CFDs are complicated instruments that carry a high risk of fast financial loss owing to leverage. 64% of retail CFD accounts are unprofitable. Consider whether you comprehend how CFDs operate and whether you can afford the high risk of losing money.
Saxo Bank is an elite multi-asset broker with exceptional research and a world-class trading platform, as well as a staggering range of over 40,000 securities.
For active traders (or those who can afford to maintain the high account minimums), Saxo Bank offers a comprehensive trading experience with a vast array of tools, research, and premium services.
Saxo Bank Pros & Cons
Pros
• Founded in 1992, Saxo Bank operates three regulated banks and is licensed in six tier-1 jurisdictions, making it a low-risk broker for forex and CFD trading.
• Saxo Bank provides access to more than 40,000 instruments, such as crypto derivatives (depending on your location), microfutures, and currency options.
• SaxoTraderGo, the main platform of Saxo Bank, provides traders with everything they would need to navigate the market.
• Provides sophisticated order types and account protection measures to manage risk seamlessly.
Why Saxo provides its daily average spread statistics not only across trading sessions, but also by order size, demonstrating its capacity to provide optimal execution at scale.
• The addition of Corellian Academy’s risk management coursework is a terrific compliment to Saxo Bank’s existing educational offerings.
• Pricing is extremely competitive for VIP and Platinum account users, while Classic account customers pay closer to the industry average for currency pairs such as EUR/USD.
Cons
• In 2021, despite the fact that Saxo Bank produces high-quality videos for research and education, it was not actively developing new video material.
• The educational content is excellent, but there is potential for improvement, such as the addition of progress tracking and quizzes and the expansion of the amount of textual and video lessons.
• Minimum deposits are high: $2,000 is required to start a Classic account, while the Platinum and VIP accounts demand deposits of $200,000 and $1,000,000, respectively. Consider IG or CMC Markets if you feel the minimum deposit requirements to be excessively high.
• The SaxoTraderPRO desktop software is a trading powerhouse, but it is time-consuming to fully personalize; adding additional predefined layouts would be a great addition.
Overall Evaluation
Six years running, the ForexBrokers.com annual forex broker review is the most quoted in the business. With over 50,000 words of research across the web, we test forex brokers for hundreds of hours each year.
Is Saxo Bank safe?
Trust Rank
With an overall Trust Score of 99 out of 99, Saxo Bank is deemed low-risk. Saxo Bank is privately held, operates a bank, and is authorized by six tier-1 regulators (high trust), one tier-2 regulator (medium trust), and zero tier-3 regulators (low trust) (low trust). Saxo Bank is authorized by the subsequent tier-one regulatory agencies:
Offering of investment opportunities
Saxo Bank is a multi-asset broker that offers more than 40,000 tradable symbols to clients and traders. Saxo Bank offers spot FX, FX options, non-deliverable forwards (NDFs), Contracts for Difference (CFDs), stocks, stock options, Exchange Traded Funds (ETFs), Exchange Traded Notes (ETNs), futures, and 33,000 bonds in addition to electronically-tradeable markets covering practically every asset type (available only via phone).
In addition to CFD share trading, Saxo Bank also offers ISA/SIPP accounts for trading exchange-traded securities.
Cryptocurrency: Cryptocurrency trading is available through derivatives, but not the actual asset itself (e.g. buying Bitcoin). Note: Crypto CFDs are not offered to retail traders or U.K. residents from any U.K. broker firm.
The table below outlines the many investing options accessible to Saxo Bank clients.
Commissions and service fees
CFDs are complicated instruments that carry a high risk of fast financial loss owing to leverage. 64% of retail CFD accounts are unprofitable. Consider whether you comprehend how CFDs operate and whether you can afford the high risk of losing money.
Overall, Saxo Bank provides outstanding pricing across the board. Saxo Bank provides the lowest price in the business for aggressive traders and those who can maintain high account balances.
In August 2020, the average EUR/USD spreads for Classic, Platinum, and VIP accounts were 0.8, 0.7, and 0.6 pips, respectively. Pricing for the Platinum and VIP accounts places them among the finest forex brokers, however the Classic account is closer to the average for the sector.
