(4.7 / 5)13+ Ratings

Saxo Bank Reviews

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4.7
13 Reviews
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About Saxo Bank

Home.Saxo is a fully licensed and regulated Danish bank that provides an online trading platform. This platform empowers users to invest across global financial markets. It offers access to a wide range of products for margin trading across global markets. Users can seize market opportunities with advanced solutions, trading inspiration, and expert research.

The platform provides access to over 40,000+ instruments across all asset classes. It offers two main trading platforms: SaxoTraderGO and SaxoTraderPRO. SaxoTraderGO is an award-winning trading platform with more extensive analytic tools, charts, and product offerings. SaxoTraderPRO is a fully customizable, professional-grade platform offering algorithmic orders, one-click trading, options chains, and charting packages.

In addition, users can extend their trading capabilities by executing trades from one of the partnership platforms. They can connect their Saxo account to a third-party platform to access custom tools that suit their specific trading requirements. Available features include asset-specific analysis tools, advanced strategy backtesting, and hyper-responsive charting.

For more detailed information, please visit the official website.

Saxo Bank Pros & Cons

Pros of Saxo

  • Extensive Product Range: Over 70,000 instruments available, including stocks, ETFs, forex, and derivatives.
  • Advanced Trading Platforms: Proprietary platforms like SaxoTraderGO and SaxoTraderPRO offer robust tools and customization.
  • Strong Regulatory Oversight: Operates under multiple Tier-1 licenses, ensuring trust and security.
  • Educational Resources: Comprehensive materials for both beginners and advanced traders.

Cons of Saxo

  • High Minimum Deposits: Significant funds required for preferred accounts ($200,000 for Platinum; $1,000,000 for VIP).
  • Not Available in the U.S.: Limited access for U.S. residents.
  • Steep Learning Curve: Desktop platform complexity may challenge new users.
  • Currency Conversion Fees: Additional costs when trading in different currencies.

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Saxo Bank Customer Reviews (13)

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Phyllis Turner
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Jul 19, 2024
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Wolfgang Eisenhauer
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Jul 19, 2024
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Jul 14, 2024

Saxo Bank Customer’s Q&A

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Saxo Bank Features and Benefits

Here are the key features and benefits of Home.Saxo:

  • SaxoTraderGO: This award-winning trading platform offers enhanced trade tickets, fundamental and technical analysis tools, an extensive charting package, options chain, performance analysis, and a comprehensive account overview. It supports a one-screen setup (the chart can be dragged to a second screen) and is accessible through both mobile and desktop.

  • SaxoTraderPRO: This fully customizable, professional-grade platform offers algorithmic orders, one-click trading, options chains, and charting packages. Users can analyze their performance in detail with the revamped account section. The interface is fully customizable across six screens, with advanced workspace management and multi-channel linking between modules. It is accessible on PC and MAC.

  • Third-Party Tools: Users can extend their trading capabilities by executing trades from one of the partnership platforms. They can connect their Saxo account to a third-party platform to access custom tools that suit their specific trading requirements. Available features include asset-specific analysis tools, advanced strategy backtesting, and hyper-responsive charting.

  • Connectivity and APIs: Users can connect to Saxo’s capital markets infrastructure via their preferred interface. They can gain market access through a fast, flexible, and fully-documented electronic infrastructure and receive tailored multi-asset liquidity via FIX API. They can also access the entire capital markets infrastructure on the same API used by the award-winning platforms (including market data) through a single REST web API based on modern standards.

  • Asset Classes: Users have access to a wide range of asset classes including stocks, mutual funds, ETFs, bonds, forex, CFDs, futures, commodities, forex options, listed options, trading strategies, and managed portfolios.

  • Global Access: Users can trade FX, FX options, CFDs, stocks, ETFs, futures, listed options, and bonds, from 125 global exchanges.

  • Pricing: Users can benefit from market-leading entry prices and get tighter spreads and lower commissions when they upgrade their trading tier.

These features make Home.Saxo a comprehensive and versatile platform for all trading needs. For more detailed information, please visit the official website.

