Saxo Bank Reviews 2023: Features, Cost & Alternatives

Client funds are held in segregated accounts and Saxo Bank fully complies with all regulations. Each regulator will have different requirement and Saxo Bank fully satisfies all of them. In addition, being a Danish Bank, client deposits are guaranteed by the Guarantee Fund up to €100,000.

Thank you for taking the time to leave this lovely feedback about Jagpreet, we will be sure to share your kind words with her. We are glad to hear that she was able to streamline processes and help you completely your transaction efficiently. The next time you contact Saxo, you are more than welcome to request the service of Jagpreet. The bank is also under the supervision of the Market in Financial Instruments Directive authority. It means that the bank has to comply with stringent requirements which means more security for the funds. Steven Hatzakis is the Global Director of Research for ForexBrokers.com.

Saxo Bank fees compared to Interactive Brokers fees

Those looking for the basic account can open one for a cool £1,500 which is high in comparison to some other brokers in the UK. Saxo also offers ISAs , Joint, SIPPS (Self-Invested Personal Pension), Corporate, and Trust accounts to qualified UK residents. While there is a £0 minimum account requirement on an ISA account, SIPP accounts have an even cooler minimum balance of £10,000.

• The bank is also under the supervision of the Market in Financial Instruments Directive authority.
• If you are on winning side you will see enormous spreads which keeps you winning in a minimum, remember you win they lose.
• With a Saxo Bank trading account, you can trade Index CFDs such as US30, US500, UK100, US TECH 100, GER 40, AUS 200, and HK50.
• Generally speaking, the more you trade with Saxo, the less you pay and better service you get.
• Saxo Bank is a fully licensed and regulated Danish bank, based in Copenhagen.

This feature comes in handy when the traders execute the live market orders, and they want to know when they are executed. The trader can set up alerts on portfolios and when there are changes in the margin calls. They need to install the mobile app if they want the alerts to pop up on their smartphone. The client can connect their Saxo account to a third-party platform to access custom tools offered by a third party. This platform can be easily customized, and it is a web version that allows the users access to some of the tools like news, charts, research, and watchlist as per the traders’ requirements. The first step is to visit the broker’s website and select to open an account.

Top 3 Forex Brokers

You are more than welcome to specify the service of Karanneet the next time you contact Saxo. Thank you again for your feedback and we wish you a pleasant evening. Solved my query about a deposit professionally and threw in some guidance on using the platform which can be demanding for those not regular users. We greatly value your feedback and will help us to improve our service and client experience. I am sorry to hear that you feel the new portfolio section is unclear. If you are interested I would be happy to help you navigate the new portfolio section over the phone.

• This may be too much for new traders, but a multi-asset broker should be part of any diversified asset management strategy.
• We are committed to the fair handling of reviews and posts regardless of such relations.
• They need to install the mobile app if they want the alerts to pop up on their smartphone.
• It gives relevant answers to basic questions like “what is the inactivity fee?”, but can’t answer more complex queries.

Customer service at Saxo is available in an impressive number of languages. If you want ot dig deep into Saxo’s fees , you can check them in this article. After approval, you have to fund your account to have it activated even though Saxo doesn’t clearly communicate this requirement.

You may want to do your own additional analysis and ensure that you understand the risks involved. Saxo give you the capability to further extend your trading capabilities by executing trades from one of the brokers partnership platforms, including TradingView, Dynamic Trend & MultiCharts. This is yet another area in which Saxo come very close to blowing the competition away. I actually found there to be too much choice, with more tools than I would ever need at my disposal. I understand that they mean well, but if you are just looking to buy and sell a few instruments in your own time with a reputable company, then you may want to consider a broker such as IC Markets instead. Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

You can access all our 40,000 tradable instruments from the corporate account, with optimised liquidity and dedicated support. There is no minimum investment period and you can exit at any time for no additional cost. SaxoSelect has a service fee, trading fee and performance-based fee. The service fee and performance fee are deducted quarterly on a pro rata basis.

Saxo Bank fees compared to XM fees

Besides, their Forex spreads are low when compared to other online brokers. The fees paid by the trader can vary, and it depends on the asset class they are buying or selling. The traders can choose the classic with a minimum deposit of 500 pounds, which is low when compared to other accounts offered by this broker.

Saxo Bank offers APIs to allow third parties to connect and interact with the SaxoTraderPRO. Direct clients and subsidiaries may manage accounts via Excel, connect through TradingView, or utilize MultiCharts. Saxo Advanced Solutions features FIX and Open API, supporting the development of third-party trading applications with full access to the Saxo Bank market portfolio. The advanced features are not available to retail clients, who have access to algorithmic trading as is available inside of the SaxoTraderPRO platform. SaxoTraderGO does not support automated trading solutions, the sole drawback as compared to the retail-favorite and developer-friendly MT4 trading platform.

Trading signals are alerts or indications that suggest a potential trade opportunity. In this context, signals are generated based on the analysis of various economic factors, such as inflation, interest rates, and government policies. These signals can be affected by the account currency used for trading.

Offering of investments

You can easily keep up to date with the latest https://forexhero.info/ news, directly from within the Saxo platform. News is powered by Moody’s Analytics ‘NewsEdge Macro’ and ‘NewsEdge Corporate’. Clients can manage orders in relation to level 2 order book in real time; this service requires subscription. Access to trade up to 42,000 instruments from a single multicurrency account. Risk management features including account shield, stop orders, margin breakdown, cancel all orders, etc. Saxo Bank Ltd. is a licensed bank regulated by the Swiss Financial Market Supervisory Authority .

saxo bank broker reviews Bank offers three accounts no matter how much client trade, all featuring the same technical capabilities, along with company support. Rates, terms, products and services on third-party websites are subject to change without notice. We may be compensated but this should not be seen as an endorsement or recommendation by TradingBrokers.com, nor shall it bias our broker reviews. With over 660,000 satisfied customers, Saxo Bank offers world-class service around the clock.

Please read Saxo Bank Reviews below and share live trading experiences with this broker. I love that there is almost any asset available that you can wish to trade. A trader that doesn’t take time to research and educate himself increases the risk of failure dramatically. It should be noted that you can upgrade your Classic account to Platinum and the Platinum account to VIP by trading and collecting points, thus getting better prices and services.

Is it cheap or expensive to use Saxo Bank?

We established a rating scale based on our criteria, collecting over 3,000 data points that we weighed into our star scoring system. MetaTrader 4 was developed by trading software company MetaQuotes and is used by millions of Forex & CFD traders all over the world. MT4 is widely regarded as one of the most user-friendly trading platforms that is packed with a vast array of trading tools for conducting market analysis and managing orders.

It also has a web, mobile and desktop platform allowing traders to make transactions at their convenience. The investment bank offers both fixed and variable and fixed spreads. These will range from about 0.5 pips whereas the fixed spreads are regular going up to 2 pips on the USD or EUR.

The Swedish fast fashion retailer reports Q1 operating income of SEK 725mn vs est. Loss of SEK 1bn as gross margin improves to 47.2% for the quarter against 45.8% expected. March revenue in local currencies is expected at around 4% y/y as the fashion industry is hit by a decline in volumes like so many other industries as household budgets are squeezed due to inflation. H&M expects to reduce the store network by net 100 stores in the current fiscal year. Even if we try to offer the most up-to-date data, we can’t completely ensure the accuracy and validity of the materials.