $10,000 to just €2,000 in 2021.