Saxo Bank Review

2.049 · 82 REVIEWS

Formerly SaxoBank.com

Updated: Oct 1, 2020 · Home.Saxo  · Is this your company?

Saxo is a forex broker. SaxoBank offers the SaxotraderGO and SaxoTraderPRO forex trading platform., Home.Saxo offers over 165 forex currency pairs, stocks, cfds, commodities, futures, bonds, gold, silver and oil for your personal investment and trading options.

Saxo Bank

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
Currencies: (165+)
Cryptocurrencies:
CFD: (19000+) Gold, Silver, Stocks, Stock Indexes, Bonds, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, Securities transfer
Withdrawal Methods: Bank Wire, Transfer to Existing Broker

Live discussion

Join live discussion of Home.Saxo on our forum

Go to forums

Video

Your company video here? Contact ad sales

2.049 · 82 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

Traders Reviews

E.Ioannou,
Cyprus,
Sep 3, 2007,
Guest

They are among the best in the market. I am enjoying their services for over a year now.
If you can handle the margin requirements, you will enjoy working with them.
 
Afamiii,
Lagos,
Jan 31, 2011,
Guest

I have used Saxobank for about 3 years. Mainly CFDs, stocks and some commodities. Overall their service has been good, but not without hiccups. That said I have 3 other brokers and they all have their own unique issues.

Price alerts set in Saxobank do not alert during fast trade. This is a problem if you trade multiple positions and don't want to put in hard stops. Some times they pop up a couple of hours later.

The system freezes for up to 30 seconds during fast trade, then gives a message not executed because the price has moved too far. This can be infuriating if you are trying to get out of a losing position or take profits close to a high. This can then be repeated for up to four times. The solution is to put in a limit order some points below the bid (if it is a sell order.)

Another issue related to the last one is that sometimes, your market order will be filled quite far from the price when you put it in (they say it is due to congestion on my broadband and that the signal was received late.) Again the solution is to put use limit orders.

 
CrackHouse32,
Poland,
Mar 10, 2017,
Guest

I do recommend this broker, it is reliable broker with vast range of instruments. I had account with them and I can recommend it.
Support is absolutely amazing !!!
 
Anthony,
UK,
Sep 5, 2007,
Guest

I have used Saxo for almost a year now. The platform is very good and the support has been their when needed. Sometimes the spreads get a bit slack, especially during asian trading. There is also a new feature calle Trade Commander that allows you to define atomated conditions for trading strategies with automated back testing, e-mail and text alerts. This looks qite useful but they could do with a more comprehensive help/maual to advise how to use the functions. All in all I've looked at and tested other platforms but still not found anything I like better so I am sticking with Saxo.
 
Joispa,
Dubai,
Jun 22, 2008,
Guest

The only headache is that theirs can be one bloated platform with bugs. They know it and they've been working hard at debugging it. When requesting funds, I received the greenback in 3 days, no glitches. In volatile markets, their spread increase a little but then again who in the market can guarantee small spreads in mad markets. Their client service is great and they speak many tongues.
 
Mark,
Germany,
Aug 6, 2007,
Guest

I have been using the Saxowebtrader for about 4 months now and i did not face any problems so far.
They have a good client support and the platform is stable.
They are Stophunters like probably all Brokers, therefore I try to work with mental stops.
I do classic swingtrading and I would not use them for trading Robs oder Felix´Signals
 
Z. N.,
Wellington, New Zealand,
Feb 22, 2016,
Guest

Pros:
Does offer the biggest Range of CFD instruments.

Cons:
Positions do not show margin used, only units.
Charts and Combined charts cannot be saved into Favorites.
Cannot auto-login and skip-updates.
Upon trying to sell some CFD's an error message popsup "short selling is disabled for this instrument"... So annoying, no way to hide disabled instruments.
No support forum or email address.
  1 trader has found this review helpful
LL PP,
Europe,
Mar 25, 2007,
Guest

Ive been using them for about 2 years now, and I like this broker. It works good for my style of trading. Spreads are generally higher than on other brokers (anything up to 5 pips on gbp usd even during non volatile times), but I have not been cheated by them (so far). One of the things is also there is a minimaln distance from the market to put stops (20 pips on eur usd, and 30 on gbp usd), so if your relying on stops near the current market price a lot of times, this is maybe not the best one to choose. Also, once it happened to me that a limit order wasnst filled in a very questionable way (it missed by 0.1 pip, and then it turned out that it was exactly the extreme of the day, and the postition, if it was filled, would be very much profitable), but it might be just coincidance. Charts are non-usable, at least for my standards, day trading from their charts can be a real pain. Sometimes you will also see the (in)famous yellow price - when spot orders are not accepted, this can be a pain (read: especially if you are caught on the wrong side of the market). It generally lasts for a second or two, but those 2 seconds can drain your capital if cought on the wrong side of the move. But otherwise, disregarding what I just said, and if you accept those shortcomings (I am sure most wont) all works ok, at least for me. Fills are good, support is very good, and if you like to trade real fx options (not box options), you can - you can use options instead of stop orders if you want actually, its just a bit more complicated and not useful for all scenarios. As always, it depends on your style of trading and your expectations, some people will like it, some wont.
 
Yuri,
Haifa, Israel,
May 4, 2015,
Guest

Won't go into the quality of the broker because I only had a small account with them, but at least they're legit! I've put in a wire withdrawal request and had the money in my bank account within a week more than can be said for a lot of so called FX brokers out there.
 
Saad Alharbi,
Kuwait,
Dec 2, 2007,
Guest

Good broker, well regulated. The best they have a wide range of instruments. The worst is their charting system.
 

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/