Saxo Bank Review 2019

Best trading platform
· 4.7 5 stars · Feb 2018
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Saxo Bank is a Danish investment bank providing online trading and investments. It is a leading European retail brokerage innovator. Saxo is privately owned, established in 1992, and headquartered in Copenhagen.

Saxo is considered safe as it is regulated worldwide by more than 10 financial regulators, including top-tier regulators, like the UK FCA.

Best trading platform

Recommended for investors and traders aiming for a great trading platform and research.

Pros
  • Outstanding research
  • Great trading platform
  • Broad product portfolio
Cons
  • High forex, bond, options, and futures fees
  • Slow account opening
  • Missing live chat

Saxo Bank pros and cons

Saxo has a great research service, its proprietary research team constantly feeds trade ideas. The Saxo trading experience is driven by a great, and well-designed Saxo trading platform to execute the trades. Saxo's product portfolio is wide, can serve even heavy traders.

Saxo's forex, bond, options, and futures trading fees are high. The account opening is slow as it can take more than 3 days. Its live chat customer support is missing.

Compare to other brokers

Saxo Bank review
Fees 3 stars

Saxo Bank has average trading and non-trading fees.

Pros
  • No withdrawal fee
  • Transparent fee structure
  • Lower fees for Platinum and VIP clients
Cons
  • Inactivity fee
  • High financing rate
  • High forex, bond, options, and futures fees
Saxo Bank Fees snapshot
AssetsFee levelFee terms
US stock feeHigh$0.01/share; min $9.90, but using VIP pricing the minimum can be as low as $3
EURUSD feeHighThe fees are built into spread, 0.6 pips is the spread cost. Using VIP pricing the spread can be as low as 0.4 pips.
US tech fund fee-Not available
Inactivity feeHigh$25 per quarter if you don't trade in the previous quarter

To get things rolling, let's go over some broker fee lingo. You need to keep an eye on trading fees, financing rates, and non-trading fees.

We compare Saxo Bank fees with its peers, Swissquote and DEGIRO

We analyzed the fees of Saxo UK. The fees can vary from country to country, but Denmark, France, Norway, Australia, Singapore, Hong Kong, the United Arab Emirates, and Russia have similar fees to the UK.

Let's start with the trading fees.

Trading fees

Saxo has average trading fees. The fee structure is transparent, you can easily calculate the costs.

The fee structure differs from account type to account type. We analyzed the fee structure of the "Classic" account. The Platinum and VIP accounts have more favorable pricing structure.

We recommend Saxo if you want to get a high-quality service and you are prone to pay a bit higher cost. If you want a bargain, there are discount brokers out there.

Stock and ETF fees

Saxo Bank's stock and ETF fees are average. It is cheaper than Swissquote but more expensive than DEGIRO.

Stock fees of a $2,000 trade
  Saxo Bank Swissquote DEGIRO
USA $9.9 $25.0 $0.6
UK $7.2 $36.3 $5.4
Germany $11.4 $28.5 $5.7

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

Saxo Bank stock fees
Market Commission
USA & Canada  
NASDAQ, NYSE, ARCA, AMEX $0.01/share (min $9.90)
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 £4.99)
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 6.99)
Hong Kong Exchanges 0.15% (min HKD 100)
Singapore Exchange 0.15% (min SGD 25)
Tokyo Stock Exchange 0.15% (min JPY 1,500)

Forex fees

Saxo Bank's forex trading fees are high. 

Forex fees of a $20,000 30:1 position open, 1-week-hold, and close
  Saxo Bank Swissquote DEGIRO
EURUSD benchmark fee $58.4 $18.9 -
EURGBP benchmark fee $27.2 $42.8 -

Saxo applies a spread-only fee structure, i.e. you have to pay only spread and not commission.

Saxo Bank forex spreads
Currency pair Spread (in pips)
EURUSD 0.6
EURGBP 1

Bond fees

Saxo's bond fees are one of the highest in the market:

Bond fees of a $10,000 trade
  Saxo Bank Swissquote DEGIRO
USA $91.2 $75.0 -
Europe $91.2 $57.0 $11.5

You will have to pay a 0.2% volume based commission and a minimum fee. The minimum fee is also very high, €80.

