Summary

Recommended for investors and traders looking for a great trading platform and solid research

Saxo Bank, a Danish investment bank founded in 1992, provides online trading and investment services. The company is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA). 

Saxo Bank is a global service provider and its subsidiaries are present in the form of separate legal entities in different regions of the world. The services offered by the various entities may differ slightly, especially with respect to fees and product portfolios. In this review, we tested Saxo Bank UK.

Saxo Bank is considered safe because it has a long track record, a banking background and is regulated by top-tier financial authorities.

Best forex broker Best trading platform in web, mobile, and desktop

We selected Saxo Bank as Best forex broker and Best trading platform in web, mobile, and desktop for 2021, based on an in-depth analysis of 70+ online brokers that included testing their live accounts. Check out the complete list of winners.

Overall Rating
4.8
Fees
3.3
Account opening
2.5
Deposit and withdrawal
4.8
Trading platform
5.0
Markets and products
5.0
Research
5.0
Customer service
4.0
Education
4.5

Saxo Bank pros and cons

The Saxo trading experience is driven by an excellent and well-designed trading platform. The research service is also superb, with Saxo's proprietary research team constantly feeding trade ideas. Saxo has a wide-ranging product portfolio, meeting the needs of even heavy traders.

On the negative side, Saxo's bond, options and futures trading fees are high. The minimum deposit is relatively high, ranging between $600-2,000, depending on your residency. There is no live chat customer support or 24/7 availability.

Pros Cons
Great trading platform High bond, options and futures fees
Outstanding research High minimum deposit
Broad product portfolio Lacks live chat and 24/7 availability
Saxo Bank main features and highlights
🗺️ Country of regulation Denmark, UK, France, Switzerland, Singapore, Japan, South Africa, Australia
💰 Trading fees class Average
💰 Inactivity fee charged Yes
💰 Withdrawal fee amount $0
💰 Minimum deposit $10,000
🕖 Time to open an account >3 days
💳 Deposit with bank card Available
👛 Depositing with electronic wallet Not available
💱 Number of base currencies supported 26
🎮 Demo account provided Yes
🛍️ Products offered Stock, ETF, Forex, Fund, Bond, Options, Futures, CFD, Crypto, SaxoSelect

Author of this review

Ádám Nasli

Author of this review

Ádám is a motivated finance expert with over two years of experience in banking and investment, and a professional degree in this field. He's eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible.

Ádám Nasli

Broker Expert

Ádám is a motivated finance expert with over two years of experience in banking and investment, and a professional degree in this field. He's eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Saxo Bank review
Fees

3.3
To find out more about its trading and non-trading fees, visit Saxo Bank

or
Compare to its best reviewed alternative: Swissquote
Saxo Bank has average trading and non-trading fees overall. Trading fees vary greatly between different asset classes.
Pros Cons
Low forex fees Inactivity fee
Low fund fees High bond, options and futures fees
No withdrawal fee
Saxo Bank fees snapshot
Assets Fee level Fee terms
US stock Average $0.02/share; min $10, but using VIP pricing the minimum can be as low as $3
EURUSD Low The fees are built into the spread, 0.8 pips is the average spread cost during peak trading hours. Using VIP pricing the spread can be as low as 0.4 pips.
Mutual fund Low Mutual funds are available only in certain countries. The broker doesn't charge any fee for mutual fund trading.
Inactivity fee High In the UK, £25 after one quarter of inactivity. SIPP and ISA accounts are exempt from this fee. In non-UK countries, up to $150 after 6 months of inactivity.

How we ranked fees

We ranked Saxo Bank's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

First, let's go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

In the sections below, you will find the most relevant fees of Saxo Bank for each asset class. For example, in the case of stock investing the most important fees are commissions.

We also compared Saxo Bank's fees with those of two similar brokers we selected, Swissquote and TradeStation Global. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Saxo Bank alternatives.

We analyzed the fees of Saxo Bank UK. While Saxo's fees vary from country to country, Denmark, France, Norway, Australia, Singapore, Hong Kong, the United Arab Emirates and Russia have fees similar to those charged by the broker's UK entity.

To have a clear overview of Saxo Bank, let's start with the trading fees.

Saxo Bank trading fees

Saxo Bank has average trading fees overall. Although the fee structure differs among various account types, it is transparent and you can easily calculate costs. We analyzed the fee structure of the Classic account. Saxo's Platinum and VIP accounts have a more favorable pricing structure.

We recommend Saxo if you want high-quality service and are willing to pay slightly higher fees in exchange. If you want a bargain, you can find discount brokers out there. Now, let's see a breakdown of the different asset classes.

Stock fees and ETF fees

Saxo Bank has average stock and ETF commissions.  It is cheaper than Swissquote but more expensive than TradeStation Global.

