Saxo Bank is a multi-asset broker firm having brilliant research & a superb trading platform, as well as a fantastic selection of more than 40,000 securities. For active investors (or those who can manage the steep account balance needs), Saxo Bank offers a fascinating and rich trading experience with a vast selection of tools, research, & premium characteristics.
Saxo bank safety:
Saxo Bank is considered a low-risk platform, having an overall 99 /99 trust score. Saxo Bank doesn’t trade publicly; it operates through a bank & is authorized by six tier-1 regulators (which means a high level of trust). Saxo Bank is regulated by the tier-1 regulators such as the Financial Conduct Authority (FCA), Securities Futures Commission (SFC), Japanese Financial Services Authority (JFSA), Australian Securities & Investment Commission (ASIC), Monetary Authority of Singapore (MAS), and Swiss Financial Market Supervisory Authority (FINMA).
Characteristics Saxo Bank
Year of establishment 1992
Publicly Traded No
Tier-1 License 6
Tier-2 License 1
Tier-3 License 0
Commissions & fees:
Saxo broker provides excellent overall pricing. For active traders and large account balance holders, Saxo provides the lowest pricing in the industry.
In August 2020, the EUR/USD average spreads were 0.8, 0.7, & 0.6 pips. This is for the Classic, Platinum, & VIP accounts.
- Classic account: The classic account needs a $2,000 least deposit in many cases, although it keeps changing if you are located in the U.K. (GBP 500), Australia (AUD 3,000), or Singapore (SGD 3,000).
- Platinum account: The least deposit of the platinum account is $200,000 or AUD 300,000 (Australia). Investors with the classic account can be upgraded to Platinum by acquiring the volume-based loyalty points by Saxo Bank’s Loyalty Plans
- VIP account: For 2022, Saxo Bank won the award of Best VIP Client Experience. Its VIP account offers the best savings on pricing. It is reserved for elite traders who deposit a minimum of $1,000,000 or upgrade their accounts under Saxo Bank’s Loyalty Program.
Commission: Saxo bank is a commission-free broker, which means it earns money off the spread. But there is an exception: traders who trade less than fifty thousand units per month (1/2 of a standard lot) are charged a $3 per side ticket fee.
Best execution: Saxo Bank is registered to FX Global Code, an evolving interbank standard based on disclosures & implementation of best practices. The FX Global Code aims to boost global integrity & transparency around the foreign exchange market.
Mobile trading platform:
Saxo brokers have a relatively similar function as its web platform. Saxo broker’s mobile trading platform works for both iOS & Android versions. The application is available in many languages & has similar search functions, types of orders & alerts as its web trading platform with two-step authentication.