Options and futures fees

Saxo Bank's options fees and futures fees are also high.

Stock index options and futures fees of 10 contracts
  Saxo Bank Swissquote DEGIRO
USA $60.0 $19.9 $6.5
UK $72.5 - $30.2
Germany $68.4 $11.4 $10.3

Stock options fees depend on the currency of the underlying product:

Saxo Bank's options fees for stocks
Currency of the underlying product Commission per contract
EUR 3
GBP 2.5
USD 3
CHF 4
HKD 30

The same pricing applies at options and futures for stock indices and commodities. Similarly to the stock options, the fees depend on the currency of the underlying product.

Saxo Bank's options and futures fees for stock index and commodities
Currency of the underlying product Commission per contract
EUR 6
GBP 5
USD 6
CHF 8
JPY 1,000
HKD 45

CFD fees

Saxo Bank CFD fees are average.

Stock CFD fees, commission of a $2,000 trade
  Saxo Bank Swissquote DEGIRO
USA $10.0 - $0.7
UK $11.6 - $5.7
Germany $11.4 - $5.7

Saxo Bank stock CFD fees are volume-based and have a set minimum. Trading fees of index-tracking, commodity, forex and bond CFDs are built into the spread.

Saxo Bank stock CFD fees
Market Commission
USA & Canada  
NASDAQ, NYSE, NYSE MKT $0.01/share (min $10)
Toronto Stock Exchange CAD 0.03/share (min CAD 20)
Europe / Middle East / Africa  
Athens Exchange 0.30% (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 6)
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 Bank you can trade cryptos through exchange-traded notes, e.g. ETNs.

Bitcoin and Ether ETNs are available on the Stockholm Stock Exchange. The trading cost at classic account is 0.1% of the trading volume with a SEK 65 minimum. Using VIP pricing the commission can be as low as 0.05% with a SEK 50 minimum.

If you want to understand what is a crypto ETN check out our crypto blogpost.

SaxoSelect fees

SaxoSelect is a robo-advisory like service where you can select investment themes and Saxo builds a portfolio. Its pricing varies from strategy to strategy, but there is usually:

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

Financing rates

If you want to trade on margin and prefer to hold your positions long, financing costs can be significant.

Saxo Bank financing rates are one of the highest in the market. 

Yearly financing rate
  Saxo Bank Swissquote DEGIRO
Apple financing rate 7.1% 5.2% 4.3%
Vodafone financing rate 5.3% 4.0% 2.5%
EURUSD financing rate 15.5% 4.3% -

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Non-trading fees

Saxo Bank has average non-trading fees. There is no account or withdrawal fee, but Saxo applies an inactivity fee:

Non-trading fees
  Saxo Bank Swissquote DEGIRO
Account fee No No No
Inactivity fee Yes No No
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 or minimum €5/month.

Currency conversion is another fee category which could be important if you trade assets with a different currency than your account currency. The currency conversion rate is calculated as the following: mid FX spot rate +/-1%.

Saxo Bank review
Account opening 3 stars

Account opening is available for almost all residents and is fully digital.

Pros
  • Fast account opening
  • Fully digital account opening
  • Available for almost all residents
Cons
  • Minimum account balance is higher than $500
  • Sales team pushy
  • Only single currency account available at classic accounts

Can you open an account?

Almost anybody can open an account with Saxo Bank. There a few exceptions, i.e. the residents of US, Iran, Cuba, Sudan, Syria or North Korea. Some Canadian residents from Ontario, Newfoundland, and Labrador are also prohibited due to local regulations.

Minimum deposit

At Saxo Bank UK the minimum deposit is £500. The mimimum deposit can be higher in other countries. For exmaple, it is $10,000 for Middle-Eastern and South African residents and $250.000 for Turkish residents. Also, the minimum deposit is higher for Platinum and VIP.

Account types

Saxo Bank offers three types of accounts:

  • Classic – minimum  £500 deposit
  • Platinum – minimum £50,000 deposit
  • VIP – minimum £1,000,000 deposit

With Platinum and VIP accounts you will enjoy more favorable pricing structures and you will get a personal relationship manager.

