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Things to consider

There are many aspects to assessing a broker’s services in general, maybe even too many to list. Below, we’ll focus on the most important criteria that should be taken into account when determining whether a broker is good for beginners.

A beginner-friendly broker should have:

  • an excellent web and mobile trading platform
  • low fees
  • great educational tools
  • good customer service
  • an easy account opening process
  • low minimum deposit

Reliability is also very important, but since we recommend only reliable brokers regulated by reliable financial authorities, this is one thing you don’t have to worry about.

More and more people are looking to become a player on financial markets either as traders or investors. However, when researching the basics, it can be easy to feel overwhelmed by the sheer amount of information available online.

This is where BrokerChooser offers a helping hand. The reason is simple: choosing the right service, especially when you are taking your first steps in trading, is highly important.

In this article we’ll check whether Saxo Bank is the right choice for a starting trader.

Is Saxo Bank good for beginners
Is Saxo Bank good for beginners?

Based on our scoring methodology, Saxo Bank is not considered good for beginners. If you'd like to see alternatives, check out our picks for the best brokers for beginners.

Let's take a look at its services one by one, following the criteria we set above, to get the whole picture.

  • 💻 When it comes to its web platform, Saxo Bank might suit the needs of beginners: User-friendly. Clear fee report. Two-step (safer) login. Overall, this platform may be an optimal choice for beginners.
  • 📱 The mobile platform of Saxo Bank is reasonably well-designed: User-friendly. Two-step (safer) login. Good search function. This may be helpful for the first steps in your trading journey.
  • 💰 Fees are one of the most important aspects when it comes to trading and Saxo Bank does well in some areas: Low forex fees. Low fund fees. No withdrawal fee. However, charges may be higher compared to some competitors. Areas of improvement: Inactivity fee. Custody fee. High fees for options and futures.
  • 🕖 Account opening: Fully digital. User-friendly. Available in almost every country. When it comes to the actual process however, there are more seamless experiences at other brokers that Saxo Bank could look to as an example. Areas of improvement: Minimum deposit is high in certain countries. Slow account verification.
  • 📚 Saxo Bank's education materials are a great place to start: Demo account. Trading platform tutorial. Educational videos. This makes Saxo Bank's material worthy reading.
  • 📞 Phone support. Relevant answers. However, there is some room for improvement in Saxo Bank's customer service: No live chat. No 24/7 support.
  • 💰 Low minimum deposits and low-cost transactions are attractive for new traders. Saxo Bank's deposit and withdrawal processes have some good things to offer: Credit/Debit card available. Free withdrawal. No deposit fee.

Is Saxo Bank good for beginners
Overview of Saxo Bank's services

Let’s take an overall look at how Saxo Bank compares to its peers when it comes to platforms, fees, account opening and education tools. Our scores are on a scale of 1.0 to 5.0, from worst to best.

Saxo Bank services vs. similar brokers
Saxo Bank Swissquote Interactive Brokers
Web platform score 5.0 stars 4.3 stars 4.0 stars
Mobile platform score 5.0 stars 4.7 stars 3.5 stars
Fees Average High Low
Account opening score 2.0 stars 4.0 stars 3.2 stars
Education score 4.5 stars 5.0 stars 4.5 stars
Customer service score 4.0 stars 4.4 stars 3.4 stars
Deposit and withdrawal score 4.8 stars 4.6 stars 3.0 stars

If you wish to read more about Saxo Bank, click 'Visit Broker' to go to the broker's website. We also have a detailed review of the broker that you can read by clicking on the 'More' button.

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Is Saxo Bank good for beginners
Is Saxo Bank reliable to use?

We hear more and more stories each day about clients who lost their money to scammers from Telegram or through unregulated services. BrokerChooser only features brokers that have reliable financial regulators. As such, Saxo Bank is a reliable and trusted broker.

If you’d like to know more, check out our deeper dive into Saxo Bank's reliability.

Is Saxo Bank good for beginners
Where can I find more information?

If Saxo Bank is not the right broker for you, go ahead and check out our picks for Best Brokers for Beginners in 2022 for some alternatives.

Also, if you feel that some things weren’t clear when it comes to the brokerage world, no worries. We have lots of content to cover your questions. You can find our articles in the Education section of our site.

For example, if you want to know how to buy shares online and how the whole process works, there’s an article about that. If you’d like to learn more about investing in stocks or what short selling is, we have articles about these topics too.

We have also written a few materials that focus on recent events in the news. Like what happens with brokers after Brexit or what a short squeeze is.

We hope you found all of the information above useful. If you have any questions, we’d love to hear from you, just write to us at [email protected]. See you there!

Author of this article

Gergely Korpos

Author of this article

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.

Gergely Korpos

Co-founder, CPO

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