They are one of the most well-regulated brokers that I have come across, along with AvaTrade. I wouldn’t have any problems trusting them with my funds and can focus on my trading without worrying if they will operate in a transparent and honest manner. Regulation is in place to protect investors and I would therefore always prefer to use a regulated broker although this does restrict certain products and services that can be offered to clients. Commission and spread disclosures are often contradictory, with different prices quoted for similar or identical instruments and venues. However, for a sophisticated, well-funded market professional, Saxo would be quite attractive.
I have been an avid MT4 user for many years and think it is the ideal platform for a no-nonsense approach to trading online. I especially like it for the automated trading capabilities (expert advisors) and versatility. I can run strategies on the desktop platform and take the markets with me in my pocket via the app. The web version of the platform is great to easily access my account from any device without any installations required and it is always up to date.
- One of these is in research where you can also access the latest news and developments from the market.
- The Saxo Bank Joint account is for those who would like to open an account alongside someone else, and trade together.
- UK services are authorised by the FCA, a highly regarded regulatory body in the financial markets.
- They have been registered in a multitude of countries, with the lone exception of the majors being Canada and the United States.
- Saxo Bank accepts bank transfers as the primary method for deposits and withdrawals.
- Saxo Bank offer a choice of convenient funding options including bank wire transfer and credit/debit cards.
The firm constantly shows some of the best results in its performance along with achievements in international recognition. They may take one or two speculative positions with specific short-term expectations, or none at all if conditions aren’t favourable – the pulse of the market dictates. This means the traders may also enter short positions to target profits from downward market movements.
Account Types
If you would like to know more about swap free islamic accounts, please check our article on the best Swap Free Islamic Forex Brokers . According to their website, joint accounts can only be between two persons, and they can only be direct family members such as siblings, spouses, parents or children. The Saxo Bank Joint account is for those who would like to open an account alongside someone else, and trade together. FIX and Open API support third-party development of automated trading solutions.
- If you are a client, you have access to their SaxoTraderGO platform.
- The two proprietary platforms provide a good number of those tools.
- Managed portfolios are a collection of investments carefully chosen and adjusted automatically in accordance with your risk appetite, market conditions and opportunities.
- From the explanation above, it can be concluded that Saxo is more suitable for deep-pocket forex traders who are interested in forex trading as an investment portfolio.
- FIX and Open API support third-party development of automated trading solutions.
First, you may access stop losses or take profits to protect yourself from losses and secure your gains. With both these options you can exit a position by pre- selecting your stop loss price. Deposits take between 1 to 2 business days to be credited into your account. There are limited deposit methods you can choose from such as bank wire transfer, credit cards or debit cards like visa, mastercard and maestro.
How can you Deposit and withdraw with Saxo Bank?
Saxo Bank offers a variety of trading instruments and services, including managed portfolios. With managed portfolios, Saxo Bank’s experienced professionals handle asset buying and selling on behalf of customers. SaxoTrader Pro, the desktop trading platform, offers the same core elements as SaxoTraderGO but can be split to cover six screens. It delivers a professional trading approach and a complete overview of trading operations. Multi-channel liking between modules creates an efficient gateway to financial markets.
Saxo Bank Broker Review – Can This Forex Broker Be Trusted?
This platform is aimed at users who want to have one account which they can use to invest or trade. This means you can access the full range of Saxo Bank products on the platform, whether that be stocks and bonds or options and CFDs. There are a range of different account types depending on the trader’s capital. Generally speaking, the more you trade with Saxo, the less you pay and better service you get.
VIP account
The simple and clear videos make it easy for new traders to get caught up and build a foundation from where they can grow. The webinars are hosted by the Saxo Bank experts in the field, though no webinars were on the calendar at the time of this Saxo Bank review. The comprehensive account overview allows traders to fine-tune their trading strategy. Saxo Bank is a great brokerage solution for experienced traders and those looking for a multiproduct broker with a great reputation. TradingView may appeal to private investors that want to open an account with Saxo Bank, but the other third-party platforms are a bit like SaxoTraderPRO, primarily aimed at professional investors.
You can see a full list of managed portfolio fees on the brokers website. With direct electronic access to liquidity providers, Saxo eliminate manual processes across the value chain of traditional bond trading – so that you can benefit from significantly lower commissions. The broker sources liquidity from a network of more than 50+ Tier-1 liquidity providers in the global OTC market, covering the US, EU and emerging markets including LATAM, APAC and MENA. The Autochartist search pane enables users to define the parameters of the markets that the program scans.
Client Safety
With this kind of support, Saxobank is optimistic for delivering the right solution for the business of clients. Saxobank was founded in 1992 in Denmark, which began as a brokerage business. At present, they have penetrated the online banking and forex trading business internationally.
Saxo Bank was launched in Denmark in 1992 and is one of the longest-serving Forex brokers in the industry. Trading with Saxo means partnering with a solid financial entity that has a proven and formidable record of success. Saxo serves customers in over 120 countries, processes one million transactions daily for their clients and manages assets surpassing $16 billion. 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.
SaxoTraderGO has lots of useful features for both types of investing. For instance, charting tools and technical analysis features may appeal more to short term traders, whereas company fundamentals data is more likely to be useful for long-term investors in stocks. Saxo Bank is a multi-asset broker providing retail and institutional clients access to stocks, bonds, funds, derivatives, and other products.
The current ISA allowance for the 2020 tax year is capped at £20,000 for which no capital gains or income tax will be charged. Traders will have access to over 11,000 qualified assets under this account type. 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. Saxo Bank also gives investors access to a broad range of trading products, namely options, futures, foreign exchange, and CFDs.
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 saxo bank broker review 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.