Saxo Markets: Online Trading, Forex, CFDs, Stocks & Investing - DigiTech
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Saxo Markets: Online Trading, Forex, CFDs, Stocks & Investing

Saxo Bank is considered low risk, with an overall Trust Score of 99 out of 99. Saxo Bank is not publicly traded, operates a bank, and is authorized by six tier-1 (high trust) regulators, one tier-2 (average trust) regulator, and zero level-3 regulator (low confidence). Saxo Bank is authorized by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC), Securities Futures Commission (SFC), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Swiss Financial Market Supervisory Authority (FINMA) and the Financial Conduct Authority (FCA). Learn more about Trust Score.

Investment Offer

Saxo Bank is a multi-asset broker that offers investors and traders a wide selection of over 40,000 tradable symbols. In addition to an electronically tradable market that covers nearly every asset, Saxo Bank offers spot FX, FX options, non-deliverable forwards (NDFs), Contracts for Difference (CFDs), stocks, stock options, Exchange Traded Funds (ETFs), Exchange Traded Notes (ETN), futures, and 33,000 bonds (available by phone only).

Cryptocurrency: Cryptocurrency trading is available through CFDs, but not through underlying asset trading (e.g. buying Bitcoin). Note: Crypto CFDs are not available to retail traders of any UK brokerage entity, or UK residents. Saxo Bank and its associated subsidiaries do not currently market any cryptocurrency products to Singapore residents.

The following table summarizes the various investment products available to Saxo Bank clients.

Commissions and Fees

Overall, Saxo Bank provides traders with excellent all-around prices. For active traders and traders with large account balances, Saxo Bank offers the lowest prices in the industry.

Price summary: In August 2020, the average EUR/USD spread was 0.8, 0.7 and 0.6 pips, for Classic, Platinum and VIP accounts, respectively. In essence, I find that Classic accounts are in line with the industry average, while Platinum and VIP accounts are among the best forex brokers.

Classic account minimum: The entry-level Classic account requires a minimum deposit of USD 10,000 in most cases, with the exception of if you live in the United Kingdom (GBP 500), Singapore (SGD 3,000) or Australia (AUD 3,000).

Platinum account minimum: The minimum for a Platinum account is USD 200k, or AUD 300k, depending on where you live. You can also upgrade to this account from a Classic account by earning volume-related loyalty points through the Saxo Bank Loyalty Program. For example, trading forex worth over $40 million will earn you 120,000 points, which is enough to upgrade from Classic to Platinum for 12 months.

VIP account minimum: In 2021, Saxo Bank won our award for Best VIP Client Experience. The Saxo Bank VIP account, which offers the most price savings, is reserved for elite investors who deposit at least USD 1,000,000, or who qualify under the Saxo Bank Loyalty Program by earning sufficient reward points such as by trading at least $167 million in forex volume to their account level is upgraded to VIP for one year. This account also provides exclusive access to events and connections to Saxo Bank analysts.

Commission-free: Saxo Bank is commission-free, which means making money on spreads. The only exceptions are traders who trade less than 50,000 units (half of a standard lot) per month. In this case, this customer is charged a $3 ticket per side.

Best execution: Saxo Bank is committed to the FX Global Code, an evolving interbank standard around enhanced disclosure and execution best practices. Global FX Code's mission is to promote integrity and transparency throughout the global foreign exchange market.

Platforms and Tools

Undoubtedly, Saxo Bank's trading platforms SaxoTraderGO (web) and SaxoTraderPRO (desktop) are excellent, thanks to their sleek design and powerful trading tools. Saxo Bank sets a high benchmark that is not easy to beat.

SaxoTraderGO (web): Saxo Bank's responsive web-based platform, SaxoTraderGO, is designed for ease of use, but also provides advanced trading capabilities. Watchlists, filters, and alerts work together.

The charts are equipped with 58 indicators and almost 20 drawing tools. There are nine chart types to choose from, and the charts sync with the mobile version. Like the platform itself, the graphics are also versatile. Switching between instruments is very easy, and I really like the product overview section, which shows related news and trading signals from Autochartist.

SaxoTraderPRO Desktop: Saxo Bank's flagship desktop platform is SaxoTraderPRO, which resembles SaxoTraderGO in look and feel. Functions are similar; however, the PRO platform offers a wider selection of professional trading features. For example, PRO supports up to six monitors, Level 2 order book streaming, streaming time and sales, and algorithmic orders.