Saxo Bank is one of the best forex brokers offering an incredible assortment of over 70,000 tradeable instruments, excellent research, and a first-rate trading platform.
With an enormous array of tools, research, and premium services, Saxo Bank offers an immersive, rich trading experience for active traders (or those who can afford to maintain the strict account balance requirements).
Saxo Bank Company Overview
Founded in 1992, the Saxo Bank Group (Saxo Bank) in Denmark is known as the best trading platform that strives to provide multi-asset trading services to traders globally. In 1998, the company launched one of the first online trading platforms, capitalizing on the technical advances of the late 1990s. Through its subsidiary Saxo Capital Markets U.K. Ltd. (SCML), Saxo Bank has been conducting business in the United Kingdom since 2006. Like many other forex brokers, it does not accept traders from the United States.
SaxoTraderPRO, a downloadable platform that is best suited for experienced traders, is the flagship product of Saxo. Its web-based platform, SaxoTraderGO, completes its proprietary interfaces with functional trading tools, an intuitive user interface, and a useful mobile application.
Who Saxo Bank Is For?
Saxo Markets is exclusively for experienced traders. It provides a wide range of brokerage services targeted at investors, professionals, institutions, and knowledgeable active traders. Fewer customer support alternatives, a range of costs, and higher account minimums are some of the uncommon challenges that smaller account holders will face. Most retail traders will find it difficult to advance to the upper customer tiers, which for U.K.-based accounts begin at £200,000 (Platinum) and £1,000,000 (VIP). Tiered accounts reduce trading costs and offer benefits as equity grows.
Pros and Cons
One of the primary regulatory bodies in the United Kingdom, the Financial Conduct Authority (FCA No.551422), oversees Saxo Markets. It is well-known across the world for its stringent measures to guarantee equitable market practices for both individuals and enterprises.
To put it plainly, a company’s legitimacy is greatly enhanced by regulation by an established, government-backed organization. Market risk is something that traders are willing to face, but they would want to know that their money is protected against dangers other than the ones they are currently accepting, including counter-party risk. Furthermore, tier 1 banks hold separate client funds.
With the end user (trader) in mind, Saxo developed two trading platforms, SaxoTraderGO (web-based) and SaxoTraderPRO (download), delivering significant improvements over the industry standard MT4 and with external tools opens up a world of opportunities.
rival products. For an experienced trader, smooth integration
Traders can download SaxoTraderPRO, a fully customizable desktop interface, for both Mac and Windows operating systems. To fully benefit from this platform’s extensive workspace management features, the user can choose to use up to six screens. The trader can benefit immensely from a multichannel connection between modules and a powerful charting package that includes “a comprehensive suite of annotations, drawing tools, and over 50 technical indicators” for their research.
Order tickets are designed to show all relevant information and maximize productivity. Upon activation, algorithmic trading orders can also be fully incorporated. Tools that require a subscription, including “depth of market” and “time and sales” data, are accessible and have the potential to offer value.
Although SaxoTraderGO isn’t as feature-rich as SaxoTraderPRO, it’s still quite good. Its greater accessibility sets it apart from its “big brother” in every way. Limited customization doesn’t interfere with functionality. Charts, news, research, and watchlists can all be arranged in this web-based version to meet trader requirements. A full-featured charting and technical indicators are available, along with personalized time management and window linking across the platform. Outstanding market and pending order diversity decisively outperform the competition and demonstrate Saxo’s dedication to drawing in sophisticated traders.
Fees and Costs
Trading expenses at Saxo Markets are either included as fees, which are reasonable given the industry standards, or incorporated in the spread, which is essentially how the broker makes money. The minimal spread for its FX bid-ask starts at 0.4 pip.
The higher-tiered “platinum” and “VIP” accounts offer the possibility for significant active-trader discounts as average spreads decrease and advantages increase. However, the average retail client will be discouraged by the £200,000 minimum required to move levels. When trading other instruments, commission costs are applied to the specified spread.
The prices for overnight holding range from average to competitive, and if no trades are made for six months, there is an inactivity fee of $100 (or the equivalent in the account currency). A variety of additional expenses, generally referred to as “general charges,” can add up to be very burdensome for the typical retail trader.
Free withdrawals, though, will be appreciated by account holders.
If Saxo Markets’ online brokerage business had a weakness, it would have to be in its client support. There is no live chat feature on the website. Higher account tiers are the only ones with access to local language assistance, and online chat is integrated into the trading platforms but is only available to funded accounts. Though it is available, Saxo could be better off without chatbot functionality. Although the broker is present on X (previously Twitter) and Meta, it doesn’t respond to service requests via those platforms.
Alternative To Saxo Bank
|Forex Trading: Yes
|Forex Pairs: 97
|Social Trading/Copy Trading: No
|Average spread: 0.98
|Proprietary Platform: Yes
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For experienced traders and professionals with well-funded accounts, Saxo Markets is a great choice. Though trader education is lacking and customer service is poor, extensive and thorough research facilities, an API interface, and subsidized fees (high-tier accounts) could increase account profitability. Estimating bottom-line expenses can also be challenging due to a bewildering assortment of charge schedules and hidden costs.