Saxo Bank Review - Benefits and Drawbacks Revealed

Saxo Bank is a premium multi-asset broker with outstanding research and a first-rate trading platform – as well as a breathtaking variety of over 40,000 securities.

Saxo Bank delivers an immersive, rich trading experience with a high range of tools, research, and premium services for active traders (or those who can afford to maintain the stiff account balance requirements).

Pros

• Saxo Bank, founded in 1992, runs three regulated banks and is licensed in six tier-1 countries, making it a safe (low-risk) broker for trading FX and CFDs.

• Saxo Bank provides access to approximately 40,000 products, including crypto derivatives, micro-futures, and currency options (depending on your region).

• Saxo Bank's main tool, SaxoTraderGo, has everything a trader might need to navigate the market.

• Provides sophisticated order types and account protection tools to help you manage risk more effectively.

• Saxo releases average spread statistics not just across trading sessions per day, but also by order size, demonstrating its capacity to offer the best execution at scale.

• The inclusion of Corellian Academy risk management training is an excellent complement to Saxo Bank's current educational offerings.

• Pricing for VIP and Platinum account users is exceptionally competitive, while pricing for Classic account holders is closer to the industry average on pairings such as EUR/USD.

Cons

• Despite producing high-quality films for research and teaching, Saxo Bank was not actively developing new video material in 2021.

• The educational material is excellent, but there is still potential for improvement, such as adding progress monitoring and quizzes, as well as increasing the quantity of written and video courses.

• Minimum deposits are high: a $2,000 minimum deposit is required to start an entry-level Classic account, while minimum deposits for Platinum and VIP accounts are $200,000 and $1,000,000. If the minimum deposit requirements are too high for you, try IG or CMC Markets.

• The SaxoTraderPRO desktop software is a trading behemoth, but it takes time to completely personalize; additional premade layouts would be a great addition.

Is Saxo Bank a secure institution？

Saxo Bank is regarded as low-risk, having a Trust Score of 99 out of 99. Saxo Bank is not publicly listed, operates a bank, and is licensed by six tier-1 regulators (high trust), one tier-2 regulator (medium trust), and no tier-3 regulators (low trust). The following tier-1 regulators have approved Saxo Bank: the Australian Securities and Investment Commission (ASIC), the Securities Futures Commission (SFC), the Japanese Financial Services Authority (JFSA), the Monetary Authority of Singapore (MAS), the Swiss Financial Market Supervisory Authority (FINMA), and the Financial Conduct Authority (FCA).

Investment Proposal

Saxo Bank is a multi-asset broker that provides investors and traders with access to over 40,000 tradeable symbols. Saxo Bank provides spot FX, FX options, non-deliverable forwards (NDFs), Contracts for Difference (CFDs), stocks, stock options, Exchange Traded Funds (ETFs), Exchange Traded Notes (ETNs), futures, and 33,000 bonds in addition to electronically-traded markets covering practically every asset class (available only via phone).

Exchange-traded securities (ETSs): Saxo Bank, in addition to trading CFD shares, provides ISA/SIPP accounts for share trading. See our U.K. StockBrokers.com review of Saxo Markets for additional information.

Cryptocurrency: Trading in cryptocurrency is possible via derivatives, but not directly trading the actual asset (e.g. buying Bitcoin). It should be noted that crypto CFDs are not offered to retail traders via any broker's U.K. business, nor are they available to U.K. citizens.

The table below outlines the various investment packages accessible to Saxo Bank customers.

Fees and Commissions

Overall, Saxo Bank offers competitive pricing. Saxo Bank has the lowest price in the business for active traders and those who can keep high account balances.

In August 2020, the average EUR/USD spreads for the Classic, Platinum, and VIP accounts were 0.8, 0.7, and 0.6 pips, respectively. Bottom line: the Platinum and VIP accounts have the greatest price among forex brokers, while the Classic account is closer to the industry average.

Classic account minimums: In most situations, the entry-level Classic account has a $2,000 minimum deposit, however, this differs depending on whether you live in the United Kingdom (GBP 500), Singapore (SGD 3,000), or Australia (AUD 3,000).

