Despite all of the positive things that I have to say about this broker, I think they are distinctly lacking when it comes to funding option. I think they could significantly improve by adding some online payment processors and even support for cryptocurrency funding in the long term. If you want a broker who has a lot more methods for deposits and withdrawals, you could have a look at easyMarkets. Saxo allow you to fully integrate MT4 with your Saxo account to plan, place and manage your trades using powerful tools, while benefitting from Saxo’s industry leading execution and liquidity.
Yes; in case you were wondering, 78% of the brokers reviewed on BrokerNotes.co offer copy trading. To learn more about social copy trading (and to see our picks for the best forex brokers for copy trading), check out our guide to copy trading. Traders are constantly on the hunt for low-cost forex brokers – you can learn more about low-cost forex trading by checking out our guide to zero-spread forex brokers. Saxo Bank delivers an average spread of 0.9 when trading the EUR/USD within a standard account.
- On CFD stocks it starts from 0.7 cent while on Swiss stocks the spread is 0.08 cents.
- Nonetheless, the product suite is quite impressive and is sure to please a global markets aficionado.
- Clients can choose the account that best suits their individual needs and goals, and switch between account types at any time.
- Simply login to your UK trading account and select the withdrawal logo.
- The lowest floating spread, which is the price difference between the Ask and Bid, starts at 0.4 pips.
Saxo Bank is a multi-asset online forex broker offering leveraged trading opportunities and investment products. Our review covers minimum deposit requirements, trading fees, UK regulation, and more. Saxo Bank offers clients its proprietary trading platform, developed in-house. Saxo Bank made a great effort to deliver its global traders a state-of-the-art trading platform, also available as a White Label Solution for partners. Whatever your trading needs or experience level, you can find a trading platform that is suitable for you.
Along with the major registration, Saxo is subject to operate under various worldwide institutions, due to its global presence including Singapore, Dubai, Hong Kong, and more. They can be reached via several phone numbers, email and live chat. When you qualify for an account tier, you’ll receive a rolling 12-month membership.
- The Saxo expert team provides daily commentary and in-depth analysis across the global markets, including annotated charts.
- A currency conversion fee applies when trading instruments in a different currency to the base denomination.
- This may be very confusing for new traders who should take their time to read through all the provided information.
- Subscription-based tools, such as “depth of market” and “time and sales” data, are available and can prove to be value-added features.
- Analyzing our 1,178 data points for our platforms & tools category, the average forex broker has 12 of the 19 features we track for desktop web platforms.
Along with very competitive pricing, the broker is one of the large liquidity providers thus getting exclusively fast and low quotes, the bigger account shows spreads from 0 pips. Overall, the company profile shows positive feedback and operational scores. Besides the numerous clients, it serves and obtains a reputation over the years.
Is Saxo Bank Safe or Scam?
All clients have access to a comprehensive reporting suite directly in the trading platforms. The provided reports facilitate tax reporting by displaying performance, profitability, dividend, interest income, and fee data in both PDF and Excel formats. Complex products, including CFDs and FX, come with a high risk of losing money rapidly due to leverage.
Trade The Day accepts no responsibility for any consequences that result from use that may be made of the content provided. Please be aware that when trading derivatives, between per cent of retail investor accounts lose money when trading derivatives or spread betting. Ensure that you know how derivatives and markets operate and whether the risk can be afforded. The proprietary Saxo Bank platforms offered are intuitive, sophisticated, powerful and fully customisable to suit the individual needs of traders with different trading strategies and experience levels. Over the years, Saxo Bank have been honoured with numerous awards for their brokerage services. They have been consistently recognised by the industry and have won some of the highest accolades for the products, platform and services they provide.
Global Market Quick Take: Europe – 4 December 2023
To open an account, clients need to provide a copy of their passport, driver’s license, or other government-issued ID. The login process for the different types of accounts is designed to protect user data. It’s important to note that the Saxo Bank minimum deposit requirement of $2000 may be relatively high for some traders. Still, it is essential to assess your financial situation and trading goals before making a decision. If a $2000 minimum deposit is not within your budget or investment plans, there are other brokers available with lower minimum deposit requirements. At BrokerNotes.co, our data-driven reviews of online brokers are based on our own extensive testing of each broker’s products and services as well as the qualified observations of our expert editorial team.
Forex Risk Disclaimer
Saxo Bank is an online broker and licensed bank which has been in operation for over 25 years. They offer ultra-competitive spreads and commissions across all asset classes, with an impressive 42,000 Forex and CFD trading instruments to choose from. Saxo provides clients with their own proprietary platforms, a vast selection of powerful tools and useful market analysis to assist with your trading activity.
An independent review by our team of experts
It can be tailored to your individual trading style, or you can use it to search markets that are less familiar and find opportunities that you may not have otherwise thought about. Autochartist can save you a lot of time that you would otherwise dedicate to scanning the markets manually. Saxo Markets is regulated by the FCA, one of the main regulatory agencies in the U.K. And is highly regarded globally for its strictness in ensuring that market practices are fair for both individuals and businesses. Simply put, regulation by a reputable, government-backed agency goes a long way toward establishing a firm’s credibility.
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 produces the Saxo Market Call podcast that has several uploads weekly. SaxoTraderGO is the multi-award-winning web and mobile platform of Saxo Bank.
The one omission to an otherwise impressive array of order types is the lack of a guaranteed stop loss order. This might deter the novice trader, but an advanced trader would understand that guaranteeing a stop-loss order defies market dynamics. The brokers that do offer this feature are essentially admitting that they will absorb the excess losses that can occur in certain market conditions. Saxo Bank does a great job of unifying saxo bank broker review the excellent SaxoTraderGO web-based platform experience across devices. Saxo Bank’s SaxoTraderGO mobile app is a favorite of mine, and competes with the best forex brokers for mobile, such as IG, CMC Markets, and TD Ameritrade (U.S. citizens only). Saxo Bank is an exclusive multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 70,000 tradeable instruments.