Introduction to Saxo Bank
When it comes to the best forex brokers, it is hard to argue with the notion that Saxo Bank is among such a list. This is an institution with a deeper background than many of the forex brokers you are going to come across in your research. They are backed by remarkable resources, and have amassed a powerhouse reputation over the past couple of decades. The more you learn about Saxo Bank, the easier it will be to understand why they are consistently regarded as one of the very best in the world. You can start with a foundation built partially on comprehensive regulation.
At the same time, none of this means Saxo Bank is right for your forex trading needs. There are a number of elements that may give you a certain measure of pause. At the same time, remember that there is no such thing as a forex broker with 100% positive reviews. Some obviously have more/better quality reviews than others, but even the top forex trader has had a few complaints leveled against them. Your research into forex traders should always keep that in mind.
Let’s start with a closer look at the long history of Saxo Bank.
Saxo Bank History
First established in 1992, Saxo Bank is a Danish bank, with a considerable degree of experience in both online trading and investments. Their main headquarters can be found in Copenhagen. It is also worth noting that this broker is a privately-owned institution. Not surprisingly, Saxo has used their decades of experience to build a foundation on reliability and comprehensive research materials. While there is an argument to be made that this broker works best with experienced traders, it is hard to argue with the pedigree this broker brings to the table. Traders who are in for the long haul will find much to enjoy here.
Because one thing to keep in mind with Saxo: They are big. They boast one of the largest arrays of products to be found anywhere in the world. Forex trading is definitely up for grabs here, but you will soon discover that isn’t even a tenth of what you can ultimately find here. It is rather easy to become overwhelmed by the sheer volume of material here. This doesn’t even touch upon the informational resources.
This isn’t a knock against the broker. It is just important to understand that when you get to Saxo, there is going to be a lot to take in. Thankfully, Saxo boasts a platform that is remarkably easy to use. This is even true for those who are completely new to forex trading. When you start to break down the features of this massive entity, it naturally becomes a bit easier to understand everything you are going to want to keep in mind. Shares, commodities, indices, and bonds are just a few examples of what this company has to offer beyond forex trading. There are several aspects of Saxo Bank features that you are going to want to study in greater detail.
Saxo Bank Features
When it comes to a features-rich forex trader, there is no question Saxo Bank is one of the most elaborate. One of the first elements we should discuss is the platform itself. Powered by the ever-impressive HTML 5, it is pleasing to see Saxo go the distance to have a presence through not only a web-based application, but a desktop-based application, as well. What will impress you the most about this is the fact that both of them seem to work quite well. This is not an example of one being significantly better than the other.
For the web-based platform, known as SaxoTraderGO, HTML 5 gives the site the ability to combine form and function in impressive fashion. You will find that it runs well across all browsers. Combine this with reviews emphasizing its ease-of-use, and there is a lot to be impressed with on the feature side of things. Charting is excellent, with more than fifty indicators and seventeen drawing tools.
For the desktop-based platform, known as SaxoTraderPRO, the robust features contain to present themselves. The functionality between the two versions is fairly similar, but there are a handful of minor differences that you are likely to pick up on. PRO has a little more in the way of professional-grade features. This includes support abilities for upwards of 6 monitors. You can stream level 2 order books with ease, as well. You will also want to keep in mind that certain PRO features may require additional subscription measures on your part.
Let’s take a closer look at some of the pros and cons of Saxo Bank.
Saxo Bank Pros
The strong attention paid to both the web and desktop platforms is one of the biggest benefits of using Saxo Bank. Simply put, wherever you are in the world, you can access and work with everything this broker has to offer. While many prefer the web-based version by a very slight margin, the truth is that both versions are going to give you what you want. Both also have the benefit of being quite easy to use, even if you don’t have a lot of experience with trading platforms.
Keep in mind as well that in addition to the desktop and web trading platforms, Saxo Bank also has a mobile version of the platform. This means that wherever you are, and regardless of your device, you can trade. Saxo has an appeal that is particularly significant with heavy traders. No matter what these sorts of traders have in mind, Saxo seems well-equipped to handle things.
The decided lack of withdrawal fees is a nice feature to have. Of course, there are commissions and spreads, depending on what you want to do, but the fees here fairly minimal. The fee structure in general is pretty transparent, so it’s unlikely that there will be any confusion on your part.
Furthermore, if you sign up for Platinum or VIP status, many of your fees will be lowered.
Finally, the research and news sections of Saxo are truly impressive. Not only can you enjoy a vast array of informational resources, which can be particularly appealing to newcomers to forex trading, but you can also keep up to date with the latest news without any problems. Saxo wants to be your one-stop location for all things trading. It is hard to argue with the notion that they have succeeded in this.
Saxo Bank Cons
While Saxo brings a lot of benefits to the table, there is no question that there are some downsides to keep in mind. Their customer service response times have been criticized in the past. More annoying than that would be the lack of a live chat feature. Still, most of the reviews we researched that mentioned customer service noted that overall, customer service satisfaction with Saxo Bank is strong enough to warrant your interest.
The high minimum deposit is another potential downside. This is one of the main reasons why we would suggest perhaps going elsewhere, if you aren’t a heavy/experienced trader. The current minimum stands at $2000, which is certainly a lot.
The lack of other trading platforms is also a little on the annoying side. Many forex brokers have their own unique platforms. Saxo Bank is not unique in this particular regard. However, many of those same forex brokers supplement the existence of their in-house platform with a third-party offering. In this day and age, most of these brokers prefer the latest version of MetaTrader. Not only is this not even offered on Saxo Bank, but it doesn’t seem like the company is going to add it to their offerings anytime soon. While this isn’t necessarily a deal breaker, it is still something we think you should keep in mind.
Saxo Bank pricing is another consideration.
Saxo Bank Pricing
In terms of both forex and CFD trading, the pricing and fees associated with Saxo are not bad by any means. Yes, the minimum deposit is high. However, for some traders, this can be offset by the lack of fees.
Keep in mind the Platinum Account has a higher minimum of $50, 000. If you want to go all the way up to VIP, understand that Saxo Bank takes that title pretty seriously. As of this review, they currently ask VIPs to make a minimum deposit of one million dollars.
Regulated by more than ten well-regarded agencies and bodies, Saxo Bank is pretty serious about all things trading. With roots that go back nearly thirty years, and one of the deepest inventories of ongoing trading products to be found anywhere, this is one of the most striking forex brokers to be found anywhere. If you are serious about starting out with one of the very best, then this is absolutely a name you will want to keep in mind.
At the same time, as we mentioned before, this is a very expansive broker. The minimums can strike you as being a bit too high, while the massive array of products can seem overwhelming. You may want to start out with a smaller broker if such things intimidate you.
David is a financial expert who graduated from the University of Fordham (Master in Finance) in 2001. He has 10+ years of experience in private equity and wealth management. With strong expertise in senior-level financial planning, personal financial analysis, and mortgages, David knows his way around personal finance. Before working at CCR he used to be a financial analyst at McKinsey.
- Cash Management
- Trade Finance
- Working Capital Finance
- Student Loans
- Wealth Management