Saxo Bank Review 2019 | Is Saxo Bank a Scam or Legit Forex Broker?

Read our Saxo Bank review to find out if Saxo Bank is a scam or a reliable forex broker. Unbiased Forex brokers reviews combined with user comments.

Average broker rating

3.3/ 5

Rating breakdown

Protection & Regulations
80% Complete (danger)
4.0/5
Trading platforms
40% Complete (danger)
2.0/5
Tradable Products
100% Complete (danger)
5.0/5
Deposit and withdrawal
100% Complete (danger)
5.0/5
Trading Fees
20% Complete (danger)
1.0/5
Support
60% Complete (danger)
3.0/5
Saxo Bank
Saxo Bank Overview

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
# Commissions
# Hedging
# PAMM
# Scalping
# Accepts US traders
# 24 hour trading
# Swaps
# Demo account
# Daily analysis
# Automated trading
# Mobile trading
# Trading by phone
# 1st deposit bonus
# Forex contests competitions
# Bonuses Promotions
# Interest charges on the balance
# Free education
# Expert advisors
# Partnership programs
# Trust management
# 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

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 Card, 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.

Other

Trader Education
While Saxo Bank is able to excel in most areas of its service provision, it is solely lacking in trader education.

Promotions
Saxo Bank does not have any form of bonus offers or promotional offers for its clients.

Support
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

Recup
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.

Final Thoughts
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.

Trading Experience
For experienced traders, the quality and level of services offered by Saxo Bank is more than adequate to meet their trading needs.

People Also Asked

Is Saxo Bank regulated?
Yes, Saxo Bank is regulated by top-tier regulators, ASIC, DFSA, FCA, FSA, FSC inclusive.
Where is Saxo Bank based?
Saxo Bank is based in Denmark
How does Saxo Bank make money?
Saxo Bank charges a spread between the bid price and ask price. In some instances it also charges a commission.
How do I deposit in Saxo Bank account?
With Saxo Bank you can deposit money via the following means; Credit Card, Wire Transfer.
How do I withdrawal in Saxo Bank account?
Saxo Bank lets you request a withdrawal of funds from your account via the following means; Wire Transfer.
What is the minimum deposit for Saxo Bank?
Saxo Bank has $2000 minimum deposit.
What are the available account base currencies with Saxo Bank?
Saxo Bank trading accounts are offered in N/A. If your country's currency isn't included in the list, you will need to open an account with another currency base.
What is the max leverage in Saxo Bank?
Saxo Bank has a maximum leverage is 1:N/A for professional traders.
How do I open an account with Saxo Bank?
Opening an account with Saxo Bank is a three-step process. First fill out the registration form, second is to send verification details to the verification department and lastly is to fund your account.
Does Saxo Bank use MetaTrader?
Saxo Bank platforms: No, Saxo Bank do not use MetaTrader but it uses the following platforms: SaxoTrader, TradeMaker
What type of broker is Saxo Bank?
Saxo Bank appears to be a Dealing Desk, Market Maker, STP broker which offers market access to a variety of traders.
Does Saxo Bank accept US clients?
No
Does Saxo Bank offers Islamic accounts ?
Yes
What financial instruments can I trade?
You can trade a wide variety of instruments with Saxo Bank: You can trade a wide variety of instruments with Saxo Bank: Currencies, Commodities, Indices, Stocks, Bonds, Futures