Saxo Bank is one of the major trade destinations for expert and advanced traders. That’s why we have decided to review SAXO Bank’s products, services, pricing structure, and regulatory status. It will help you decide whether the forex broker is suitable for you.
Saxo Bank is a forex broker platform well regulated by 15 financial institutions, globally including six tier 1 (Highly trustable) institutions. It got a regulatory licence from the Swiss Financial Market Supervisory Authority (FINMA), the Australian Securities & Investment Commission (ASIC), Securities Futures Commission (SFC), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Financial Conduct Authority (FCA), etc.
- Minimum Deposit: 2000$
- Trust Score: 97
- Tradeable Symbols (Total): 60,000
SAXO Bank offers different financial assets, including forex, cryptocurrencies, commodities, bonds, metal, stock indices, futures, options, CFD products, etc. It provides desktop and mobile trading options; the platform also has a user-friendly app named SaxoTraderGo.
There are various account types for all sorts of traders, including classic, platinum and VIP accounts. Each account type has different features and fee structure. The account opening procedure with SAXO Bank is hassle-free and quick. You can open your account within one day and get access to more than 60,000 tradeable instruments.
SAXO BANK REVIEW
When choosing a forex broker, the major concern of a trader is whether his fund is safe with a broker or not. And as far as safety issue is concerned, SAXO Bank stands out in this area. As the broker is highly regulated, that too with the most trusted financial authorities. So, there are no chances of scams or fraudulent activities on this platform.
Regarding the pricing structure, SAXO Bank does not charge any commission and earned through spreads. While to open an account with SAXO bank minimum 2000 Dollars balance is required, and for opening platinum and VIP accounts minimum balance of $200,000 and $1,000,000 is required. Some brokers open an account with zero balance. However, SAXO BANK’s minimum account balance requirement is very high. That’s why the platform is not suitable for beginners or traders with a lack of funds. However, for advanced and rich traders, it is a single destination.
You may feel that it is quite an expensive broker, but its services are worth it. You can get access to customizable premium tools, services and apps, including, SaxoTraderPro, Connectivity and APIs, Saxo Rewards, SaxoStrats, etc. Also, it provides different tools for technical and fundamental analysis.
OUR ASSESSMENT OF SAXO BANK
According to our assessment, SAXO Bank is a good broker platform for advanced traders. It has customers in more than 120 countries and over 8 lakh clients worldwide. With a seamless trading experience, you can get access to educational and training resources, market news and analysis, economic calendars, quality signals, research reports, and other premium services on the platform. However, the services to small account holders are very limited compared to the premium and VIP ones.
The platform does not charge any withdrawal fees. However, it charges inactivity, custody, and other additional fees from its clients. It offers services globally; however, it does not accept US Clients. It claims to offer 24/5 customer support, but the quality is not up to the market standards. While as far as the quality of its trading services and system is concerned, the forex broker is worth your money. It also offers decent leverage up to 1:200, which can be an added advantage for big traders.
SAXO Bank provides copy trading services so that beginners can follow the trade ideas and recommendations from experienced traders. Also, the pricing structure and minimum account balance limit are high on the platform. So you can find traders who are profitable, and advanced, which means the quality of trade ideas on this platform is quite good.
Summary
As per our SAXO Bank review, it is an overall good broker to go for if you have good capital. It also has won many prestigious Forex Brokers awards for providing quality services to its clients for years. Based on our analysis, we will give SAXO Bank a trust score of 97 out of 100 and a 4.8 rating on a scale of 1 to 5.
You can get all you need on this forex broker platform, including videos, blogs, articles, news, analysis, algorithm and other advanced trading tool. The platform also provides the facility of a demo account. So you can first try and test the services, and if it suits your need, then only subscribe to the platform.
Pros
- SAXO Bank follows all the regulatory guidelines, and all platform activities are conducted under financial institutions. So as far as safety is concerned, the platform stands out from the crowd. Also, the platform has a good previous performance track record and customer reviews which is proof of its credibility.
- SAXO Bank offers segregated clients account and guaranteed stop-loss market order to protect their clients. So traders do not lose more money than their account balance. However, the guaranteed stop-loss order is not available for losses in extremely volatile market conditions.
- SAXO Bank uses third-party plugins to provide its clients with distinct trading services on the platform. So you can get everything on the same platform and don’t have to subscribe to another platform for any additional service.
Cons
- You can find blogs, webinars, videos, quizzes and other educational resources on the platform. However, the quality of content is not as per the market standards. Also, the platform charges a comparatively high amount, but the quality of the platform is not up to the mark.
- The biggest drawback of SAXO Bank is it does not support Meta Trader 4. MT4 is a popular and widely used trading platform. So MT4 users may not go for this broker. Also, the platform provides withdrawal and deposit facilities from debit and credit cards but not from electronic wallets like Paypal and Skills.