Saxo Bank Review 2022

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A regulated bank, Saxobank offer Equities and Forex trading on 40,000+ markets via the SaxoTrader Pro and SaxoTrader Go platforms

InstrumentsForex, CFDs, indices, shares, commodities, cryptocurrencies, futures, options, bonds, ETFs
Demo AccountYes
Min. Deposit$10000
Payment Methods
Min. TradeVary by asset
Regulated ByDFSA, MAS, FCA, SFC
MetaTrader 4No
MetaTrader 5No
Trading CentralNo
STP AccountNo
ECN AccountYes
DMA AccountNo
MAM AccountNo
PAMM AccountNo
LAMM AccountNo
Demat AccountNo
Mobile AppsSaxoTraderGo (iOS, Android, Windows)
Margin TradingNo
Volatility IndexYes
Spot TradingYes
Perpetual SwapsNo
AI / Machine LearningNo
Robo AdvisorNo
P2P TradingNo
Negative Balance ProtectionNo
VPS HostingNo
Demo CompetitionsNo
Managed AccountsNo
Market MakerNo
Social TradingNo
Copy TradingNo
Trade SignalsYes
Islamic AccountYes
Account Currencies
  • USD
  • EUR
  • GBP
  • CAD
  • AUD
  • JPY
  • SEK
  • DKK
  • CHF
Stock Exchanges
  • London Stock Exchange
  • New York Stock Exchange
  • S&P 500
  • Shenzhen Stock Exchange
  • Gold
  • Silver
CFD TradingYes
CFD FTSE Spread1.2 pts (Variable)
CFD GBPUSD Spread0.7 (var)
CFD Oil Spread0.03
CFD Stocks Spread0.10% (subject to min commission)
CFD Leverage1:30
Forex TradingYes
Forex GBPUSD Spread0.7 (varies by region)
Forex EURUSD Spread0.2 (varies by region)
Forex EURGBP Spread0.6 (varies by region)
Forex Assets40+
Risk Warning – Your capital is at risk

Since the inception of the internet, a number of banking services, as well as activities, can be transacted or accessed on an online platform. This also applies to the numerous forms of trading as well as investment. Saxo Bank is one such institution that made this move by offering online services to customers. Clients of this Danish-based bank can access Saxo Bank trading on their Internet-connected devices among other investment services offered.

Company Details

Saxo Bank was established in the year 1992 as a privately owned company. The headquarters of the bank is in Copenhagen, Denmark and it has managed to set itself apart to become one of the leading retail brokerage innovators in Europe.

The safety of trading at the bank is assured by the 10+ financial regulators including the UK FCA. The bank among the leading retail brokerage innovators in Europe as well as on the globe.

Trading Platform

The trading platform offers users a variety of instruments and asset classes that span across global financial markets.

The SaxoTrader suite runs on a myriad of devices and operating systems including Windows on desktops. The mobile suite runs on iOS, Android, and Blackberry among others and is referred to as SaxoTrader GO.

Saxo bank features a very unique and highly engaging web trading platform for accessing its asset classes. It entails a one-step login process upon loading the program.

However, for the Platinum and VIP accounts, there is an IP address link for login that is more secure. Though it might appear complex, it features an easy-to-follow menu that makes navigation through it convenient.

Assets / Markets

The well-designed Saxo Bank trading platform features a diverse product portfolio of markets that are available to trade.


In the forex domain, there are more than 100 major and minor currency pairs that can be traded. Crypto derivatives on Bitcoin, Litecoin and Ethereum are also offered against fiat currencies such as USD, EUR and JPY.

Featuring over 5,000 bonds with 3,400 developed-market and 1,600 emerging marketing bonds, the Saxo Bank bond trading platform provides users with an interesting asset class to trade in. In addition, users can gain access to government bonds in over 40 countries.

Corporate bonds, though available, are limited to 7 countries.

Saxobank trader Pro Professional account

Spreads & Commission

The trading fees are quite high. For example, the US stock trading of $15 is the highest among the more renowned brokers. The trading fees of forex, equity and CFD are average. The future, bond and option fees are quite high when trading in lower volumes.

Saxo Bank commissions are predominantly volume based. For instance, forex fees are usually based on a volume plan where the more you trade, the less commission you pay. The standard commission is 0.005% but this is only applicable to the first $50 million trading in a month.


Forex is normally traded on margins, with each brokerage firm having its own leverage. Specifically, Saxo Bank leverage terms are based on a tiered margin methodology.

This entails a management mechanism against political and economic scenarios that may make the market volatile, leading to sudden changes. Saxo Bank has a maximum leverage of 1:30 which is in line with other regulated brokers in the European Union.

Mobile Apps

The Saxo bank mobile app is remarkable since it has the same outlay and design workability as its web-based platform. Despite the absence of basic data and Saxo Select, it is still highly usable. The Saxo Trader app can be downloaded from Google Play for Android systems and from the iOS store for Apple devices.

Saxo bank trading platform ticket

Payment Methods

Bank transfers take between 1 to 5 business days. The majority of European clients are required to transfer to a Saxo Danish account which necessitates an international bank transfer. Via the credit/debit card method, money is credited to the traders’ account instantly.

However, this is subject to a charge of 0.5-2.5% by your card operator. Stock transfers take place through the transfer of a stock portfolio. This might take a little longer since it must be processed by your current portfolio holder.

Saxo Bank withdrawal can be done to your bank account or a broker account. The account needs to be in your name. Withdrawal is free of charge.

Minimum Deposits

Minimum deposits vary based on currency:

Demo Account

An instant demo account offers traders the chance to view the platform and check functionality. A full demo account is then also offered alongside a real account, and this enables strategy testing and refinement.

