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

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2.049 · 82 REVIEWS
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Traders Reviews

RB,
USA,
Jul 14, 2007,
Guest

Promised the sky, offered the dirt. I trade the news and they assured me of limited requotes, as soon as I deposited the funds and started to trade, they called and said that their strategic department will hunt down any news traders who send their orders immediately after the news. I wasted a lot of time on them and after I emailed a letter to my rep asking why he was saying that they have no problems with news traders he didn't bother to respond to my email. He was constantly bombarding me with emails to open an account, but after receiving mine decided to ignore it.
 
Mat,
Singapore,
Jul 26, 2007,
Guest

This is my first forex broker. I'm trading EURUSD in 50K lots which is the smallest size without getting charged USD10 commission. 2 pips in spread is okay. I have not had much problem with not getting my orders filled promptly when ordering live. I really like the software platform, even though it could be improved (more indicators, especially volume related for stocks and CFDs). The printouts are really good quality.

Some bad things:
- A couple of times when I have used stops the price changed just around the stop. I presume the price feed is correct. It would be good with some info about where the feed is coming from since not all feeds look similar at all.
- Their service would be much better without the USD10 commission under 50K. Sometimes I would like to split orders and enter at different time points. To do so I would need to enter multiples of 50K orders, which I'm not yet comfortable with.
- They do not allow paper trading. Well, they do have trial accounts but a live and a trial account cannot be installed on the same computer. This kind of forces you into live trading immediately. And with 50K lots unless you're willing to pay the USD10 commission. Not good.
 
lynx,
Singapore,
Jul 28, 2007,
Guest

I am not surprised by mat's remarks. What he should have done was to do his dd before opening an account with any retail broker. The fact that Saxo Bank (not a bank) obtained clearance from MAS to set up shop was not an endorsement of their integrity. I was in touch with one of their sales reps and he told me it's ok to trade futures with them, but not forex. Understandably, they can't mess too much with the futures quotes because futures have time-and-sales from CME, CBOT etc. Not so the forex market; it's an unregulated market, an open season for retail brokers. It's safer to trade with an ECN brokers. The margin requirements are between 30k and 50k and they don't accept minis. That shouldn't be a problem if you are a serious trader and have a robust trading methodology. There is no point trying to trade $2000 or $5000 with a retail broker. They will eventually wipe out your account with requotes and slippages, notwithstanding your Holy Grail system.
 
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
 
Kit,
UK,
Aug 13, 2007,
Guest

I have done two forex options on this platform with no problems. I find their forex options platform very useful. It is possible to obtain quotes on any strike price for any date and therefrom calculate the probable movement of any quote relative to movement of the spot currency.
 
Dariush,
Iran,
Aug 20, 2007,
Guest

They dont have good services and support, i recieved my money with 1 month delay and they didnt help me.
 
Fara,
Malaya,
Aug 24, 2007,
Guest

They require telegraphic transfers of funds even for a local currency witin the same country! instead of more convenient means such as cash or cheque or internet banking.
 
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.
 
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.
 
Pratosh,
Gulf,
Sep 21, 2007,
Guest

I have been trading with saxobank and i am satisfied as of now.
The most important thing is their plateform which is traderfriendly.
The software allows you to book your loss to be stopped ( not booked) and allows you to use convert to a profitable trade in future anytime . The trades are done in realtime and i suppose this is just what one wants when one uses trading forex for one of the investment tools which yields comparitively much higher returns than any other asset/instrument.

This is not a get rich quickly option for sure
Its better to buy a lotto than trade forex!!

I wish and hope i keep on enjoying trading forex with saxo bank.

 

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/