How You Can Open Saxo Accounts: Bank and Trading Accounts Explained

Saxo
Founded	2000-04-03
Regulations	ASIC, FCA, FSA, HK, AMF, CONSOB, FINMA, MAS
Account Minimum	$10,000
Fees	Commissions from 0, 0.4 pips(EURUSD, VIP Account)
Account Fees	0.12%(Annual hosting fee, Classic Account)
Mutual Funds Offered	Yes
Live Accounts	Classic, Platinum, VIP
Demo Account	No
Trading Platform	SaxoInvestor(Web, Mobile), axoTraderGO(Web, Mobile), SaxoTraderPRO(Windows and Mac)
Promotions	Not available yet
Customer Support	Phone: +86 400-1200-657
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About Saxo

Saxo's parent company is Denmark's Saxo Bank, trusted by over 1 million clients worldwide. Saxo charges competitive fees with no inactivity fees, platform fees, or custody fees. Saxo offers over 71,000 instruments across stocks, forex, bonds, and commodities.

The broker is regulated by the FCA (UK Financial Conduct Authority), ASIC (Australian Securities and Investments Commission), FINMA (Swiss Financial Market Supervisory Authority), etc., and supports more than 150 banks and brokers and more than 285 financial intermediaries.

Pros and Cons

Saxo Bank is a good choice for clients of a wide range of products that prefer lower stock and foreign exchange fees. The account opening process is quick and simple, and the trading platforms are diverse.

However, the cost of trading options or futures with Saxo Bank is high, and Saxo Bank's custody fees may be prohibitive for long-term investors.

Is Saxo Legit?

Saxo Bank is a fully regulated and licensed industry leader, subject to strict regulatory requirements in 15 jurisdictions, including Denmark, the United Kingdom, and Singapore, and holds banking licenses in Denmark and Switzerland. It is relatively safe for investors to conduct financial activities in regulated entities. The regulatory information of this broker is as follows:

Regulated Country	Regulated Authority	Regulated Entity	License Type	License Number	Current Status
	ASIC	SAXO CAPITAL MARKETS (AUSTRALIA) LIMITED	Market Making(MM)	000280372	Regulated
	FCA	Saxo Capital Markets UK Limited	Market Making(MM)	551422	Regulated
	FSA	サクソバンク証券株式会社	Retail Forex License	関東財務局長（金商）第239号	Regulated
	HK	Saxo Capital Markets HK Limited	Dealing in futures contracts & Leveraged foreign exchange trading	AVD061	Regulated
	AMF	Saxo bank A/S	Retail Forex License	71081	Regulated
	CONSOB	BG SAXO SIM S.P.A.	Market Making(MM)	296	Regulated
	FINMA	SAXO BANK (SCHWEIZ) AG	Financial Service	Unreleased	Regulated
	MAS	SAXO CAPITAL MARKETS PTE. LTD.	Retail Forex License	Unreleased	Regulated
	AMF	Common Financial Service License	Saxo Banque (France)	15868	Revoked
	DFSA	Saxo Bank A/S	Common Financial Service License	F001886	Revoked
	ASIC	SAXO CAPITAL MARKETS PTY. LTD.	Common Business Registration	126373859	Exceeded

How to get a verified trading account in Saxo?

Saxo Account Types

Saxo Bank offers three account types on the global English website (account types might differ in other countries):

Classic: no minimum deposit

Platinum: minimum deposit €200000

VIP: minimum deposit €1000000

All three accounts offer 24/7 technical and account support and discounts, with Platinum accounts receiving discounts of up to 30%. With Platinum and VIP accounts, you can enjoy more favorable pricing structures and Platinum account holders also have a dedicated contact person. If you are from the UK, you can open tax-efficient ISA/SIPP accounts as well.

Brokers also provide joint, corporate and professional accounts. When choosing an account, consider how experienced you are in trading, and pick an account that suits your needs. Some factors to take into account: are your investment goals, risk tolerance, trading frequency, and any associated fees or account balance minimums. All account types provide access to our complete range of financial products and all trading platforms.

Open a Saxo Account Step by Step

Saxo's account opening process is fast and fully digital. Online registration takes only 10-15 minutes.

