Saxo Review

Saxo Bank is an online investment bank that provides many financial services. It lets people trade stocks, currencies, commodities, and more. Many investors and traders use Saxo Bank because it has a powerful trading platform and many investment choices. This review will explore what Saxo Bank offers, its advantages and disadvantages, and help you decide if it’s the right fit for your investment needs. We’ll discuss important features like fees, account types, customer service, and give an overall summary to help you make an informed decision before choosing Saxo Bank.

🏢 Headquarters Denmark
📅 Year founded 1992
🗺️ Regulation FSA UK (United Kingdom), FINMA (Switzerland), CONSOB (Italy), JFSA (Japan), SFC (Hong Kong), ASIC (Australia), AFM (Netherlands), FCA (United Kingdom), MAS (Singapore)
💻 Trading platform: SaxoTraderGO, SaxoTraderPRO
💰 Account currency: USD, EUR
📊 Accounts: Classic, Platinum, VIP, Professional
💵 Withdrawal options: Bank transfer, credit/debit cards
💵 Deposit options: Wire Transfer, Credit Card, Debit Card
🚀 Minimum deposit: $0
⚖️ Leverage: 1:30 (FSA UK), 1:100 (FINMA), 1:30 (CONSOB), 1:25 (JFSA), 1:20 (SFC), 1:30 (ASIC), 1:50 (AFM), 1:30 (FCA), 1:20 (MAS)
☪️ Islamic account (swap free) No
🎮 Demo Account Yes (Explore platform for 20 days by using a simulated USD 100,000 practice account)
💱 Spread: From 0.7 pips
🔧 Instruments: Forex, CFDs, Futures, Commodities, Forex options, Listed options, Stocks, Bonds, ETFs, Funds
📋 Orders execution: Market execution
☎ Customer Support: 24/5
📚 Education Yes

What is Saxo?

SaxoBank is a brokerage company that started in 1992 under the name Midas. Later, the company changed its name to SaxoBank. Today, SaxoBank gives clients from 170 countries online access to different financial markets. In 2017, FX Week’s e-FX Awards and ADVFN International Financial Awards named the SaxoTraderGO terminal the best trading platform for active trading.


Like most investing platforms, using these services costs money. Investors will pay two main types of brokerage fees: commission fees and currency conversion costs when trading in a foreign currency. There may be other fees too, which can reduce your returns. That’s why it’s important to read the product disclosure statement for your chosen investment option.

Saxo Markets has made its fee structure simpler as of March 4, 2024.

Here’s what you can expect to pay:

  • US stocks: Brokerage from $1
  • FX: Spreads from 0.5 pips on AUD/USD
  • Futures: Commissions from $1 per contract
  • Listed options: Commissions from $0.75 per contract
  • CFDs: Spreads from 0.3
  • Commodities: Commissions from $0.75 per contract
  • ETFs: Brokerage from $1 on US-listed ETFs
  • FX options: Spreads from 3 pips
  • Bonds: Commissions from 5% on government bonds
  • Mutual Funds: No commission, custody, or platform fees

The exact fees depend on your account type. For more details on costs, check Saxo Markets’ pricing page online.

Saxo Pros and Cons

Pros Cons
Low fees for stocks and ETFs High spreads on some instruments
Low foreign exchange fees No cent accounts available
Good trading terms for experienced traders (at least 1 year) Must use Saxo’s platforms; MT4 and MT5 are not available
Over 71,000 instruments available for trading Algorithmic trading is not allowed for international traders
Option to invest in professionally managed long-term portfolios No support through online chat on the website
No withdrawal fees

Regulation and Safety

Saxo Bank is regulated by several financial authorities, including the top-tier FCA. It has a bank license and offers negative balance protection. However, it is not listed on any stock exchange. Saxo Bank follows strict legal requirements in 15 countries, including Denmark, the United Kingdom, and Singapore. The broker is a member of the Danish Guarantee Fund for Depositors and Investors and provides services according to the Markets in Financial Instruments Directive (MiFID).

Deposits and Withdrawals

Saxo Bank offers several free deposit and withdrawal options on a user-friendly platform. They don’t charge deposit fees. To deposit funds, you can use a bank transfer or credit/debit cards (except in CEE countries), but electronic wallets are not available.

We were pleased that withdrawals are free. You can only use bank transfers for withdrawals, which is common among competitors.

We tested a withdrawal via bank transfer, and it took one business day. You can only withdraw money to accounts in your name.

Account Types

Saxo has three account types: Classic, Premium, and VIP. Each account lets you trade and invest. There is also a professional account. The Classic account doesn’t need a minimum deposit. You can open a demo account for 20 days. Saxo doesn’t offer Islamic or Raw Spreads accounts.

Trading Platform

Saxo has its own trading platform called SaxoTraderGO. This web-based platform works on any device with an internet connection. For advanced traders, Saxo also offers SaxoTraderPRO, a desktop-based platform with extra features.

Traders can customize SaxoTraderGO to fit their needs. It offers various tools, such as charting tools, technical analysis indicators, and news feeds. Users can choose from different order types, including market, limit, stop, and trailing stop orders.

SaxoTraderPRO is a high-level platform for active traders. It allows monitoring of multiple markets and instruments at the same time and includes advanced charting tools and a variety of order types, like conditional and algorithmic trading orders.

For beginner investors, Saxo provides SaxoInvestor. This platform has a simple interface with basic research tools, making it easy to trade stocks, ETFs, bonds, and mutual funds. However, it lacks advanced tools and customization options, which might not meet the needs of experienced traders.

Lastly, Saxo’s trading platforms are well-designed, user-friendly, and offer a variety of features for both beginners and experienced traders.


At Saxo Bank, you can learn a lot about the market. They have many helpful resources like videos, webinars, and events. Eight experts in the SaxoStrats group give advice on different types of investments. Saxo Bank values its research team a lot. They know it’s important for their clients and for the bank itself. The classes are great for beginners. They help you get started and understand what tools you have. The videos are easy to understand, so new traders can learn quickly. Saxo Bank experts will lead webinars, too.

Customer Support

Saxo helps customers through phone, email, and social media like Facebook, LinkedIn, Twitter, and YouTube. They give customer service 24/5 in many languages such as English, Chinese, French, German, Italian, Japanese, Portuguese, and Spanish. People usually think Saxo’s customer service is great because their staff know a lot and quickly respond to help.


In conclusion, Saxo is a top-notch broker. If you’re serious about trading, it’s a great pick because it has one of the best trading platforms around. It’s super sleek and easy to use. Forex traders can enjoy fair fees and lots of currency pairs to choose from, but if you’re planning to invest long-term, watch out for Saxo Bank’s custody fees. Before you sign up, make sure you check out their fees and minimum deposit requirements. And don’t forget to read some user reviews online.


Is Saxo safe?

Yes, Saxo is safe. It has top-tier licensing, follows strict safety procedures, and has a well-known brand name. S&P Global Ratings also give Saxo a positive outlook rating.

Does Saxo offer demo accounts?

Yes, Saxo provides demo accounts with their platform.

Is Saxo good for beginners?

Yes, Saxo offers plenty of educational resources and reliable customer support. However, its trading fees are quite high.

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