Saxo Bank stock and ETF commission of a $2,000 trade
  Saxo Bank Swissquote TradeStation Global
US stock $10.0 $25.0 $1.5
UK stock $11.2 $35.0 $2.4
German stock $12.0 $30.0 $2.4

The fee structure is volume-based, but there is a minimum fee.

Saxo Bank stock fees
Market Commission
USA & Canada  
NASDAQ, NYSE, ARCA, AMEX $0.02/share (min $10)
Toronto Stock Exchange, TSX Venture Exchange CAD 0.03/share (min CAD 20)
Europe / Middle East / Africa  
Athens Exchange 0.35% (min €12)
BME Spanish Exchanges, Irish Stock Exchange, Milan Stock Exchange, NASDAQ OMX Helsinki, NYSE Euronext Amsterdam (AEX), NYSE Euronext Brussels, NYSE Euronext Lisbon, Vienna Stock Exchange 0.10% (min €12)
Deutsche Börse (XETRA), NYSE Euronext Paris 0.10% (min €10)
London Stock Exchange 0.10% (min £8)
London Stock Exchange (IOB) 0.10% (min £20)
NASDAQ OMX Copenhagen 0.10% (min DKK 65)
NASDAQ OMX Stockholm 0.10% (min SEK 65)
Oslo Stock Exchange 0.10% (min NOK 65)
Prague Stock Exchange 0.28% (min CZK 500)
SIX Swiss Exchange 0.10% (min CHF 18)
Warsaw Stock Exchange 0.30% (min PLN 75)
Johannesburg Stock Exchange 0.25% (min ZAR 100)
Asia / Pacific  
Australian Securities Exchange 0.10% (min AUD 8)
Hong Kong Exchanges 0.15% (min HKD 100)
Singapore Exchange 0.15% (min SGD 25)
Tokyo Stock Exchange 0.15% (min JPY 1,500)

If you prefer trading on margin or short sale, the only way to do it is by trading CFDs

Forex fees

Saxo Bank has low forex fees overall. In comparison with Swissquote and TradeStation Global, Saxo Bank has lower forex fees.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads, and financing costs for all brokers.

Saxo Bank forex benchmark fee of a $20,000 30:1 long position held for one week
  Saxo Bank Swissquote TradeStation Global
EURUSD benchmark fee $7.8 $10.1 $10.7
GBPUSD benchmark fee $5.7 $6.8 $8.6
AUDUSD benchmark fee $6.2 $7.7 $8.6
EURCHF benchmark fee $5.4 $6.3 $7.8
EURGBP benchmark fee $8.9 $10.0 $10.7

Fund fees

Saxo's mutual fund fees are low. Although Saxo doesn't charge a fee when you trade mutual funds, these assets have annual maintenance fees, which are charged by the issuer, not the broker.

Saxo offers mutual funds only in certain countries, like Germany, Denmark or Poland. Throughout this review, we examined the fees of Saxo's UK product selection, but since mutual funds are not available on the UK market, the following benchmark comparison only serves as general information.

Saxo Bank commission for a $2,000 fund purchase
  Saxo Bank Swissquote TradeStation Global
Mutual fund $0.0 $9.0 $25.0

Bond fees

Saxo Bank has generally high bond fees.

Saxo Bank commission of a $10,000 government bond trade
  Saxo Bank Swissquote TradeStation Global
US Treasury bond $96.0 $75.0 $7.5
EU government bond $96.0 $60.0 $15.0

Clients pay a 0.2% volume-based commission and a minimum fee. The minimum fee is very high at €80.

Platinum and VIP accounts have lower fees (0.10% and 0.05% with a minimum of €60 and €50, respectively).

Options fees

Options fees are generally high.

Unlike most brokers, Saxo bank charges a holding fee for long positions held overnight. Holding fees will not be applied for the first 30 days of any given position.

For short-listed options, the funding rate used for calculating the carrying cost is based on the relevant Interbank rate + a markup of 1.5%.

Saxo Bank stock index options commission of 10 contracts
  Saxo Bank Swissquote TradeStation Global
US stock index options $30.0 $19.9 $15.0
UK stock index options $42.0 - $21.0
German stock index options $48.0 $12.0 $18.0

Fees vary depending on the currency of the underlying product:

Saxo Bank's options fees for stock indexes
Currency of underlying product Commission per contract
EUR 4
GBP 3
USD 4
AUD 7
CAD 6
CHF 8
HKD 45
JPY 1,000
NOK 65
SEK 75
SGD 15

Futures fees

Similarly to options, Saxo Bank charges high fees on futures. Futures fees are mostly the same as options fees, the only exception being CHF, where the fee is CHF 8 for futures, double the rate charged for options.

Saxo Bank stock index futures commission of 10 contracts
  Saxo Bank Swissquote TradeStation Global
US micro e-mini stock index futures $40.0 $19.9 $5.0
UK stock index futures $42.0 - $13.3
German e-mini stock index futures $48.0 $12.0 $16.2

Unlike most brokers, Saxo bank charges a carrying cost for overnight positions in futures. The carrying cost is calculated on the basis of the daily margin requirement and is applied to positions held overnight. This can be quite significant if you hold the contract for a longer time.

