Saxo Bank minimum deposit amount
The minimum deposit at Saxo Bank is $725.
Check the following comparison table to see how Saxo Bank stacks up against similar brokers when it comes to minimum deposits:
The Saxo Bank minimum deposit varies based on the account type you choose and the country you reside in. For example, the Saxo Bank UK minimum deposit is $72,500 for Platinum accounts and $1,000,000 for VIP accounts.
The minimum deposit means that you will first need to transfer this amount to your brokerage account from your bank account in order to start trading. It is sometimes called an initial deposit or funding.
Beyond the required minimum deposit, there are a couple of other factors to consider when you are about to open an account at Saxo Bank. Here are the main pros and cons when it comes to depositing at Saxo Bank:
- Credit/Debit card deposit
- No deposit fee
- Several account base currencies
- Minimum deposit is higher than $500
Why does Saxo Bank require a minimum deposit?
Online brokers sometimes require a minimum deposit in order to cover their initial costs associated with creating a new account and to ensure their profitability. The higher the amount you deposited, the higher the chance for you to trade more and generate bigger profits for the broker.
In some cases, the very high minimum deposit (like the £1 million amount at the VIP account of Saxo Bank) is there to differentiate the level of services they offer you.
Saxo Bank minimum deposit
Saxo Bank deposit fees and deposit methods
Saxo Bank does not charge a deposit fee. This is great because the broker won't deduct anything from your deposits and you only have to calculate with the costs charged by the bank / third-party you send the money with. If you want to know more about Saxo Bank fees, check out the fee chapter of our Saxo Bank review.
While there is no deposit fee at Saxo Bank, the available deposit methods are also important for you. See how Saxo Bank deposit methods compare with similar online brokers:
The average transfer times for the different methods are:
- Wire transfer: 2-3 days
- Credit / debit card and online wallets: instant or a few hours
A minor issue with depositing money to Saxo Bank is that based on our experience it's not user-friendly compared to similar brokers. This means either that the interface is not user-friendly or that figuring out where and how you have to make the transfer is a bit complicated.
Find out more details about depositing on Saxo Bank on their website:
Saxo Bank minimum deposit
Each trading account has a base currency, which means that the broker will hold your deposited money in that currency. At some brokers, you can also have more trading accounts with different base currencies. For example, at IG, it is possible to have both EUR and USD-based accounts.
Why does this matter? A currency conversion fee will be charged if you deposit in a different currency than the base currency of the target trading account. It's likely not a big deal but something you should be aware of.
Some online brokers offer trading accounts only in the major currencies (i.e. USD, GBP, EUR and sometimes JPY) and some support a lot more than that.
|Number of base currencies||32||9||9|
Luckily, Saxo Bank stands out from the majority of online brokers by supporting not only the main currencies but some smaller ones as well. The benefit of this for you is that Saxo Bank is very likely to support the currency you want to deposit in and won't have to convert it. The conversion would mean extra costs, as a conversion fee is charged.
A convenient way to save on the currency conversion fee if you wish to fund your brokerage account from a currency different from your existing bank account can be to open a multi-currency digital bank account. At Revolut or Transferwise the account opening only takes a few minutes after which you can upload your existing currency into your new account, exchange it in-app at great rates, then deposit it into your brokerage account for free or cheap.
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Saxo Bank minimum deposit
Steps of sending the minimum deposit
The specific process of sending your minimum deposit to Saxo Bank might vary slightly from the following, but generally the process involves the following steps:
Step 1: Open your broker account
At most brokers, you can open your trading account online. To open an account, you have to provide your personal details, like your date of birth or employment status, and there is also usually a test about your financial knowledge. The last step of the account opening is the verification of your identity and residency. For this verification you usually have to upload a copy of your ID card and a document that validates your proof of residence, for example, a bank statement.
If you don't know which broker is suitable for you, use our broker selector tool.
Step 2: Make the deposit
First you have to sign in to your already opened trading account and find the depositing interface. After this, you select one of the deposit methods the broker supports, enter the deposit amount and make the deposit.
The deposit methods can be one or more of the following:
- Bank transfer (sometimes called wire transfer): you have to add your bank account number in the deposit interface. The bank account has to be in your name. After this, you need to start a bank transfer from your bank. The broker will give you a reference number that you'll have to enter as a comment in your transaction. This will allow them to identify your deposit.
- Credit or debit cards: just as with a normal online purchase, you are required to enter the regular card details. However, unlike any other online purchase, it's required to use a card that's in your name. In some cases, like with IC Markets, you'll also need to verify your card by scanning it and sending it to the broker. This is yet another anti-money laundering measure on their end. Card payment is usually the preferred and most convenient way of depositing. On the other hand, some brokers define a cap for card deposits, so for a larger amount you might have to use the bank transfer.
- Online wallets like Paypal, Skrill, Neteller, etc.: it works just like any other online purchase. The interface of the wallet will pop up where you'll have to enter your credentials (username and password) and carry out your transaction.
Step 3: Review your transaction
Depending on the method you chose, it might take a couple of days for your deposit to show up on your brokerage account. When it happens, the brokers usually send you an email to confirm the receipt of the deposit.