Min. Deposit: $2,000
Platforms: SaxoTraderGo, SaxoTraderPRO
Regulation: DFSA, FCA, ASIC, CBUAE, JFSA, MAS, SFC
HQ: Copenhagen, Denmark
Found in: 1992
- Saxo Bank A/S – authorized by Danish FSA license no. 1149
- Saxo Capital Markets UK Limited – authorized FCA (UK) registration no. 551422
- Saxo Capital Markets Pte. Ltd. Singapore – authorized by MAS (Singapore) registration no. 200601141M
- Saxo Bank – Representative Office (Dubai) – authorized by the UAE Central Bank registration no. 2017/995/13
- Saxo Bank FX Securities K.K. – authorized by FSA (Japan) registration no. 239
- Saxo Capital Markets Hong Kong Ltd. – authorized by the SFC (Hong Kong) registration no. 1395901
- Saxo Capital Markets (Australia) Pty. Ltd – authorized by ASIC (Australia) registration no. 126 373 859
Our Review Method:
- 55Brokers Financial Experts with over 10 years of experience in Forex Trading check all trading offerings, fees, and platforms, verified regulations, contacted customer service, and placed traders to see trading conditions and give expert opinions about Saxo Bank.
What is Saxo Bank?
Saxo is a CFD and Forex trading company and is one of the largest and respected European Banks offering banking services and over 65,000 financial products for trading to its clients, including 22,000+ stocks, 190+ FX spot pairs, CFDs on 9,000+ instruments, and more.
The Saxo Group is a multi-asset trading and investment organization with over 30 years of Fintech innovation, a fully licensed regulated European bank under the supervision of Danish FSA. The headquarter is located in Copenhagen and the organization operates in financial centers around the world including London, Paris, Zurich, Dubai, Singapore, Shanghai, Sydney, Hong Kong, and Tokyo.
- Saxo Group spans the globe with a strong unified network through both local sales and organizations allows serving clients in more than 180 countries.
- Firstly Bank was introduced as Midas, and then officially became Saxo Bank A/S when the European Union Directive has been accepted (back in 1996). As well Saxo Bank became the first broker in Denmark that gained approval under this directive.
Saxo Bank Pros and Cons
Saxo Bank is considered a very reliable and solid firm due to its regulation, banking license in Europe, and extra transparency. Trading conditions are good, and the range of instruments is very wide including Options, Futures, Bonds, Forex, and CFD instruments, provided via well-developed trading software and platforms. The costs and spreads are good and low, and account opening is smoothly supported by quality customer service.
For the Cons, the minimum deposit is high, and might not be suitable for beginning traders, also deposit fees might be applicable based on your bank.
- Fully licensed European company with a strong establishment
- Well-developed trading software and platforms
- Competitive trading costs and spreads
- More suitable for professionals
- High minimum deposits
- No 24/7 customer support
Saxo Bank Review Summary in 10 Points
|Regulation||DFSA, FCA, ASIC, CBUAE, JFSA, MAS, SFC|
|Platforms||Proprietary web trading platform SaxoTraderGO and desktop SaxoTraderPRO|
|Instruments||FX, CFDs, Stocks, ETFs, Futures, Options, Mutual funds and Bonds|
|EUR/USD Spread||0.9 pips|
|Demo Account||20-day Free Demo account|
|Base Currencies||Various currencies supported|
|Education||Trading courses, webinars, video tutorials, podcasts|
Overall Saxo Bank Ranking
Saxo is considered a good brokerage company with safe and favorable trading conditions with transparency. The broker offers a range of trading services with a wide range of trading instruments. As one of the good advantages, Saxo Bank is available in many countries, so traders can sign in also with competitive spreads.
- Saxo Bank Overall Ranking is 9 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry Leading Brokers.
|Advantages||Trading Conditions||Deep Liquidity||Trading Platforms|
Saxo Bank Alternative Brokers
Saxo offers good trading conditions, a range of trading instruments, also low trading spreads, and fees. However, there are a number of other brokers that offer similar services. Here are some of the best alternatives to Saxo:
Is Saxo Bank Safe or Scam?
No, Saxo Bank is not a scam. It is a multiply regulated broker operating under a banking license. It is considered low-risk trading Forex and CFDs with Saxo Bank.