Minimum deposits for Platinum accounts: The minimum deposit for the Platinum account is $200,000 – or AUD 300,000 if you live in Australia. Traders with the Classic account may earn volume-related loyalty points via Saxo Bank's Loyalty Program to be promoted to Platinum. For example, trading more than $40 million in FX would earn you 120,000 points - enough to upgrade from Classic to Platinum for a year.

Minimums for VIP accounts: Saxo Bank earned our award for Best VIP Client Experience in 2022. Saxo Bank's VIP account, which provides the greatest price discounts, is designated for top investors who either deposit at least $1,000,000 or qualify for an upgrade via Saxo Bank's Loyalty Program. Traders who want to upgrade their account tier to VIP must trade at least $167 million in FX volume - this upgrade is good for one year. Access to special events and links to Saxo Bank experts are also included with the VIP membership.

Saxo Bank is commission-free, which means it earns money on the spread. There is one exception: dealers who trade fewer than 50,000 units (half of a typical lot) each month are charged a $3 per side ticket price.

The best execution: Saxo Bank is a signatory to the FX Global Code, a growing interbank standard focusing on better transparency and best practices in execution. The FX Worldwide Code's purpose is to promote integrity and transparency in the global foreign exchange industry.

Apps for Mobile Trading

Saxo Bank does an amazing job of bringing the superb SaxoTraderGO web-based platform experience to all devices. My favorite mobile app is Saxo Bank's SaxoTraderGO, which competes with the finest forex brokers for mobile, such as IG, CMC Markets, and TD Ameritrade (U.S. citizens only).

• Overview of Apps: One of the platform suite's highlights is how well the SaxoTraderGO web-based platform experience replicates Saxo Bank's main mobile app offering. MetaTrader 4 (MT4) is also available, although it has a significantly narrower selection of tradeable markets.

• Usability: Because of its outstanding, clever design, the SaxoTraderGO mobile app is a joy to use. One noteworthy feature that I like is the ability to obtain so much relevant information on each tab for a specific asset. When examining the EUR/USD pair, for example, traders may examine associated videos, articles, news headlines, market research, and trading signals. The straightforward design of the SaxoTraderGO app, as well as the wealth of accessible information, allows traders to make sound judgments when analyzing markets and managing trading positions. Saxo Bank is unquestionably the market leader in this field.

• Charting: The charting capabilities of SaxoTraderGO are robust, with almost 20 drawing tools and 62 indicators, and – to continue on a trend – closely mirror the experience of the platform's web-based counterpart. In addition to synchronizing watchlists, charts in the SaxoTraderGO mobile app sync with the platform's browser-based version. For instance, if you create trend lines and add indicators on the web version, they will be seen in the mobile app (and vice versa).

• Trading tools: The SaxoTraderGO mobile app has almost all of the capabilities featured in the online version of the platform, including the trade ticket window, watch list and screener functions, and all research tabs. The platform's economic calendar, instructive videos, market news from reputable sources like Dow Jones Newswire, and pattern recognition analysis from Autochartist are all available on the mobile app, as well as the online version. Finally, the options strategy finder has 13 preset strategies that allow you to quickly generate relevant orders for a specific instrument.

Alternative Trading Platforms

There's no doubt about it: Saxo Bank's proprietary trading platforms are fantastic, due to their clean designs and strong trading tools. Saxo Bank establishes a high standard that is difficult to match.

• Overview of platforms: Saxo Bank's main trading suite comprises SaxoTraderGO (web) and SaxoTraderPRO (desktop), as well as third-party platforms including TradingView, MetaTrader, MultiCharts, and trading connections through API. In 2021, Saxo Bank's proprietary platform suite included new capabilities such as crypto trading, a new Hot Topics page, and integrated webinars, among other minor enhancements.

• Charting: I concentrated on Saxo Bank's proprietary platform suite for my study. While the SaxoTraderGO web-based program is intended to be simple to use, it also provides comprehensive trading and charting features. The watch-list, screener, and notifications all function in tandem, and the platform is meant to make tools and features accessible without making the experience crowded or complicated. While engrossed in the platform, I genuinely felt zen-like tranquility, appreciating its near-perfect combination of simplicity of use and complex functionality. Charts, like the platform itself, are varied and powerful, with 62 indicators, 20 drawing tools, and nine chart kinds to choose from - all of which sync between devices. It's simple to switch between instruments, and I like the product overview area, which displays pertinent news and trading signals from Autochartist.

