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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DO YOU RECOMMEND THIS COMPANY?

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Traders Reviews

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.
 
Stuart Clennell,
UK,
Dec 3, 2007,
Guest

Iv been trading two years with this bank and find them excellent in all areas, why i come on this site and see bad reviews i cant understand obviously to someones advantage, i wonder who.

They have some of the smallest spreads i have seen anywhere and the platform is fantastic once setup and customised, people complaining about it crashing maybe need to blame their computer and not the platform, in two years iv known it go down once, margins and spreads have been known to be altered in volitile conditions but were restored very soon after to lower than what you usually see.

Those calling it a SCAM are just funny SCAM, SCAM everythings a SCAM I believe this site to be a scam
 
jonas hammar,
Dublin, Ireland,
Dec 14, 2013,
Guest

I have been with SAXO since August 2013. I invest mainly in stocks.
8 times of 10 when I buy a stock I got them lower than my buy order = I saved money. So this means that they ARE honest!

My experience with their support is very good. My account manager always get back within hour and give good advice/ explanation etc.

Just started to learn Forex trading in their system, can't say if they are cheating or not but since they have a 8PIP spread I dont see why they would cheat as they make tons of money on this high spread.

Conclusion for me is that they are very good and I trust them.
Maby little expensive on the spread but thats it. You get what you pay for. Many "low spread" have many hidden costs, I prefer a trader who is transparent with costs as Saxo Bank.
I have mixed result on the forex BUT thats only because of me doing wrong choices.
 
Salvador,
Portugal,
Jul 2, 2009,
Guest

One of the best platforms out there... you guys have to keep in mind that this is a direct feed to markets... it's not like those brokers that play against you... This is a serious bank, of course spreads can get high, spreads are made by the market... The other day EURUSD spreads went up to 25 pips when lots of volatility were around...

The only con I give them is their platform still not being able to accept custom indicators, and formulas... other than that... very good.

I trade with 500K + and no way I'd deposit this kind of money in brokers like Alpari or Fxpro or anything...
 
Cesil,
London,
Mar 1, 2009,
Guest

Have used Saxo for over a year. Started as a complete beginner to FX trading so it took abit to get my head around their platform but once I'd done that I found it very very easy. I've not really had any issues with it, it only asks to be updated about once a fortnight. I don't experiance delays in the charting at all.

Customer service-wise they've been excellent. I get about 6 email forwards per day from my account manager which are all the analysis papers & trade recommendations done by the major european banks (useful to see what everyone else is doing & thinking).

Money has never been a problem either as it seems to have been for others. Deposits appear instantly (literally) & withdrawls take 2 minutes to request & 2 days.

I'd recommend them without hesitation.
 
KL, Malaysia,
Apr 13, 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!
 
Joseph,
USA,
Feb 28, 2010,
Guest

I've been FX-trading with Saxo for five years now and never, i repeat, never experienced any kind of problems with them. For the US they offer only FX because of regulations but they are pretty competitive with other US brokers. Their trading platform is superior to MT4 and to the prop platforms of the other brokers. (Compared to FXCM, Oanda, FXDD, Ikon-royal, Fx-sol and DB) So, first one should look at her/himself to find the mistake with her/his own strategy, trade idea etc, and not to blame on the trading platform or on the account manager.
 
Andrew,
New Zealand,
Dec 7, 2007,
Guest

I am surprised to the wide range of reviws on Saxo Bank!

For me I have found Saxo to be no problem what so ever, and I have used them for about 5 years. I don't news trade maybe thats why?
 
Alessandro,
Firenze, Italy,
Apr 9, 2013,
Guest

I'm experiencing a live account with SAXO. I was catched by a very good offer for new customers: deposit $2000 and get a Mini Ipad for free. Well, infact you need to do a more than reasonable amount of trades every month for almost six months, but it's fair enough.
They were really professional and sent me the Ipad the same day I deposited. I also tried to withdraw part of my money: it took only one business day, WOW. That's becouse it's a bank I guess.
Problems arrived one day, when the connection to the platform was very instable. I could not access it for more than an hour and I lost money. I asked for refund and after they checked the log, they admit I was unfairly damaged and refund the part of my loss due to the bad connection.
I think this broker has a solid organization behind, they proved to be very smart, honest and efficient. The platform is also good, apparently the black out was a very rare event and I hadn't any other problem.
I reccomend it: try this broker with confidence.
 

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/