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Saxo Bank3 min read
Broker Review
Clients of the bank are thousands of private investors and traders from more than 100 countries of the world. Customer service is carried out from the headquarters of the bank in Copenhagen, as well as from 12 offices located in major cities in the world. Trading is carried out online using the SaxoTrader program, which is a bank's own development. In addition to SaxoTrader, Saxo Bank offers Saxo WebTrader and Saxo MobileTrader Internet programs that allow transactions through an Internet browser and mobile phones.
Platforms
82
Usability
76
Assets
86
Users rating9 Votes
82
Pros Broker
Wide range of financial instruments
Large banking Institution
Fully regulated
Award-winning brokerage
Cons Broker
Delay in withdrawing funds
High cost of trading accounts
Limited payment methods
No bonuses and no shares
81
Overall Broker Rating
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Review of the company

Saxo Bank was founded in 1992 under the Midas trademark, and it switched to the modern format in 2001 in connection with obtaining a European license. The Danish financial brand Saxo Bank is known all over the world: it can be judged on the official website of the company, localized in 42 languages. Its client base includes citizens of major European countries, as well as the Near and Middle East, Africa, America and the Asia-Pacific region. At the same time, its offices are located in Denmark, United Kingdom, China, Italy, France, Switzerland, Singapore, Czech Republic, Spain, Japan, Australia and Russian Federation.

This company positions itself, first of all, as an investment banking conglomerate, which provides a wide range of services in an online format. Saxo Bank is popular mainly among traders in the foreign exchange and securities markets. If you are a bank client, all forecasts, current news and reviews are available directly from the trading terminal. Founded in the early 1990s, this broker enjoys authority among experienced players on the exchange. For a wide range of trading specialists, his proposals have long remained inaccessible due to the high entry threshold, but now you can open an account without much difficulty.

Account types

The minimum deposit varies depending on your residency and the account type you choose. The broker offers three options for a trading account namely Classic, Platinum, and VIP:

  • The minimum funding for the classic version is $10,000. For this amount, a trader will be able to take advantage of the industry’s best digital services and the support of a broker, as well as work with low initial prices;
  • For bidders who want to try narrow spreads and work with low commissions, the creators have developed a platinum version. This includes a price reduction of up to 30%! The client will be able to receive priority customer support in his native language. This pleasure will cost $200,000;
  • For 1 million USD, the investor will receive the highest level of service with the best services and prices. All this thanks to the VIP account. The trader will have the opportunity to communicate with company experts 24/5. Also, the broker allocates a personal client interaction manager. For ease of communication, he will speak your language. Also, the owner of this trading account will receive invitations to exclusive events from Saxo Bank.

Some customers leave feedback that you can change the category of an account with a broker. You can not only work with CFDs, but also go into the category that will most accurately reflect your trading volume. This can be done after three months of trading. In addition, does not require additional cash costs and the company accrues interest on free funds in the account.

Saxo Capital Markets Cyprus and Saxo MT4

Saxo Bank is a broker, until recently, only held speculators with impressive start-up capital could work with it. However, current trends – in particular, the popularization of MetaTrader – have influenced this organization. The current policy of the investment bank is focused on cooperation with novice traders. The result of this approach was the Saxo MT4 account, which opens in Saxo Capital Markets Cyprus – in fact, it is a standard dealing center within the framework of a financial conglomerate. This trading option involves the absence of financial restrictions and a narrower range of available instruments:

  • More than 20 currency pairs, CFDs on indices and raw materials, precious metals;
  • Full functionality of MetaTrader 4, including compatibility with ZuluTrade and Currensee social services;
  • The same standards regarding liquidity provided and execution of trade orders as in Saxo Bank.

The company insists that Saxo MT4 is a separate service package that legally and actually differs from Classic, Premium and Platinum. At the same time, reviews dedicated to Saxo Bank allow judging that the recognition and trust in the Danish brand positively affects the reputation of the unit registered in Cyprus. Saxo Bank is a great broker with well-developed services.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.