The funding rate used for calculating the carrying cost is based on the relevant Interbank rate + markup (250 bps for classic accounts).

CFD fees

Saxo Bank has low stock index CFD, while high stock CFD fees. 

To have a clear understanding of CFD fees, we calculated a CFD benchmark fee for selected products. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Saxo Bank CFD benchmark fees, for a $2,000 long position held for one week
  Saxo Bank Swissquote TradeStation Global
S&P 500 index CFD fee $1.4 $2.6 $3.8
Europe 50 index CFD fee $2.0 $3.0 $4.3
Apple CFD fee $21.7 - $3.9
Vodafone CFD fee $24.4 - $13.8

We calculated with 20:1 leverage for stock index CFDs and 5:1 leverage for single-stock CFDs.

The trading fees of stock index, commodity, forex, and bond CFDs are built into the spread.

Saxo Bank stock CFD fees are volume-based, but there is a minimum fee.

Saxo Bank stock CFD fees
Market Commission
USA & Canada  
NASDAQ, NYSE, NYSE MKT $0.02/share (min $10)
Toronto Stock Exchange CAD 0.03/share (min CAD 20)
Europe / Middle East / Africa  
Athens Exchange 0.35% (min €12)
BME Spanish Exchanges, Irish Stock Exchange, NASDAQ OMX Helsinki, NYSE Euronext Amsterdam (AEX), NYSE Euronext Brussels, NYSE Euronext Lisbon, Vienna Stock Exchange 0.10% (min €12)
Deutsche Börse (XETRA), NYSE Euronext Paris 0.10% (min €10)
London Stock Exchange 0.10% (min £8)
London Stock Exchange (IOB) 0.10% (min £20)
Milan Stock Exchange 0.17% (min €12)
NASDAQ OMX Copenhagen 0.10% (min DKK 65)
NASDAQ OMX Stockholm 0.10% (min SEK 65)
Oslo Stock Exchange 0.10% (min NOK 65)
Prague Stock Exchange 0.28% (min CZK 500)
SIX Swiss Exchange 0.10% (min CHF 12)
Warsaw Stock Exchange 0.30% (min PLN 75)
Budapest Stock Exchange 0.50% (min HUF 6,000)
Johannesburg Stock Exchange 0.25% (min ZAR 100)
Asia / Pacific  
Australian Securities Exchange 0.10% (min AUD 8)
Hong Kong Exchanges 0.25% (min HKD 100)
Singapore Exchange 0.20% (min SGD 25)
Tokyo Stock Exchange 0.15% (min JPY 1,500)

Crypto fees

At Saxo, you can trade cryptos through exchange-traded products (ETPs) and through Crypto FX (coin crossed with a fiat currency). For a better understanding of crypto ETPs, check out our crypto blogpost.

ETPs are traded on different exchanges and priced the same way as stocks/ETFs. For example, the trading cost of ETPs listed on the Stockholm Stock Exchange is 0.1% of the trading volume plus a SEK 65 minimum fee for a Saxo Classic account.

Crypto FX is priced through spreads. For example, the BTCUSD spread is 160 on the Saxo Classic account.

SaxoSelect fees

SaxoSelect is a robo-advisory service where you can select an investment theme and let Saxo build a portfolio for you.

Average fees charged for this service vary between 0.75-0.95% of the investment value, depending on your residency and the strategy you choose. The fee consists of:

  • an annual service fee
  • a performance fee
  • a trading fee
  • a conversion fee if your account is in a different currency than your portfolio
  • a financing fee for CFD portfolios

Similarly to mutual funds, SaxoSelect is available only in certain countries, like Germany, Denmark or Poland. It is not available to UK clients.

Non-trading fees

Saxo Bank has average non-trading fees. The broker charges no account or withdrawal fees, but there is a high inactivity fee.

The inactivity fee depends on your residency:

  • For UK clients, it's called a platform fee and amounts to £25 per quarter. The fee is charged if you only hold cash funds in your account. If you've paid a custody fee (more on that later) for the given period, you won't be charged the platform fee.
  • For non-UK clients, the inactivity fee is $150 after six months (180 days) of inactivity. Inactivity in this case means not executing at least one trade.
Saxo Bank non-trading fees
  Saxo Bank Swissquote TradeStation Global
Account fee No No No
Inactivity fee Yes No No
Deposit fee $0.0 $0.0 $0.0
Withdrawal fee $0.0 $10.0 $0.0

If you hold stocks, ETFs or bonds in your account, you'll be charged a custody fee:

  • For UK residents, this is an annual 0.12% of open positions with a minimum of  €10/month. Fees are calculated daily but debited on a monthly basis.
  • For most other countries, it's an annual 0.25% of open positions, but the minimum is €5/month. For platinum and VIP customers, the custody fee is reduced to 0.20% and 0.12%, respectively. Custody fee is a Value Added Tax (VAT) liable service, so VAT is levied on top of the custody fee. For investors residing within the EU, the Danish VAT rate of 25% applies, for investors residing outside the EU, there is no VAT.