Saxo Bank review - Account opening -  Account types

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

Corporate accounts are also available.

How to open your account

The account opening is seamless, fast, and fully digital. Your account will be ready in 3-4 days.

Saxo Bank review - Account opening

The account opening process has three straightforward steps:

  1. Online application
  2. Approval process
  3. Funding

The online application takes 10-15 minutes. In the end, you have to upload documents for verification:

  • Proof of identity: national ID card / passport
  • Proof of residence: tax statement / bank statement / other document

After approval, you should fund your account and start trading. The funding can take 1 to 5 business days depending on the funding method.

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Saxo Bank review
Deposit and withdrawal 5 stars

Saxo provides multiple deposit and withdraw options free of charge on a user-friendly interface.

Pros
  • Free withdrawal
  • No deposit fee
  • Several account base currencies
Cons
  • Credit/Debit card deposit and withdrawal not available

Account base currencies

Saxo has 32 account base currencies.

AED AUD CAD CHF
CNH CZK DKK EUR
GBP HKD HRK HUF
ILS JOD JPY KWD
MXN NOK NZD PLN
RON RUB SEK SGD
THB TRY USD ZAR
XAU XAG XPD XPT

Not all 32 are available for all nationalities, but ~20 account base currencies are usually available.

This offer is great compared with other brokers. DEGIRO offer only 9 base currencies.

Why does this matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

A convenient way to save on the currency conversion fees can be to open a multi-currency bank account. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. The account opening only takes a few minutes on your phone.

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Deposit fees and options

Saxo deposit fees are free of charge.

You can use bank transfer and credit/debit cards for deposit, electronic wallets are missing:

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

*Some countries are excluded. You can check it on Saxo Bank’s website.

The bank transfer can take from 1 to 5 business days. If you use the credit/debit cards, the money is credited to your account immediately.

You can only deposit money from sources which are on your name.Saxo bank review - Deposit and withdrawal - Deposit

You can also transfer stocks and bonds to Saxo.

Withdrawal fees and options

Saxo withdrawal fees are free of charge. 

You can withdraw only with a bank transfer, similarly to Saxo's competitors:

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
Withdrawal Time >3 days 1 day 1 day

Saxo Bank doesn't provide information about how long a withdrawal takes. We tested it and it took 3 business days.

You can only withdraw money to accounts on your name.

More funding and withdrawal info

Saxo Bank review
Web trading platform 5 stars

Saxo Bank's web trading platform is easy-to-use and well-designed. However, it doesn't provide a two-step login and the customizability is limited.

Pros
  • User-friendly
  • Good search function
  • Looks nice
Cons
  • No two-step (safe) login
  • Limited customizability (for charts, workspace)
Saxo Bank Platforms to Choose From
Trading platformScoreAvailable
Web5 / 5 starsYes
Mobile5 / 5 starsYes
Desktop5 / 5 starsYes

Saxo's web trading platform is the SaxoTraderGO. The desktop-based trading platform is SaxoTraderPRO. Both are developed by Saxo.

The platform is available in 25 languages. This is one of the most extensive offers.

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

Look and feel

SaxoTraderGO is a great platform, we really liked its design and user-friendliness.

Both the first timer and the professional traders will get familiar with the platform in a very short time. Saxo bank review - Web trading platform

The platform's customizability is not a strong point. You can change the different tabs' sizes, but can't change their positions.

Login and security

Saxo Bank only provides a one-step login. However, if you have a VIP account, you can have a more secure, IP address linked Saxo Bank login.

We think they should offer the safer login to every customer.

Search function

We at Brokerchooser really liked Saxo Bank’s search function. It clearly classifies the results into different asset classes. For example, if you search for Apple, the results will show Apple stocks, CFDs and options as well.

Furthermore, if you click on the drop-down button, you can also filter for the asset classes. Within the stocks, you can also filter for regions.

Saxo bank review - Web trading platform - Search

Placing orders

You have a good range of order types and order terms. 

