In this Saxo Bank review, we will take a measured look at the broker’s features, including its platforms, available markets, account types, fees, and customer support. The aim is to help readers understand how Saxo Bank functions and whether it aligns with their individual trading or investing preferences.
Pros and Cons
Pros
- Broad Product Range – Access to an exceptionally wide range of over 71,000 financial instruments on a single account.
- Advanced Platforms – Professional-grade platforms, including SaxoTraderGO and the advanced SaxoTraderPRO along with third-party applications.
- High Security and Regulation – Regulated globally across multiple jurisdictions and holds a full Danish banking license, with segregated client funds.
- Client Support – 24/5 multilingual customer support via email and phone.
Cons
- High minimum deposits for premium accounts – $200,000 for Platinum and $1,000,000 for VIP.
- Advanced Platforms – Platform features may be overwhelming for new traders.
- No support for MetaTrader 4 and 5 – The lack of support for MetaTrader 4 and 5 may limit flexibility.
Basic Information About Saxo Bank
| Website | www.home.saxo/en-gb 74-89% of retail investor accounts lose money when trading CFDs with this provider. |
|---|---|
| Authorisation/Regulation | Danish Financial Supervisory Authority (DFSA), FCA, FINMA, and ASIC, among others. |
| Minimum Deposit | No minimum deposit for the Classic account, $200,000 for the Platinum account, $1,000,000 for the VIP account. |
| Leverage | 1:30 |
| Spreads | Variable, depends on account. EUR/USD from 0.7 pips on the VIP account. |
| CFD Instruments | Indices, commodities, bonds, and ETFs. |
| Real Assets | Forex, options, futures, commodities, stocks, ETFs, mutual funds, and bonds. |
| Trading Platforms | SaxoTraderGO, SaxoTraderPro, ProRealTime, and TradingView. |
| English | ✔ |
| Demo Account | Yes, a 20-day trial with $100,000 in virtual. |
| Mobile app | ✔ |
| Deposits and Withdrawals | Bank transfer, credit/debit card, and local payment methods. |
| Extra benefits | Banking License (Saxo Bank is a fully licensed Danish Investment Bank) |
Saxo Bank Trading Platforms
A broker’s trading platform determines the user experience, and Saxo Bank places strong emphasis on platform quality. The broker has built two proprietary platforms that are widely regarded as some of the best in the industry. On top of that, it integrates seamlessly with some third-party industry powerhouses such as TradingView.
SaxoTraderGO is a web-based and mobile platform designed for multi-asset trading. This platform is designed for all levels of traders and investors, offering an intuitive interface, advanced charting capabilities with over 40 technical indicators, real-time market data, and one-click trading, among other features.
On the other hand, SaxoTraderPRO is a downloadable desktop platform aimed at active traders. This platform offers multi-screen support, algorithmic order types, custom workspace creation, and streaming Level II pricing, among other features.
Further, Saxo Bank has a partnership with ProRealTime, which allows traders to use ProRealTime’s sophisticated charting and automation capabilities. It also allows investors to enjoy ProRealTime’s suite of tools, including ProBuilder, ProScreener, and ProOrder.
Finally, the broker integrates seamlessly with TradingView, allowing investors to place trades straight from the platform’s charts. Users gain access to TradingView’s powerful charting tools and a rich community of traders from around the world. It provides clean, responsive charts packed with dozens of indicators, drawing tools, customisable templates, multiple chart types, and support for multi-timeframe analysis.
Trading Instruments Available on Saxo Bank
Saxo Bank is one of the most diversified multi-asset brokers in the world. The broker offers access to more than 71,000 tradable instruments across various asset classes. Here is a breakdown of the assets available to trade:
- Forex – This broker gives traders access to over 180 forex spot pairs, including major, minor, and exotic pairs, along with forex options, swaps, and forwards. This offers traders ample opportunities in the global currency market.
- Stocks and ETFs – With Saxo Bank, people gain direct market access to over 23,000 global stocks and ETFs across 30 major international exchanges.
- Bonds – On the Saxo site, traders gain exposure to over 5,200 government and corporate bonds available across exchanges and OTC markets.
- Futures and Options – This bank allows advanced traders to access derivatives contracts across major global exchanges for hedging and speculative strategies.
- Commodities – The broker also supports the trading of commodities such as crude oil, gold, silver, natural gas, soft commodities, and more through futures, CFDs, options, spot pairs, and ETCs.
- CFDs – Saxo Bank offers CFDs on stocks, indices, commodities, ETFs, and bonds, allowing clients to speculate on price movements with leverage.
- Mutual Funds – Finally, this bank offers investment in a wide variety of mutual funds from top money managers.
Saxo Bank Account Types and Fees
Saxo Bank offers three core account types: Classic, Platinum, and VIP. These differ mainly by pricing, service level, and minimum deposit. The Classic account is the entry-level tier. In many regions, this account has no minimum deposit. This account features a spread from as low as 0.9 pips for major currency pairs.
In contrast, the Platinum requires a minimum deposit of $200,000 or 120,000 points. The Platinum account offers a 30% fee reduction compared to the Classic. It features spreads from as low as 0.8 pips for major currency pairs. Finally, the VIP account requires a minimum deposit of $1,000,000. This account features the very best prices on Saxo Bank with spreads for major currency pairs starting from 0.7 pips.
