Saxo Bank Review
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.
Broker Details
Minimum Trade Size: | 0.01 |
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Maximum Leverage: | 30:1 |
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Minimum to Open Live: | $10,000 |
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Established: | 1992 |
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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 |
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Mobile Trading: | ✅ Yes |
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ECN: | ✅ Yes |
Currencies: | (165+) |
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Cryptocurrencies: | |
CFD: | (19000+) Gold, Silver, Stocks, Stock Indexes, Bonds, Oil, Other Commodities |
Trading Conditions |
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EAs/Robots: | ✅ Yes |
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News Trading: | ✅ Yes |
Scalping: | ✅ Yes |
Deposit Methods: | Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Securities transfer |
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Withdrawal Methods: | Bank Wire (BankTransfer/SWIFT), Transfer to Existing Broker |
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Recent User Reviews of Saxo Bank
Stability is the sign of quality
Excellent Charting
Outside of that I think their fees are way too expensive and spreads for CFDs and Forex are way too wide when markets get a bit volatile.
Almost No Support
Worst broker Ever
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.
Worst trader I have ever used
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
Warning Terrible Market makers
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.
User since 2018
WARNING - Worst Broker for setting up new account with
Customer Support does not exist - Withdrawal not possible.
I immediately uploaded my docs same day, and send them emails and messages on the platform to solve the issue, but 3 weeks passed NOTHING HAPPENED!!
Today I decided to withdraw my money but seems they removed the withdrawal option in my account! So I can not take out my money!
Contacting them via telephone is not possible. Nobody is replying emails and messages in the platform itself.
This broker is a TOTAL NIGHTMARE!
bombarded by calls every day
Frequently Asked Questions
How much does it cost to open a Saxo account?
- Classic account is $10,000
- Platinum account is $200,000
- VIP account is $1,000,000
What is 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?
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/