You may also be charged for currency conversion if you trade assets that are denominated in a different currency than your account currency. The currency conversion rate is calculated as the mid FX spot rate +/-1%. Platinum and VIP customers are charged a lower markup (0.5% and 0.3%, respectively.)

Positions held overnight in futures, CFD futures, and short options are subject to a carrying cost. See the relevant sections above for details.

Saxo Bank review
Account opening

2.5
To experience the account opening process, visit Saxo Bank

or
Compare to its best reviewed alternative: Swissquote
Saxo's account opening is fully digital, user-friendly and available in most countries. On the other hand, the minimum deposit is high in certain countries and account verification can take longer.
Pros Cons
Fully digital Minimum deposit is high in certain countries
User-friendly Slow account verification
Available in almost every country

Can you open an account?

Visit broker

Saxo accepts clients from all over the world with some exceptions. You can't open an account if you are a resident of the US, Iran, Cuba, Sudan, Syria or North Korea.

What is the minimum deposit at Saxo Bank?

The required Saxo Bank minimum deposit is £500 in the UK for a Classic account.

The minimum deposit varies depending on your residency and the account type you choose. For example, the required minimum is $2,000 for Middle-Eastern or Central European clients, but zero for clients in Denmark.

Check the minimum deposit requirements for Classic accounts in different countries in the following table:

Saxo Bank minimum deposit
Country Minimum deposit
UK £500

Denmark

Norway

No minimum deposit
Switzerland CHF 2,000

France

Netherlands

EUR 2,000
Australia AUD 3,000

China

Hong Kong

$2,000
Singapore SGD 3,000
Other countries $2,000

Account types

Saxo Bank offers three account types for UK residents (account types might differ in other countries):

  • Classic – minimum  £500 deposit
  • Platinum – minimum £200,000 deposit
  • VIP – minimum £1,000,000 deposit

With Platinum and VIP accounts, you can enjoy more favorable pricing structures and have your own dedicated contact person.

If you are from the UK, you can open tax-efficient ISA/SIPP accounts as well.

Corporate accounts are also available at Saxo.

How to open your account

Saxo's account opening is fast and fully digital. Online registration takes only 10-15 minutes, but the account verification is a bit slower. Our account was only verified after three business days.

Saxo's account opening process consists of three steps:

  1. Online application
  2. Approval process
  3. Funding

To verify your identity and residency, you have to upload the following documents:

  • Proof of identity: national ID card / passport
  • Proof of residency: tax/bank statement 

After approval, you have to fund your account to have it activated; however, we didn't receive any notification during the process about this requirement. Funding can take 1 to 5 business days depending on the deposit method.

Saxo Bank review - Account opening

Saxo Bank review
Deposit and withdrawal

4.8
To find out more about the deposit and withdrawal process, visit Saxo Bank

or
Compare to its best reviewed alternative: Swissquote
Saxo provides multiple deposit and withdrawal options free of charge on a user-friendly interface.
Pros Cons
Credit/Debit card available Electronic wallets not available for deposit or withdrawal
Free withdrawal
No deposit fee

Account base currencies

At Saxo Bank, you can choose from 26 base currencies. You can also open several sub-accounts in different currencies - a great option if you plan to trade assets in more than one currency.

Saxo Bank account base currencies
AED AUD CAD CHF
CNH CZK DKK EUR
GBP HKD HUF ILS
JPY LTL MXN MYR
NOK NZD PLN RON
RUB SEK SGD TRY
USD ZAR    

This selection is great compared with that of other brokers. Both TradeStation Global and Swissqoute offer fewer currencies. 

Base currencies at Saxo Bank vs similar brokers
  Saxo Bank Swissquote TradeStation Global
Number of base currencies 26 21 22

You can add multiple base currencies to your main account - to add a new one, initiate an automatic sub-account creation in the desired currency. 

Why does this matter? For two reasons. If you fund your account in the same currency as your bank account or you trade assets in the same currency as your account base currency, you don't have to pay a conversion fee.

A convenient way to save on currency conversion fees is opening a multi-currency bank account at a digital bank. Digital banks offer bank accounts in several currencies with great currency exchange rates and free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Compare digital banks

Deposit fees and options

Saxo Bank charges no deposit fees. To deposit funds, you can make a bank transfer or use credit/debit cards, but electronic wallets are not available.

Saxo Bank deposit options
  Saxo Bank Swissquote TradeStation Global
Bank transfer Yes Yes Yes
Credit/debit card Yes Yes No
Electronic wallets No No No

Credit/debit card withdrawal is not available in some countries, check Saxo Bank’s website for a complete list.