Saxo also charges commissions depending on the asset class and the size of the trade and swaps for positions held overnight. Saxo does not offer a swap-free Islamic account, as many of its products are non-CFD instruments.
Saxo Bank’s Corporate and Joint Accounts
Saxo Bank offers both joint and corporate account types designed to meet the needs of different categories of clients. A joint account allows two eligible individuals, typically close family members, to share a single trading or investment account. Both account holders must be at least 18 years old and are required to complete the full verification process, including providing identification and proof of residence.
The minimum deposit for opening a joint account is USD 50,000. Once the account is opened, both parties share equal access to Saxo Bank’s full range of platforms, products, and tools, and either holder may initiate deposits or withdrawals.
In addition to joint accounts, Saxo Bank also provides corporate accounts tailored for registered businesses, partnerships, institutions, or investment entities. These accounts offer the same multi-asset market access as individual accounts, including the full suite of Saxo platforms and over 70,000 tradable instruments.
Opening a corporate account, however, requires more extensive documentation. Companies must submit materials such as certificates of incorporation, articles of association, business address proofs, and financial statements. The minimum deposit to open a corporate account is $100,000.
Overall, Saxo Bank’s corporate and joint accounts are designed to support users who need shared ownership or entity-based trading. However, both account types come with additional requirements and higher initial funding expectations compared to standard individual accounts.
Saxo Bank Customer Support
Reliable support is vital when managing investments. Saxo Bank offers multilingual assistance across multiple channels. Support is offered via phone and email during business hours, varying by region. There are various phone numbers and emails available, depending on the region. These give traders localised and timely support whenever they need it. Importantly, Platinum and VIP clients receive priority customer support.
The broker also maintains an online presence through various social media platforms. These include Facebook, LinkedIn, X (formerly Twitter), and TradingView. These can act as additional channels for traders to engage with the broker and receive updates.
The Credibility of Saxo Bank
Assessing the credibility of a financial institution requires prioritising its regulatory status. Saxo Bank is regulated by multiple financial authorities, including the Danish Financial Supervisory Authority, the FCA in the UK, the FINMA in Switzerland, the ASIC in Australia, and the MAS in Singapore, among others. This multi-jurisdictional structure is a good sign for a broker as it ensures adherence to strict financial and operational standards.
Additionally, Saxo Bank operates as a licensed European bank. This means it must meet higher capital requirements, provide segregated client accounts, and follow stringent reporting rules. Finally, Saxo Bank has more than three decades of operational history, which further enhances its credibility.
However, we must mention that customer reviews are mixed. Some traders appreciate the platform quality and product range, while others express concerns about costs or customer service speed. The broker has a 3.5 star rating out of 5 on Trustpilot, which is average, to say the least. Experiences differ depending on location and account tier.
Education for investors
Saxo Bank offers a well-structured and comprehensive education centre designed to support traders of all experience levels. This education section can be found on the broker’s website by clicking on the Investing tab, then Market Insights, and selecting Saxo’s Education Hub. Its learning resources include in-depth articles, market explainers, video tutorials, webinars, and platform guides that help users understand both fundamental and advanced trading concepts.
The broker regularly hosts live webinars featuring market strategists and professional traders who cover market outlooks, trading strategies, and platform training. Saxo Bank also provides a dedicated podcast with new episodes several times a week on various podcast platforms. Overall, Saxo Bank’s education offering is informative, high-quality, and aligned with the needs of serious traders.
How Saxo Bank Compares With Competitors
Together with a colleague, we prepared a detailed comparison of Saxo Bank with key competitors. We assessed it in a head-to-head comparison with XTB, eToro, Pepperstone, and Interactive Brokers. Saxo Bank establishes itself as a premium, institutional-grade platform, but with a clear trade-off between sophistication, cost, and accessibility.
Each broker brings something unique to the table. Against XTB, Saxo’s strengths are the range of market products and bank backing. However, XTB competes strongly on cost, and its user-friendly proprietary platform. Compared with eToro, Saxo is more focused on professional analytics and execution, while eToro shines with its integrated CopyTrader feature. This allows investors to replicate the moves of other investors on the platform.
Versus Pepperstone, Saxo is a different proposition. Pepperstone features more third-party trading platforms along with copy trading support. Saxo Bank mostly focuses on its proprietary platforms and does not have copy trading. Finally, Interactive Brokers competes head-to-head with Saxo on global market access, but IB tends to win on raw market access and ultra-low commissions for high-volume traders.
Final Verdict
Saxo Bank is a well-established broker offering a wide selection of financial instruments and advanced proprietary platforms. Its strong regulatory framework, long history, and professional-grade tools make it a preferred choice for many traders.
However, some factors may not appeal to everyone. While the Classic account has no minimum deposit requirement, the higher account tiers require substantial financial commitments. The mixed reviews may also deter some investors despite the company’s years of experience.
Saxo Bank may be a good fit for those seeking broad market access and institutional-style platforms. Those looking for low entry barriers, ultra-low spreads, or MT4-based trading may prefer alternative brokers.
74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.