Classic account minimums: The entry-level Classic account has a $2,000 minimum deposit in most situations, with exceptions for residents of the United Kingdom (£500), Singapore (SGD 3,000), and Australia (AUD 5,000). (AUD 3,000).
The minimum deposit required to open a Platinum account is $200,000, or $300,000 AUD if you reside in Australia. Traders with a Classic account who earn volume-related Loyalty points through Saxo Bank’s Loyalty Program are eligible for an account upgrade to Platinum. For instance, trading over $40 million worth of foreign exchange would give you 120,000 points, sufficient for a one-year upgrade from Classic to Platinum.
VIP account minimums: Saxo Bank received our award for Best VIP Client Experience in 2022. The Saxo Bank VIP account, which offers the greatest pricing discounts, is designated for elite investors who deposit at least $1,000,000 or are eligible for an upgrade through the Saxo Bank Loyalty Program. To qualify for an account tier upgrade to VIP, traders must trade a minimum of $167 million in FX volume each year. This upgrade is good for one year. In addition to access to special events and analyst contacts, the VIP account provides access to both.
Commission-free: Since Saxo Bank is commission-free, it profits from the spread. Traders who trade fewer than 50,000 units (half of a typical lot) every month are charged a $3 per side ticket cost.
Saxo Bank is committed to the FX Global Code, a growing interbank standard with an emphasis on better transparency and execution best practices. The purpose of the FX Global Code is to encourage honesty and openness throughout the global foreign exchange market.
Mobile trading apps
Saxo Bank performs an amazing job of unifying the SaxoTraderGO web-based interface across devices. My favorite mobile forex trading application is Saxo Bank’s SaxoTraderGO, which is comparable to IG, CMC Markets, and TD Ameritrade (U.S. citizens only).
Apps summary: One of the highlights of Saxo Bank’s platform suite is the similarity between the web-based SaxoTraderGO platform and its flagship mobile app. MetaTrader 4 (MT4) is also accessible, but offers a far narrower selection of tradable marketplaces.
The SaxoTraderGO mobile application is a delight to use thanks to its stunning and intuitive design. The ability to access such an amount of relevant information on each tab for a certain asset is a feature that I particularly like. For instance, traders can access relevant videos, articles, news headlines, market research, and trading signals when monitoring the EUR/USD currency pair. The intuitive layout of the SaxoTraderGO application and the abundance of available data make it simple for traders to make rational decisions when evaluating markets and managing trading positions. Saxo Bank is the category’s undisputed leader.
Charting: SaxoTraderGO’s charting capabilities are robust, with roughly 20 drawing tools and 62 indicators, and closely mirror the experience of the web-based version of the platform. In addition to synchronizing watchlists, the SaxoTraderGO mobile app synchronizes charts with the browser-based platform. For instance, if you add trend lines and indicators in the web version, they will also appear in the mobile application (and vice versa).
Trading tools: The SaxoTraderGO mobile app offers nearly all capabilities present in the web-based platform, including the trade ticket window, watch list and screener functions, and all research tabs. The economic calendar, instructive films, market news from top-tier sources such as Dow Jones Newswire, and pattern recognition analysis from Autochartist are all available on the mobile app of the platform, just as they are on the website. Lastly, the options strategy finder has thirteen predefined strategies that facilitate the creation of linked orders for a specific instrument.
Additional trading platforms
Without a doubt, Saxo Bank’s proprietary trading platforms are excellent due to their simplified designs and powerful trading features. Saxo Bank establishes a standard that is difficult to surpass.
Saxo Bank’s main trading suite consists of SaxoTraderGO (web) and SaxoTraderPRO (desktop), in addition to third-party platforms such as TradingView, MetaTrader, and MultiCharts, and other trading interfaces through API. In 2021, Saxo Bank’s proprietary platform suite was updated with new capabilities, including the addition of crypto trading, a new Hot Topics page, and webinar integration, among other subtler enhancements.
In this review, I focused on Saxo Bank’s proprietary platform package for charting. While the web-based SaxoTraderGO application is designed to be user-friendly, it also provides advanced trading and charting features. The watch-list, screener, and notifications all work in tandem, and the platform is meant to make tools and capabilities accessible without making the user experience overwhelming. I felt a zen-like tranquility when using the platform, appreciating its near-perfect combination of use and complex functionality. As with the platform itself, the charts are varied and robust, featuring 62 indicators, 20 drawing tools, and nine configurable chart formats that sync across devices. I enjoy the product overview part that displays Autochartist-related news and trade signals, which makes switching between instruments effortless.
