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Saxo Bank Review 2024

Written by
Adam N.
Fact checked by
Gyula L.
Updated
2d ago
Trusted by BrokerChooser
  • Multiple top-tier regulation, including FSA in Denmark, FCA in the UK, and FINMA in Switzerland
  • Founded in 1992
  • Investor protection available to many users, e.g. €100k for cash and €20k for securities to many EU clients
  • Clean track record: no major regulatory incidents or fines
54,702 people picked this broker at BrokerChooser in the last 6 months

Our take on Saxo Bank

Saxo Bank is a great choice if you are looking for a wide product selection with low stock and forex fees.

The account opening process is fast and straightforward and the trading platforms are top-notch, including quality research tools.

However, trading options or futures at Saxo Bank involves high costs, while long-term investors may be deterred by Saxo Bank’s custody fees.

BrokerChooser score
4.9 4.9 /5
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Pros
  • Great trading platform
  • Outstanding research
  • Broad product portfolio
  • Interest paid on uninvested cash
Cons
  • High options and futures fees
  • Custody fee charged
  • No 24/7 customer service
“I recommend Saxo Bank to advanced forex traders, because it provides almost 200 currency pairs along with low forex fees, and has a banking license with top-tier regulators. Saxo is not really suited for beginners, though, as they may find the platforms too complex.”

Saxo Bank summary

Snapshot of key data
🗺 Country of regulationDenmark, UK, France, Italy, Switzerland, Singapore, Japan, Hong Kong, Australia
💰 US stock fee0.08% of trade value with $1 min, but using VIP pricing the commission can be as low as 0.03% of trade value with $1 min
💰 Inactivity fee chargedNo
💰 Withdrawal fee$0
💰 Minimum deposit$0
💵 Available base currenciesAED, AUD, CAD, CHF, CNH, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, LTL, MXN, MYR, NOK, NZD, PLN, RON, RUB, SEK, SGD, USD, TRY, ZAR
💵 Conversion fee of deposits in non-base currencyFX spot rate +/- 0.25%
💳 Deposit with bank cardAvailable
🕖 Time to open an account1 day
🎮 Demo account providedYes
🛍️ Products offeredStock, ETF, Forex, Fund, Bond, Options, Futures, CFD, Crypto, SaxoSelect
Fees
Account opening
Deposit and withdrawal
Desktop platform

For a more comprehensive, in-depth look at the broker's services and features, simply expand on the sections below.

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Fees

Score: 3/5
Saxo Bank has average average trading and non-trading fees. The structure is quite mixed, with great differences between the fees for various asset classes. Saxo also pays interest on uninvested cash, which is a plus.
Pros
  • Low stock/ETF fees
  • Low FX fees
  • No withdrawal fee
Cons
  • High custody fee
  • High fees for options and futures
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Account opening

Score: 5/5
Saxo's account opening is fully digital, user-friendly and available in most countries. There is no minimum deposit in most countries, but it is high in some others, e.g. $5,000 in the MENA region.
Pros
  • Fully digital
  • User-friendly
  • Available in almost every country
Cons
  • Minimum deposit high in some countries
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Deposit and withdrawal

Score: 4.5/5
Saxo Bank provides multiple deposit and withdrawal options free of charge, on a user-friendly interface.
Pros
  • Free withdrawal
  • No deposit fee
  • Credit/Debit card available (except in CEE countries)
Cons
  • Electronic wallets not available
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Web trading platform

Score: 5/5
Saxo Bank's web trading platform is one of the best on the market. Easy to use, the platform also provides features tailored to professionals, such as an advanced order panel.
Pros
  • User-friendly
  • Clear fee report
  • Two-step (safer) login
Cons
None
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Mobile trading platform

Score: 5/5
Saxo Bank's user-friendly mobile app has the same look and very similar functionalities as the web platform.
Pros
  • User-friendly
  • Two-step (safer) login
  • Good search function
Cons
None
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Desktop trading platform

Score: 5/5
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
  • User-friendly
  • Clear fee report
  • Good customizability (for charts, workspace)
Cons
None
Read more

Markets and products

Score: 4.9/5
Saxo Bank's product portfolio covers all asset classes and a lot of markets globally. Mutual funds are the only area where the selection could be improved.
Read more

Research

Score: 5/5
Saxo Bank's research services have well-developed tools for both fundamental and technical analysis, including recommendations and user-friendly interactive charting.
Pros
  • Good interactive chart
  • Trading ideas
  • Data on asset fundamentals
Cons
  • Most fundamental data is not free
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Customer service

Score: 4.5/5
Saxo's customer service is available in many languages, with all contact channels available, including live chat. On the downside, phone and email support do have some small issues, and availability is not 24/7.
Pros
  • Phone support
  • Live chat
  • Relevant answers
Cons
  • No 24/7 support
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Education

Score: 4.5/5
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
  • Demo account
  • Trading platform tutorial
  • Educational videos
Cons
  • No educational articles
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Safety

Saxo Bank is regulated by several financial authorities, including the top-tier FCA, has a bank license and offers negative balance protection. However, it is not listed on any stock exchange.
Pros
  • Majority of clients belong to a top-tier financial authority
  • Banking background
  • Negative balance protection for EU (+some MENA) customers
Cons
  • Not listed on stock exchange
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Bottom line

Saxo Bank is a great broker that provides a complex and quality 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 options and futures are high, there is custody fee charged, and there is no 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.

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FAQ

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Author of this review

Adam Nasli

Financial Wizard | Trading • Safety • Market Analysis

I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.

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.

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