To test the deposit process, we sent money from our Revolut account and it arrived instantly. Credit/debit card payment should be instant too, but bank transfers can take several business days.

Please note that you can only deposit money from accounts that are in your name.

Saxo Bank review - Deposit and withdrawal - Deposit

Saxo Bank withdrawal fees and options

We were delighted to see that withdrawal is free of chargeYou can only use bank transfers for withdrawal, similar to Saxo's competitors.

Saxo Bank withdrawal fees and options
  Saxo Bank Swissquote TradeStation Global
Bank transfer Yes Yes Yes
Credit/debit card No No No
Electronic wallets No No No
Withdrawal fee $0 $10 $0

How long does it take to withdraw money from Saxo Bank? We tested withdrawal via bank transfer and it took 1 business day. You can only withdraw money to accounts in your name.

More funding and withdrawal info

Saxo Bank review
Web trading platform

5.0
To try the web trading platform yourself, visit Saxo Bank

or
Compare to its best reviewed alternative: Swissquote
Saxo Bank's web trading platform is one of the best among online brokers. While it's easy to use, the platform also provides features tailored for professionals, such as an advanced order panel.
Pros Cons
User-friendly None
Clear fee report
Two-step (safer) login
Saxo Bank platforms to choose from
Trading platform Score Available
Web 5.0 stars Yes
Mobile 5.0 stars Yes
Desktop 5.0 stars Yes

Saxo Bank's web trading platform is called SaxoTraderGO, its desktop trading platform runs under the name of SaxoTraderPRO. Both are developed by Saxo. However, you can also use other, third-party platforms for trading or managing your portfolio.

Third party tools at Saxo Bank
Tool Tool features Available instruments
OpenAPI for Excel Portfolio management in Excel All products
Dynamic Trend Stock and options analysis US stocks and stock options
Tradingview Charting tools and social trading Forex
MultiCharts Advanced market analysis, backtesting opportunity Forex, CFDs, stocks, futures and bonds
MetaTrader 4  MT4 functionality with Saxo execution Forex
Updata Expert technical analysis, screening and alerts Forex, CFDs, stock, futures and bonds

If none of the above platforms suit your needs and you'd like to develop your own interface, you can be an API partner of Saxo.

In this review, we tested SaxoTraderPRO.

The web trading platform is available in an exceptionally large number of languages.

Saxo platform languages
Arabic Bulgarian Chinese Croatian Czech
Danish Dutch English Estonian Finnish
French German Greek Hungarian Italian
Japanese Latvian Lithuanian Norwegian Polish
Portuguese Portuguese-Brazil Romanian Russian Slovakian
Slovenian Spanish Swedish Turkish  

Look and feel

SaxoTraderGO is a great platform; two features we would particularly highlight are its modern design and user-friendliness.

The easily customizable platform meets the needs of both novice and professional traders. However, customizability has its limits; for example, you can change the size of various tabs but not their relative positions.

Saxo Bank review - Web trading platform

Login and security

Saxo Bank has a safer two-step login system, which is optional.

Search functions

Saxo's search functions are great. The search results are relevant and grouped according to asset class. If you search for Apple, the results will show Apple stocks, CFDs as well as options.

There is a drop-down button on the right side of the search box for filtering results. For example, you can narrow down stock search results to specific countries, or filter forex search results for major currency pairs.

Saxo Bank review - Web trading platform - Search

Placing orders

You can use many order types and order time limits. 

The selection includes:

  • Market
  • Limit
  • Stop limit 
  • Stop 
  • Trailing stop 
  • One-cancels-the-other (OCO)

If you are not familiar with the basic order types, read this overview.

There are also several order time limits available:

  • Good-till-canceled (GTC) 
  • Day Order
  • One week
  • One month
  • End of week
  • End of month
  • End of Year
  • Good-till-date (GTD)
  • Immediate or cancel (IOC)

We also liked Saxo's fee transparency. When you open the order panel, you will be shown a 'Trade Ticket' that lists a lot of useful information, such as costs or margin requirements.

Saxo Bank review - Web trading platform - Order panel

Alerts and notifications

You can use a wide range of alerts:

  • Price alert
  • Position closing/opening
  • Portfolio change
  • Margin call, etc.

Platform notifications are available as pop-up messages or in email.

Portfolio and fee reports

Portfolio and fee reports are transparent. You can view and download reports under the 'Account' tab. The historical profit/loss balance and costs paid are clear and easy to track.

Visit web platform page

Saxo Bank review
Mobile trading platform

5.0
To try the mobile trading platform yourself, visit Saxo Bank

or
Compare to its best reviewed alternative: Swissquote
Saxo Bank's user-friendly mobile platform has the same look and very similar functionalities as the web platform.
Pros Cons
User-friendly None
Two-step (safer) login
Good search function

Saxo Bank's mobile trading platform has both iOS and Android versions. In this review, we tested it on Android.

