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Saxo Review 2025

Written by
Adam N.
Fact checked by
Updated
1w ago
Regulated and trusted. Tested via live trading.
61,211 people chose this broker
Not available in United States; see best alternatives

Why choose Saxo

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.

  • Great trading platform
  • Outstanding research
  • Broad product portfolio
  • Interest paid on uninvested cash
Overall score
4.8/5
Minimum deposit
$0
Stock fee
Low
FX fee
Low
Inactivity fee
no
Account opening
1 day
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EURUSD spread
Usual spread in pips
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Fees

Score: 3.1/5
Saxo Bank has 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.
  • Low stock/ETF fees
  • Low FX fees
  • No withdrawal fee

We compared Saxo's fees with two similar brokers we selected, Swissquote and Interactive Brokers. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of Saxo alternatives.

Low stock and ETF commission

Saxo US stock fees are about half of the industry average. US stock fees are calculated as follows: 0.08% of trade value with $1 minimum, but using VIP pricing the commission can be as low as 0.03% of trade value with $1 minimum

Broker
US stock
Saxo
$1.6
Swissquote
$10.0
Interactive Brokers
$1.0
Saxo stock and ETF commission

Low FX fees

All fees are built into the spread, so there is no separate commission charged. For example, the EUR/USD spread is 0.9.

Broker
EURUSD spread
FX commission per lot
Saxo
0.9
$1 commission for trades less than 0.5 lot
Swissquote
1.6
No commission is charged
Interactive Brokers
0.1
Trade value less than $1 billion: 0.2 bps * trade value; min. $2
Saxo forex spreads and commissions

High options commission

Saxo US stock index options fees are much higher than the industry average. US stock index options fees are calculated as follows: $2 per contract, but using VIP pricing it can be $0.75 per contract

Broker
US stock index options
Saxo
$20.0
Swissquote
$19.9
Interactive Brokers
$6.5
Saxo stock index options commission

Unlike most brokers, Saxo Bank charges a fee for positions held overnight.

The funding rate used for calculating the carrying cost is based on the Saxo Offer Financing Rate, plus a markup (350 bps for Classic accounts).

High custody fee, no withdrawal fee

The broker charges no account, inactivity, or withdrawal fees, but there is a high custody fee.

Broker
Custody fee
Withdrawal fee
Saxo
$0
Swissquote
$10
Interactive Brokers
$0
Saxo custody, withdrawal and other fees

If you hold stocks, ETFs or bonds in your account, you'll be charged a custody fee. However, you can avoid this fee if you enable stock lending program (Saxo can lend out your shares and they split 50/50 the profit). The custody fee is charged as below:

  • For Classic accounts, this is an annual 0.15% of open positions with a minimum of €5/month. Fees are calculated daily but debited on a monthly basis.
  • For Platinum and VIP accounts, the custody fee is 0.12% and 0.09%, respectively, with a minimum of €5/month. The 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, while 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 (+/-0.75% and +/-0.50%, respectively.)

Other commissions and fees

Low mutual fund commission: trading mutual funds involves the following charges - Mutual funds are available only in certain countries. The broker doesn't charge any fee for mutual fund trading..

High futures fees: US index futures fees are as follows - $3 per contract, but using VIP pricing it can be as low as $1 per contract.

Low bond commission: US treasury bonds come with the following charges - 0.2% of trade value with €20 min, but with VIP pricing it can be as low as 0.05% of trade value and min €20.

Broker
Mutual fund
US micro e-mini stock index futures
Saxo
$0.0
$30.0
Swissquote
$9.0
$19.9
Interactive Brokers
$15.0
$2.5
Misc. fees compared with other brokers

Check out a detailed analysis of all the fees, commissions, and other charges levied by Saxo for more information.

Safety

Saxo Bank is a legit brokerage. It 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.
  • Majority of clients belong to a top-tier financial authority
  • Banking background
  • Negative balance protection for EU (+some MENA) customers
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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.
  • Free withdrawal
  • No deposit fee
  • Credit/Debit card available (except in CEE countries)
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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.
  • Fully digital
  • User-friendly
  • Available in almost every country
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Mobile app

Score: 5/5
Saxo Bank's user-friendly mobile app has the same look and very similar functionalities as the web platform.
  • User-friendly
  • Two-step (safer) login
  • Good search function
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Desktop 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.
  • User-friendly
  • Clear fee report
  • Good customizability (for charts, workspace)
Read more

Product selection

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
“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.”
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FAQ

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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.

author
Adam Nasli
Author of this review
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.
Media mentions
Visit Saxo 62% of retail CFD accounts lose money