When you place an order you can select from these order types:

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

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

The term of the orders is customizable:

  • Day
  • Good-till-date (GTD)
  • Good-till-cancel (GTC)

You can see all fees of the to be traded instrument. We really liked this feature. 

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.

You can also set if you want to get the notifications on the platform as a pop-up message or on email.

Portfolio and fee reports

Portfolio and fee reports are transparent at Saxo Bank. You can see and download reports on the "Account tab". It clearly shows what is your historical profit/loss balance and how much costs you paid.

Visit web platform page

Saxo Bank review
Mobile trading platform 5 stars

Saxo Bank's mobile platform has the same look, user-friendliness, and almost the same functionality than the web platform.

Pros
  • User-friendly
  • Good search function
  • Good variety of order types
Cons
  • No two-step (safe) login

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

Saxo bank review - Mobile trading platform

The platform's look, login, search function, orders, and alerts are the same as the web trading platform. 

Saxo bank review - Mobile trading platform - Search

Only the platform's user-friendliness lags behind the web trading platform. The menu is not structured and not so easy to find what you are looking for.

Saxo bank review - Mobile trading platform- Order panel

Visit mobile platform page

Saxo Bank review
Desktop trading platform 5 stars

Saxo Bank's desktop trading platform is one of the best desktop trading platforms on the market. It is easy-to-use and well-designed. It has also a great customizability.

Pros
  • User-friendly
  • Good customizability (for charts, workspace)
  • Good search function
Cons
  • No two-step (safe) login

SaxoTraderPRO is Saxo Bank's desktop-based platform. It is almost the same as its web-based equivalent.

The main difference is the customizability. On the desktop trading platform you can better customize than at the web trading platform  You can use six windows at the same time and create your own trading environment. Each window is fully customizable in size and position.

Saxo Bank review - Desktop trading platform

 

Visit desktop platform page

Saxo Bank review
Markets and products 4 stars

At Saxo Bank you can reach many markets and trade with a lot of different products except for funds.

  Saxo Bank Swissquote DEGIRO
Stock Yes Yes Yes
ETF Yes Yes Yes
Forex Yes Yes No
Fund No 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 a great product portfolio. From stocks to CFDs, you will find everything except funds. Saxo has the most currency pairs and CFDs compared to its competitors. At stocks, ETFs, bonds, and futures it is also very competitive, but not the best. Options and crypto offers are average. 

Compare product portfolios

Stock and ETF

At Saxo, there is a wide range of stock markets, including all major and also many minor markets:

Stocks and ETFs
  Saxo Bank Swissquote DEGIRO
Stock markets (#) 36 43 32
ETFs (#) 3,100 1,300 5,400

Forex

You will get access to a great forex offer. Saxo has one of the widest currency pair offer:

Currency pairs
  Saxo Bank Swissquote DEGIRO
Currency pairs (#) 182 78 -

Bond

Saxo's bond offer is quite competitive. You can trade with ~38,000 bonds, including both the government and corporate bonds:

Bonds
  Saxo Bank Swissquote DEGIRO
Bonds (#) 38,000 55,000 1,000

Options

Saxo has a relatively narrow proposition regarding available options markets. It's the same as Swissquote's offer, but lags behind DEGIRO:

Options markets
  Saxo Bank Swissquote DEGIRO
Options markets (#) 5 6 13


Futures

Saxo's futures offer is great. 

You can reach 23 global future markets, and trade with the following underlying: commodities, stocks, indexes, bonds, and currencies.   

Futures markets
  Saxo Bank Swissquote DEGIRO
Futures markets (#) 23 6 12

CFD

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72-74% of retail investor accounts lose money when trading 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, index-tracking, commodity, forex and bond CFDs.

Within the available CFD types, you can reach is a really deep product portfolio: 

CFDs
  Saxo Bank Swissquote DEGIRO
Stock CFDs (#) 8,900 - 900
ETF CFDs (#) 700 - -
Commodity CFDs (#) 19 11 -
Stock index CFDs (#) 29 13 -
Bond CFDs (#) 3 3 -

Crypto

You can invest into Bitcoins through ETN instruments traded on the Swedish stock exchange. If you want to know more about crypto investing, we recommend our how to invest in Bitcoin, Bitcoin ETNs, CFDs and futures guide.