The platform is available in the same languages and has the same search functions, order types and alerts as the web trading platform. It provides a two-step authentication.

The platform's user-friendliness falls short of the web trading platform. We liked the modern design but were slightly disappointed by the confusing menu structure, which sometimes made it difficult to find what we were looking for.

Saxo Bank review - Mobile trading platform

Visit mobile platform page

Saxo Bank review
Desktop trading platform

5.0
To try the desktop trading platform yourself, visit Saxo Bank

or
Compare to its best reviewed alternative: Swissquote
Saxo Bank's desktop trading platform is one of the best on the market. It is well designed, easy to use and offers great customizability.
Pros Cons
User-friendly None
Clear fee report
Good customizability (for charts, workspace)

Saxo's desktop trading platform, SaxoTraderPRO looks similar to its web-based equivalent.

At the same time, true to the 'PRO' tag, the desktop version offers more advanced customizability. You can run up to six windows simultaneously and create your own trading environment. Each window is customizable in size and position.

Saxo Bank review - Desktop trading platform

Visit desktop platform page

Saxo Bank review
Markets and products

5.0
To dig even deeper in markets and products, visit Saxo Bank

or
Compare to its best reviewed alternative: Swissquote
Saxo Bank's product portfolio covers all asset classes and a lot of markets globally. Mutual funds are the only areas where the selection could be improved.
Saxo Bank asset classes
  Saxo Bank Swissquote TradeStation Global
Stock Yes Yes Yes
ETF Yes Yes Yes
Forex Yes Yes Yes
Fund Yes Yes Yes
Bond Yes Yes Yes
Options Yes Yes Yes
Futures Yes Yes Yes
CFD Yes Yes Yes
Crypto Yes Yes Yes

Saxo Bank has an excellent product portfolio. From stocks to CFDs, you will find everything. 

It has a wide product selection in more complex assets like FX swaps, options, futures or CFDs. Its range of products in more traditional asset classes such as stocks, ETFs or bonds is also competitive, but not the best. Saxo's mutual fund and crypto product lineups lag behind its competitors.  

Stocks and ETFs

Saxo clients have access to a wide range of stock markets. You can trade on major markets, such as US stock exchanges or Deutsche Börse, and on smaller markets like the Prague Stock Exchange or the Warsaw Stock Exchange.

Saxo Bank stock and ETF selection
  Saxo Bank Swissquote TradeStation Global
Stock markets (#) 28 60 78
ETFs (#) 3,100 1,400 13,000

Forex

Saxo has one of the best currency pair selections among all brokers.

Saxo Bank forex selection
  Saxo Bank Swissquote TradeStation Global
Currency pairs (#) 182 80 105

At Saxo Bank, cliens can also trade Forex Swaps (FX Swaps).

Funds

Mutual funds were only recently added to Saxo's product portfolio. They are available only in a few countries, like Germany, Poland or Denmark.

The number of available mutual funds lags behind competitors, especially Swissquote.

Saxo Bank mutual fund selection
  Saxo Bank Swissquote TradeStation Global
Fund providers (#) 17 340 260

Mutual fund issuers covered by Saxo include many well-known names such as BlackRock, Franklin Templeton, Pinebridge or Janus Henderson.

Bonds

Saxo's bond selection is average, similar to Swissquote's and TradeStation Global's.

Saxo Bank bond selection
  Saxo Bank Swissquote TradeStation Global
Bonds (#) 40,000 53,400 60,000

Saxo's product portfolio includes both government and corporate bonds.

Options

The number of options markets available at Saxo is high. You can trade on major stock exchanges such as the CBOE or Euronext, but you will also find lesser-known ones like the SEHK.

Saxo Bank options selection
  Saxo Bank Swissquote TradeStation Global
Options markets (#) 23 6 33

You can trade options on stock, forex and contracts.

Futures

Similarly to options, Saxo Bank covers a lot of futures markets. 

Saxo Bank futures selection
  Saxo Bank Swissquote TradeStation Global
Futures markets (#) 23 6 32

With Saxo Bank, you can trade futures on the following underlying asset types: commodity, stock, index, bond and currency.

CFDs

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Saxo Bank has a well-developed CFD spectrum including stock, ETF, index-tracking, commodity, forex, bond and index option CFDs. The total number of these assets exceeds that of competitors.

Saxo Bank CFD selection
  Saxo Bank Swissquote TradeStation Global
Stock index CFDs (#) 29 26 13
Stock CFDs (#) 8,800 - 7,100
ETF CFDs (#) 675 - -
Commodity CFDs (#) 19 12 -
Bond CFDs (#) 5 3 -
Futures CFDs (#) - - -

Cryptos

You can trade crypto through ETP or Crypto FX (coins are crossed with fiat currencies). If you want to learn more about crypto trading, check out our article on how to invest in Bitcoin, Bitcoin ETNs, CFDs and futures.

