Recommended for
- equity trading 4.2/5
- forex trading 4.4/5
Trusted broker
- Top-tier regulation in the UK
- Long track record - founded in 1992
Popularity
25,661
people
chose this broker in the last 6 months
BrokerChooser Score
4.8/5
Our take on Saxo Bank
Royal is an Australian forex broker. Royal has low non-trading fees. There is also no inactivity or account fee charged. You can use a lot of deposit options and most of them are free of charge. Also, several high-quality research tools are available. On the negative side, Royal has high CFD trading fees and it has a limited product portfolio covering only CFDs and forex. There is a fee charged for most non-wire withdrawal methods and we missed some educational tools, such as webinars. Broker Chooser gave Royal a 3.9/5 rating based on analyzing 500+ criteria and testing via opening a live account.
Stock fee
Average
Fractional shares
No
Minimum deposit
$2000
Inactivity fee
$1
Saxo Bank pros and cons
Pros
Cons
- Great trading platform
- Outstanding research
- Broad product portfolio
- High bond, options and futures fees
- High minimum deposit
- Lacks live chat and 24/7 availability
Saxo Bank main highlights
🗺️ Country of regulation
Denmark, UK, France, Italy, Switzerland, Singapore, Japan, Hong Kong, Australia
💰 Trading fees class
Average
💰 Inactivity fee charged
No
💰 Withdrawal fee amount
$0
💰 Minimum deposit
$2000
🕖 Time to open an account
1 day
💳 Deposit with bank card
Available
👛 Depositing with electronic wallet
Available
💱 Number of base currencies supported
12
🎮 Demo account provided
Yes 67% of retail CFD accounts lose money
🛍️ Products offered
Stock, ETF, Forex, Fund, Bond, Options, Futures, CFD, Crypto, SaxoSelect
Is it safe to use Saxo Bank?
Yes, Saxo Bank is a reliable service provider. Our main reasons for assigning a high safety score to Saxo are its banking license, regulation by top-tier authorities and regularly disclosed financial data.
Can I open a Saxo Bank account from my country?
Saxo Bank accepts clients from around the world. Read on to see if Saxo Bank is available in your country.
Is it difficult to open an account at Saxo Bank?
Opening an account at Saxo Bank is simple and fast.
Is it cheap or expensive to use Saxo Bank?
Saxo is cheap for trading forex and mutual funds, expensive for bonds, options and futures while stock and ETF trading have average fees. Non-trading fees such as the custody and inactivity fee make Saxo expensive for buy and hold investors.
How can I take money out of my Saxo account?
Withdrawal at Saxo Bank is free of charge. However, you can only use bank transfers for withdrawals, but this is similar to most competitors.
Is Saxo Bank good for FX trading?
Saxo Bank is highly recommended for forex trading as it offers a great variety of currency pairs, low spreads and direct access to the interbank FX market.
Is Saxo Bank good for equity trading?
Trading stocks at Saxo Bank is rather expensive. You can buy and sell stocks cheaper and equally safe at alternative equity brokers. Stock and ETF fees are average and they charge an inactivity and a custody fee, which is not ideal for buy and hold investors.
Is Saxo Bank good for long-term saving?
We do not recommend Saxo Bank for long-term saving because they charge non-trading fees. If you are looking to save long term, you will need a broker with low or no inactivity fee, no custody fee and low stock, bond and ETF commissions. Saxo doesn’t meet any of these criteria. On the other hand, they are a bank which makes them a very safe choice if you don’t mind the higher fees.