Offers And Promotions

Research materials are accessible from both the web and desktop trading platforms. Saxo additionally runs a separate page known as where traders can get more information on market statistics. The content available includes equity research, news, opinions from Saxo’s strategists, trade signals, and macro events calendar.


While there is no active bonus a present, the presence of competitive spreads on the various asset classes makes this almost negligible. This is significant to forex trading since it is commission based.

Moreover, an overview of the trade-related costs for any trade portrays Saxo Bank as midrange among other brokers. Bonus features are usually not available in market trading since such enticements cause over trading and are frowned on by regulators.

Regulation And Licensing

Saxo Bank is regulated globally by more than 10 financial regulators and is a highly reputable brokerage company in Europe:

Additional Features

Investors willing to expand their knowledge on trading markets can be readily assisted by the education section of the platform. It features online webinars where traders can be taken through asset classes by trading experts.

Alternatively, one can become a “learner” at the Saxo Academy and choose from the infinite online tutorials available.

Account Types

Saxo has four main types of accounts namely Classic, Premium, Platinum, and VIP. The accounts differ on the amount of funding.

The Classic account requires the standard minimum deposit which varies by country, Premium accounts need a minimum of $100,000, Platinum accounts a minimum of $500,000 and the VIP account a minimum of $1,000.000.

With a Premium account, traders gain access to free extended news and research material. For the Platinum and VIP accounts, investors have advanced customer service, logins that are IP address linked, thus more secure and tighter spreads.

Saxo bank charting


Saxo Bank has established itself as a leading brokerage innovator. Some of the features include exemplary research services comprising a dedicated research team that continuously provides new trading ideas.

A well-detailed platform that enables traders to execute their ideas. A diverse product portfolio that facilitates heavy traders. Additionally, a customer service that is present in multiple languages.


Saxo has some limitations which might be a hindrance to effective trading. For funding requirements, a minimum of $2,000 is needed which might end up being a burden to investors. Small traders’ returns can be impacted upon by the high trading fees. The broker’s financing fees are among the highest in the market.

Saxo Bank Trading Hours

The platform is open for trading 24 hours a day albeit 6 days a week. Various currency pairs have specific trading hours. For instance, the RON, ILS, SAR & AED and RUB currencies trading hours are 08:15 – 17:00 CET, 07:00 – 17:00 CET, 07:00 – 15:00 CET and 07:00 GMT – 19:00 GMT respectively.

Contact Details Or Customer Support

Safety And Security

Saxo’s web-based platform features high-security components since traders’ vital documents are required when opening an account. They include a copy of an ID, passport or driver’s license. The login steps to some account types are enhanced to protect user data. A case in point is the Platinum and VIP accounts which have an IP address link for secure login.

Saxo Bank Overall Verdict

This review is aimed at giving a detailed description of Saxo Bank as a brokerage company. The bank provides complex and conducive services through its trading platform. The research and customer service team are always available to offer any assistance to traders.

Moreover, its diverse product portfolio comprising of asset classes and international markets assures heavy traders of an enticing trading arena. Despite requiring high minimum trading fees, it is a good brokerage company in terms of service delivery and it stands atop the global scene.

Accepted Countries

Saxo Bank accepts traders from Australia, Thailand, Canada, United Kingdom, Singapore, Hong Kong, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use Saxo Bank from United States, India, South Africa, Nigeria, Brazil, Pakistan, Spain, Portugal, Mexico, Kenya.

Compare Saxo Bank

Compare Saxo Bank with similar brokers that accept traders from your location. Among available brokers these are the most similar to Saxo Bank:

  1. IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
  2. eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
  3. InstaForex – InstaForex is a CFD broker providing access to forex, stocks, cryptocurrencies, commodities, and energy, as well as stock indices. With competitive fees and a huge range of available assets, the brand offers safe and reliable trading.
  4. – boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.

Saxo Bank Comparison Table

Compare Saxo Bank With Similar Brokers
Saxo Bank IG Group eToro InstaForex
Rating 4.4 4.7 4.5
Markets Forex, Stocks, Commodities Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto
Demo Account Yes Yes Yes Yes Yes
Minimum Deposit $10000 £250 $10 €200 to €50,000 (depending on account type) $100
Minimum Trade Vary by asset 0.1 lots $10 0.01 Lots $1
Bonus No
Education No Yes Yes No Yes
Platforms MT4 MT4, MT5 MT4
Leverage 1:30 1:30 1:30 EU 1:30 for retail clients, 1:500 for professional 1:200
Payment Methods 5 6 14 10 8
Detailed Comparison Saxo Bank vs IG Group Saxo Bank vs eToro Saxo Bank vs InstaForex Saxo Bank vs
Review Saxo Bank
IG Group

Compare Trading Instruments

Compare Saxo Bank Trading Instruments
Saxo Bank IG Group eToro InstaForex
CFD Yes Yes Yes Yes Yes
Forex Yes Yes Yes Yes Yes
Stocks Yes Yes Yes Yes Yes
Commodities Yes Yes Yes Yes Yes
Oil No Yes Yes Yes Yes
Gold Yes Yes Yes Yes Yes
Copper No Yes Yes No No
Silver Yes Yes Yes Yes Yes
Corn No No Yes No No
Crypto No Yes Yes Yes Yes
Futures No Yes No No Yes
Options No Yes No No Yes
ETFs Yes Yes Yes Yes No
Bonds Yes Yes No No No
Warrants No No No No No
Spreadbetting No Yes No No No
Volatility Index Yes Yes Yes No No

Saxo Bank vs Other Brokers

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A regulated bank, Saxobank offer Equities and Forex trading on 40,000+ markets via the SaxoTrader Pro and SaxoTrader Go platforms

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