FCA bans the sale of crypto-derivatives to UK retail consumers from 6 January 2021. Also, crypto selection is not available for Singapore residents.

SaxoSelect

SaxoSelect is a mix of mutual funds and a robo-advisory service. It's recommended if you don't want to manage your investments on your own or simply need to gain some confidence in investing.

You can choose from different portfolios and trading strategies based on your risk appetite. The minimum investment usually starts from $20,000 though, and fees range between 0.5% and 1% of the invested amount. The fee is quite high in comparison with robo-advisors

Saxo bank review - Markets and products - Saxo select

Loyalty program

Saxo Bank introduced a Loyalty program, something rather unique among our reviewed brokers. Depending on what asset you trade (and in what volume), you can receive points (ranging from 30 to 110) after each trade. If you earn a certain number of points, you can upgrade to a Platinum or VIP account. You'd need 120,000 points for a Platinum, and 500,000 for a VIP account upgrade.

This selection falls behind competing brokers. Both Swissquote and TradeStation Global offer more stock markets to trade on.

Saxo Bank review
Research

5.0
To check the available research tools and assets, visit Saxo Bank

or
Compare to its best reviewed alternative: Swissquote
Saxo Bank's research is great, including well-developed tools for both fundamental and technical analysis. Clients have recommendations, detailed fundamental data and user-friendly interactive charting at their disposal.
Pros Cons
Good interactive chart Most fundamental data is not free of charge
Trading ideas
Data on asset fundamentals

The majority of Saxo Bank's research tools can be found on its various trading platforms. Another source of research tools and ideas is tradingfloor.com. 

Trading ideas

There are many analysis pieces and recommendations on Saxo's trading platforms and on tradingfloor.com. 

Saxo Bank review - Research - Recommendations

Fundamental data

Saxo provides very detailed data on stock fundamentals. However, only a few are available for free, namely: Apple, Microsoft, Barclays, Nestlé, Siemens, Telefonica, Nokia, ENI and Hennes & Mauritz. For data on other stocks, you have to be a subscriber.

You will find both current and historical data. In addition to information such as ownership structure, financial statements, valuation or peer group comparison, you can also prepare your own benchmark analysis. Analyst consensus and target price information are also available.

Saxo Bank review - Research - Fundamental data

You can check out the current winners and losers on major stock exchanges, read related news articles and view related trade signals and calendar events.

Saxo bank review - Research -  Equity

Charting

The interactive chart function is great and user-friendly.

You will find 50 technical indicators and can add many editing tools, like trendlines or Fibonacci tools.

In addition, there is a trading signal tool, which gives you a buy or sell signal based on technical indicators. This feature is powered by Autochartist, a third-party research company.

Saxo Bank review - Research - Charting

News feed

news feed and an economic calendar are also available on Saxo's trading platforms. One slight drawback is that you can't filter news by assets.

On tradingfloor.com, you can read additional news, daily commentaries, long-term outlook pieces and expert opinions.

Other research tools you will enjoy

There is a great stock screener where you can filter stocks by country, industry, and financials.

For example, if you are searching for tech companies in the US with a P/E of less than 15 and a market cap higher than $1 billion, this is basically a two-click exercise on the screener.

Saxo bank review - Research - Stock screener

Quarterly outlooks, Outrageous predictions, podcasts 

Saxo Bank provides additional materials for your research. Quarterly outlooks provide an in-depth analysis of potential market movements. These are both general predictions or tied to world events like the US elections or pandemic developments. Outrageous predictions are something different - these are deliberately consensus-smashing predictions for the current and next year. The daily podcasts can also give you some insights into market trends. 

More research info

Saxo Bank review
Customer service

4.0
To find customer service contact information details, visit Saxo Bank

or
Compare to its best reviewed alternative: Swissquote
Saxo's customer service is available in many languages, with phone and email support that work well despite small issues. Downsides include the lack of live chat and 24/7 availability.
Pros Cons
Phone support No live chat
Relevant answers No 24/7 support

Based on our findings, you can contact Saxo Bank via:

  • phone
  • email

An extensive language selection is available not only on Saxo's trading platforms but also in customer support. We found even minor languages like Hungarian among supported languages.

Overall, we found Saxo's customer support fine. We received relevant answers on the phone, but the connection took time. Email responses arrived within one day but were not always accurate.

You can also use a chatbot, which is like an intelligent FAQ. It gives relevant answers to basic questions like "what is the inactivity fee?", but can't answer specific queries. The ability to chat with a real person would solve this problem.

Saxo's phone customer service is available only from Monday to Friday between 9:00 am and 5:30 pm local time in 16 offices worldwide.

