saxobank

Founded in 1992, SaxoBank is originated in Denmark with regulation license in several countries -Danish Financial Supervisory Authority, ASIC, Banque de France, FCA (UK), SFC (Hong Kong). This forex broker offers ECN trading for retail and institutional traders. With large variety of markets to choose from, SaxoBank is reliable and impressive brokerage.

Platforms

Saxo Bank reviews several options of reliable trading platforms. There is a download version of their in-house platform SaxoTrader 2.5. The web version SaxoWebTrader and the mobile platform SaxoMobileTrader are available with rich and customizable functionality. For MetaTrader 4 lovers, the broker provides the integrated platform with all the favorite indicators, charting capacities and expert advisors.

 

Functionality

SaxoWebTrader

SaxoTrader

SaxoTrader Apps

SaxoMT4

Account types

Classic Account
Premium Account
Platinum Account

Classic Account
Premium Account
Platinum Account

Classic Account
Premium Account
Platinum Account

SaxoMT4 Account

Platform access

Web-based
(any pc or Mac)

Download 
necessary

iOS 5+ 
Android 2.3+

Download necessary – includes access through iPhone, iPad, Android, Windows Mobile

FX Minimum trade size(forex)

USD 5,000

USD 5,000

USD 5,000

USD 1,000

Analysis Tools

Stock Screener
Equity Research
Economic Calendar Charts

Stock Screener
Equity Research
Economic Calendar Charts

Charts

Advanced Charting, EAs, Custom Indicators and Scripts

Leveraged trading

Forex, CFDs, Contract Options, Futures

Forex, CFDs, Contract Options, Futures

Forex, CFDs, Contract Options, Futures

Forex, CFDs

Instruments

SaxoWebTrader

SaxoTrader

SaxoTrader Apps

SaxoMT4

Forex

169 crosses
(incl Gold & Silver)
120 FX Forward Outrights

169 crosses
(incl Gold & Silver)
120 FX Forward Outrights

169 crosses
(incl Gold & Silver)
120 FX Forward Outrights

30+ crosses
(incl Gold & Silver)

FX Options

41  Vanilla Options
6 Binary Touch Options

41  Vanilla Options
6 Binary Touch Options

41  Vanilla Options

_

CFDs

8,700 Single Stock CFDs, 22 
Index-tracking CFDs
20 Commodity CFDs
630 CFDs on ETFs
CFDs on Forex-from 1st March

8,700 Single Stock CFDs, 22 
Index-tracking CFDs
20 Commodity CFDs
630 CFDs on ETFs
CFDs on Forex-from 1st March

8,700 Single Stock CFDs, 22 
Index-tracking CFDs
20 Commodity CFDs
630  CFDs on ETFs
CFDs on Forex-from 1st March

CFDs on Indicies, CFDs on Commodities

Stocks

18,400 Stocks on 33 exchanges

18,400 Stocks on 33 exchanges

18,400 Stocks on 33 exchanges

_

ETFs/ETCs

2,270 ETFs
250 ETCs

2,270 ETFs
250  ETCs

2,270 ETFs
250  ETCs

_

Futures

230  contracts
on 22 exchanges

230 contracts
on 22 exchanges

230 contracts
on 22 exchanges

_

Contract Options

66 Contracts on 17 exchanges

66 Contracts on 17 exchanges

66 Contracts on 17 exchanges

_

Bonds

Wide variety of Bonds available for offline trading and collateral - View only

Wide variety of Bonds available for offline trading and collateral - View only

_

_

Platform Features

SaxoWebTrader

SaxoTrader

SaxoTrader Apps

SaxoMT4

Fast Order Execution

yes

yes

yes

yes

Advanced charting

yes

yes

Basic charting

yes

Orders

yes

yes

yes

yes

Technical Analysis tool

yes

yes

Market news and analysis

yes

yes

yes

_

Economic Calendar

yes

yes

Flexible workspace

yes

yes

yes

Security features

SaxoWebTrader

SaxoTrader

SaxoTrader Apps

SaxoMT4

Encryption

128 bit SSL

128 bit SSL

128 bit SSL

128 bit keys

Password

Surpasses legal requirements

Surpasses legal requirements

Surpasses legal requirements

User chosen password complexity

 

Account Types

Demo account is limited to only 20 days, which is not enough for anything really. As a beginner, an unlimited demo account is a must. As for professional trader, demo account is useful for testing strategies and ideas. So the 20 day limit is a huge minus for the broker.

Variety of trading accounts are listed and compared below:

ACCOUNT TYPE

CLASSIC

PREMIUM

PLATINUM

SAXOMT4

MIN.$ 5,000

MIN. $100,000

MIN. $500,000*

NO MIN. FUNDING

Access to all platforms

yes

yes

yes

Delivered by Saxo Capital Markets Cyprus Ltd, a fully-owned subsidiary broker of Saxo Bank

Access to all trading products

yes

yes

yes

24/5 customer service and technical support

yes

yes

yes

No service fee

yes

yes

yes

Free access to TradeMaker

yes

yes

yes

Free access to TradeMentor

yes

yes

yes

Free extended news and research

no

yes

yes

24/5 dedicated account executive service

no

yes

yes

Individual pricing

no

no

yes

FX Options as tight as interbank spreads

no

no

yes

Preferred customer service

no

no

yes

 

Trading Conditions

The broker charges commissions for their trading services based on the account you choose. All the related information can be found on the broker’s website. The spreads are floating and fit the definition of true ECN by keeping the spreads tight.

Saxo Bank covers most markets all over the world with wide variety of products including 160+ forex pairs, more than 7,000 CFDs, ETFs, Stocks, Options, Futures and others.

Leverage is up to 1:200. Minimum account size is $2,000 while minimum position size is 0.05 lot.

The broker swears by fast executions with no slippage, meaning that the price you see will be the same price you find on your trade execution confirmation.

US traders unfortunately are not accepted.

You can select many currencies as the base currency of your account and all transactions will be converted back to the base currency of your account.

Payment

Minimum deposit requirement is extremely high for today’s forex industry. In order to open an account you need to have at least $5,000 USD. Good news is that there is no minimum requirement for MetaTrader 4 account, so you can start as slow and careful as you want.

Deposits and withdrawals are processed via Wire Transfer or Credit Cards. The lack of alternatives in payment options is rather disappointing, compared to most online forex brokers today who offer many ways to fund and withdraw your profits.

Bonuses and Promotions

During our Saxo Bank review, there was no special offer or competition listed on the site. It seems that this is one of the brokers that do not emphasize on promotional events.

Customer Support

Saxo Bank has plenty of phone numbers listed on the site, live chat is available and email provided. The representatives are ready to answer your questions 24 hours a day during the trading hours.

Headquartered in Denmark, Saxo Bank has representative offices in 25 major cities, including London, Zurich, Dubai, Hong Kong and others.

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