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

Saxo Bank is a Danish investment bank founded in 1992, providing online trading and investments. 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. In the different regions, its subsidiaries are present in the form of separate legal entities. The services offered by each entity might change slightly especially in case of their fees and products available to trade. In this review, we tested Saxo Bank UK.

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

Best forex broker Best web trading platform Best broker for research

We selected Saxo Bank as Best forex broker, Best web trading platform and Best broker for research for 2020, based on an in-depth analysis of 57 online brokers that included testing their live accounts. Check out the complete list of winners.

Overall Rating
Account opening
Deposit and withdrawal
Trading platform
Markets and products
Customer service

Saxo Bank pros and cons

The Saxo trading experience is driven by an excellent, 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 $600-10,000 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 1-3 days
💳 Deposit with credit/debit 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
Gergely Korpos

Gergely Korpos

Co-founder, CPO

Author of this review

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

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

Saxo Bank has average trading and non-trading fees overall. The fees for forex, mutual funds and stock index CFDs are low, while they are average for real stocks, ETFs or stock CFDs. Bond, options and futures fees are high.
Pros Cons
Low fund fees Inactivity fee
No withdrawal fee High bond, options and futures fees
Transparent fee structure
Lower fees for Platinum and VIP clients
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 spread, 0.6 pip is the average spread cost. 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, $100 after 6 months of inactivity.

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

To get things rolling, let's go over some lingo 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 commissions are the most important fees.

We also compared Saxo Bank's fees with those of two similar brokers we selected, Swissquote and DEGIRO. 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 UK. Fees can vary from country to country, but Denmark, France, Norway, Australia, Singapore, Hong Kong, the United Arab Emirates and Russia have fees similar to the UK.

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. The fee structure is transparent and you can easily calculate costs. The fee structure differs among various account types. 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 DEGIRO.

Saxo Bank stock and ETF commission of a $2,000 trade
  Saxo Bank Swissquote DEGIRO
US stock $10.0 $25.0 $0.6
UK stock $9.6 $30.0 $2.4
German stock $11.0 $27.5 $5.4

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 $10.0)
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 £8.0)
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 8.0)
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 stock trading on margin or short sale, the only way to do it is trading with CFDs

Forex fees

Saxo Bank has low forex fees overall. In comparison with Swissquote, Saxo Bank has lower forex fees across the board, while DEGIRO doesn't offer forex trading at all.

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 DEGIRO
EURUSD benchmark fee $15.5 $15.8 -
GBPUSD benchmark fee $12.8 $12.5 -
AUDUSD benchmark fee $13.7 $14.4 -
EURCHF benchmark fee $4.6 $4.3 -
EURGBP benchmark fee $10.2 $10.6 -

Fund fees

Saxo's mutual fund fees are low. Saxo itself doesn't charge a fee when you trade with mutual funds. However, please note that mutual funds have annual maintenance fees; these are charged by the issuer of the mutual fund, not the broker.

Mutual funds are available 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 DEGIRO
Mutual fund $0.0 $9.0 $10.3

Bond fees

Saxo Bank has generally high bond fees.

Saxo Bank commission of a $10,000 government bond trade
  Saxo Bank Swissquote DEGIRO
US Treasury bond $88.0 $75.0 -
EU government bond $88.0 $55.0 $10.5

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

Options fees

Options fees are generally high.

Unlike most brokers, Saxo bank charges a holding fee on bought long dated listed options with maturity beyond 120 days.

For example, if you buy 1 put Option on Coca-Cola Co, Expiry in 160 days, Strike 40. This will have a daily holding fee of 0.0044 USD.

Saxo Bank stock index options commission of 10 contracts
  Saxo Bank Swissquote DEGIRO
US stock index options $40.0 $19.9 $5.0
UK stock index options $36.0 - -
German stock index options $44.0 $11.0 $9.9

Fees vary depending on the currency of the underlying product:

Saxo Bank's options fees for stock index
Currency of the underlying product Commission per contract
HKD 45
JPY 1,000
NOK 65
SEK 75
SGD 15

Futures fees

Similarly to options trading, Saxo Bank charges high fees for futures.

Unlike most brokers, Saxo bank charges a carrying cost for overnight positions in futures. The carrying cost will be calculated on the basis of the daily margin requirement and applied when a position is held overnight.

The funding rate used for calculating the carrying cost is based on the relevant Interbank-rate + markup (150 bps). For example,  if you buy one contract in E-mini S&P 500 with a margin requirement of USD 5,500 and hold the position for 5 days, this charge would amount to $1.91, assuming a 1% USD LIBOR rate.

