Saxo Bank

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Saxo Bank Review 2023

Written by: Adam Nasli. Updated:Dec 2022
Expert verified
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
25,661 people chose this broker in the last 6 months
BrokerChooser Score

Our take on Saxo Bank

Royalย 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
Fractional shares
Minimum deposit
Inactivity fee

Saxo Bank pros and cons



Saxo Bank main highlights

๐Ÿ—บ๏ธ Country of regulation

Denmark, UK, France, Italy, Switzerland, Singapore, Japan, Hong Kong, Australia

๐Ÿ’ฐ Trading fees class


๐Ÿ’ฐ Inactivity fee charged


๐Ÿ’ฐ Withdrawal fee amount


๐Ÿ’ฐ Minimum deposit


๐Ÿ•– Time to open an account

1 day

๐Ÿ’ณ Deposit with bank card


๐Ÿ‘› Depositing with electronic wallet


๐Ÿ’ฑ Number of base currencies supported


๐ŸŽฎ Demo account provided

Yes 67% of retail CFD accounts lose money

๐Ÿ›๏ธ 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.