Saxo Bank Review

2.067 • 83 REVIEWS
Formerly SaxoBank.com Swiss Stock Broker European Stock Broker
Updated: Feb 2, 2023
Home.Saxo

Saxo Bank is a bank, stock broker, and a forex broker established in 1992. Saxo Bank is well regulated, holding licenses from FCA, FSA (Denmark), IMA (Italy), CNB (Czech Republic), Bank of the Netherlands, MAS (Singapore), FINMA, AMF, Central Bank of UAE, JFSA, SFC (HK), and ASIC. The broker also has up to EUR 100,000 Danish Guarantee Fund.

Saxo Bank offers over 40,000 trading assets and 9500 CFDs. Trade CFDs, Forex pairs, Stocks, Bonds, Crypto FX, Commodities, Futures, Forex Options, Listed Options, ETFs, and Mutual Funds. Some assets are not available for all trading platforms or countries.

Saxo bank trading platforms include proprietary SaxoTraderPro, SaxoTraderGO, and third-party platforms such as MetaTrader 4, OpenAPI for MS Excel, Dynamic Trend, TradingView, MultiCharts, and Updata.

The minimum deposit starts from $2000 depending on the country of residence. Managed Portfolio minimum investment is $10,000. Managed Portfolios analytics are done by Blackrock, Morningstar, and others.

Please read Saxo Bank Reviews below and share live trading experiences with this broker.

Other websites of this company include ForexTrading.com, Markets.saxo and SaxoMT4.com.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 30:1
Minimum to Open Live: $10,000
Established: 1992
Address: Philip Heymans Alle 15, Hellerup, 2900, Denmark
Contact: +48 222 755 570
Regional offices:
Regulators: ASIC #126 373 859, CNB #28949587, DFSA #1149, Bank of France #483632501 R.C.S. Paris, SFC #1395901, CONSOB #296, FSA #239, DNB #34357130, MAS #200601141M, FINMA #CHE-106.787.764, Central Bank #2017/995/13, FCA #551422
Prohibited countries:
Trading platforms: SaxoTraderGo, SaxoTraderPRO
Mobile Trading: ✅ Yes
ECN: ✅ Yes

Trading Instruments

Currencies: (165+)
Cryptocurrencies:
CFD: (19000+) Gold, Silver, Stocks, Stock Indexes, Bonds, Oil, Other Commodities

Trading Conditions

EAs/Robots: ✅ Yes
News Trading: ✅ Yes
Scalping: ✅ Yes

Managed Accounts & Social Trading

Deposit Methods: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Securities transfer
Withdrawal Methods: Bank Wire (BankTransfer/SWIFT), Transfer to Existing Broker
2.067 • 83 REVIEWS

Traders Reviews

T
Dubai, United Arab Emirates,
Dec 17, 2020,
Registered user

Almost No Support

Service use: Live Length of use: 0-3 Months
In the digital world, where everything is expected to be at and reliable, SAXO bank still living in the '80s. Very old systems, with super unhelpful support platform. They don't have support chat, and you will be lucky if you receive a reply to your email after a few days.
2 traders have found this review helpful
D
Dionisis
Greece, Greece,
Sep 29, 2020,
Guest

Worst broker Ever

Service use: Live Length of use: over 1 Year
I started trading with Saxo Bank in the beginning of 2018. They have the worst contact support than any other broker out there. Εxpensive commissions, not accurate trade transactions and more. If you have a big account they give you priority to your support. Big Lie! They only want to take your money. At the beginning they used to send me a Christmas Card, I had phone calls from my "personal banker". But after loosing 60% of my capital, they never continued the contact they had. Also when I had 100%+ to my margin (I was a Professional client so I had the option to go above 100%) I received a lot of notifications about adding more funds and if I don’t ,“maybe” my positions will be closed. When I asked when my positions will be closed (for example at 110% or 120% etc) I never got a specific and clear answer.

I do not recommend this broker. 100% of their clients lose money with them.

Finally I have moved my money to a different broker which have lower commissions and better support. Not the best but actually better than Saxo Bank.
1 trader has found this review helpful
S
sydney, Australia,
Jul 15, 2020,
Registered user

Worst trader I have ever used

Service use: Live Length of use: over 1 Year
Worst trader I have ever used. I have had two tickets open (one for more than 5 weeks) regarding dividends that were not credited to my account. I have chased them almost daily via ticket or via chat. The answer is always we will get back to you soon (and they never do).
I now want to transfer securities out due to their incompetence and lack of customer service and they want to charge me 200AUD to transfer shares out. It's the only broker I have ever dealt with that does that
2 traders have found this review helpful
F
Newcastle, United Kingdom,
Jun 23, 2020,
Registered user

Warning Terrible Market makers, Unethical, SCAM

Service use: Live
I wish I would read reviews before I join this Market Maker called Saxo

You can wait hours to speak to somebody from Saxo support if by chance you get connected either the person sits in India and has no access to anything or you get to connected to Copenhagen and the agent doesn't speak English properly with a terrible thick French accent so that you don't understand what they say.

Many times I have lost connection simply when it was to my favour!!!

Saxo is a market maker and trades against it's clients traders.
Saxo says no withdrawal fee, but actually withdrawal has a fee under the name of intermediary charges, funny enough that there is no other bank involved in the withdrawal transaction.

Stop loss chasing happens within mili seconds.
If you are on winning side you will see enormous spreads which keeps you winning in a minimum, remember you win they lose.

Avoid this trader, the warning says 72% lose trading with Saxo, I would say 100% traders will lose their capital trading with Saxo.
2 traders have found this review helpful
K
KL, Malaysia,
Apr 12, 2020,
Registered user

User since 2018

Service use: Live Length of use: over 1 Year
After 2 years of being there as a trader and investor, I’m very satisfied with the platform. It’s intuitive, genuine and fast process of withdrawal. Look forward more improvement from Saxo!
1 trader has found this review helpful
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Frequently Asked Questions

How much does it cost to open a Saxo account?

The minimum fund to open a Saxo account varies depending on the account type you want to open.
  • Classic account is $10,000
  • Platinum account is $200,000
  • VIP account is $1,000,000

What is Saxo Trader?

Saxo offers trading access to a number of assets on Saxo Trader. Saxo Trader is the trading platform of Saxo. There are 2 versions of Saxo Trader.
  • SaxoTraderGO
  • SaxoTraderPRO

Does Saxo offer the MetaTrader platform?

Saxo does not offer MetaTrader (MT4) platform. SaxoTraderPRO and SaxoTraderGO are their trading platforms.

How do I withdraw money from Saxo?

To withdraw funds from your Saxo account, please follow the steps below:

  • In SaxoTraderGO: Click Account > Deposit and Transfer > Withdraw funds
  • In SaxoTraderPRO: Click Menu > Deposit and Transfer > Withdraw funds

Saxo only allows withdrawals to accounts that have been verified to belong to you.

Is Saxo a good and reliable broker?

A collection of unbiased traders reviews on ForexPeaceArmy is the best resource to provide you with a good insight to determine whether Saxo is a good and reliable broker. https://www.forexpeacearmy.com/forex-reviews/149/saxo-forex-brokers

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we'd recommend to check recent Saxo community discussions: https://www.forexpeacearmy.com/community/tags/saxo/