Saxo’s documentation, more often than not, contradicts itself with its fees and trading account for similar and identical products and positions. The fine print adding a separate surcharge on small trades is easily missed and increases the possibility of misunderstandings between clients and the broker. In 2001, the company obtained a banking license and changed its name to, solely, Saxo. This means the company functions as an online broker with a banking license, but does not offer traditional banking products. Instead, it offers forex, stocks, futures, CFDs, bonds, funds, and futures spreads. Saxo Capital Markets offers an impressive investment selection with powerful trading platforms and excellent research tools.
To compare the trading platforms of both Saxo Bank and FOREX.com, we tested each broker’s trading tools, research capabilities, and mobile apps. Many traders look to trade small amounts and require a low minimum deposit by their forex broker. Saxo Capital Markets accounts don’t offer this with the classic account starting at $10,000. The $1,000,000 VIP account is one of the highest minimum funding accounts of any retail forex brokers. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.
- However, clients will have no access to guaranteed stop-loss protection, which makes accounts vulnerable to unlimited losses during volatile market conditions, like the Swiss Franc currency crisis in 2015.
- These factors make Saxo Bank a trusted and reliable broker to hold your money when it comes to trading CFDs, forex, shares, options, and exchange-traded and over-the-counter (OTC) derivatives.
- The company’s unique interfaces are completed by SaxoTraderGO, a web-based platform with practical trading functionality and an easy-to-use interface, and a practical mobile application.
- It offers a wide range of markets and provides an impressive suite of proprietary platforms – alongside limited access to MetaTrader.
Being also a reputable European Bank there is well-established support in more than 180 countries from offices in major financial hubs. Customer service is available through Europe, Asia/Pacific, and Middle East regions also in various languages, so customers are well covered with necessary service. Also, consider overnight fee or swap as a trading cost, as in case you hold an open position longer than a day various fees are applicable. Saxo Bank A/S is subject to stringent financial reporting requirements under EU directives and specific regulations regarding client handling. It is a respected member of the Danish Guarantee Fund for Depositors and Investors which guarantees clients’ deposits of up to EUR 100,000 for cash in the event of insolvency. Overall, the company profile shows positive feedback and operational scores.
Saxo Forex Trading Platform
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The UAE Representative Office of Saxo Bank A/S markets the Saxo Bank A/S trading platform and the products offered by Saxo Bank A/S. Saxo Bank offers two proprietary trading platforms; SaxoTraderGO and SaxoTraderPRO. There is currently no MetaTrader 4 (MT4) live or demo platform offering.
- It is definitely a trusted broker, as it is incorporated in Denmark business and is a fully licensed European bank (license no. 1149).
- Inform your trading with curated research content, including news, SaxoStrats analysis, price data, trade ideas and educational material.
- Important factors to consider when gauging the size of a forex broker are the assets under management, number of clients, and market capitalization (valuation for public companies).
- As a whole, Saxo Group’s 10 subsidiaries are spread across 15 different jurisdictions, including the U.K, Denmark, and Singapore.
- We fully disclose our dealing practices and never trade against you in the market.
- At ForexBrokers.com, our evaluations of online brokers and their products and services are based on our collected quantitative data as well as the qualitative observations and qualified opinions of our expert researchers.
Financial strength We’re a financially stable company with a robust balance sheet. We serve clients in 170 countries, hold 100+ bn USD in AUM and process 1m transactions daily. Saxo offers a range of 45+ FX Vanilla Options as well as 6 FX Touch Options (in Europe Touch Options are available for Elective Professional clients only). The prices above are indicative and will vary according to the country of residency.
Saxo Bank offers two trading platforms with access to all asset classes; SaxoTraderGO and SaxoTraderPRO. The former can be opened through all major web browsers with no download required. Saxo Bank traders can benefit from the tight spreads and low commissions through real-time quotes for currency pairs and other instruments, e.g. Saxo offers an informative support page that covers numerous topics including, video guides, account opening, funding and withdrawals, trading products, trading costs, and how to use its platforms. The search function more often than not does not bring up some basic info.
hour expert service
Prior to 2o15 Saxo had a partnership with London Capital Group (LCG) but a leadership change led by Charles-Henri Sabet led to the closure of the spread betting partnership. Access +71,000 ASX, Wall Street and international stocks, forex, exchange-listed options, ETFs, CFDs, crypto, bonds, futures, and more. Derive the value of potential price improvements on every trade. Assume greater control of your trading, and achieve an optimal balance between fill ratio and price level through our customised orders. Market movers shows you the biggest price movements across selected markets.
Forex Trading Services
Our UK team takes a methodical approach to reviewing online brokers. As well as evaluating a broker’s product portfolio, fee structure and trading tools, we consider the availability of GBP-denominated accounts, the presence of UK-based customer support, and FCA authorisation. Our experts also factor in their hands-on testing experience into broker ratings. To determine the best forex brokers for professional traders, we broke down each broker’s active trading program, and compared all available rebates, tiers, and all-in costs. Trading platforms were then tested for the quality and availability of advanced trading tools frequently used by professionals.
What is the minimum deposit for Saxo Bank?
There’s no question; Saxo Bank’s proprietary trading platforms are terrific, thanks to their streamlined designs and robust trading tools. For active traders, and those able to maintain large account balances, Saxo Bank offers the lowest pricing in the industry. Inform your trading with curated research content, including news, SaxoStrats analysis, price data, trade ideas and educational material.
Full-featured charting and technical indicators with personalised time management and platform window linking are available. Saxo’s dedication to luring in the advanced trader is furthered by an astonishing selection of market and pending orders that decisively outperform the competition. Next day processing is available for withdrawals requested before 1 pm GMT. Simply login to your UK trading account and select the withdrawal logo. The UK service, with headquarters in London, is authorised by the Financial Conduct Authority (FCA), a highly regarded regulator with stringent compliance procedures. The company also offers white label trading solutions for banks, brokers, fintechs, and wealth managers.
Professionals and traders who choose Saxo will definitely enjoy amazing research tools and strategy builders available directly through the platform. Saxo Bank minimum deposits and the lowest requirement is $2,000 for Classic Account, apart from that, there are other limitations on funds transactions that may be imposed due to the payment providers’ conditions. It is a multiply regulated broker operating under a banking license. It is considered low-risk trading Forex and CFDs with Saxo Bank.
When all is said and done, traders in the UK planning on utilizing trading apps should give this one serious consideration for share dealing. Placing and monitoring trades is a simple task, watchlists and price alerts all synchronize to the desktop platform, a really useful feature. A wide selection of buy, sell and stop orders are available that easily outnumber competitors, and be accessed on all platforms, including the mobile app. Saxo offers its own trading platform with some major improvements and upgrades in comparison with the MetaTrader4 and 5, which only offers access through an API interface.
Can anybody use SaxoTraderGO?
There is a minimum trade size of USD 100,000 or equivalent and a Net Open Position (NOP) limit of 3 million USD. A higher margin requirement may apply depending on the level of exposure. Prior to trading this product an addendum to Saxo’s General Business Terms must saxo forex broker be signed. At Saxo, we provide full electronic access to trade FX forward outrights and FX swaps in 130+ currency pairs with maturities from 1 day to 12 months. Access comprehensive graphs with more than 50 technical indicators and innovative risk management tools.