SaxoSelect

SaxoSelect is kind of a mix of mutual funds and robo-advisory. It is great if you don’t want to manage your investments on your own.

According to your risk appetite, you can choose among balanced portfolios, equity portfolios, and trading strategies.

The minimum investment usually starts from $20,000 though. The annual management fee ranges between 0.5% and 1% plus a 10-20% performance fee.

Saxo bank review - Markets and products - Saxo select

Saxo Bank review
Research 5 stars

Saxo Bank's research is great. You get clear recommendations, can access to fundamental data, and use technical analysis tools.

Pros
  • Analyst recommendations for stocks, bonds, etc.
  • User-friendly
  • Good set of analytical tools
Cons
  • Most fundamental data is not free of charge

You can use research tools from the web and desktop trading platforms or from the tradingfloor.com, which is a separate page operated by Saxo.

Recommendations

You will find many analyses and recommendations both on trading platforms and on tradingfloor.com.

Saxo bank review - Research - Recommendations

Fundamental data

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

Saxo bank review - Research - Fundamental data

You will find both current and historical data. They include information, like the ownership structure, financial statements, valuation, peer group comparison, etc. On top of that, if you want to benchmark your own analysis, analyst consensus and target price information are also available.

You can check out the winners and losers of the larger stock exchanges, read the related news and see the related trade signals and calendar events.

Saxo bank review - Research -  Equity

Charting

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 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

There is a news feed and an economic calendar on the trading platforms. The news can't be filtered by assets, only by the news provider.

You can also find news, daily comments, long-term outlooks and expert opinions on tradingfloor.com.

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 USD 1 billion, this is basically a two-click exercise in the screener.

Saxo bank review - Research - Stock screener

Saxo is catching up with the social trading. On tradingfloor.com you can check and follow other Saxo traders strategies and performance. You will be notified about new and closed trades. However, the system does not automatically copy the trades as it does at eToroSaxo bank review - Research - Trader following

More research info

Saxo Bank review
Customer service 3 stars

Customer support is average at Saxo. You can reach out to them in many languages, but there is no live chat and 24/7 availability.

Pros
  • Available in local languages
  • Relevant telephone support
  • Fast email support
Cons
  • No live chat
  • No 24/7 availability

You can contact Saxo Bank via:

  • phone
  • email

You can reach out them in many languages, including minor ones, like Hungarian.

Saxo's customer support was ok. On phone we got relevant answers, but the response time was slow. On email we got answers mostly within a day, but some of the answers were not relevant.

We missed the chat function and the 24/7 availability. We had also an annoying experience with the pushy sales team, who called us several times trying to get us to fund our account.

Contact customer service

Saxo Bank review
Education 5 stars

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 videos
  • Educational videos
  • Good production quality
Cons
None

You can learn in many ways:

  • Demo account
  • Webinars
  • Educational videos
  • Platform tutorial videos

You can use the demo account for getting familiar with the platform. We think it is the best way to learn how Saxo's trading platform works.

You can also attend online 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
Safety

Saxo Bank is regulated by several financial regulators, including the top-tier FCA. It is also a fully licensed Danish bank and provides negative balance protection. On the flip side, Saxo is not listed on any stock exchanges.

Pros
  • Regulated by top tier financial authority
  • Banking background
  • Negative balance protection
Cons
  • Not listed on stock exchange

Is Saxo Bank safe? To be certain, it is best to check two things: how you are protected if something goes south and what the background of the broker is.

How you are protected

Saxo Bank operates globally through ~10 different entities. This matters because the entity you are a client at, defines amount of protection you get.

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 Various legal entities (e.g. Saxo Bank A/S)
UK £50,000  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
Singapore No protection

Monetary Authority of Singapore. Co.

Saxo Capital Markets Pte Ltd
United Arab Emirates No protection Central Bank of the UAE Saxo Bank Abu Dhabi A/S
Japan No protection Japanese Financial Services Agency Saxo Bank FX K.K.

South Africa

No protection

Financial Services Board.

