Last update: 22 July 2020
6 min read
Non-recommended broker
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Saxo Bank review

22 July 2020

This broker was not featured in our 2023 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.

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Saxo Bank initiated its Forex brokerage operations back in 1992 under a different brand name but has gone on to become one of the leading global brokerage houses with a substantial presence in Europe, the Middle East, and Asia-Pacific. Saxo Bank has its group offices in all prominent financial locations throughout the world, namely London, Paris, Zurich, Dubai, Sydney, Tokyo, and Singapore. Saxo Bank is primarily headquartered in Copenhagen, Denmark, and is regulated by the Danish Financial Supervisory Authority (FSA) as full-fledged Danish Bank. Saxo Bank has the distinction of being the first Forex broker in Denmark to be regulated by the Danish FSA under the new European MiFID derivatives and the guidelines prescribed by the ECB. Saxo Bank is also regulated by the ASIC of Australia, the FCA of the UK, the Banque de France, the FSC of Hong Kong, and the DFSA of Dubai, to provide one of the most reliable regulatory protections in the entire Forex trading community. The European Markets in Financial Instruments Derivatives is considered as one of the top regulatory derivatives that are designed according to the modern requirements of the financial markets, which does offer the best protection to investors and traders against financial malpractices and investor abuse. Europe witnesses the lowest instance of broker scams and financial irregularities, and are considered to be at par with other leading regulators from the US, Australia, Asia, and the Middle East.









Forex, Precious Metals, Equity Indices, Energies

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What Is The Type Of Market Access Offered To Saxo Bank Clients?

Saxo Bank is an ECN/Direct Market Access broker that connects traders to the largest liquidity providers and a global liquidity pool, where all orders are transmitted through secure ECN channels for the best trading experience. Direct market access trading is perhaps one of the most important aspects of trading, which allow traders to avoid any conflict of interest between their brokers. Direct market access not only helps in preventing any broker-related issues, but it also enables traders to get the best pricing, tight spreads, and instant order executions that are devoid of any interference from dealing desks. One of the key aspects of opening a Saxo Bank account is the access to the sheer number of financial products across a broad spectrum of capital markets. Saxo Bank works with global partners, liquidity providers, and stock exchanges to offer access to 36 different financial markets across the globe. Therefore, traders get to choose from 182 FX currency pairs, 19,000 stocks, 3,100 ETFs, 200 futures, 75 contract options, 9,000 CFDs, 29 indices, and 7000 bonds, which represent one of the largest collection of financial assets provided by a single service provider. It is difficult for any competing broker to match the number of financial products offered by Saxo Bank, which does present an opportunity for traders to indulge in a wide range of investment options according to their preferences. Traders can expect to enjoy competitive Saxo Bank spreads that are quoted at 0.2 to 2 pips across the range of currency pairs. On the flipside, ECN accounts do come with a commission per trade, which are charged according to the account balance and the volume of transactions performed by the trader on a monthly basis. Standard commission for trading includes $60 per million traded for accounts that transact less than $600 per month, which might be considered to be expensive than other ECN brokers that offer anywhere between $30 and $40 per million traded without any restrictions on the volumes trade. However, transacting a minimum of $600 per month will lower the commission to $30 per million traded, which is highly competitive. Larger traders that transact a minimum of $2000 per month and above can reduce their commission to $20 per million traded.

Are There Any Minimum Deposit Requirements For A Saxo Bank Account?

saxobankYes, Saxo Bank requires a minimum deposit of $5,000 and a maximum Saxo Bank leverage of 1:100 for Forex and a maximum of 1:20 for other products such as stocks and indices. Although Saxo Bank is an excellent company to trade with, the minimum deposit requirements are relatively high for retail traders, with other competing brokers offering a minimalist ECN account for as low as $5. Nevertheless, with a $5,000 deposit, you get to choose one of the top brokerage accounts in the market, thereby helping you to diversify your investment portfolio. Saxo Bank is a relatively large Forex broker with numerous resources at its disposal, which made us wonder why the company does not offer any other payment options other than bank wire or debit/credit card payments. Other leading Forex brokers that operate as banks do accept online payment processors and e-wallets, which make it easy for clients to make deposits and withdrawals without any major hassles. Since the broker does not accept any other payment options, it is certainly a huge drawback for traders that wish to make fast, secure, and convenient payments through their e-wallet accounts.

Saxo Bank’s Proprietary Trading Platforms

saxobank productsSaxo Bank has utilized its resources and a significant operating capital to develop their own proprietary trading platform that offers direct market access trading through their own security protocols. There are two different Saxo Bank platform options, the SaxoTrader installable platform, and the SaxoTraderGo browser-based interface. The SaxoTrader is advertised as the preferred option for professional traders that wish to have all the features and functionalities of a dedicated trading terminal, which does provide more control over their trading strategies without cutting any corners. The SaxoTrader is only available as a standalone desktop terminal, while mobile traders should opt for Saxo Bank mobile apps that are available for iOS and Android devices. Mobile traders can also access their accounts through their phone’s browser, which does have a few limitations when compared to the conventional desktop trading platform. The broker also offers a limited Saxo Bank demo account that is valid only for a month’s worth of trading, which can help in learning more about the broker’s trading platforms and its product offerings. New traders must utilize this feature in order to get familiar with the platform before investing real money in the markets. Although traders do get access to a demo account, the limited period of access is certainly a downside to amateur traders, who will need unlimited access to a demo trading account for honing their trading skills. If you are not satisfied with Saxo Bank for any reason, or if you feel that the broker has higher restrictions on opening and managing a Forex trading account, you can always browse through our list of recommended Forex brokers for better alternatives. All brokers that we endorse do have the best regulatory status and offer the most economical Forex trading accounts for all types of traders. Read through our recommended broker reviews today!
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