Saxo Bank Review
When it comes to Forex trading, one of the largest retail Forex brokers on the planet is none other than Saxo Bank. This broker is regulated heavily in several countries, including Denmark, its own country where it was established in 1992. Saxo Bank is one of the oldest ECNs available to institutional traders and also retail clients. The amount of different markets that can be traded in via Saxo Bank is simply staggering. Since it is a financial service provider and also a banking institution, it is one of the most regulated broker in the entire industry and has received over 50 awards.
For any potential trader, finding a reliable trading website is of the utmost importance and there are many things you need to look for. Some people want to use a quality software, some wish to earn a return on their investment, but most want to know if the website is safe to use. These days, scams have become quite common so it is a great bonus to be able to find a trustworthy and secure broker. A strong reputation is usually a good indicator of the reliability of a broker and this is where Saxo Bank excels. Even though it received its license in 2001, it was trading under a different name since 1992.
Therefore, Saxo Bank has accumulated a wealth of experience, which is undoubtedly useful. Yes, there are new and innovative brokers in the market, but this is an era of internet security and money is very important for every trader. Hence, they don’t wish to take any risks and consider the reputation of a forex broker before signing up with them.
One of the best things about Saxo Bank is that the broker covers almost every electronically traded asset class. It provides its users with access to spot FX, non-deliverable forwards (NDFs), FX options, Exchange Traded Notes (ETNs) which include cryptos, contract options, futures and bonds, Exchange Traded Funds (ETFs), Contracts for Difference (CFDs), stock and stock options. Since you can trade in numerous markets around the world and also different types of brokers, traders don’t outgrow Saxo Bank. There are over 7,000 CFDs, more than 160 FX pairs to choose from and 21 Index-tracking CFDs.
The main trading platform of the broker is the ‘SaxoTrader’, which runs on web, desktop and mobile. The mobile and web versions are recognized as Saxo Trader GO and offer a consistent feel and look as compared to the desktop version of the trading platform. The web-based version of the Saxo Trader GO has an HTML5 design that enables it to run smoothly in the browser. The layout has been designed in such a way that it keeps the number of sections and tabs to a minimum with only Account, News & Research and Trading as the three main categories on top.
Charting is also excellent on Saxo Trader GO as there are nearly 17 drawing tools and almost 50 indicators. As mentioned before, the broker has done an excellent job in keeping the feel and look consistent across all platforms. In fact, it has even brought functionality like watch lists and syncing charts that automatically save and also sync with the mobile app. The desktop version of Saxo Trader also runs smoothly and has a similar design layout as its web-counterpart, but packs more under the hood. It boasts equity research and stock screener tools and also additional reporting capabilities in the Accounts section.
Even though it doesn’t have any automated trading capabilities with the exception of social copy-trade feature, the broker’s trading platform covers the most vital aspects of trading. This includes order management, charting, research and news. Overall, the trading platforms offered by Saxo Bank are packed with a wide array of tools and research capabilities that meet the needs of almost all traders. Also, the trading platforms are available in 25 languages, which is the most extensive in the market.
The mobile app for Saxo Trader GO is available for both iOS and Android devices and is consistent with the look and feel of the web-based version. The charting capabilities are also quite rich and the drawing indicators, tools and customizations are the same as the platform’s web-based version.
Saxo Bank gives traders three account options to choose from when they are signing up with the broker. No matter what account option you choose, the process is fast, seamless and fully digital. You can get started with trading in a matter of few days as there are three straightforward steps involved. First, there is an online application, which takes almost 10 to 15 minutes and requires you to upload documents for verification purposes. These include proof of identity such as passport or national ID card and proof of residence like bank statement or tax statement. Once your account has been approved, you can fund it and then get started.
The first account type that you can open on Saxo Bank is called Classic and this requires a minimum deposit of $10,000. It gives you access to all platforms and products, customer support, access to the education section and doesn’t involve any service fee. The second account type is known as the Premium Account and it has a minimum deposit of $100,000. With this account, you get the same features as the classic account, along with dedicated account executive service and free news and research.
The third account type is known as the Platinum account, which requires a deposit of $500,000 and it offers you your preferred customer service, individual pricing and FX options with tight spreads. One appealing feature of Saxo Bank is that it provides its users with a free trial for a while. This enables traders to determine if the software and platform is suitable for their needs and they don’t have a problem in using it.
