What is Saxo Bank?

What is Saxo Bank?

Saxo Bank is a brokerage firm established in 1992 in Denmark. It has extended 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 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 their clients, 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 form of charge.
  2. The Premium account type requires a minimum deposit amount of $100,000. For this hefty price, the client is eligible for all trading platforms and provided with 24-hour service for five days a week, or in other words, all trading days in a week. This account type is also eligible for free news and research about trading. 
  3. The Platinum account type requires $500,000 and offers all features provided in the two previous accounts. The catch in registering with this account is that the client can choose his own options and desired customer services. This account offers tight spreads and has features of individual pricing. 
What is Saxo Bank?

Platform

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

  1. SaxoTrader – this platform allows traders to access the market on trading currency, stocks, CFDs, futures, and ETFs. To use it, investors will have to download and install the platform on their computers.
  2. SaxoWeb Trader – this is a web-based platform that traders can access anywhere with the help of the internet. It functions mainly in the same way as the installed platform.
  3. SaxoMobileTrader – this is the mobile version of the Saxo Bank trading platform, which offers similar features and characteristics as the web platform. The advantage of using this platform is the efficiency of trading wherever, whenever.  
  4. MT4 – the MetaTrader4 platform, the most recognized trading platform worldwide, is also available to clients of Saxo Bank.  

Saxo Bank Broker Review

Many Saxo Bank forex reviews or Saxo Bank reviews, in general, have expressed concerns about the reliability of the broker. Despite winning various awards in areas of platforms, research, and brokerage in general, some Saxo Bank opinions hinted of disadvantages in registering with the broker. 

This broker has a 3.7 rate on Trustpilot, which, in a way, suggests it offers good services. However, some reviews suggest that Saxo Bank scams traders, with a highlight of cases of Saxo Bank cheating its clients. The broker has reported some reviews on Trustpilot as ‘spam.’

However, in our review, it seems like the broker is actually doing good considering its trust rate among clients and its licenses from various regulatory bodies. One disadvantage of this broker is the high minimum deposit, which starts at $10,000. But overall, its platform and trading services are among the best in the market as of present. 

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