It is also easy to miss fine print that adds a separate surcharge on small trades, raising the potential for confusion. Overnight holding costs are average to competitive, and there is an inactivity fee of $100 (or the equivalent in the account currency) if no trades are executed in a six-month period. There are a host of other costs, broadly characterized as “general charges,” which, when combined, tend to be quite onerous to the average retail trader.
- Saxo Bank has done a fantastic job when it comes to asset selection, presentation, pricing and transparency.
- It is prepared by the Saxo in-house analysts known as the ‘SaxoStrats’ who provide daily insights, analysis and views across global markets, asset classes and tradable instruments.
- To open a live trading account of any type, standard, classic, or platinum, a minimum deposit is required.
- Saxo Markets is regulated by the FCA, one of the main regulatory agencies in the U.K.
- The spread offered by Saxo Bank on these products varies depending on the specific product being traded and the client’s location.
You may also use a different currency as long as the amount is equivalent. Saxo Bank is a brokerage company offering trading services for clients
since
1992 with
offices in
Hong Kong, United Kingdom, Denmark, France, Australia, Cyprus, European area and Singapore. As for Saxo Investors which is a user-friendly case-product platform tailored to retail investors, there are several advantages including browsing curated themes and pre-made screenings. Also, clients can choose between diversified investment portfolios.
The broker is committed to providing its clients with a secure trading environment, and follows strict regulations to ensure that client funds and personal information are protected. You will be required to provide saxo bank broker reviews your personal information such as your name, email address, city of birth, occupation, income level, etc. The information collected makes the identification of their clients easier and helps increase security.
Overall, Saxo Bank ranks #2 out of the 62 brokers that have been evaluated and scored within our investment types category. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. You should therefore clearly understand such rights and protection as are afforded in the jurisdiction where you receive advice.
Aside from these common trading fees, Saxo Bank has some other key fees that investors using the platform should be aware of. All of these fees are clearly laid out in the SaxoTraderGO platform’s fee calculator, so you can see what you are paying for in a simple way before placing a trade. The image below gives an example of this when trading a CFD on an ETF. As you can, these fees vary by market and the type of account you opened with Saxo Bank. There are also minimum dealing sizes that vary by region and account size. As noted, your fees will vary depending on the asset class you are trading.
Saxo Bank Review 2023: Pros, Cons & Features Revealed
It became the first Danish broker to gain approval under the European Investment Directive which came in effect 1996, Saxo Bank received approval on May 2nd 1996. While Saxo Bank has a full banking license, it doesn’t carry out traditional banking business and is focused on brokerage activities as well as White Label Partnerships. In fact, over 100 financial institutions are White Label partners and service their clients through the Saxo Bank platform. It has also offered partnerships to other banks which include Standard Bank, Old Mutual Wealth, Banco Carregosa and Banco Best.
For forex this would mean that as a Saxo Bank client you may open non leveraged positions as low as $1,000. Also known as the rollover fee, you may find the amount that will be charged for holding your position overnight on the trading platform you will be using. Spreads and commissions will vary depending on the account you have.
Is Saxo Bank A Market Maker?
That being said, not all regulator licenses carry the same weight. The information in this material is intended for the recipient’s background information and use only. It is provided in good faith and without any warranty or, representation as to accuracy or completeness. It does not constitute investment advice, recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorised reproduction or transmitting of this material is strictly prohibited.
Mobile Apps
We’ve researched the MetaTrader offerings of 60+ forex brokers and found that 81% of brokers offer the more famous version of MetaTrader, MT4, while only 63% offer the newest version, MT5. We have in-depth guides on MetaTrader if you’d like to learn more; check out our guide to MT4, or read our in-depth guide to MT5. A vital part of any trader’s experience, a broker’s trading platform can make or break any trading experience. Saxo is probably the best trading platform we currently have in Denmark. Low fees and ability to trade options.However, the app web version is very unstable and often froze for me.
They are ready to assist you with any queries or concerns you may have. Saxo Bank accepts all major currencies and charges no conversion fees. For instance, if a trader resides in the UK and deposits funds in GBP, there will be no conversion charges. Known as Saxo Group, this organization has been creating Fintech innovations for over 30 years. As a fully licensed and regulated European bank, Saxo Bank operates under the Danish FSA.
Finally, in the Cryptocurrency market, clients can trade a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and others. Saxo Markets offers access to third-party portfolio tools (Eximius), and external tax reporting and reclaim services can be requested from third-party provider GlobeTax. All clients have access to a comprehensive reporting suite directly in the trading platforms. The provided reports facilitate tax reporting by displaying performance, profitability, dividend, interest income, and fee data in both PDF and Excel formats. With SaxoTraderGO, you can access various charting tools, manage your accounts, and benefit from risk management features such as margin breakdowns, stop orders, account shields, and margin alerts.
Where is Saxo Bank based?
There is a choice of trading strategies on the Saxo website, showing the performance of each. There is no minimum investment period and you can exit at any time for no additional cost. You can see a full list of managed portfolio fees on the brokers website. You can digitally trade 5,000+ government and corporate bonds in Europe, US, Asia, Middle East and Latin America, from the same platform as other assets and access powerful analysis tools.
I will say that some brokers do some close, for instance I really like the FIX API over at Global Prime as another option. For example, if you look at the company’s stock investing offering, you can access exchanges in almost 30 countries. For example, Saxo Bank is one of the only brokers to offer access to Malaysian stocks to investors. Saxo Bank’s more trading-focused platform is called SaxoTraderPRO. This platform is similar to SaxoTraderGO but is primarily for professional derivatives traders who are either trading on their own accounts or work at a financial institution.
Support
Transaction fees are charged by the card processors depending on the currency. For credit cards denominated in USD, 2.62% is charged while 2.24% is charged for debit cards. The broker accepts corporate accounts if you have a corporate bank account and are able to submit the necessary documents. You can access all our 40,000 tradable instruments from the corporate account, with optimised liquidity and dedicated support.