SaxoTraderPRO desktop: Saxo Bank’s flagship desktop software mirrors SaxoTraderGO in both appearance and functionality. Similar in functionality, yet the PRO platform offers a greater variety of professional trading capabilities. PRO offers up to six displays, streaming Level 2 order books, streaming time and sales, and algorithmic orders, among other features. Standard industry practice dictates that extra data subscriptions are required to utilize tools such as the streaming Level 2 order book. Similar to the web version, SaxoTraderPRO offers advanced charting capabilities. Subtle details are effortlessly integrated, such as the countdown timers that indicate how much time is left in each candle.
When comparing PRO and GO, I discovered that many of the research features that load by default in GO must be added manually using the “add module” option. Notably, additional data subscriptions are necessary to utilize tools such as the streaming Level 2 order book, while this is an industry norm. Still, the desktop edition of SaxoTraderPRO is so immersive and huge that I felt like I was in an IMAX theater, particularly when utilizing a large monitor in full-screen mode.
As stated previously, Saxo Bank provides a universal platform experience across all platforms and is again my top pick for Ease of Use. The user experience is similar across platforms and devices, and customized charts and watch lists are saved and synchronized with the mobile app automatically.
Overall, Saxo Bank’s attention to detail is evident across all of its proprietary systems. For instance, the trade ticket in SaxoTraderGO includes additional features such as the ability to swap between forex CFDs, futures, forwards, and forex options. Additionally, the Quick Trade feature enables you to establish a price tolerance for slippage when you require immediate fills.
Innovative tools: The Account Value Shield function allows you to select the maximum risk across your account balance for risk management purposes. This feature, when used, will attempt to close all open positions (except for bonds and mutual funds). In addition, there are at least thirteen advanced algorithmic order types accessible for diverse markets.
Saxo Bank supports numerous third-party platforms, such as TradingView, MultiCharts, Updata, Dynamic Trend, and the OpenAPI for Excel. MetaTrader 4 is additionally accessible.
If you insist on using MetaTrader as opposed to SaxoTraderGo (which I do not recommend), you can, but it will be expensive. To utilize MetaTrader with Saxo Bank, a minimum deposit of $20,000 is necessary, in addition to a minimum commission/fee spend requirement of $2,000 per month. Stick with GO and PRO if you want to get the most out of your Saxo Bank experience.
Market analysis
Saxo Bank appears to be focused with assisting its customers in generating profits. This is how I feel while reviewing the cutting-edge research produced by Saxo Bank’s in-house staff, examining the vast trading ideas available on its website and multiple platforms, or interacting with information from Saxo Bank’s various top-tier third-party sources. In 2022, Saxo Bank remains a leading option for FX research.
Saxo Bank provides a number of research offerings across its websites and platforms, in numerous formats (video, articles, podcasts and headlines). It provides both proprietary and third-party content, such as the daily updates released by its own analysts in the Market Analysis area of Saxo Bank, as well as news headlines from sources such as Dow Jones, NewsEdge, and RanSquawk.
Saxo Bank excels in centralizing its market news and analysis research within the SaxoTraderGO and SaxoTraderPRO platforms. Autochartist provides trading signals and analysis from third parties, and the software’s integration is seamless. Due to the categorization of research articles by asset class or geopolitical issues, I found it simple to locate relevant content. For instance, when browsing the EUR/USD pair, you will see relevant news and trade suggestions. To identify problems in Saxo Bank’s offering, I had to be discerning. An integrated economic calendar, for instance, is not interactive.
The research team at Saxo Bank provides quarterly outlooks and annual projection reports, available in PDF format with accompanying videos. These reports are ideal for traders and investors wishing to take a position based on quality research and a particular theme. In addition to being exclusive, the reports are fascinating. I particularly appreciate reading the annual “Outrageous Predictions” projection, for example.
Education
Saxo Bank offers an extensive collection of high-quality textual and video teaching materials. The breadth of instructional resources offered by Saxo Bank surpasses the average for the industry, but lags significantly below category leaders.
