What is Saxo Bank?

What is Saxo Bank?

 

Saxo Bank is a brokerage firm established in 1992 in Denmark. It has expanded its offices in various parts of the world, including London, Paris, Singapore, Dubai, Tokyo and Zurich. This broker is regulated by more than 10 regulatory boards, including the top-tier UK Financial Conduct Authority and the Danish Financial Services Agency.

Account types

On the Saxo Bank website, the broker offers three types of trading accounts to its customers, namely Classic, Premium and Platinum.

  1. The Classic account type requires a minimum deposit of $10,000. With this amount, the client can access any of the trading platforms offered by the Saxo Bank website, without any charge.
  2. The Premium account type requires a minimum deposit of $100,000. For this high price, the client is eligible for all trading platforms and has a 24-hour service for five days a week, or in other words, every trading day in a week. This type of account is also eligible to receive free news and research on trading.
  3. The Platinum account type requires $500,000 and offers all the features provided in the previous two accounts. The drawback of registering with this account is that the customer can choose their own desired options and customer service. This account offers adjusted spreads and has individual pricing characteristics.

 Platform

The Saxo Bank broker offers four types of platforms, as indicated on the official Saxo Bank website. These four platforms include an installable trading platform, a web trader, a mobile version and MetaTrader4.

  1. SaxoTrader: this platform allows traders to access the market in forex trading, stocks, CFDs, futures and ETFs. To use it, investors will need to download and install the platform on their computers.
  2. SaxoWeb Trader: this is a web-based platform that traders can access from anywhere with the help of the Internet. It works mainly in the same way as the installed platform.
  3. SaxoMobileTrader: this is the mobile version of the Saxo Bank trading platform, which offers features and features similar to the web platform. The advantage of using this platform is the efficiency of trading anywhere, anytime.
  4. MT4: The MetaTrader4 platform, the world's most recognized trading platform, is also available to Saxo Bank clients.
What is Saxo Bank?

Review of Broker Saxo Bank

Many currency reviews of Saxo Bank or reviews of Saxo Bank, in general, have expressed concern about the broker's reliability. Despite winning several awards in platform, research and brokerage areas in general, some Saxo Bank reviews hinted at disadvantages when registering with the broker.

This broker has a rate of 3.7 on Trustpilot, which, in a way, suggests that it offers good services. However, some reviews suggest that Saxo Bank scams traders, highlighting the cases in which Saxo Bank cheated on its customers. The broker reported that some reviews on Trustpilot are "spam".

However, in our review, it seems that the broker is really fine considering their confidence rate between customers and their licenses from various regulatory bodies. One disadvantage of this broker is the high minimum deposit, which starts at $10,000. But in general, its platform and commercial services are among the best in the market today.

Read more:

WHAT ETORO IS ABOUT

AN INTRODUCTION TO DUKASCOPY