Saxo Bank

+45 3977 4000
Saxo Bank A/S (Headquarters) Philip Heymans Allé 15 2900 Hellerup Denmark

Saxo Bank A/S is a fully licensed and regulated Danish bank specialising in online trading and investment across global financial markets. It is a heavily regulated broker in several countries, including its home country, Denmark. The broker is one of the oldest ECNs available to the retail client, as well as institutional traders. The amount of different markets available for trading is simply staggering.

Platform

Saxo Bank offers a few different choices for platforms. SaxoTrader 2.5 is their standalone platform, and there is a web based version called SaxoWebTrader 2.5 as well. There is a mobile platform called SaxoMobileTrader as well for smart phones.

Customer Service

Saxo Bank has phone and live chat support via phone for traders, 24 hours a day during the Forex market hours.

Reliability

Being one of the original ECN brokers as well as a registered bank in Denmark, Saxo Bank has plenty of former and current customers that can attest to its reliability and dependability. Being regulated as a Danish bank – there are plenty of protections for the customer.

Commissions and Spreads

Saxo Bank charges a staggered list of commissions for their trading services depending on the size of your account. Please check with the website in relation to your trading account size. The spreads are floating as it is a true ECN.

Promotions

At the time of this writing, there are no promotions at Saxo Bank for new clients.

Conclusion

Saxo Bank is a value-packed broker for a professional setting in the Forex world, as well as many other markets such as futures, options, stocks, bonds, and forwards. The broker has long been known to be reliable, honest, and cheap in their commissions. While there are no micro accounts, if you have a decent sized account, this is a good choice for you as it is simply impossible to “outgrow” the broker since it offers so much in the way of trading markets.

Pros:

  • Variable spreads. This keeps the spread tight, which is one of your biggest expenses as a trader.
  • The various platforms are well-known and reliable. They have been used for several years, and are very stable.
  • Saxo Bank allows access to numerous markets around the world, as well as different types of products. You won’t be able to outgrow this broker.  These include 160+ FX pairs, over 7,000 CFDs, 21 Index-tracking CFDs, ETFs, Stocks, FX Options, Futures, and other derivatives.
  • Funds are completely segregated.
  • Accounts can be funded via bank wire or credit card. Withdrawing is done in reverse.

Cons:

  • The variable spreads can be an issue during news events, but only if you are looking to scalp the news announcement.
  • Minimum to open an account is $10,000 USD.
  • Americans are not allowed to trade with Saxo.
Founded in: 1992
Licensed: 1149
Platforms: SaxoTrader, SaxoTrader GO, Free Platform Demo, Saxo Bank, Saxo WebTrader, Saxo MobileTrader
Capital:
Fees:
Broker:
Exchange:
Withdrawal:
Minimum Deposit: 20000

Mobile Trading Seminars, Education Forex

User Reviews

FxAkpan

I have been using this broker for over 2 years without any problem at all, I got engrossed with their offer of start trading with them and get a new Ipad, which I did and I started trading on their platform with with $2000, which I got my Ipad immediately on that same day, I trade mostly on GBP/USD which have brought me more profits, and each time I try withdrawing my money it has always been easy for me at not more than One working day, even their customer support system are so reliable, they always speak with politeness, and each time I contact them they have always been of greater help to me. Saxo Bank is a very reliable broker, I recommend them!

Folagbade

Big big scam broker, trading platform is not good at all, it freezes often when I enter the market. The annoying thing that this broker did, to me, was that, Saxo Bank stole my money despite that their deposit is high and when I contacted the support service I was told to deposit $5,000, so that I can recover my lost money, Please how is that possible? I am so bitter about this broker!

Shotts

Please stay away from Saxobank. It is the worth broker ever. It takes only few second to deposit your account, but it is extremely difficult to withdraw cash from your account. I withdraw my money last week, but haven't got any money so far and I am not sure if I would get it. I have called them several times, and they said every time I called that you would get money today, but money never be transferred to my bank account.

Vinicius78

Very good broker, support is polite and website is user-friendly, although it's not a broker for beginners. A minimum deposit of 5000 is for professional traders

Roman

I don't understand why people trade with these bucket shops... the inherent conflict of interest with so called FX 'brokers' and spread betting firms who take the opposite side of your trade is quite clear.

Reyna

Trades were opened and closed at valid prices and the orders were open for over two hours in many cases. This was not scalping and I didn't trade only the news; trades were left opened trading the trend!!

