Saxo Bank Review 2023: Feature, Pros-Cons Before Trading

The trader can also connect their Saxo accounts to a third-party platform for accessing custom tools to suit the trader’s requirements. Saxo does not charge when the trader connects to third party platforms. Saxo Bank accepts several major currencies, and there are no conversion fees if the trader’s deposit currency matches their account location. If the trader resides in the UK and they deposit their money in GBP, there are no conversion charges as well for traders. Thank you for taking the time to leave this lovely feedback of our valued colleague Gidon.

• Saxo’s account opening is fully digital, user-friendly and the broker is available in most countries.
• It is prepared by the Saxo in-house analysts known as the ‘SaxoStrats’ who provide daily insights, analysis and views across global markets, asset classes and tradable instruments.
• Personal information helps the broker offer services that are in line with the customer’s demands.
• With the platform, you can directly do mechanical indicators, pointers, and animate news.
• The comprehensive account overview, besides a portfolio summary, includes performance analysis and returns breakdown.

In addition, Saxo Bank’s trading platforms SaxoTraderGo and SaxoTraderPro provide 50+ technical indicators and built-in tools for trading signals, making trading more informative and simple. Saxo offers an informative support page that covers numerous topics including, video guides, account opening, funding and withdrawals, trading products, trading costs, and how to use its platforms. The search function more often than not does not bring up some basic info. Saxo Capital Markets offers an impressive investment selection with powerful trading platforms and excellent research tools. There is a very high degree of risk involved in trading securities.

Saxo Broker: FAQs

Saxo’s account opening is fully digital, user-friendly and the broker is available in most countries. However, the minimum deposit is high in certain countries ($500-$2,000). Gasoline stocks was at their seasonal lowest level since 2014 while distillate demand was at the weakest seasonal level since 2016, pointing to weakness in trucking and manufacturing. In a monthly survey published by the Dallas Fed, shale oil basin executives said the “uncertainty of the depth and duration of bank crisis is causing us to be nervous about capital spending plans in 2023”. In addition to access to credit, record costs from a shortage of labor and supply chain issues have led to a slowdown in production growth.

Saxo Banks offer traders over 35,000 assets in eight different categories and allows traders to operate a fully diversified portfolio. You can fully customize charts on six screens, Trade using algorithms, and access all of the asset classes offered by Saxo Bank. The platform is made for professional and novice traders and supports a one-screen interface. You should only place an order when market conditions allow you to do so. Many traders feel like they are wasting time when they’re not in an open position.

How do I open an account with Saxo Bank?

This also applies to those support who call themselves and offer unnecessary help, and managers who do not miss the opportunity to offer signals or some other nonsense. Perhaps someone likes to be coddled and someone is bribed by such attention from the broker, as if you are a “golden” client, but I think this is superfluous. He asked me to get rid of the calls, it seems like they haven’t been calling for several days.

As already mentioned, the saxo bank broker reviewr can choose either a debit or a credit card for depositing their funds or a bank account. If the trader chooses a bank account, they need to wait for 3 to 5 working days for the funds to be reflected in their account. In futures, it offers a wide selection of more than 200 futures traded on several global exchanges, which include Forex, agriculture, metals, equity indices, energy, and many more. I do most of my trading on US markets and appreciate the low trading costs and quick execution.

This investment bank and fintech company was founded in 1992 under the name Midas Fondsmæglerselskab by Lars Seier Christensen, Kim Fournais and Marc Hauschildt. In 2001 it obtained its banking license and changed its name to Saxo Bank. It became the first Danish broker to gain approval under the European Investment Directive which came in effect 1996, Saxo Bank received approval on May 2nd 1996. While Saxo Bank has a full banking license, it doesn’t carry out traditional banking business and is focused on brokerage activities as well as White Label Partnerships. In fact, over 100 financial institutions are White Label partners and service their clients through the Saxo Bank platform. It has also offered partnerships to other banks which include Standard Bank, Old Mutual Wealth, Banco Carregosa and Banco Best.

Does Saxo Bank offer stock trading?

A wide range of risk management tools and features allows the execution of trades quickly and intuitively. Saxo Markets offers an excellent option for advanced traders and professionals with well-funded accounts. A confusing array of fee schedules and hidden costs can also make it difficult to estimate bottom-line costs.

Relatively high account minimums, limited support options, and higher-than-average bottom-line trading costs make Saxo less than ideal for the smaller, lower-skilled trader. Saxo trading works just like any other online trading brokers, and it offers several trading instruments for its customers. It also offers several services and managed portfolios for them. Managed portfolios imply that an experienced team of professionals from Saxo Bank will purchase and sell assets on the customer’s behalf.

