Saxo Bank is a Danish investment bank that specializes in providing its clients with online trading services for various types of financial instruments including CFD’s, Bonds, Equities, Forex and Futures.
|#||Broker's Features||SAXO BANK Availability|
|#||Accepts US traders||❌|
|#||24 hour trading||❌|
|#||Trading by phone||❌|
|#||1st deposit bonus||❌|
|#||Forex contests competitions||❌|
|#||Interest charges on the balance||❌|
|#||24 hour support||❌|
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review Saxo Bank.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. Saxo Bank offers Online Financial Trading and Investment Services Such as Currencies, Commodities, Indices, Stocks, Bonds, Futures.
Tradable Products: At Saxo Bank, you get to trade with 9 different types of financial instruments. They consist of 180+ Spot Forex pairs, 40+ Forex options, 9000+ CFDs, 19,000+ Equities from 36 exchanges, 3000+ ETFs, 50000+ Bonds, Equity options, 200+ Futures and 1200+ Contract Options.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. Saxo Bank is Dealing Desk, Market Maker, STP.
Features: For an online trader, the main tool of the trade is the trading platform. In this area, Saxo Bank has been able to excel with its SaxoTraderGo and SaxoTraderPro platform. These platforms are unlike the mundane platforms that we find on most brokers’ website
As Saxo Bank offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades. As a market maker, Saxo Bank may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.
Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. Saxo Bank recommended minimum capital is $2000.
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. Saxo Bank is regulated by ASIC, DFSA, FCA, FSA, FSC. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Investor Protection & Regulations: Saxo Bank is one of the most regulated online trading platforms in the industry. The broker has regulatory oversight in 15 different jurisdictions. With the regulatory oversight provided by the regulatory authorities, the broker offers its clients maximum protection for their online trading activities.
Languages Available: Next lets have a look at each broker's different Language options. Saxo Bank offers Arabic, Chinese, Czech, Danish, Dutch, English, French, German, Greek, Hebrew.
Payment methods: Next lets have a look at each broker's payment options. Saxo Bank offers Credit/Debit Cards, Bank Wire Transfer different payment methods for each account types.
Deposit and withdrawal: Unlike most forex brokers in the industry, Saxo Bank only offers 3 options to fund your trading account. They include credit/debit card deposits, Bank transfer and Stock transfer.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, Saxo Bank makes SaxoTrader, TradeMaker available to clients.
Web & Desktop Trading Platforms: For trading platforms, Saxo Bank offers a proprietary platform called the SaxoTrader platform. The platform is available in two versions, the SaxoTraderGo and SaxoTradePro.
Mobile Trading Platforms: The powerful SaxoTraderGo is one of the most powerful mobile trading platforms that is available in the online trading industry today. The SaxoTraderGo has Cross-device functionality and allow users to access the platform on their tablet or mobile devices.
While Saxo Bank is able to excel in most areas of its service provision, it is solely lacking in trader education.
Saxo Bank does not have any form of bonus offers or promotional offers for its clients.
Although Saxo Bank is based in Denmark, the broker offers strong support on a localized level in places where it has established a local office. Currently the customer support service is available in more than 20 different languages
For traders with preexisting trading experience, Saxo Bank can prove to be the right fit. With over 35,000+ assets, some amazing proprietary platforms and a huge selection of research.
The broker needs to beef up its educational section in order to cater for beginner traders. But if you are a trader with preexisting trading experience than Saxo Bank might well suit your trading needs.
For experienced traders, the quality and level of services offered by Saxo Bank is more than adequate to meet their trading needs.