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
|🗺️ Regulated in||Denmark, UK, Australia, Japan, Singapore, Switzerland, UAE, Hong Kong|
|🛡️ Is Saxo Bank safe to trade||Yes|
|💵 EUR/USD spread||0.6 pips|
|🏦 Deposit||Bank Wire, Credit and Debit Cards|
|💰 Minimum deposit||US$10,000|
|🏦 Withdrawal||Bank Wire, Credit and Debit Cards|
|💻 Trading platform||SaxoTraderGO, SaxoTraderPRO|
|💳 Trading markets||Stocks, mutual funds, ETFs, bonds, forex, CFDs, futures, commodities, forex options, listed options, trading strategies and managed portfolios|
|📈 Number of product||50,000+|
|📉 Live chat response||Instant and relevant answers|
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
|Entity||Registered in||Regulator||License no.||Status|
|Saxo Bank A/S||Denmark||Danish Financial Supervisory Authority (FSA)||1149||Currently Regulated|
|Saxo Capital Markets UK Limited||UK||Financial Conduct Authority (FCA)||551422||Currently Regulated|
|Saxo Capital Markets (Australia) Limite||Australia||Australia Securities and Investment Commission (ASIC)||AFSL 280372||Currently Regulated|
|Saxo Bank (Switzerland) Ltd.||Switzerland||Swiss Financial Market Supervisory Authority FINMA||CHE-106.787.764||Currently Regulated|
|Saxo Bank FX K.K.||Japan||Financial Services Authority (JFSA)||239||Currently Regulated|
|Saxo Capital Markets Pte. Ltd. Singapore||Singapore||Monetary Authority of Singapore (MAS)||200601141M||Currently Regulated|
|Saxo Capital Markets Hong Kong Ltd.||Hong Kong||Securities and Futures Commission (SFC)||1395901||Currently Regulated|
|Saxo Bank (Representative Office)||UAE||Central Bank of the U.A.E.||13/248/2019|
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
|Entity||Compensation Amount||Negative Balance Protection|
|Saxo Bank A/S||EUR 20,000||Yes|
|Saxo Capital Markets UK Limited||£85,000||Yes|
|Saxo Bank (Switzerland) Ltd.||CHF 100,000||Yes|
|All other entities||No compensation||Yes|
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.
Currency pairs are largely available on Saxo Bank offering and is one of the best in industry.
For Cryptocurrencies there are only Bitcoin and Ethereum at the proposal, and are not available for UK traders due to regulations.
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 Account is on the website where you can access you account management area and get full control over your trading performance.
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
|Forex||EUR/USD||0.1-0.9||1-1.5||1.6 or higher|
|Indices||US 500||0.1-0.4||0.5-2||2 or higher|
|Commodities||Gold||0.1-0.4||0.5-2||2.1 or higher|
|Stocks||Tesla||0.1-0.5||0.6-1||1.1 or higher|
|ETFs||US Russell 2000||0.1-0.4||0.5-1.4||1.5 or higher|
|Cryptocurrencies||Bitcoin||0.1-0.5%||0.6-0.9%||1% or higher|
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.
|Markets||Instruments||Classic Account||Other brokers’ avg spread|
|ETFs||US Russell 2000||3$ commission||0.5-1.4|
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.
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.
|Change Leverage Allowed||Yes|
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 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.
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 Method||Funding Time||Fee|
|Bank Wire Transfer||1-2 business days||0$|
|Credit / Debit Card||Immediate||Subject to fees|
The minimum deposit requirement at Saxo Bank is quite high it is set for $10,000 minimum for trading account and higher for investors.
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 Method||Withdrawal Time||Fee|
|Bank Wire Transfer||Next business day||Free|
|Credit / Debit Card||Next business day||Free|
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.
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.
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 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 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 ‘Inspiration section on website
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
Saxo Bank live chat agent are prompt in reply and eager to help
|Question Asked||We asked about investment options.|
|Time of Reply||We were connected to customer support Live Chat after little waiting|
|Quality of Reply||The answer was informative and deep enough.|
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.