Elpcanrt99

This broker is not good for the small-time investors as they have a lot of hidden rules. You will be surprised once you withdraw your money, this company is very clever.

JulienDrayton

They offer a higher spreads but I can handle it. But what I cannot handle was their trades execution, always delayed! especially when getting out of trades. The level of incompetence experienced at all levels is inconceivable

InvionWeb

I opened an account two weeks ago, and deposited my 1000USD through Wire transfer. The problem is my money is not credited yet to my account. I couldn't start trading because my money is missing. :( I tried to send an email to their Finance Dept but got no sufficient response to calm myself.

Moud

I made a pending order AUDJPY at a news event time, and the event happened and market price hit the pending order price, a strange thing happened !!!!, the pending order did not open and was not deleted by them (this means there are no errors), the pending order just stood there in the terminal with a yellow highlight on the price and i just missed the whole thing (50 pips of profit in 2 minutes), i contacted them with live chat and they should reply to me by mail, will post their reply soon!!!

Luna

They will reduce the balance of your account, without even an explanation. And on top of that, their service is processing trades with huge slippage, which can wipe out any scalper’s account.

Liu87

Very good company. Excellent services and support, but the minimum deposit is not affordable for me and I can't join them for this reason

Nance

Please stay away from Saxobank. You need only a few minutes for refilling the account, but it’s so difficult to withdraw cash from the account. Last week, I sent them a request for withdrawal, but I didn’t receive the answer till today. Platform is horrible, too much mistakes and delays. I have often observed such a mistake as "internal server error". And if you have not login, you can’t remove again your request, neither set nor change your stop to loss - nothing. If there were errors with stop to loss, I lose my money more.

jason

Customer support’s service is poor. Their staff is obviously not qualified and they behave rude with their clients.

Fxbete

Many times I contacted customer support. but still I can not withdraw my money. brokers were very unprofessional. I would ask for compensation of all the money that I gave. they are not responsible for what they've done to me. I will never stop contacting them, before they refund my money.

BetoPIP

It has low execution of orders and it's very difficult to start trading with $5,000. Newbies definitely won't choose this broker.

Fxarkon

Support of this broker is o.k., but I don't recommend this broker, because he has very very high and variably spreads.

Delan

They have slow execution of trades that leads me to lost all my money. It falls out just when you put an order. If you try to scalp, it is just impossible.

Frank

It’s an expensive broker, but some traders might find their perfect fit here. They offer quality service and they’re also always improving their services, in order to satisfy the ever-growing needs of the customers of this branch.

Fx89trader

I have been trading with Saxo Bank for over 6 months now, over last few months their services have worse, the live chat is useless. They did not response immediately. Trading platform log itself off at random and now I am planning to switch to a new broker as soon as possible.

Mark7719

This broker is very good. Their services are very professional, website is full of information and customer support is very polite. The only problem I found is the minimum amount for depositing. It's very high unfortunately.

Castella

They were good at the beginning. Withdrawals are no problems but their execution sucks now. Very slow. I will not advise to open new accounts with them anymore

Fxsahril

Initially I was very keen to join Saxo Bank. but after I joined with Saxo Bank, all promotions offered can't I get. Now the advantage that I can also don't match what they are promoting. I don't think that the advantage that I can really not the way I want to. I hope they can keep their promises to provide profits and bonuses in accordance with which they promised to traders. If they continue like this, I prefer to close your account at Saxo Bank.

Ayum

Good Solid broker. Good spreads. They do the job nicely. I haven't had any problems with 'slippage' like you get at some of the others.

JurgenSchneider

I worked on 3 general currency pairs of futures on the terminal of Saxobank. Some month all was good I was trading. I had a little profit for some thousands on the account. One day I received the bill for paying. And the price increased without any explaining. When I asked – why – they answered that they could do that without any explaining. I was shocked.
I advice to everybody conclude treaties with real bank, not with virtual. It is my opinion.

Buy_SubZero

Saxobank is very greed... Spreads are mad, commissions are extreme. FIX is extremely expensive. Have they lost their senses?

Vladimir

SAXO is a great broker. I have been trading with it for more than a year. The work is excellent, execution is fast , everything is handled in seconds. I have worked both on the spot and options.

Lev

I trade options and futures. Everything is great! They are better then two other borkers I used to trade with (NinjaBrokerage and AMP Futures).