Learning center: Saxo Bank’s Insights area contains market analysis articles compiled by the Saxo Strategy (Saxo Strats) team, which may be filtered by analyst or asset class. These articles are updated numerous times each day and contain customer sentiment data and market-moving information. Additionally, the Insights area provides twenty films for beginners ranging in duration from 5 to 20 minutes. I also found the Thought Starters series to be useful, as it includes brief essays on topics such as utilizing indicators for technical analysis and risk management measures.
Out of the 41 available platform video courses in Saxo Bank’s flagship platform package, I counted at least eleven for risk management, eight for fundamental research, and six for technical analysis. Some of Saxo Bank’s videos are produced in-house, while the remainder are powered by CME Group.
There’s a lot to admire about Saxo Bank’s video material, and there’s a lot of it: 41 platform tutorials and educational videos on risk management and fundamental analysis, to name a few. The educational video content would be easier to locate and browse if it were centralized in a single, easily accessible location and organized according to expertise level or category. In terms of financial markets education, Saxo Bank’s YouTube channel just lacks activity and falls short.
Last thoughts
Saxo Bank is a highly reputable, global brand that provides traders with virtually everything they require. The client experience is streamlined and replete with sophisticated tools and high-quality market research.
Additionally, Saxo Bank excels at integrating its desktop, web, and mobile platforms. In 2022, Saxo Bank ranked #1 in nine different categories, including Platform & Tools, Offering of Investments, and Research.
If you can afford the minimum deposit (which was cut from $10,000 to only $2,000 in 2021), Saxo Bank offers discerning traders the full package. If the minimum deposit requirement of $2,000 is a deal-breaker, I propose IG or CMC Markets.
Is Saxo Bank a respectable trading platform?
Saxo Bank’s trading platform is an ideal choice for both experienced investors and novice traders. Our yearly analysis has Saxo Bank at the top of practically every category each year. It is most recognized for its unique SaxoTraderGO trading platform suite, which comprises mobile and web trading apps and desktop software for the SaxoTraderPRO platform.
In addition to extensive educational content, you get access to quality research, over 40,000 symbols to trade across worldwide markets, and a variety of asset classes, all within an intuitive trading platform.
Is Saxo Bank trustworthy?
Due to its many banking and financial services licenses, Saxo Bank is quite dependable. Since 1992, it has had an unblemished regulatory record. It has been in operation for approximately 30 years. Over $90 billion in client assets are under custody at Saxo Bank, which is trusted by hundreds of thousands of clients from all over the world.
Are my funds secure with Saxo Bank?
Saxo Bank is well-capitalized with $92 billion in client assets as of H1 2021 in addition to running three banks (in Denmark, Luxembourg, and Switzerland). Saxo Bank has an outstanding regulatory track record and several licenses in Tier 1 and Tier 2 jurisdictions, making it a low-risk broker for trading and investing in financial markets. When it comes to trading CFDs, FX, shares, options, and exchange-traded and over-the-counter (OTC) derivatives, Saxo Bank is a reputable and trustworthy broker that can hold your funds.
About Saxo Bank
Saxo Bank, founded in 1992, is one of the major retail FX and multi-asset brokerages, serving over 790,000 clients across 15 international jurisdictions, including the United Kingdom, Denmark, and Singapore. Geely Holding Group is the primary shareholder of Saxo Bank and employs around 2,490 people. Saxo Bank, which serves both retail and institutional clients, executed more than 67 million transactions in 2021 alone and held more over $92 billion (converted from Danish krone to U.S. dollars) in client assets as of its first-half report for 2021, following the acquisition of BinckBank.
2022 Review Methodology
Over the course of three months, we evaluated, graded, and ranked 39 worldwide forex brokers for our 2022 Forex Broker Review, resulting in over 50,000 words of published study.
Each broker was evaluated based on 113 characteristics, including our Trust Score algorithm. Based on characteristics such as licensing, regulation, and company structure, this novel scoring method ranks the level of reliability of each broker. Read here about Trust Score.
As part of our annual review procedure, all brokers were able to offer updates and major milestones, as well as complete an in-depth data profile, which we manually verified for accuracy.
Our comprehensive data validation procedure delivers an annual error rate of less than.1%, giving site visitors with data they can rely on.
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