Saxo Capital Markets South Africa (PTY) Ltd

Hong Kong

HKD 150,000 for exchange-traded products in HK Securities and Futures Commission in Hong Kong Saxo Capital Markets Hong Kong Ltd.

Australia

No protection Australian Securities and Investments Commission (ASIC) Saxo Capital Markets (AU) Pty. Ltd

Saxo provides negative balance protection for CFDs which also can be an additional security line.

Background

Saxo Bank was established in 1992. The longer the track record of a broker, the more proof we have it had already managed previous financial crises. More than 25 years for Saxo is already solid.

Furthermore, Saxo Bank has a banking license, as such, it is facing tougher regulation than brokers.

On the other hand, Saxo is not listed on any stock exchange which could mean more scrutiny and transparency. On the other hand, Saxo discloses its financials transparently, and it is easy to access.

Having a bank license and being regulated by the FCA are all great signs for Saxo's safety.

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Saxo Bank review
Bottom line

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

It has the best trading platforms backed by great research. The product portfolio is covering all important international markets and asset classes.

It has some drawbacks though. The fees for forex, bond, options, and futures are high. The account opening can take long and the live chat is missing.

In general, Saxo Bank is one of the best online brokerage companies you can choose. By opening an account, you end up with a broad, well-developed service.

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Saxo Bank is a Danish investment bank providing online trading and investments. It is a leading European retail brokerage innovator. Saxo is privately owned, established in 1992, and headquartered in Copenhagen.

Saxo is considered safe as it is regulated worldwide by more than 10 financial regulators, including top-tier regulators, like the UK FCA.

Best trading platform

Recommended for investors and traders aiming for a great trading platform and research.

Compare to other brokers

Overall 5 stars

Pros
  • Outstanding research
  • Great trading platform
  • Broad product portfolio
Cons
  • High forex, bond, options, and futures fees
  • Slow account opening
  • Missing live chat

Fees 3 stars

Pros
  • No withdrawal fee
  • Transparent fee structure
  • Lower fees for Platinum and VIP clients
Cons
  • Inactivity fee
  • High financing rate
  • High forex, bond, options, and futures fees

Account opening 3 stars

Pros
  • Fast account opening
  • Fully digital account opening
  • Available for almost all residents
Cons
  • Minimum account balance is higher than $500
  • Sales team pushy
  • Only single currency account available at classic accounts

Deposit and withdrawal 5 stars

Pros
  • Free withdrawal
  • No deposit fee
  • Several account base currencies
Cons
  • Credit/Debit card deposit and withdrawal not available

Web trading platform 5 stars

Pros
  • User-friendly
  • Good search function
  • Looks nice
Cons
  • No two-step (safe) login
  • Limited customizability (for charts, workspace)

Mobile trading platform 5 stars

Pros
  • User-friendly
  • Good search function
  • Good variety of order types
Cons
  • No two-step (safe) login

Desktop trading platform 5 stars

Pros
  • User-friendly
  • Good customizability (for charts, workspace)
  • Good search function
Cons
  • No two-step (safe) login

Markets and products 4 stars

The available asset classes to trade:

  • Stock
  • ETF
  • Forex
  • Bond
  • Options
  • Futures
  • CFD
  • Crypto
  • SaxoSelect

Research 5 stars

Pros
  • Analyst recommendations for stocks, bonds, etc.
  • User-friendly
  • Good set of analytical tools
Cons
  • Most fundamental data is not free of charge

Customer service 3 stars

Pros
  • Available in local languages
  • Relevant telephone support
  • Fast email support
Cons
  • No live chat
  • No 24/7 availability

Education 5 stars

Pros
  • Demo account
  • Trading platform tutorial videos
  • Educational videos
  • Good production quality
Cons
None

Safety

Pros
  • Regulated by top tier financial authority
  • Banking background
  • Negative balance protection
Cons
  • Not listed on stock exchange

AUTHOR OF THIS REVIEW

Gergely Korpos
Gergely Korpos
Co-founder, CPO
Gergely's aim is to bring more clarity into personal investing. He has 10 years of experience in financial markets with GE Money, KPMG and MOL. He concluded thousands of trades as a commodity trader and financial portfolio manager

METHODOLOGY

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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