Saxo Bank Pricing

Here is the pricing information for Home.Saxo:

  • Stocks: Commissions start from $1 on US stocks. Access to 23,500+ stocks across core and emerging markets on 50+ exchanges worldwide.
  • ETFs: Commissions start from $1 on US listed ETFs. Access to more than 7,000 exchange traded funds from 30+ exchanges.
  • Futures: Commissions as low as $1 per contract. Trade 250+ futures covering equity indices, energy, metals, agriculture, rates and more.
  • Bonds: Commissions from 0.05% on government bonds. Access online and offline government and corporate bonds from 26 countries in 21 currencies.
  • Listed options: Commissions as low as $0.75 per contract. Trade 3,200+ listed options across equities, energy, metals and more, from 20 exchanges worldwide.
  • Mutual funds: Commission, custody and platform fees at $0. Easy and affordable to invest in mutual funds from leading providers.
  • Crypto: Spreads from $6.90 on ETHUSD. Trade 9 Crypto FX pairs, or gain exposure through Crypto Exchange Traded Products.
  • FX: Spreads as low as 1.6 pips on EURUSD. Trade 185 FX spot pairs and 140 forwards across majors, minors, exotics and metals.
  • CFDs: Spreads from 0.7 on US500. Go long or short on 8,800+ instruments with tight spreads and low commissions.

Please note that these are industry-leading prices with ultra-competitive spreads and commissions across all asset classes. Better rates are available as your volume increases. For more detailed pricing information, please visit the official website.

Payment Method

Home.saxo offers several methods for funding your account:

  1. Bank/Wire Transfer: Initial funding of your account can only be made by Bank/Wire Transfer.
  2. Debit Card: Any subsequent funding can then be made using a debit card. It's not possible to fund ISA accounts by card.
  3. Online Banking: You can fund your account online via the Saxo trading platforms.
  4. Local SGD deposit: This includes electronic Direct Debit Authorisation (eDDA) / eGIRO, FAST (SGD), PayNow (SGD), MEPS (SGD).

Please note that third party transfers are not allowed so funds must originate from and return to an account held in your name. You can use a maximum of 3 cards on the account. There will be a maximum limit of USD 100,000 per transaction and a maximum 30-day running sum limit of USD 160,000. All payments must come from, and go to, an account in the name of the Saxo account holder/s.

Saxo Bank FAQs

FAQ

Saxo Bank Alternatives

Here are the top 10 alternatives to Home.saxo:

  1. Ig - Offers a wide variety of rich features, market research, and powerful trading tools.
  2. Interactive Brokers - Provides access to over 100 markets, including forex and CFDs.
  3. CMC Markets - A highly trusted multi-asset broker regulated in multiple Tier-1 jurisdictions.
  4. FOREX.com - Known for its strong reputation and transparency.
  5. Charles Schwab - Offers a wide range of investment advice, products & services.
  6. City Index - Provides spread betting, CFD and Forex trading across a range of award-winning platforms.
  7. XTB - A leading FX and CFD broker offering individuals the ability to trade a wide range of currency pairs, indices, and commodities.
  8. eToro - A social trading platform that allows you to copy the trades of other successful traders.
  9. Roboforex - Offers a wide range of trading assets and reliable trading platforms.
  10. AvaTrade - Provides trading in forex, commodities, cryptocurrencies, exchange-traded funds, options, bonds, and equities.

Each of these platforms has its own unique features and advantages. It's recommended to explore each platform and choose the one that best fits your trading needs and preferences.

FAQ

How To Open A Saxo Bank Account?

To open an account with Home.saxo, follow these steps:

  1. Account opening at Saxo is fully online and typically takes 1 day.
  2. You will need to prove your identity and residency with documents.
  3. Choose an account type that suits your needs.
  4. You can choose from multiple base currencies.
  5. The minimum deposit at Saxo is $0.

Please note, all documents provided must meet requirements. If they do, the application is usually processed within 2 working days. It's quick and easy to open an account, but since security checks cannot be compromised, the process can sometimes take longer.

For a more detailed guide, consider watching the video tutorials available online. They provide comprehensive step-by-step instructions on how to open an account with Saxo Bank.

Remember, it's always a good idea to read the terms and conditions before signing up.

FAQ

Saxo Bank Return Policy?

Home.saxo, a fully licensed and regulated Danish bank, offers an online trading platform for global financial markets. In terms of the return policy, it is important to note that securities are protected by the Danish Guarantee Fund. Generally, securities would be returned to clients in cases like suspension of payment or compulsory winding up. If unable to return them, they are covered up to EUR 20,000 per client. However, specific details about the return policy are not readily available. For more accurate information, consider reaching out to Home.saxo directly.

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