Saxo Bank Review

Saxo Bank Review 2017

Saxo Bank is not only a retail forex broker. If you think it is, then you are wrong. Because it is a big multinational investment Bank. Saxo Bank is a property of Saxo Group, it is a global online investment bank regulated in the EU, headquartered in Copenhagen and operating in financial centers around the world including London, Cyprus, Singapore, Paris, Zurich, Dubai and Tokyo.

Established in 1992. Since than Saxo Bank become one of the most trusted and top rated best online trading and investing bank in Denmark. Saxo Bank is a true and Pure ECN online trading broker.

Saxo Bank A/S is a privately-owned company. The co-founders Kim Fournais and Lars Seier Christensen each own 25.71% of the Bank’s shares, while TPG Capital owns 29.26% of the shares. The remaining shares are held by minority shareholders including Sinar Mas Group with 9.9% ownership and a number of current and former employees of the Bank.

The European Investment Directive was introduced in 1996, and on 2 May that year, Saxo Bank A/S (then known as Midas) became the first broker in Denmark to gain approval under this directive. In June 2001, the Danish Financial Supervisory Authority approved a banking license and the company officially became Saxo Bank A/S.

Saxo Bank is the recipient of over 50 different awards. By the way, U.S. residents are not allowed to trade with Saxo Bank.

Review of Saxo Bank Regulatory Authorities

  • Saxo Bank A/S (company registration no. 15731249) is incorporated in Denmark as a licensed bank (license no. 1149)
  • Saxo Capital Markets UK Limited is authorized and regulated by the Financial Conduct Authority (Firm reference number 551422).
  • Saxo Bank A/S Italy is registered by the Bank of Italy (Registration Number: 5720).
  • Saxo Bank A/S Czech Republic is registered by the Czech National Bank (Registration Number: 28949587).
  • Saxo Bank A/S Netherlands is registered by the Bank of the Netherlands (Registration Number: 34357130).
  • Saxo Bank A/S Cyprus is registered by the Bank of Cyprus (Registration Number: AE2674).
  • Saxo Capital Markets Pte. Ltd. Singapore is licensed as a Capital Market Services provider and an Exempt Financial Advisor, and is supervised by the Monetary Authority of Singapore. Co. (Registration Number: 200601141M).
  • Saxo Bank (Switzerland) AG is a licensed bank regulated by the Swiss Federal Banking Commission (Registration Number CH-660-0511991-1).
  • Saxo Banque (France) SAS is licensed as a Credit Institution by the Bank of France (Registration Number: 483632501 R.C.S. Paris).
  • Saxo Bank Abu Dhabi A/S is licensed by the Central Bank of the United Arab Emirates (License number is CN-1747174)
  • Saxo Bank Dubai Ltd is licensed by the Dubai Financial Services Authority as a Category 4 financial services firm (Registration number: CL0820).
  • Saxo Bank FX K.K. is licensed by the Japanese Financial Services Agency (Registration Number: 239).
  • Saxo Capital Markets South Africa (PTY) Ltd. is registered by the Financial Services Board (Registration Number 40983).
  • Saxo Capital Markets Hong Kong Ltd. is registered by the Securities and Futures Commission in Hong Kong (Registration Number 1395901).
  • Saxo Privatbank A/S is licensed as a Bank by the Danish Financial Supervisory Authority (FSA) (Registration Number: 9695).
  • Saxo Capital Markets (Australia) Pty. Ltd is registered by the Australian Securities and Investments Commission (ASIC) (Registration Number: 126 373 859).
  • Saxo Capital Markets Menkul Değerler A.S. is a fully authorized and licensed brokerage house regulated by the Capital Markets Board of Turkey (CMBT). License No: G-042(405) (Trade Registration Number: 228474).

Education

Proper education, right skills, enough information and the ability is the key to success in trading and investing. As a Saxo bank trader you will always be provided with various educational and trading materials for succeeding in online trading. Saxo provides more than an opportunity to trade. At Saxo, the finest experts, professional tools, expert research and state-of-the-art technology come together in a unique mix with the one goal of helping you succeed. Get the education, skills and insights you need.

There are many different courses, they take up more than two pages to list. There are basic lessons on each of the different types of assets offered at Saxo Bank, such as Forex, stocks, bonds, CFDs and even futures. Each course consists of a basic lesson, explainer video, a getting started guide and a quiz on the material presented.

