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Saxo Bank review and ratings

Established 1992
Location Australia UK Switzerland Denmark UAE Singapore Hong Kong Japan
Regulation ASIC, FCA, FINMA, DFSA, Central Bank of UAE, DFSA, MAS, SFC, JFSA
Offices Sydney, London, Zurich, Copenhagen, Dubai, Singapore, Hong Kong, Tokyo and many other cities
Broker type STP | ECN
Leverage up to 1:70 (1:30 for EU clients | differently restricted for others)
Deposit from 2000 USD
Spreads low  low
Platforms Web Specific
Instruments Currencies Indices Metals Energies Softs Stocks Bonds ETFs Interest Rates
Funding methods Wire Transfer Credit Cards

Company information

Saxo Bank A/S is a licensed bank located in Denmark, regulated by the Danish Financial Supervisory Authority (DFSA).

Besides Denmark, the bank operates in several other countries and is registered by the Bank of Italy, the Bank of France, the Czech National Bank, the Bank of the Netherlands, the Central Bank of Cyprus.

Saxo Bank group also includes 7 more related financial companies.

Saxo Bank AU - located in Australia, regulated by the Australian Securities and Investments Commission (ASIC).
Saxo Bank UK - located in the United Kindom, regulated by the Financial Conduct Authority (FCA).
Saxo Bank CH - located in Switzerland, regulated by the Financial Market Supervisory Authority (FINMA).
Saxo Bank UAE - located in the United Arab Emirates, licensed by the Central Bank of UAE, regulated by the Dubai Financial Services Authority (DFSA).
Saxo Bank SG - located in Singapore, authorized by the Monetary Authority of Singapore (MAS).
Saxo Bank HK - located in Hong Kong, regulated by the Securities & Futures Commission (SFC).
Saxo Bank JP - located in Japan, regulated by the Japan Financial Services Agency (JFSA).

Be aware, UK company has some trading restrictions because of the European Securities and Markets Authority (ESMA) influence.

Availability

Saxo Bank group accepts clients from all over the world, excluding USA, Belgium and other jurisdictions where restrictions apply.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

100+ Currency Pairs Based on major and minor world currencies.
20+ Currency Futures Based on major and minor world currencies.
30+ Indice Cash CFDs Based on baskets of different blue-chip stocks and US Dollar Index.
80+ Indice Futures Based on baskets of different blue-chip stocks, US Dollar Index and Volatility Index.
20+ Metal Spot CFDs Based on Gold, Silver, Platinum, Palladium, Copper.
6 Metal Futures Based on Gold, Silver, Platinum, Palladium, Copper, Iron Ore.
7 Energy Spot CFDs Based on Crude Oil (WTI, Brent), Heating Oil, Gas Oil, Gasoline, CO2 Emissions, Natural Gas.
20+ Energy Futures Based on Crude Oil (WTI, Brent), Gas Oil, Gasoline, Ethanol, Natural Gas, EUA, PhelixDE, Nordic Electricity Base, Low Sulphur Gasoil, NY Harbor.
7 Soft CFDs Based on Coffee, Sugar, Cocoa, Corn, Wheat, Soybeans, Live Cattle.
20+ Soft Futures Based on Coffee, Sugar, Cocoa, Corn, Wheat, Soybeans, Cotton, Orange Juice, Barley, Butter, Cheese, Milk, Rapeseed, Maize, Potato, Wheat, Rice, Oats, Lumber, Feeder Cattle, Live Cattle, Lean Hogs.
5000+ Bonds Based on AU, US, UK, EU, Latin Americaan, Middle East, African and Asian government securities and corporate bonds.
19000+ Stocks Based on shares of AU, CA, US, UK, EU, Middle East, African and Asian companies.
3000+ ETFs Based on exchange-traded funds containing various tradable assets.
10 Interest Rate Futures Based on Euribor, Euroswiss, Short Sterling, Eurodollar, Federal Funds, Interbank Cash Rate, Bank Accepted Bills, Deliverable Interest Rate Swap, New Zealand Bank Bill, Bankers' Acceptance.

Forex broker offers the following underlying assets for Vanilla Options trading.

40+ Currency Pairs Based on major and minor world currencies.
2 Metal Options Based on Gold and Silver.
1000+ Stock Options Based on shares of US, EU and Asia companies.

Comprehensive review

Saxo Bank is an investment bank and brokerage firm headquartered in Copenhagen, Denmark. The company was founded all the way back in 1992 as a brokerage firm, but today holds a full banking license from the Danish Financial Supervisory Authority, although it does not offer traditional banking services to clients.

In addition to being regulated in Denmark, Saxo is also overseen by financial regulators in a range of other European and Asian countries, including the UK’s FCA, the Swiss FINMA, and the Monetary Authority of Singapore (MAS), to mention just a few.

Saxo Bank offers one of the largest selections of trading assets in the industry, categorized into the 8 main asset classes: Forex, Contracts-for-difference (CFDs), Stocks, Exchange traded funds (ETFs), FX options, Listed options, Futures, Bonds.

Except for the more than 9,000 instruments found within the CFD category (including CFDs on stocks, indices, FX, commodities, and bonds), all of the trading assets Saxo Bank offers are instruments that are traded directly in the “physical” market. This makes Saxo a good choice for example for long-term investors who prefer to hold stocks and other assets as part of a long-term investment portfolio without leveraged CFDs.

For stock traders, the offering from Saxo Bank is particularly strong with more than 19,000 stocks listed on 36 exchanges around the world. Be aware, however, that when trading non-CFD stocks, commissions vary significantly depending on the exchange where the stock is listed.

Minimum trading commissions on stock trading are denominated in the currency of the exchange used. At the time we conducted our review, this was GBP 8 for the London Stock Exchange, EUR 12 for the Deutsche Börse, ans USD 15 for the NASDAQ and NYSE, to name a few.

For traders looking for high leverage and the possibility to short-sell all stocks, however, stock CFDs are undeniably the best alternative. Saxo offers CFDs based on more than 8,800 individual stocks, in addition to 29 of the most popular stock indices and hundreds of exchange traded funds (ETFs), which should cover most needs for short and medium-term traders.

When it comes to trading platforms, Saxo Bank offers its own very popular platform called SaxoTraderGO. This is a web-based trading platform that can be used with any device, be it a Mac, Windows PC, tablet or smartphone. The platform offers a very good and intuitive user interface, highly responsive and advanced charting tools, and a range of technical indicators. One drawback, however, is that there is no way to create your own and customized technical indicators and trading strategies, as is common on platforms like the MT4 and MT5.

For traders who prefer to use a downloadable trading platform, Saxo has developed its own professional-grade platform called SaxoTraderPRO, available on both Windows and Mac. This is a well-designed and highly advanced trading platform developed primarily for high-volume professional traders.

Unlike the SaxoTraderGO, which supports the use of two screens at most, SaxoTraderPRO supports simultaneous use of up to six screens. Both trading platforms supports Saxo’s full range of trading instruments.

Finally, Saxo’s customer service is known to offer professional and timely service on most matters. The main way to contact customer support is to submit a support ticket in writing through the trading platform. Clients who are experiencing problems accessing the trading platform are encouraged to call Saxo customer support via local phone numbers in 26 countries worldwide.

All in all, we consider Saxo Bank a great broker, in particular for traders who want direct access to a large number of physical markets, and not just CFDs. Saxo’s trading platforms are also powerful enough to accommodate advanced traders, while still being easy enough to use for beginners. However, traders looking to copy-trade, or develop their own trading strategies, should instead choose a broker with trading platforms that support this.

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