• The desktop version of SaxoTraderPRO: SaxoBank's premier desktop platform is SaxoTraderPRO, which looks and feels similar to SaxoTraderGO. The functionality is comparable; however, the PRO platform has a broader range of professional trading tools. PRO, for example, enables up to six monitors as well as streaming Level 2 order books, time and sales streaming, and algorithmic orders. It is important to note that extra data subscriptions are necessary to utilize technologies such as the streaming Level 2 order book, which is normal industry practice. Charting on SaxoTraderPRO is as powerful as it is on the online version. Subtle elements, such as the countdown clocks that show how much time is left in each candle, are flawlessly included.

  When comparing PRO to GO, the one slight disadvantage I saw is that many of the research features that load by default in GO must be added explicitly using the “Add module” button. It's also worth mentioning that extra data subscriptions are necessary to utilize technologies like the streaming Level 2 order book - a normal industry practice. Still, the desktop version of SaxoTraderPRO is so immersive and huge that it seemed like I was in an IMAX cinema, particularly when shown in full-screen mode on a wide monitor.

• Usability: As previously said, Saxo Bank offers a unified platform experience across devices and is my favorite in the Ease of Use category. The user experience is similar across platforms and devices, and personalized charts and watch lists are immediately saved and synced with the mobile app.

  Overall, Saxo Bank's meticulous attention to detail is evident across its proprietary systems. In SaxoTraderGO, for example, the trade ticket includes sophisticated features such as the ability to move between forex CFDs, futures, forwards, and forex options. In addition, when you require rapid fills, the Quick Trade option lets you establish a price tolerance for slippage.

• Novel tools: Account Value Shield is a risk-management tool that allows you to determine the maximum risk across your account balance. If this function is used, it will try to shut all open positions (except for bonds and mutual funds). In addition, at least thirteen sophisticated algorithmic order types are available for different supported marketplaces.

• Platforms for specialized use: TradingView, MultiCharts, Update, Dynamic Trend, and the OpenAPI for Excel are among the third-party systems supported by Saxo Bank. There is also the MetaTrader 4 platform.

If you insist on using MetaTrader instead of SaxoTraderGo (which I strongly discourage), you may – but it will be expensive. To utilize MetaTrader with Saxo Bank, a $20,000 minimum deposit is necessary, as well as a $2,000 minimum commission/fee expenditure requirement every month. Needless to say, if you want to get the most out of your Saxo Bank experience, stay with GO and PRO.

Market Investigation

Saxo Bank seems to be focused on assisting its customers in making money. That's how I feel whether I'm reading cutting-edge research from Saxo Bank's in-house team, reviewing the numerous trading ideas accessible on its website and multiple platforms, or interacting with material from Saxo Bank's many top-tier third-party sources. In 2022, Saxo Bank remains a top option for FX research.

Overview of the research: Saxo Bank provides a diversified research offering in a range of formats across its websites and platforms (video, articles, podcasts, and headlines). It offers both in-house material, such as the daily updates provided by its analysts in Saxo Bank's Market Analysis section, and third-party information, such as news headlines from sources such as Dow Jones, NewsEdge, and RanSquawk.

Market Saxo Bank performs an excellent job of centralizing its research on the SaxoTraderGO and SaxoTraderPRO platforms. Autochartist, which is neatly integrated into the program, provides third-party trading signals and analysis. I found it simple to find relevant material since its research pieces are organized by asset class or geopolitical issue. When you look at the EUR/USD pair, for example, you will find associated news and trade suggestions. I had to be fussy to uncover shortcomings in Saxo Bank's product. There is an integrated economic calendar, for example, but it is not interactive.

Video research is completely incorporated into the Saxo Bank website and proprietary systems. I thought the video material itself was of great quality, such as Saxo Bank's Fintech Unfiltered series. Saxo Bank also has YouTube playlists, however, it's worth noting that many of Saxo Bank's videos are hidden and so difficult to locate or recognize. Saxo Bank seems to be more concerned with its websites and trading platforms than with its YouTube channel. This method gives a much better client experience and eliminates the need to go back and forth between YouTube and a trading site. Bringing all of Saxo Bank's video material into one spot, on the other hand, will help promote Saxo Bank's video content and make it simpler for traders to find.

