Saxo Bank Review 2023

/ 5
Saxo Bank is #107 in our CFD broker rankings.

Saxo is best for active traders and advanced investors with an unrivalled selection of instruments alongside premium market research and fee rebates. The 190 currency pairs with tight spreads also make Saxo great for forex traders.

- DayTrading Review Team
66% of retail accounts lose money.

Saxo is a multi-award-winning trading brokerage, investment firm and regulated bank. With a huge 72,000+ trading instruments, plus investment products and managed portfolios, clients have no shortage of opportunities. The trusted brand also offers transparent pricing and top-tier regulatory protection from 10+ agencies including FINMA, FCA & ASIC.


Demo Account

Trade Signals

Islamic Account
CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Futures, Options, Warrants, Crypto
Wire Transfer, Credit Card, Visa, Mastercard, JCB Card
and 1 more

Forex Trading

With around 190 forex pairs and spot metals, 140 forwards, top-tier liquidity, fast execution and spreads from near zero, Saxo Bank offers exceptional flexibility and value to forex traders. Advanced charting from TradingView is another plus for active forex traders.

Stock Trading

Traders can access 23,500+ stocks from 50+ global markets including London, New York and Hong Kong. Commissions are competitive at $3 per US stock for VIP account holders and orders are executed with Smart Order Routing technology. Our team also rate the comprehensive market insights.

CFD Trading

Saxo Bank offers a secure and reliable way to trade 8,800+ CFDs spanning forex, stocks, indices, commodities, options and bonds. The broker's extra features include a trading academy, powerful charting and analytical tools and trading signals, helping it stand out from many alternatives.

Crypto Trading

Saxo Bank offers BTC, ETH and LTC in CFD pairs against USD, EUR and JPY for shorter-term trades, as well as 12 funds tracking popular cryptocurrency price movements for longer-term trades.

✓ Pros

  • Powerful proprietary trading platforms with comprehensive charting packages and advanced analysis tools
  • High-level research hub with curated market reports, plus unique insights with 'Outrageous Predictions'
  • Excellent educational resources including podcasts, webinars and expert-led video insights
  • Access to comprehensive third-party analysis tools including TradingView and Updata
  • Highly accessible and flexible ISA account with no entry or exit fees
  • Heavily regulated and trustworthy brand based in Switzerland
  • Low fees with premium account tiers

✗ Cons

  • High deposit requirements for trading accounts
  • Access to Level 2 pricing requires a subscription
  • Clients from some jurisdictions not accepted including the US and Belgium

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 is 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.


Note, the availability of instruments varies between countries.

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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 Deposit

The minimum deposit varies depending on your location and 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 & Customer Support

Safety & 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 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.

Payment Methods

Saxo Bank Details

Minimum Trade Variable
Regulated By FCA, DFSA, MAS, SFC
Account Types
  • ECN
Islamic Account Yes
Mobile Apps SaxoTraderGo (iOS, Android, Windows)
Margin Trading Yes
Volatility Index Yes
Spot Trading Yes
Perpetual Swaps No
ELWs Yes
AI / Machine Learning No
Robo Advisor No
P2P Trading No
Negative Balance Protection No
VPS Hosting No
Tournaments No
Demo Competitions No
Managed Accounts No
Market Maker No
Auto Trading Excel Automation via OpenAPI
Social Trading No
Trade Signals Yes
Guaranteed Stop Loss No
Stock Exchanges
  • London Stock Exchange
  • New York Stock Exchange
  • S&P 500
  • Shenzhen Stock Exchange
  • Toronto Stock Exchange
  • Copper
  • Corn
  • Gold
  • Natural Gas
  • Oil
  • Silver

CFD Trading Details

FTSE Spread 1.2 pts (Variable)
GBPUSD Spread 0.7 (var)
Oil Spread 0.03
Stocks Spread 0.10% (subject to min commission)
Leverage 1:30 (Retail), 1:66 (Pro)

Forex Trading Details

GBPUSD Spread 0.7 (varies by region)
EURUSD Spread 0.2 (varies by region)
EURGBP Spread 0.6 (varies by region)
Assets 40+

Cryptocurrency Trading Details

Crypto Spread Variable
Crypto Lending No
Crypto Staking No
Crypto Mining No
Crypto Auto Market Maker No
Crypto Coins
  • ADA
  • BTC
  • DOT
  • ETH
  • LTC
  • SOL
  • XRP
  • XTZ

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 is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
    Go to IG Group
  2. Just2Trade – Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.
    Go to Just2Trade
  3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
    Go to World Forex

Saxo Bank Comparison Table

Compare Saxo Bank With Similar Brokers
Saxo Bank IG Group Just2Trade World Forex
Rating 4 4.4 3.5 4
Markets CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Futures, Options, Warrants, Crypto CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, ADRs, ETFs, Futures, Options, Commodities, Bonds Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts
Demo Account Yes Yes Yes Yes
Minimum Deposit $0 $100 $1
Minimum Trade Variable 0.01 Lots 0.01 Lots 0.01 Lots
Bonus Up to $2,000 for professional accounts 100% Deposit Bonus
Education No Yes No No
Platforms TradingView MT4, AutoChartist, TradingCentral MT4, MT5, TradingCentral MT4, MT5
Leverage 1:30 (Retail), 1:66 (Pro) 1:30 (Retail), 1:250 (Pro) 1:20 1:1000
Payment Methods 6 6 20 10
Visit Visit Visit Visit
Review Saxo Bank
IG Group
World Forex

Compare Trading Instruments

Compare the markets and instruments offered by Saxo Bank and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare Saxo Bank Trading Instruments
Saxo Bank IG Group Just2Trade World Forex
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes Yes Yes
Gold Yes Yes Yes Yes
Copper Yes Yes No No
Silver Yes Yes Yes Yes
Corn Yes No No No
Crypto Yes Yes Yes Yes
Futures Yes Yes Yes No
Options Yes Yes Yes No
ETFs Yes Yes Yes No
Bonds Yes Yes Yes No
Warrants Yes Yes No No
Spreadbetting No Yes No No
Volatility Index Yes Yes No No

Saxo Bank vs Other Brokers

Compare Saxo Bank with any other broker by selecting the other broker below.

Saxo Bank vs
Saxo is a multi-award-winning trading brokerage, investment firm and regulated bank. With a huge 72,000+ trading instruments, plus investment products and managed portfolios, clients have no shortage of opportunities. The trusted brand also offers transparent pricing and top-tier regulatory protection from 10+ agencies including FINMA, FCA & ASIC.
66% of retail accounts lose money.