Saxo Bank review - Customer Service

Contact customer service

Saxo Bank review
Education

4.5
To check the available education material and assets, visit Saxo Bank

or
Compare to its best reviewed alternative: Swissquote
If you want to improve your financial knowledge, Saxo Bank has a lot to offer. You can use a demo account, attend webinars or watch educational videos.
Pros Cons
Demo account No educational articles
Trading platform tutorial
Educational videos

At Saxo Bank you can learn in the following ways:

  • Demo account
  • Platform tutorial videos
  • General educational videos
  • Webinars

You can use a demo account to familiarize yourself with the platform. We think it is the best way to learn how Saxo's trading platform works.

You can also attend webinars held by Saxo experts or become a “student” at the Saxo Academy, where you can choose from tons of online educational videos. The quality of these videos is outstanding.

Saxo Bank review - Education

Visit education page

Saxo Bank review
Safety

To find out more about safety and regulation, visit Saxo Bank

or
Compare to its best reviewed alternative: Swissquote
Saxo Bank is regulated by several financial authorities, including the top-tier FCA. It is a fully-licensed bank and provides negative balance protection. However, it is not listed on any stock exchange.
Pros Cons
Majority of clients belong to a top-tier financial authority Not listed on stock exchange
Banking background
Negative balance protection for EU (+some MENA) customers

Is Saxo Bank regulated?

Yes, it is regulated by several financial authorities, like the Danish Financial Services Agency (FSA), the Financial Conduct Authority (FCA) and the Swiss Federal Banking Commission, among others.

Saxo Bank is based in Denmark and was founded in 1992.

Is Saxo Bank safe?

To be certain, we highly advise that you check two facts:

  • how you are protected if something goes wrong
  • what the background of the broker is

How you are protected

Saxo Bank operates globally through ~10 different entities. This matters because the amount of protection you're eligible for differs from entity to entity.

Saxo Bank legal entities
Country of clients  Protection Amount Regulator Legal Entity
Most European countries €100,000 for cash, €20,000 for securities Danish FSA Saxo Bank A/S
UK £85,000  Financial Conduct Authority (FCA) Saxo Capital Markets UK
France €100,000 Bank of France Saxo Banque (FR) SAS
Switzerland CHF 100,000 Swiss Federal Banking Commission Saxo Bank (SW) AG
Italy €100,000 Commissione Nazionale per le Società e la Borsa (CONSOB) BG Saxo
Singapore No protection Monetary Authority of Singapore. Co. Saxo Capital Markets Pte Ltd
Japan No protection Japanese Financial Services Agency Saxo Bank FX K.K.
Hong Kong No protection Securities and Futures Commission in Hong Kong Saxo Capital Markets HK.
Australia No protection Australian Securities and Investments Commission (ASIC) Saxo Capital Markets (AU) Pty. Ltd

Saxo Bank provides negative balance protection for forex spot and CFD trading, but only for retail clients from the European Union and some other countries from the MENA region. Professional clients are not covered by negative balance protection.

Background

Saxo Bank was established in 1992. The longer the track record of a broker, the more proof that it has successfully survived various financial crises. We consider 25 years of operation a solid track record.

Saxo Bank has a Danish banking license, and as such it is subject to tougher regulations than brokers without a banking background.

It is also easy to track Saxo Bank's financial performance through its disclosures and we really liked the Enhanced Disclosure, which is a big plus for transparency.

Saxo's banking license, oversight by top-tier authorities and regularly disclosed financial data are all great markers of Saxo's safety.

Find your safe broker

Saxo Bank review
Bottom line

Visit Saxo Bank if you are looking for further details and information

or
Compare to its best reviewed alternative: Swissquote

Saxo Bank is a great broker, providing a complex and good service.

It offers a user-friendly and well-designed trading platform, backed by great research. The product portfolio covers all asset types and many international markets.

It has some drawbacks though. The fees for bonds, options and futures are high. There is also a high minimum deposit for certain countries. Lastly, there is no live chat or 24/7 customer support.

In general, Saxo Bank is one of the best online brokerage companies out there. By opening an account, you will get a broad, well-developed service constantly adapted to the needs of clients.

Visit broker

Saxo Bank review
FAQ

Below you can find links to all aspects of Saxo Bank in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our Saxo Bank fees article.

What about the minimum deposit?

Our ultimate guide to the Saxo Bank minimum deposit is updated regularly.

How to start your Saxo Bank account?

Look no further than our evaluation of the Saxo Bank account opening.

How's their trading app?

Here's our expert view after checking the Saxo Bank trading app.

Is the quality of customer service satisfactory?

All you need to know about the Saxo Bank customer service.

Legit or scam?

Is Saxo Bank legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether Saxo Bank is really free.

Is this broker good for beginners?

We checked it in Is Saxo Bank good for beginners.

Should you buy your silver bullets on Saxo Bank?

Research for silver bugs in the Silver buy on Saxo Bank guide

I want to trade options, are they available at Saxo Bank?

We explored the topic in Can you trade options on Saxo Bank?

Did you know that Saxo Bank has a different brand in Asia for example? Check out our Saxo Markets review, if you are interested!

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