The fact that the broker offers you a free trial is an indication that they are confident in the services they provide. You can use this account for 20 days and it comes with a simulated $100,000 to allow you to practice. This is particularly useful for new traders as it gives them the opportunity of trying out different market strategies and becoming familiar with the various platforms on Saxo Bank before they risk their real money in the market.
Deposit and Withdrawal
There are multiple deposit and withdrawal options available with Saxo Bank free of cost and on a user-friendly interface. There are a total of 32 base currencies available, which is considerably more than other brokers in the market. While all 32 might not be available to some nationalities, at least 20 are usually available. This is important because it ensures that you don’t have to pay for currency conversion, which can also be costly in the long term. Some of the currencies offered include USD, EUR, JPY, AED, AUD, RUB, GBP, CAD, NZD etc.
The deposits on Saxo Bank can be made free of charge and they can be made through bank transfer or credit and debit cards. Saxo Bank doesn’t offer electronic wallets for now. Bank transfers can take anywhere between 1 and 5 days to complete. If credit or debit cards are used, the deposit is made immediately. There are no withdrawal fees applicable either and they can only be made through bank transfers. The minimum time taken for withdrawals is three days.
The broker has a Saxo Bank Academy, where it provides traders with a horde of different educational programs. There are a ton of courses available and basic lessons are offered on each of the various assets offered by the broker such as Forex, CFDs, bonds, stocks and even futures. In every course, you will find a basic lesson, an explainer video, a guide for getting started and a quiz on the material as well. Additional lessons are also available on how to use the Saxo Bank trader platform and pdf videos can be downloaded to learn how to use Saxo Trader, place an order, read account summary or use a chart module.
Apart from that, you can also find videos on some very crucial concepts such as Vanilla Forex Options, Touch Options, how to use Forex Trader and lots more. Saxo Bank’s own experts have developed all learning material and the broker also collaborates with clients on the material that should be developed next. This means that traders will always be able to access information that will help empowering their strategies and performance. TradeMentor is Saxo Bank’s innovative trading education program that can provide live assistance to traders when engaged in forex trading or CFDs etc. on the web-based platform.
The professional traders at Saxo Bank also provide lessons on how to create a personal trading strategy or read charts. Furthermore, all account holders can access a series of webinars on a multitude of financial topics. The TradeMaker at Saxo Bank is a unique tool where Entry, Target and Stop price levels can be executed by traders for trading ideas on minor and major currency crosses, commodity and index CFDs.
In today’s advanced world, engagement with social channels has also become a must for traders. Saxo Bank is fully aware of this factor and has maintained an active presence on all leading social platforms including Twitter, Facebook, YouTube, LinkedIn etc. Traders who are in need of an insight into the financial markets or want to know more about Saxo Bank’s business areas can easily get in touch with the executive and expert spokespeople who are always available on different platforms.
Social trading is an extremely vital aspect of trading through Saxo Bank as the Saxo Bank TradingFloor.com offers traders multi-asset social trading. You can get in touch with like-minded and experienced traders with ease. Thanks to TradingFloor.com, it is possible to share trades online and traders can interact with others. Moreover, new traders can also see the verified performance data of experienced and successful traders in real time. There is also an option to copy their trades and also take advantage of views, news, analysis and data. You can easily find a complete list of active traders along with the updated trade activity and opinions and news reports by expert social traders.
Having its headquarters in Copenhagen, Denmark, Saxo Bank provides services throughout the world as it has offices in 26 countries across Africa, South America, Asia, Europe and Australia. The broker is able to serve clients in more than 180 countries thanks to their global online presence and also local service and sales organization. Also, as mentioned before, the trading platforms of the brokers can be accessed in 25 languages. The broker offers customer support through its live chat option, email and phone during the day during the Forex market hours.
The customer service is available 24/5 and the best part is that you can find it in your local language, even if it is a minor one. The email and phone support is also fast and responsive. You will not receive generic answers that are of no use. The experts on the other end are friendly and concise and can resolve your problem as soon as possible to ensure you can go ahead with trading.
As it is a large banking institution, it is a given that Saxo Bank offers transparency and reliability in its Forex division. This means that forex traders should have absolutely no problem in trading via this broker and remain very comfortable. The best thing about the broker is that they have developed a user-friendly website and you can find most of the information you are looking for on the home page directly. There is a very little learning curve involved when it comes to using Saxo Bank’s seamless and unique trading platforms. Other than that, the broker also delivers access to tight spreads and competitive pricing. Traders can enjoy a platform that offers them live streaming prices as well as volume-based commissions, which means the more you trade, the lesser your costs.