Saxo Bank stands out as a premier multi-asset broker, offering exceptional research capabilities and an exceptional trading platform, along with an impressive array of over 70,000 tradable instruments, which include spot forex, FX options, NDFs, CFDs, stocks, stock options, exchange-traded funds, ETNs, futures, and 33,000 bonds. For engaged traders, Saxo Bank offers a comprehensive and immersive trading journey, boasting an extensive toolkit, research resources, and premium features.
Safety
Saxo Bank, headquartered in Denmark and established in 1992, boasts a commendable track record. The longer a broker has been operational, the greater the evidence of its resilience through past financial crises. With over 30 years of operation, Saxo Bank demonstrates a robust track record.
Saxo Bank operates with transparency, regularly releasing reports on its financial performance and providing detailed information about its ownership structure and management team. Notably, despite its absence from the stock exchange, Saxo Bank periodically publishes comprehensive financial reports, enhancing its transparency. Moreover, Saxo commits to disclosing key operational figures, including retail assets under management, daily average trading volumes, and monthly trading volumes, on a monthly basis.
Saxo Bank’s possession of a banking license, oversight by top-tier authorities, and transparent approach to financial reporting serve as strong indicators of its safety and reliability.
Saxo Bank is regulated by multiple financial authorities, notably the top-tier FCA, holds a banking license, and provides negative balance protection. However, it is not publicly listed on any stock exchange.
| Country | Legal Entity | Regulator | Protection Amount |
|---|---|---|---|
| Most European Countries | Saxo Bank A/S | Denmark’s FSA | €100,000 for cash & €20,000 for securities |
| UK | Saxo Capital Markets UK Limited | Financial Conduct Authority (FCA) | £85,000 |
| France | Saxo Banque | ACPR (Autorité de Contrôle Prudentiel et de Résolution) & AMF (Autorité des marchés financiers) | €100,000 |
| Switzerland | Saxo Bank Schweiz AG | Swiss Financial Market Supervisory Authority (FINMA) | CHF 100,000 |
| Italy | BG Saxo | Denmark’s FSA | €100,000 |
| Netherlands | Saxo Bank A/S Netherlands | Denmark’s FSA | €20,000 |
| Czech Republic | Saxo Bank A/S Czech Republic | Denmark’s FSA | €100,000 for cash |
| United Arab Emirates | Saxo Bank A/S | Central Bank of the UAE | No protection |
| Singapore | Saxo Capital Markets Pte Ltd Singapore | Monetary Authority of Singapore | No protection |
| Japan | Saxo Bank Securities Ltd | Japanese Financial Services Agency | No protection |
| Hong Kong | Saxo Capital Markets Hong Kong Ltd. | Securities and Futures Commission in Hong Kong | No protection |
| Australia | Saxo Capital Markets (Australia) Limited | Australian Securities and Investments Commission (ASIC) | No protection |
Account Opening Process
Saxo offers a fully digital and user-friendly account opening process that is accessible in numerous countries. While there is typically no minimum deposit required in most regions, certain countries, such as those in the MENA region, may have higher minimum deposit requirements, such as $5,000. Saxo caters to clients globally, with a few exceptions. Residents of countries such as the US, Iran, Cuba, Sudan, Syria, or North Korea are unable to open accounts with Saxo.
Saxo’s account opening process is swift and entirely digital. The online registration process typically requires only 10-15 minutes. To verify your identity and residency, you must upload documentation such as an ID card for identity verification and a bank statement or utility bill for proof of residency. Once your application is approved, you’ll need to fund your account to activate it. The funding process may vary in duration, ranging from 0 to 5 business days, depending on the chosen deposit method.
Account Types
Products
Saxo Bank provides a wide portfolio of all asset classes and numerous markets from all across the globe. The only area where the selection could increase further is mutual funds. That said, they offer an excellent asset portfolio where you will be able to find any instruments, such as Forex swaps, options, futures, CFDs, as well as numerous traditional asset classes, such as stocks, ETFs, and bonds.
Stocks
As mentioned above, Saxo Bank provides clients with access to a wide range of products. This includes a wide range of stock markets, such as the US Stock Exchange, the Deutsche Börse, the Prague Stock Exchange, and the Warsaw Stock Exchange, which are smaller markets.
Fees
Saxo Bank features moderate trading and non-trading fees on average. The fee structure is diverse, exhibiting notable discrepancies across different asset classes. Additionally, Saxo offers the benefit of earning interest on uninvested cash, enhancing its appeal.
Low Stock Commissions
Saxo Bank’s fees for US stocks are approximately half of the industry standard. The fees for US stocks are determined as follows: 0.08% of the trade value with a minimum of $1, but with VIP pricing, commissions can be reduced to as low as 0.03% of the trade value with a minimum of $1.
| Stock Type | Commission Cost |
|---|---|
| US Stock | $1.6 |
| UK Stock | $3.8 |
| German Stock | $3.2 |
In contrast to many brokers, Saxo Bank imposes a fee for maintaining positions overnight. This fee is determined by the funding rate, which is derived from the Saxo Offer Financing Rate, with an additional markup applied.
Withdrawal, Inactivity & Other Fees
Saxo Bank does not impose any account or withdrawal fees; however, there is a nominal inactivity fee in place.
| Fee Type | Fee Value |
|---|---|
| Account Fee | ❌ |
| Deposit Fee | ❌ |
| Conversion Fee | 0.25% |
| Inactivity Fee | ❌ |
| Withdrawal Fee | ❌ |
Conclusion
In conclusion, Saxo Bank is a well-established and highly trusted global broker that offers an excellent trading platform and overall trading conditions. They offer a wide portfolio of all asset classes and numerous markets. These include Forex swaps, options, futures, and CFDs, as well as numerous traditional asset classes, such as stocks, ETFs, and bonds. Combining the wide range of tradable assets with the three account type choices, Saxo Bank is an optimal choice for any type of trader, no matter their experience level.