Reports: The research team at Saxo Bank provides quarterly outlooks and annual forecast papers in PDF format, along with supporting films. These reports are ideal for traders and investors looking to take a theme-based position based on thorough research. The reports, although being proprietary, are nevertheless interesting. Every year, for example, I look forward to reading the annual “Outrageous Predictions” projection.

Education

Saxo Bank offers a wide range of high-quality instructional resources in both textual and video forms. The breadth of instructional materials accessible at Saxo Bank exceeds the industry average but lags below category leaders.

Learning facility: Saxo Bank offers market research articles generated by the firm's in-house Saxo Strategy (Saxo Strats) team under its Insights section, which may be sorted by analyst or asset class. These articles are updated many times each day and include customer mood data as well as market movers. The Insights area also includes 20 beginner-level films ranging in duration from 5 to 20 minutes. I also found the Thought Starters series useful, which includes brief essays on topics like employing indicators for technical analysis and risk management measures.

There is room for improvement: I noticed at least eleven platform video lessons for risk management, eight for fundamental analysis, and six for fundamental analysis among the 41 platform video tutorials offered in Saxo Bank's flagship platform package. Some of Saxo Bank's films are created in-house, while the remainder is powered by CME Group.

There's a lot to appreciate about Saxo Bank's video material, and there's a lot of it — there are 41 platform tutorials alone, as well as instructive courses on topics like risk management and fundamental analysis. Having all of the instructional video material in one readily accessible site, then arranging it by experience level or genre, would make it simpler to search and explore. Finally, Saxo Bank's YouTube page is just inactive and falls short in terms of financial market education.

Finally, Some Ideas

Saxo Bank is a globally recognized brand that provides almost everything a trader needs. The customer experience is fluid, with a wealth of innovative tools and high-quality market research.

Saxo Bank also excels at integrating its desktop, online, and mobile platforms. Saxo Bank was named Best in Class in nine categories for 2022, including Platform & Tools, Investment Offering, and Research.

If you can afford the $10,000 minimum deposit (which will be lowered to $2,000 in 2021), Saxo Bank offers the whole package for discriminating traders. If the $2,000 deposit is a deal-breaker, I propose looking at IG or CMC Markets.

Is Saxo Bank a reputable trading platform？

Saxo Bank's trading platform is an ideal option whether you are an experienced investor or just starting as a trader. Saxo Bank consistently rates first in practically every area in our yearly analysis. It is well recognized for its unique SaxoTraderGO trading platform suite, which comprises a mobile and online trading app as well as desktop software for the SaxoTraderPRO platform.

You have access to great research, over 40,000 symbols to trade across worldwide markets, and several asset classes, in addition to extensive instructional material, all inside an easy-to-use trading interface.

Is Saxo Bank trustworthy？

Because of its multiple banking and financial services licenses, Saxo Bank is quite dependable. It has been in business for about 30 years and has maintained an outstanding regulatory track record since 1992. Saxo Bank is trusted by hundreds of thousands of customers worldwide and manages over $90 billion in client assets.

Saxo Bank is well-capitalized, with $92 billion in customer assets as of H1 2021, in addition to running three banks (in Denmark, Luxembourg, and Switzerland). Saxo Bank has a strong regulatory track record and several licenses in Tier 1 and Tier 2 countries, making it a low-risk broker for financial market investment and trading. These qualities combine to make Saxo Bank a trustworthy and dependable broker for trading CFDs, FX, shares, options, and exchange-traded and over-the-counter (OTC) derivatives.

Concerning Saxo Bank

Saxo Bank, founded in 1992, is one of the major retail FX and multi-asset brokerages, serving over 790,000 customers via licensed firms in 15 foreign countries, including the United Kingdom, Denmark, and Singapore. Saxo Bank has around 2,490 employees and is majority-owned by China's Geely Holding Group. Catering to both retail and institutional customers, Saxo Bank handled over 67 million transactions in 2021 alone, with over $92 billion in client assets (converted from Danish krone to US dollars) as of its first-half report for 2021, after the merger with BinckBank.