Our Review of Saxo Bank
Saxo Bank was created in 1992 and started an online presence in 1996. This is an international online investment bank. Currently, Saxo Bank has offices in over 25 countries. This bank is one of the founding ECN brokers. Saxo offers a broad range of trading instruments that includes more than 30,000 instruments over 33 exchanges. This bank has received numerous awards that include six Euromoney Awards, e-FX Awards 2012, Best World Finance 2011, Shares Award 2011, and two awards at World Finance 2012 Foreign Exchange Awards. Saxo Bank is regulated and authorized by the FSA, the Danish Financial Supervisory Authority, the Swiss Federal Banking Commission, Banco de España, the Japanese Financial Service Agency, and the Monetary Authority of Singapore.
Currently, Saxo Bank provides 4 distinct account types. These trading accounts range from classic to MT4. The classic account is the most basic account and requires a minimum deposit of $5000. The premium account is a step above the classic account and requires a minimum deposit of $100,000. The platinum account is one of two premier accounts and requires a minimum deposit of $500,000. The last account is the Saxo MT4 Account which requires no minimum deposit and is provided by Saxo Capital Markets Cyprus Ltd. Saxo Bank offers trading in futures, Forex, stocks, CFDs, options, and ETFs. The diverse amount of instruments provides an excellent opportunity for traders to expand an investment into different types of markets.
Commissions & Spreads
Saxo Bank provides a tight variable spread. The bank offers a spread that will remain fixed under regular market conditions. For instance, the spread stays fixed 99% of the time in case of EUR/USD. Generally a spread for a major currency pair such as EUR/USD is 2 pips. In order to cover costs associated with administration fees, the bank charges a ticket fee of $10 on smaller trades.In the current market, Saxo Bank provides over 160 currency pairs, tight spreads, and excellent liquidity. More importantly, Saxo offers 41 binary and vanilla touch options.
Saxo Bank offers 5 trading platforms that include an in-house designed trading platform. These platforms consist of the Saxo Trader, the Saxo Web Trader, the Saxo MT4, the Saxo Mobile Trader, and the Saxo Trader App for iPhone, iPad and Androids.
The Saxo Trader is the in-house designed platform for Saxo Bank. This platform is a dependable and consistent. The Saxo Trader allows grants access to more than 30,000 trading instruments. The Saxo Trader offers an enhanced trading experience with charting tools, account summaries, trade analysis, and trading options. This bank has also designed an excellent web-based trading platform. Traders can access this platform and begin trading without downloading anything. The web-based platform has charting tools and trading options but also includes price alerts, trade markers, live chat, and stock tools.
Deposits & Withdrawals
Deposits and Withdrawals are both completed by credit card and wire transfer. There are currently no other options available.
Saxo Bank offers customer service and support Monday through Friday from 00:00 – 21:00 in Central European Summer Time. Saxo Bank has excellent customer service that is accessible via fax, live chat, and telephone. Currently, the bank does not use email for customer support issues. The bank also has a comprehensive FAQ section on the website. Traders may access this area to find answers to general questions and issues. The Saxo trading platform also offers customer support via the built-in live chat function and instant messenger.
Regulators & Safety
Saxo Bank has strong and dependable safety regulations. This bank is regulated and authorized in various countries. Saxo Bank implements strict regulations in order to meet the criteria of various governing parties. This bank is in compliance with all regulation and rules mandated by the FSA, the Danish Financial Supervisory Authority, the Swiss Federal Banking Commission, Banco de España, the Japanese Financial Service Agency, and the Monetary Authority of Singapore.
Saxo Bank has a considerably low leverage ratio. The maximum leverage ratio allowed is 1:200. This ratio is inadequate in comparison to other established brokers in the market.
Sign Up Bonuses
There is currently no sign up bonuses or promotions.