Also, the Quick Trade option allows you to set price tolerance for slippage when you need immediate fills. SaxoTraderPRO is the professional’s choice of a downloadable, fully customized, professional-grade platform for advanced traders. SaxoTraderPRO brings an intuitive, multi-screen platform to Windows and Mac, and also can still have access to mobile and tablet apps.

Web disclosures include company procedures to ensure the best executions possible, underpinned by a broad range of direct market access , aggregated, and in-house liquidity providers. Saxo’s dedication to providing clients with top-notch research is commendable. For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs.

Each https://forexhero.info/ will have upgraded features and there is a difference in lower prices and spreads for trades, customer support, Expert advice, etc. This broker allows the traders to set up several customized alerts where they can receive trade signals through their email or mobile phone. Some of them include price alerts, showing a notification when the positions are about to open and close.

Buy and hold or trade on leverage

With the latest regulations, enhanced protection is awarded to retail traders which puts them at a slight disadvantage when it comes to certain key trading instruments. Professional accounts come with more leverage, less protection and require a minimum portfolio size of €/£500,000. One year of professional experience in finance is also required as is 10 significant trades placed over the past year. The Saxo Account Classic comes with a minimum deposit of just €/£500 and will be the one where most retail traders will find their comfort zone at Saxo Bank. In order to qualify for a Saxo Account Platinum Account, a minimum deposit of €/£50,000 is required, but as a result the spreads are decreased by up to 30%.

Saxo Bank is trusted by hundreds of thousands of clients from all over the world, and has over $90 billion in client assets under its custody. Whether you are an experienced investor or you’re just getting started as a trader, Saxo Bank’s trading platform is an excellent choice. Each year, Saxo Bank ranks at the top of nearly every category in our annual review. It’s best known for its innovative SaxoTraderGO trading platform suite, which includes its mobile and web trading app, as well as its SaxoTraderPRO platform desktop software. Saxo Bank is a highly trusted, global brand that delivers just about everything that traders need.

The traders can trade, invest, and hedge through more than 35,000 trading instruments. The platform is browser-based, and as such, there is no downloading required. Saxo Bank Capital Market is a highly regulated investment platform. The traders must submit some of the identity documents that include a valid government-issued ID, that can be either a driver’s license, passport, or national identity card. They also need to prove their residency status; this requires documents like a bank statement, tax statement, utility bill that needs to be submitted to the broker for verification. In bonds, the traders can access a wide range of corporate and government bonds in more than 5000 assets from the US, Europe, Latin America, Middle East, and Asia.

• The only minor drawback I found when comparing PRO to GO is that many of the research features that load by default in GO must be added manually by using the “add module” tab.
• I found the Saxo spreads to be very competitive and like how trades are executed within fractions of a second.
• Each portfolio consists of a collection of assets, investment strategies and managers.
• Nothing there is for show, or unnecessary, like tabs, or extra steps in the process, which can be a part of other UK brokers platforms.
• The traders are also offered expert news and market analysis on their phones, and they can sync their settings over several devices.

Some of the offered instruments are forex options, stocks, futures, bonds, ETFs, Mutual funds, and several more. As per our Saxo Bank review, we can say that the minimum deposit required by this broker is 500 pounds in the UK if they are choosing a classic type. Besides, the minimum amount to deposit varies depending on the account type the trader chooses and the residing country. For example, for Middle Eastern or Central European clients, the minimum deposit is $10,000, and for Australian and Swiss clients, they need to deposit $2000. Considering the account minimum, the classic type needs a deposit of 500 pounds, and we can say that these brokers do not charge any fees for deposits and withdrawals.

Customer Support

A good trader is like a tiger, lying in wait and being ready to pounce when the right opportunity comes along. The broker rewards loyalty by giving away points to its clients every time they place an order. Points vary between asset classes and the higher the volume, the higher the number of points. Regulatory authorities keep an eye on brokers to make sure investors are safe from fraud and inconveniences.

Choosing a highly regulated broker can save you money, energy, and time. Including Crypto, FX, CFDs, Stocks, Commodities, Futures, Forex Options, Listed Options, ETFs, and Bonds. Specialized accounts and all-inclusive spreads are offered, but comparisons and disclosures are limited to the three accounts based on volume. Unfortunately, Saxos fee schedules and hidden costs can be confusing to dismantle. The research offered is comprehensive, but trader education, on the other hand, is lacking.

It also has a web, mobile and desktop platform allowing traders to make transactions at their convenience. The investment bank offers both fixed and variable and fixed spreads. The nature of the variable spreads is that they are constricted.