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 |
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 |
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Traders Reviews
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.
Support is absolutely amazing !!!
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
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.
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/
If you can handle the margin requirements, you will enjoy working with them.