Additional education included pdf’s and videos on Saxo trader platform, where you can learn how to get started using Saxo Trader, how to read an account summary, how to place an order and ticket, and how to use a chart module.

To provide the latest trading information and training to empower your trading techniques Saxo Bank in house analyst and experts developed all academic training materials and videos.

Their innovative trading education program, TradeMentor, offers live assistance to traders when engaged in trading Forex, CFDs and more in the WebTrader platform. Lessons on chart reading and how to create a personal trading strategy are also provided by Saxo Bank’s professional traders and a series of webinars on many financial topics is offered to all account holders.

A unique tool at Saxo Bank is its TradeMaker where traders can execute Entry, Target and Stop price levels for trading ideas on major and minor currency crosses, index and commodity CFDs. Each idea is linked to a chart image and text displaying and explaining the idea and how to manage it. A pre-populated order ticket facilitates fast execution of the entry and related orders. TradeMaker uses ideas from a number of different providers.

Saxo Bank Trading & Investment Platforms

Saxo Bank offers two different types of trading platform for their traders. Performance and flexibility of trading environment or ability of accessing account on the go. Within this in mind Saxo Bank has developed cutting edge trading platforms by in house developer. Platforms are;

  • SaxoTraderGO
  • SaxoTrader

SaxoTraderGO: A platform for the mobile trader and investor

If you need a cross device platform, which will allow you to trade on many devices without any intervention for one trading account. Geared towards investors and traders on the move. Your settings and preferences migrate seamlessly.

Advantages

  • Accessible from any browser on a PC, Mac, tablet or smartphone. Or use our iOS or Android apps. Switch devices seamlessly.
  • Simple functionality with quick, reliable trading and order execution. Intuitive charting, technical analysis, and trading from the chart.
  • Comprehensive information. Market research, news and economic calendar. Push-notifications, info-streams and access to the Saxo Academy

SaxoTrader: A Platform that professional trader need

SaxoTrader is a fully customizable, comprehensive professional desktop platform for the professional traders. You can trade across multiple screens, and complement with SaxoTraderGO when you go mobile.

Advantages

  • Individual set-up over up to six screens, with dedicated modules per asset class. Fast and accurate order, trading and position management.
  • Individualised market information. Streaming news with custom filters and direct access to Saxo Bank dealers via chat.
  • A full suite of trading tools and facilities, built for speed. Advanced charting with annotations, moving averages, oscillators, volume studies and more.

Accounts

Saxo Bank offers 3 different types of trading account with different benefits for their retail or institutional trades. Which are;

  • Saxo Classic
  • Saxo Premium
  • Saxo Platinum

Saxo Classic Account

you need $10000 minimum to open a classic account. Saxo bank Classic Account Includes everything you need from an online trading and investment provider, plus that little bit more. This means that next to full access to the Saxo universe, you also benefit from around-the-clock support and free access to the training and education content of the Saxo Academy.

  • Free access to Saxo Academy – Brush up your skills and expand your trading horizons with the short-sequence videos and online courses available via Saxo Academy.
  • Access to all trading products – Equities, bonds, forex, options to name just a few – Saxo offers a broad and global range of instruments and products, with access to best execution, reliable liquidity and instant trading.
  • 24/5 support
  • Spreads are floating and goes as low as 0.2

Saxo Premium Account

Advancing to Premium means additional research and news functionality. At this level, your trades and investments are likely becoming more sophisticated, creating a need for additional information sources and viewpoints as you manage your portfolio.

  • Free extended news and research – Stay ahead of the curve and use our customizable feeds, alerts and sources to inform your trading.
  • 24/5 dedicated account executive service – Gain access to your personal account manager, dedicated to handle your personal back office and freeing your capacities for trading and investing.
  • In order to be eligible for the Premium Service Level your account value must be a minimum of $100,000 or the equivalent. You are also required to have an account activity of at least three trades per quarter.

Saxo Platinum Account

As you accelerate to Platinum, the highest level, we fully individualize the Saxo interface. This includes optimized prices and tailored information as well as direct access to your personal account manager. Platinum represents the truest union of online firepower and individual service.

  • Individual pricing – Prices are optimized in your interest and you benefit from some of the best conditions in the market, such as FX options trade at interbank spreads.
  • Preferred client service – From the access to your account manager to information services and support, everything is optimized for your maximum benefit.
  • In order to be eligible for Platinum Service Level your account value must be a minimum of $500,000 or the equivalent. You are also required to have an account activity of at least three trades per quarter

Does Saxo offer social trading?