Saxo Bank stock index futures commission of 10 contracts
  Saxo Bank Swissquote DEGIRO
US stock index futures $40.0 $19.9 $5.0
UK stock index futures $36.0 - $27.5
German stock index futures $44.0 $11.0 $8.3

Futures fees are mostly the same as options fees. The only exception is CHF, where the fee is CHF 8 for futures, double the rate charged for options.

CFD fees

Saxo Bank has average CFD trading fees overall. It charges low stock index fees, but high stock CFD fees.

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

CFD benchmark fees for a $2,000 long position held for one week
  Saxo Bank Swissquote DEGIRO
S&P 500 index CFD fee $2.2 $1.2 -
Europe 50 index CFD fee $2.1 $1.7 -
Apple CFD fee $22.2 - -
Vodafone CFD fee $21.3 - -

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

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 $15)
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

You can trade cryptos through exchange-traded notes (ETNs). If you want to understand what a crypto ETN is, check out our crypto blogpost.

Bitcoin and Ether ETNs are available on the Stockholm Stock Exchange. The trading cost of these when using Saxo's Classic account is 0.1% of the trading volume, with a SEK 65 minimum fee.

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 vary between 0.75-0.95% depending on your residency and the strategy you choose. This total fee covers:

  • an annual service fee
  • a performance fee
  • a trading fee
  • a conversion fee if your account is in a different currency than the portfolio you invested in
  • 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 for UK clients.

Non-trading fees

Saxo Bank has average non-trading fees. No account or withdrawal fees are charged, but there is a high inactivity fee.

The inactivity fee depends on your residency. For UK clients, it's £25 if you didn't trade in the previous calendar quarter, SIPP and ISA accounts are exempt from this fee. If you pay custody fee for the given period you won't be charged the platform fee. For non-UK clients, the inactivity fee is $100 after six months of inactivity.

Saxo Bank non-trading fees
  Saxo Bank Swissquote DEGIRO
Account fee No No No
Inactivity fee Yes No No
Deposit fee $0 $0 $0
Withdrawal fee $0 $10 $0

If you trade with stocks, ETFs or bonds, there is also a custody fee. This is an annual 0.12% of your open positions with a minimum of  €10/month in the UK. For most other countries, it's 0.25% annually, but the minimum is €5/month.

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%.

Saxo Bank review
Account opening

Saxo's account opening is fully digital, user-friendly, and available in most of the world. 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 Relatively slow account verification
Available in almost every country

Can you open an account?

Visit broker

Saxo accepts clients from all over the world, but there are some exceptions. For example, 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 $10,000 for Middle-Eastern or Central European clients, and $2,000 for Australian or Swiss residents.

You can check in the table below the minimum deposits for Classic account at different countries:

Saxo Bank minimum deposit
Country Minimum deposit
UK £500
Denmark No minimum deposit
Norway NOK 10,000
Switzerland CHF 2,000
France EUR 2,000
Netherlands EUR 2,000
Australia AUD 3,000


Hong Kong

Singapore SGD 3,000
Other countries $10,000

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 consult with 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 account verification is a bit slower. Our account was only verified after two 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 be able to start trading. However, we didn't receive any notification during the process that the account has to be funded for activation. Funding can take 1 to 5 business days depending on the funding method.

Saxo Bank review - Account opening

Saxo Bank review
Deposit and withdrawal

Saxo provides multiple deposit and withdrawal options free of charge on a user-friendly interface.
Pros Cons
Credit/Debit card available Electronic wallets are 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's account base currencies

This account base currency selection is great compared with that of other brokers. Both DEGIRO and Swissqoute offer fewer currencies. 

Base currencies at Saxo Bank vs similar brokers
  Saxo Bank Swissquote DEGIRO
Number of base currencies 26 15 9

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

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as 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 not electronic wallets.

Saxo Bank deposit options
  Saxo Bank Swissquote DEGIRO
Bank transfer Yes Yes Yes
Credit/Debit card Yes Yes No
Electronic wallets No No Yes

*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, similarly to Saxo's competitors.

Saxo Bank withdrawal fees and options
  Saxo Bank Swissquote DEGIRO
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

Saxo Bank's web trading platform is one of the best among online brokers. It's easy to use, but also provides features favored by 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, while the name of the desktop trading platform is SaxoTraderPRO. Both are developed by Saxo.

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

Saxo platform's 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; we really liked 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 an optional, safer, two-step login system.

Search functions

Saxo's search functions are great. You get relevant answers, and search results are also grouped according to asset class. For example, if you search for Apple, the results will show Apple stocks, CFDs and options as well.

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. 

Pick any of the order types listed below:

  • 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 the costs or the 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.

Notifications from the platform 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. Historical profit/loss balance and costs paid are clear and easy to track.

