How to get to your first trade at Saxo Bank?
Reading time: 6 minutes
Choosing Saxo Bank as your broker to do your first trade is a good idea, go for it. In this article, we are going to take you through all the steps necessary, from the registration all the way to setting up your first order. At Saxo Bank, opening an account is easy, and needs no prior knowledge. If you have opened an account anywhere on the internet before, you pretty much already know what to expect.
To give you a brief summary: Saxo Bank is a Danish investment bank. It is regulated by several top-tier financial authorities globally, including the UK regulator called FCA (Financial Conduct Authority).
THE ESSENCE:
- Signing up takes 15 minutes, while the approval of your account could take 1 day
- Available in most countries, except Canada, USA
- You will need to prove your identity and residency with documents. Some examples:
- Proof of identity: personal ID / passport / driver's licence
Proof of residence: ID card / insurance card / utility bill / bank statement- Saxo Bank is a reliable broker regulated by a top-tier regulator
- Visit Saxo Bank's site and start registering now!
First, let's see if Saxo Bank is available in your country?
How to get to your first trade at Saxo Bank?
How to get a verified trading account at Saxo Bank?
First you need to fill a registration form to apply for an account. Your application needs time to be verified [1 day] after which you can deposit and start trading.
Saxo Bank account opening step-by-step guide
- Go to Saxo Bank's website to start the account opening process.
- Follow the account opening process: it is self-evident, but you might need help at some point. Don't worry, we cover the main issues here.
Which Saxo Bank account to choose?
At Saxo Bank we tested the two most popular account type setups:
- If you are a beginner, go with the 'Classic' account - Lowest minimum deposit, broad product portfolio, great trading platform.
- If you are more experienced, choose 'VIP' account - Favourable pricing structures, dedicated contact person.
We have more details about the alternative account types in our review for you to explore.
Which base currency to choose?
Why does this matter? You can cut your costs.
- 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 the conversion fees is by opening a multi-currency bank account at a digital bank, which is fast and easy.
The base currencies at Saxo Bank are: AED, 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.
Once you have filled out the form, uploaded your documents, chose your account type, base currency and finished the trading survey, Saxo Bank will verify your account very shortly.
Why do I need to fill the trading experience survey?
It might seem scary at first, but it is nothing to worry about. This is standard procedure, as brokers need to make sure that you have a basic financial knowledge and you are aware of the risks of trading.
Also don't worry if the broker asks questions about your financial background e.g. your available assets, salary range. This is also part of the risk assesment process - to make sure you don't take on investments and trades you can't afford.
How to get to your first trade at Saxo Bank?
How to deposit and start trading at Saxo Bank?
To do your first trade, you have to fund your account. Generally, brokers offer a Bank transfer / ACH / Credit or debit card / E-wallet transfer solution.
Is there a minimum deposit at Saxo Bank?
Unfortunately, yes. At Saxo Bank, the minimum deposit amount is $2,000.
This would meann that you have to deposit at least $2,000 to be able to start trading. But luckily, the minimum deposit requirements at Saxo Bank can be different based on your residency and the account type you choose. For example, the required Saxo Bank minimum deposit is £500 in the UK for a Classic account.
Check the minimum deposit requirements for Classic accounts in different countries in the following table.
However, if you feel like this service is not your cup of tea: no worries. After depositing, you can opt out and withdraw your funds anytime.
If you received your verification email, you are good to go to fund your account and start investing!
Here's how to start after funding your account:
- First, check the products on the platform. You can also search for assets using its search tool,
- Here, you'll see a list of assets by certain categories, like asset classes,
- Click/tap on an asset to see its chart,
- After this step, it is easy to specify the transaction size, order types, and terms.
How to get to your first trade at Saxo Bank?
Is Saxo Bank safe?
Yes, Saxo Bank can be considered a legit broker, as it is regulated by at least one top-tier regulator, which is a great sign for reliability.
For you, this means that your money is in good hands and you will most probably not become a victim of a scam by Saxo Bank.
Throughout the account opening process at Saxo Bank, you won't be required to pay anything to create your account. Also, you can close your account anytime you like.
Every time you are planning to dive into finances, make sure you know who you trust your money with. Make sure that the broker is considered trustworthy. We, at BrokerChooser, only recommend regulated brokers on our site, meaning the broker's operations are overseen by a trusted body.
How to get to your first trade at Saxo Bank?
Wrap-up
You are awesome for having read through this article! Opening an account might seem cumbersome at first, but the best time to start dealing with your finances is always right now.
We want to help you along the way, so if you are stuck somewhere, have a question, or a suggestion, please drop us an email at [email protected].
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