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Want to see if Saxo Bank is a legit broker? Is it safe to trade? The spread is high or low? How long to deposit or withdraw?

We provide answers to all the questions in this Saxo Bank Review.

We checked Saxo Bank licenses and regulations to see if Saxo Bank scam or safe. Compared Saxo Bank fees like spread & commission from the Live account to other 150 brokers, required time for deposit & withdrawal and many more findings all in this review.

What is Saxo Bank

Saxo Bank operates as Saxo Group a multi-asset trading and investment organization since 1992.

Saxo Bank is a licensed European Bank and is quite known and well-established Bank fully-regulated and audited operations in almost all world financial centers including London, Paris, Zurich, Dubai, Singapore, Shanghai, Sydney, Hong Kong and Tokyo.

Saxo Bank highlights

πŸ—ΊοΈ Regulated inDenmark, UK, Australia, Japan, Singapore, Switzerland, UAE, Hong Kong
πŸ›‘οΈ Is Saxo Bank safe to tradeYes
πŸ’΅ EUR/USD spread0.6 pips
🏦 DepositBank Wire, Credit and Debit Cards  
πŸ’° Minimum depositUS$10,000
🏦 WithdrawalBank Wire, Credit and Debit Cards
πŸ’» Trading platformSaxoTraderGO, SaxoTraderPRO
πŸ’³ Trading marketsStocks, mutual funds, ETFs, bonds, forex, CFDs, futures, commodities, forex options, listed options, trading strategies and managed portfolios
πŸ“ˆ Number of product50,000+
πŸ“‰ Live chat responseInstant and relevant answers

Regulation

License and regulation are the keys to traders’ fund security. We check two factors, a license that broker carry also its background, and how you are protected if something goes wrong.

Is Saxo Bank legit

Saxo Bank is European Bank established under the laws of Denmark and regulated by the central Bank. Additionally, the group operating numerous representative offices and is regulated within Europe including CNMV Spain, AMF France, CONSOB Italy, Czech National Bank, FINMA in Switzerland and is incorporated and licensed bank in Netherlands.

Additional world expansions including regulations from top-tier UK in the FCA, ASIC Australia, SFC in Hong Kong and more.

Saxo Bank Licenses and status

EntityRegistered inRegulatorLicense no.Status
Saxo Bank A/SDenmarkDanish Financial Supervisory Authority (FSA)1149Currently Regulated
Saxo Capital Markets UK LimitedUKFinancial Conduct Authority (FCA) 551422Currently Regulated
Saxo Capital Markets (Australia) LimiteAustraliaAustralia Securities and Investment Commission (ASIC)AFSL 280372Currently Regulated
Saxo Bank (Switzerland) Ltd. SwitzerlandSwiss Financial Market Supervisory Authority FINMACHE-106.787.764Currently Regulated
Saxo Bank FX K.K.JapanFinancial Services Authority (JFSA)239Currently Regulated
Saxo Capital Markets Pte. Ltd. SingaporeSingaporeMonetary Authority of Singapore (MAS)200601141MCurrently Regulated
Saxo Capital Markets Hong Kong Ltd.Hong KongSecurities and Futures Commission (SFC)1395901Currently Regulated
Saxo Bank (Representative Office)UAECentral Bank of the U.A.E.13/248/2019 
Saxo Bank Review – Licenses
Saxo Bank Review – Licenses

Is Saxo Bank safe

Yes, Saxo Bank is considered safe because it is has Banking license and follows strict regulations.  

Saxo Bank operates 14 fully regulated according to necessary laws trading subsidiaries including top-tier regulation, has strong financial background and audit that good markets for safety.

The matter of entity apply differences between regulations and compensations. Besides, Saxo Bank is a member of Danish Guarantee Fund that covers cash deposits up to EUR 100,000.

Saxo Bank compensation scheme

EntityCompensation AmountNegative Balance Protection
Saxo Bank A/SEUR 20,000Yes
Saxo Capital Markets UK LimitedΒ£85,000Yes
Saxo Bank (Switzerland) Ltd. CHF 100,000Yes
All other entitiesNo compensationYes

Saxo Bank provides negative balance protection for all retail clients.

Markets and Products

Saxo Bank trading instruments portfolio is excellent, options including trading or investing on stocks, mutual funds, ETFs, bonds, forex, CFDs, futures, commodities, forex options, listed options, trading strategies and managed portfolios from 36 global exchanges.

Forex

Currency pairs are largely available on Saxo Bank offering and is one of the best in industry.  

Bitcoin

For Cryptocurrencies there are only Bitcoin and Ethereum at the proposal, and are not available for UK traders due to regulations.

MarketsInstruments
Forex180+
Indices29
Commodities19
Bonds40,000+
ETFs3,000+
Cryptocurrencies2
Shares9,000+

Account types

Saxo Bank accounts depending on the trading need and offering Saxo Account for trading, hedging or investment also diving to three groups Classic, Platinum and VIP depending on the account size.

Another accounts are set for Professional traders and Corporate Accounts.

Login

Login Account is on the website where you can access you account management area and get full control over your trading performance.

Saxo Bank Review – Accounts
Saxo Bank Review – Accounts

Fees and commissions

We ranked Saxo Bank fee levels low based on our findings and compared to 150 brokers in our database.