Yes, Saxo offers social trading via TradingFloor.com, our social trading platform and community.

TradingFloor.com allows clients to link their live accounts to their public profiles, thereby offering an integrated social trading experience. Clients can share their trades, performance and opinions, as well as monitor and copy other trader’s strategies.

TradingFloor.com also offers a wide range of financial news, research and commentary from professional traders.

You can access the TradingFloor.com by clicking here or in the trading platform under “News and Research” – “Trading Floor“.

All members are real traders risking their own money. You can view the performance data of successful traders in real time and copy their trades as well as share your trades online and interact with other traders.

Once you have linked your account to TradingFloor.com, you can get a view of your own Saxo Account performance displayed as you have never seen it before, and benchmark your numbers and charts against the best traders in the community.

See how your account value has developed over time, month-by-month, or select the performance view where you can see your percentage gains and compare them with other traders in the community.

To learn more about our social trading platform, click here.

Customer Support

Saxo Bank is the best in customer support. 24/5 their account managers are ready to serve you and solve your issue regarding trading, payment, deposit or withdrawal. Saxo bank provide trading services and support over 180 countries clients with more than 20 different language.

Customer support is offered via phone and live chat 24 hours a day during the Forex market hours and email support is also available.

Contact Details

Head Office:

Saxo Bank A/S (Headquarters)

Philip Heymans Alle 15

2900 Hellerup

Denmark

Reception           +45 3977 4000

Fax                         +45 3977 4200

E-Mail                   [email protected]

Saxo Bank has support offices in 26 countries. You can contact with their local offices via email or live chat or phone.

Abu Dhabi

Reception            +971 2 408 8000

Fax                         +971 2 658 3400

E-Mail                   [email protected]

Website               www.saxobank.ae

Australia

Reception           +61 2 8267 9000

Fax                         +65 6303 7808

E-Mail                   [email protected]

Website               home.saxo/en-au

China

Reception           +86-021-80213932

E-Mail                   [email protected]

Website               http://cn.saxobank.com/

Cyprus

Reception           +357 250 21 121​

E-Mail                   [email protected]

Website               www.saxobank.com.cy

United Kingdom

Saxo Capital Markets UK Ltd.

40 Bank Street, 26th floor

Canary Wharf

E14 5DA London

United Kingdom

Reception           +44 207 151 2000

E-Mail                   [email protected]

Visit Saxo Bank website to find your local support office and contact details.

Commissions and Spreads

Saxo Bank charges a staggered list of commissions for their trading services depending on the size of your account. Please check with the website in relation to your trading account size. The spreads are floating as it is a true ECN.

Reliability – Is Saxo Bank A Reliable Forex Broker?

If you are asking me about security, reliability and trustworthiness then Saxo bank is the only broker I can trust too deposit my fund to trade with. Your funds are fully secured in segregated bank account, which is totally separate from Saxo bank trading account. Your personal nformation are fully secured with 256-bit HTTPS – SSL data security. In-house cyber security experts are monitoring 24/7 to keep their system and data secure. Which means your fund and personal information are in good hand. Most important is Saxo bank is the best and reliable true ECN Broker in the online trading industry.s

Pros

  • Variable spreads. This keeps the spread tight, which is one of your biggest expenses as a trader.
  • The various platforms are well-known and reliable. They have been used for several years, and are very stable.
  • Saxo Bank allows access to numerous markets around the world, as well as different types of products. You won’t be able to outgrow this broker. These include 160+ FX pairs, over 7,000 CFDs, 21 Index-tracking CFDs, ETFs, Stocks, FX Options, Futures, and other derivatives.
  • Funds are completely segregated.
  • Accounts can be funded via bank wire or credit card. Withdrawing is done in reverse.

Cons

  • The variable spreads can be an issue during news events, but only if you are looking to scalp the news announcement.
  • Minimum to open an account is $10,000 USD.
  • USA traders are not allowed to trade with Saxo.

Conclusion

Saxo Bank is a value-packed broker for a professional setting in the Forex world, as well as many other markets such as futures, options, stocks, bonds, and forwards. The broker has long been known to be reliable, honest, and cheap in their commissions. While there are no micro accounts, if you have a decent sized account, this is a good choice for you as it is simply impossible to “outgrow” the broker since it offers so much in the way of trading markets.

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