Saxo's account opening process consists of three steps:

1. Online application
2. Approval process
3. Funding

To verify your identity and residency, you have to upload the following documents:

Proof of identity: national ID card or passport

Proof of residency: tax or bank statement

After approval, you have to fund your account to have it activated; however, we didn't receive any notification during the process about this requirement.

The following steps are typical toward the end of the application process or after verifying your identity:

1. You'll have to fill out a trading experience survey. This is standard procedure, as brokers need to make sure that you have some basic financial knowledge and are aware of the risks of trading.
2. Next, you'll have to choose an account type and a base currency.
3. As a final step, you'll need to fund your account before you can start trading.

Saxo Bank's account opening is completely online, which means you can complete the account opening via your mobile phone anytime and anywhere. Opening an account is always free, but the time it takes varies from broker to broker. Opening an account with some brokers is as quick as signing up for a new Gmail account. At other brokers, it may take a few days as they do a background check on your data. It usually takes 1 day to get your account up and run with Saxo.

Saxo accepts clients from all over the world, with some exceptions. For example, you can't open an account if you are a resident of the US, Iran, Cuba, Sudan, Syria, or North Korea.

Saxo Trading Platforms

Saxo provides 3 major trading platforms covering a wide range of users. All our platforms are available with a single Saxo account.

SaxoInvestor is ideal to get started. The trading platform allows you to invest quickly and securely from your desktop, phone, or laptop. With SaxoInvestor, you can access a wide range of investment products, including stocks, mutual funds, ETFs, and bonds.

SaxoTraderGO is a versatile and user-friendly trading platform, designed to cater to both novice and experienced traders. The platform provides access to a wide range of financial instruments, including stocks, bonds, forex, commodities, and more, all from a single platform.

SaxoTraderPRO is a professional, fully customizable, advanced trading platform, suitable for high-volume active traders. SaxoTraderPRO offers the same asset classes as SaxoTraderGO. Only downloadable version for Windows and Mac.

Web-based platforms like SaxoInvestor or SaxoTraderGO are more suitable for small to medium-sized traders or long-term investors.

Saxo's Trading Fees

The average spread cost during peak trading hours on a Saxo FX Classic account is 0.9 pips (EURUSD). With VIP pricing, spreads can be as low as 0.4 pips (EURUSD). Saxo has average trading fees in general. We ranked Saxo fee levels as low, average, or high based on how they compare with all reviewed brokers.

Saxo Tradable Assets

Saxo offers to trade, hedging, and investing in 71000 financial instruments including leveraged products such as 8600+CFDs, futures, 250+commodities, listed options, and investment products such as 23000+stocks, 5200+bonds, 7400+ETFs, 18300+mutual funds.

How to deposit and start trading

Methods, Fees, and Processing Time

Saxo's account opening is fully digital, user-friendly and available in most countries. There is no minimum deposit in most countries, but it is high in some others, e.g. $5000 in the MENA region. The required Saxo minimum deposit is $10,000. This means that you have to put at least $10000 in your broker account to be able to start trading. Funding can take 0 to 5 business days, depending on the deposit method.

Deposit and Withdrawal Steps

Depositing cash into your Saxo account is easy. To find the different options to deposit cash in your Saxo account:

1. SaxoTraderGO: click Deposit funds/Withdraw funds
2. SaxoInvestor*: click Deposit funds/Withdraw funds
3. SaxoTraderPRO: click on the main menu > Look under Deposits and transfers > Deposit funds > Quick payment/click menu > Deposits and transfers >Withdraw funds

The following steps are required for withdrawal

• Select the Saxo account you want to withdraw money from
• Enter the Withdrawal amount and the currency
• Select your External account
• When done click Transfer
• An SMS with a code will be sent to your registered phone number and a confirmation window will appear. Type in the code in the confirmation window and click Confirm

Saxo does not accept payments from accounts or cards that are not in your name (3rd party payments). Any payments made by a third party will be returned to the source card or bank account. Saxo supports deposits and deposits to your Saxo account in 18 different currencies, such as AED, CNH, AUD, CZK, CAD, DKK, CHF, EUR, and more.