Saxo Bank
Published: Updated:
- Trust score
- 7/10
- Legal simplicity
- 1/10
- Min. deposit
- 10000
- Trading platforms
- Payment systems
- Instruments
- Forex, Stocks, Options, Futures, Bonds, ETFs, Indices, Commodities, Metals
- Legal entity
- Saxo Bank A/S
- Jurisdiction
- Denmark
- Fees
- Saxo prices in tiers, with spreads and commissions improving as account equity and volume rise through its Classic, Platinum and VIP levels. Forex trades on marked-up spreads with no commission on Classic; equities and futures carry per-trade commission, and custody fees may apply to some instruments in some jurisdictions.
- Withdrawals
- Withdrawals go by bank transfer to an account in the client's own name, typically processed within one business day and arriving according to normal banking timelines. Saxo does not generally charge a withdrawal fee; correspondent bank charges may apply on international transfers.
Features
- Seminars and trader training
- Trust management services
- Wide selection of trading instruments
Pros
- Wide range of tradable instruments
- Strong regulatory compliance and security measures
- Extensive forex trading education resources
Cons
- High $10,000 minimum deposit may be out of reach for smaller traders
- No support for the widely-used MT4 platform
- Limited deposit and withdrawal options
- $100 inactivity fee after six months without account activity
- Only a small selection of withdrawal payment systems
Saxo Bank is a Danish investment bank founded in 1992, now operating in 24 countries as one of Europe's oldest and most established investment-focused banks. It serves private traders, brokerage firms, banks, and institutional investors, giving them access to currencies, CFDs, options, futures, equities, bonds, and ETFs on global exchanges.
Saxo Bank is a Danish investment bank offering trader seminars and training, trust management services, and a wide range of tradable instruments.
Overview
Saxo Bank is a Danish investment bank founded in 1992. It now operates in 24 countries, making it one of Europe's oldest and most established investment-focused banks. Saxo Bank serves a broad client base, including private traders, brokerage firms, banks, and institutional investors.
Trading Offerings and Services
- Global exchange access: 182 currency pairs, over 9,000 CFD contracts, 75,200 option contracts, 200 futures, and 19,000 equities, plus precious metals, bonds, and ETFs.
- Minimum deposit: $10,000.
- Trading conditions: narrow spreads and instant execution, with no terminal freezes or re-quotes.
- Leverage and demo account: leverage up to 1:100 and a 20-day demo account funded with $100,000.
- Education: free training for beginners.
- Support: 24-hour customer support.
Regulation and Security
- Banking license: Danish FSA banking license held since 2001.
- EU compliance: adheres to the MiFID Directive as a Denmark-based, EU-regulated bank.
- Deposit protection: member of the Guarantee Fund, covering customer accounts up to €100,000 if the bank fails.
- Global licensing: holds additional licenses from central banks in the countries where it operates.
Account Types and Pricing
Saxo Bank offers three account tiers based on deposit size:
- Saxo Classic: independent trading and investing, $10,000 minimum deposit.
- Saxo Premium: for high-volume traders, $100,000 minimum deposit.
- Saxo Platinum: individualized trading conditions, $500,000 minimum deposit.
Forex trading is priced under two tariff plans:
- For Large Volumes: tight spreads with transparent, additional fees.
- All-Inclusive: commission-free pricing.
Trading Platforms
Saxo Bank runs on two platforms: SaxoTrader, a fixed desktop platform, and SaxoTraderGO, a mobile-friendly web platform.
Conclusion
Saxo Bank suits professional traders who trade large volumes and want regulatory reliability alongside a broad instrument range. Beginners or traders with limited capital may find the $10,000 minimum deposit a barrier and should compare other brokers before choosing Saxo Bank.
Trading conditions
Saxo Bank is a licensed Danish bank offering a multi-asset platform that covers currencies alongside tens of thousands of equities, bonds, futures and options. Pricing is tiered by account level, so the cost of trading falls materially as equity rises — a structure that suits larger accounts and penalises small ones relative to specialist forex brokers.
SaxoTraderGO is the web and mobile platform; SaxoTraderPRO is the desktop application with more advanced order management and workspace configuration. Both are the bank's own software, and the research and analysis published alongside them is produced in-house rather than syndicated.
As a bank subject to EU rules, retail leverage on the European entity follows ESMA limits: 30:1 on major currency pairs, with negative balance protection and margin close-out at 50%.
Verification
Onboarding follows bank standards: identity documents, proof of address, tax residency declaration and financial information, with an appropriateness assessment for leveraged products. Minimum funding requirements apply and vary by country of residence, and in several markets they are substantial.
Approval usually takes one to a few business days. The tiered pricing model means it is worth confirming which service level your intended deposit places you in before opening, since the difference in trading cost between tiers is significant.