The spread we collected for popular instruments from 6 markets and over 150 brokers

MarketsInstrumentsLowAverageHigh
ForexEUR/USD0.1-0.91-1.51.6 or higher
IndicesUS 5000.1-0.40.5-22 or higher
CommoditiesGold0.1-0.40.5-22.1 or higher
StocksTesla0.1-0.50.6-11.1 or higher
ETFsUS Russell 20000.1-0.40.5-1.41.5 or higher
CryptocurrenciesBitcoin0.1-0.5%0.6-0.9%1% or higher

Spreads

Saxo Bank fees are different for each asset group and is either based spreads or commission charges. Higher account types getting discounts on spreads or commission.

Comparing the spreads charged for our test trades to industry benchmarks we rank Forex and Commodities spreads low, and Indices are average.

MarketsInstrumentsClassic AccountOther brokers’ avg spread
ForexEUR/USD0.61-1.5
IndicesUS 5000.40.5-2
CommoditiesGold1.25$ commission0.5-2
StocksTesla3$ commission0.6-1
ETFsUS Russell 20003$ commission0.5-1.4

Other Fees

Saxo Bank has average non-trading fees. There is no fee for deposit or withdrawals, but there is inactivity fee for no use which goes up to 150$ after 6 month inactive.

Trading Conditions

The trading conditions at Saxo Bank are good. You can deploy mostly all types of strategies including scalping and hedging, investment and institutional proposals are also widely presented.

Trading ConditionsYes/No
Hedging AllowedYes
Scalping AllowedYes
Change Leverage AllowedYes

For hedging, there are no time limitations.

For scalping, no restrictions for margins and opening positions. Saxo Bank does not offer MetaTrader4 so there is no VPS or Expert Advisors (EAs) available.

Trading

Trading Saxo Bank offers wide range of opportunities via its platforms including strategy builders, APIs and third party connectives.

Saxo Bank leverage for CFD trading is lower due to regulation and is 1:30 for Forex instruments or maximum 1:200 in some regions.

Deposit

Saxo Bank charges no deposit fees internally. You can use most common methods for deposits bank transfer or Credit Card.

However, Credit Cards fees are differ depending on the type of the card plus the maximum deposit amount is 5,000$ so you may need several transaction to reach minimum deposit requirement.

From another downside e-payments are not supported.

Deposit MethodFunding TimeFee
Bank Wire Transfer1-2 business days0$
Credit / Debit CardImmediateSubject to fees

Minimum Deposit

The minimum deposit requirement at Saxo Bank is quite high it is set for $10,000 minimum for trading account and higher for investors.

Withdrawal

Saxo Bank charges no fees for withdrawals similar to deposits using the same payment options Bank Wire and Cards.

Saxo Bank process withdrawals the next business day.

Withdrawal MethodWithdrawal TimeFee
Bank Wire TransferNext business dayFree
Credit / Debit CardNext business dayFree
Saxo Bank Review – Deposit and withdrawal
Saxo Bank Review – Deposit and withdrawal

Bonus

Saxo Bank does not offer any bonuses or promotion, welcome bonuses or no-deposit bonuses due to regulations.  However, there is Saxo Rewards program allowing to gain points and get account upgrades.

Trading Platform

Saxo Bank proprietary platforms are great design and navigation SaxoTraderGo, SaxoTraderPRO plus third party tools, also APIs and connectivity.

Saxo Bank Go                            

SaxoTraderGO accessible across all devices including Windows and Mac and is good for beginners or regular size traders.

Saxo Bank Review – Saxo Bank platform
Saxo Bank Review – Saxo Bank platform

Research and Tools

Saxo Bank research and tools are very good, in addition to powerful trading platform tools and capabilities there are third-party tools and research including Calendars, News Feed, Advanced Charting tools, Signals, Trading Ideas, Analysis and fundamental data.

There in no negative sides of Saxo Bank research, you can find various research on:

  • Trading platforms
  • Support section on the website
Saxo Bank Review – Research
Saxo Bank Review – Research

Education

Saxo Bank educational content is great quality and detailed. You can learn through education videos, platform tutorials, webinars, trading strategies or investments, get ideas from Market Call Podcast etc.

Demo Account

Demo account is available for free use and available for both platforms.

At Saxo Bank you can learn in the following:

  • Demo account
  • Trading videos and tutorials
  • Webinars and Events
  • Educational articles and Trading strategies
  • Market Call Podcast and β€˜Inspiration section on website
Saxo Bank Review – Education
Saxo Bank Review – Education

Customer Service

Saxo Bank customer service is good, you can access help.saxo and get informative FAQ section with numerous answers covered. We got fast and professional answer via the Live Chat too.

You can contact Saxo Bank only 24/5 by:

  • Live chat
  • Telephone
  • Email
Saxo Bank Review – Customer Service
Saxo Bank Review – Customer Service

Saxo Bank live chat agent are prompt in reply and eager to help

Question AskedWe asked about investment options.
Time of ReplyWe were connected to customer support Live Chat after little waiting
Quality of ReplyThe answer was informative and deep enough.

Conclusion

Saxo Bank is a safe broker to trade. The company has solid background being a regulated European Bank and offers great trading or investment environment.

Trading conditions are also good, instrument range is excellent and costs are low.

We recommend Saxo Bank for bigger size traders and investors who do not mind to use a proprietary platform

Author of this review

By Jimmy O'Brien

Author of this review

I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets.
I am passionate about observing foreign exchange movements, sharing educational insights into the financial markets, and adding value wherever I can.

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