Saxo Bank Forex Broker Review

Saxo Bank is a Danish investment bank founded way back in 1992. It’s mainly an online brokerage firm, with its Headquarters at Philip Heymans Alle 15, 2900, Hellerup, Denmark. It deals in a wide range of financial instruments including CFDs, forex, equities, futures, and bonds. Most of its activities are associated with numerous global financial institutions.

SAXO Bank forex and CFDs Broker reviewSaxo Banks products The brokerage firm comes with an impressive product portfolio. There are about 50 of them ranging from commodities, gold, silver, CFDs, indices, to currencies and stocks among many others. Its forex domain is quite vibrant, and it features over 100 major and minor currencies.

That’s quite high as compared to most of its competitors. The stocks and bonds category is also quite competitive, and you can’t compare the same to its cryptocurrency and Options markets, which are slightly lackluster.

Trading Platforms Saxo Bank features SaxoTraderGO and SaxoTraderPRO as its trading platforms. Its web-based trading platform SaxoTraderGO is professionally designed and provides absolute ease of use. It’s a one-step login process once you load the system. There are more security features in the Platinum and VIP accounts whereby these accounts come with a secure IP link whenever a client logs in. The SaxoTraderPRO platforms are designed to efficiently run on the Desktop while supporting multiple operating systems such as Windows, iOS, and well. The mobile suite runs quite well on Android, iPhone, blackberry, among other mobile devices. The platforms support multilingual function with over 25 major world languages being used to reach as many world traders as they can.

Regulations and Safety Saxo Bank is not only fully licensed to operate, but it’s also regulated by top-tiered financial regulatory bodies including; – Financial Conduct Authority (FCA) – Danish FSA – Swiss Federal Banking Commission – Bank of France – Securities and Futures Commission in Hong Kong

Also Read: 10 Best Regulated Forex Brokers

Deposit/Withdraw Options The firm uses various deposit and withdrawal options for its traders. For example, you can use a debit/credit card, as well as bank transfer method when depositing your funds. The banks deal with around 32 base currencies, although only 20 of them are currently available for use. All the deposit and withdraw options are free of charge, supported by a highly user-friendly interface. Withdrawing is through bank transfer, a process which takes about three business days. Make sure that the account reflects your details to enable the withdraw process to go through.

Spreads and Fees Trading fees at Saxo Bank are quite transparent, and clients with VIP accounts benefit from lower amounts of fees. However, the fees charged on forex, futures, and bonds are relatively high if you compare with other brokerage firms on the market. Also, the lower the volume of trade, the higher the fees; but if you trade more, you pay less in fees and commissions. Its average commission stands at 0.0055%. However, it mainly applies to the first $50 million tradings for each month. Spreads on EUR/USD come at 0.6 pip as spread cost, but if you hold a VIP account, they come to as low as 0.4. Inactivity fees are particularly high at this place, as an inactive trader faces $25 in charges for each quarter.

Pros – There are several advantages associated with the Saxo Bank. These include:

  •  A powerful trading platform with a user-friendly interface. – Account opening is fast. – Clients benefit from 24/5 expert supports. – There are no withdrawal fees. – Offers a wide range of assets from which traders can choose. – Stringent regulation and safety standards provide ultimate protection to clients’ investments. – Features a demo account, with tutorials videos allowing you to learn quickly.

Cons – Customer support does not consist of live chat. – Its forex, futures, bonds, and options categories come with high fees. – High inactivity fees which can drain a trader’s account

Conclusion Saxo Bank is an impressive, brokerage firm. The most outstanding of its features are various currencies for traders to use. It base currency portfolio is also excellent. Regardless of the high fees within its forex, futures, and bonds categories, it remains one of the safest platforms to trade. Account opening is also quite easy and newbies can use its demo account as they learn the ropes. Other than that, you can also get timely expert advice and support during the five business working days.

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