Visit web platform page

Saxo Bank review
Mobile trading platform

Saxo Bank's user-friendly mobile platform has the same look and almost the same functionality as the web platform.
Pros Cons
User-friendly None
Two-step (safer) login
Good search function

Saxo Bank's mobile trading platform is available for both iOS or Android. In this review, we tested it for Android.

The mobile trading platform is available in the same languages and has the same search functions, order types and alerts as the web trading platform. It provides 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 hard to find what we were looking for.

Saxo Bank review - Mobile trading platform

Visit mobile platform page

Saxo Bank review
Desktop trading platform

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, as the name 'PRO' suggests, the desktop version offers more advanced customizability. You can run up to six windows at the same time 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

Saxo Bank's product portfolio is great. It covers all asset classes and a lot of markets globally. Mutual funds and crypto are the only areas where its selection could be improved.
Saxo Bank asset classes
  Saxo Bank Swissquote Degiro
Stock Yes Yes Yes
ETF Yes Yes Yes
Forex Yes Yes No
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 great product selection in complex assets, like forex, 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 gives access to a wide range of stock markets. You can trade both 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 Degiro
Stock markets (#) 36 60 30
ETFs (#) 3,100 1,500 5,400


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

Saxo Bank forex selection
  Saxo Bank Swissquote Degiro
Currency pairs (#) 182 78 -


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 when compared with Swissquote.

Saxo Bank mutual fund selection
  Saxo Bank Swissquote Degiro
Fund providers (#) 17 340 68

Mutual fund issuers covered by Saxo include many well-known names. Among others, you can invest in funds issued by BlackRock, Franklin Templeton, Pinebridge or Janus Henderson.


Saxo's bond selection is competitive, much better than DEGIRO's but trailing Swissquote's.

Saxo Bank bond selection
  Saxo Bank Swissquote Degiro
Bonds (#) 40,000 55,000 870

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


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 Degiro
Options markets (#) 23 6 13

You can trade options on stock, forex or contracts.


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

Saxo Bank futures selection
  Saxo Bank Swissquote Degiro
Futures markets (#) 23 6 15

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


Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% 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 with stock, ETF, index-tracking, commodity, forex, bond and index options CFDs. The total number of these assets greatly exceeds that of competitors.

Saxo Bank CFD selection
  Saxo Bank Swissquote Degiro
Stock index CFDs (#) 29 26 -
Stock CFDs (#) 8,800 - 900
ETF CFDs (#) 675 - -
Commodity CFDs (#) 19 17 -
Bond CFDs (#) 5 3 -


You can trade Bitcoins and Ethereum through ETN instruments. 

If you want to learn more about crypto investing, check out our article about how to invest in Bitcoin, Bitcoin ETNs, CFDs and futures.

Saxo Bank crypto selection
  Saxo Bank Swissquote Degiro
Cryptos (#) 2 5 4


SaxoSelect is a mix of mutual funds and robo-advisory. It's suitable for you 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 charged range between 0.5% and 1%. This fee is quite high in comparison with robo-advisors

Saxo bank review - Markets and products - Saxo select

Saxo Bank review

Saxo Bank's research is great, including well-developed tools for both fundamental or technical analysis. You have clear recommendations, detailed fundamental data and user-friendly interactive charting at your 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 

Trading ideas

There are many analysis pieces and recommendations both on Saxo's trading platforms and on 

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 subscribe.

You will find both current and historical data. On top of 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 of major stock exchanges, read related news articles, and view related trade signals and calendar events.

Saxo bank review - Research -  Equity


The interactive chart function is also 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 a 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, you can read additional news and daily commentary, long-term outlook pieces. or expert opinion.

Other research tools you will enjoy

There is a great stock screener. 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 in the screener.

Saxo bank review - Research - Stock screener

More research info

Saxo Bank review
Customer service

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

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

All in all, our impression of Saxo's customer support was fine. We received relevant answers on the phone, but the connection time was slow. Email responses arrived within one day but their relevancy was 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, provided between 9:00 am and 5:30 pm local time by 16 offices worldwide.

Saxo Bank review - Customer Service

Contact customer service

Saxo Bank review

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 great.

Saxo Bank review - Education

Visit education page

Saxo Bank review

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), or 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
European countries except... €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

Sax 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 with any negative balance protection.


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

Saxo Bank has a Danish banking license, and as such it is subject to tougher regulations than brokers.

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

Having a bank license, being regulated by top-tier authorities and regularly disclosing financial data are all great markers of Saxo's safety.

Find your safe broker

Saxo Bank review
Bottom line

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

Saxo 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 responding to the needs of clients.

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