Saxo Bank Review
ABOUT SAXO BANK
Saxo Bank is a Danish investment bank founded in 1992. It is a leading Fintech specialist focused on multi-asset trading and investment while delivering banking services to wholesale clients. The product catalog that Saxo Bank offers includes forex, shares, commodities, indices, spreads, bonds, and futures, which can be bought and sold through CFDs, forward contracts, and direct ownership.
Saxo Bank has its headquarters in Copenhagen, Denmark, and is present in over 180 countries. The company is trusted by stakeholders all over the world because of its consistent services and platform where traders are connected to the world’s primary stock exchanges for liquidity.
SAXO BANK REGULATIONS
Saxo Bank is regulated by more than ten financial regulators, including the Danish Financial Supervisory Authority (FSA), the UK regulatory body FCA, ASIC, and FSA. This brokerage is under private ownership, which guarantees an extra layer of protection. Saxo Bank is also under the supervision of the Market in Financial Instruments Directive Authority and is compliant with all the requirements and regulations of the body.
Moreover, the bank is an associate of the Danish Guarantee Fund, which means that depositors’ and investors’ assets are always secure should the bank become insolvent.
PLATFORM AND TOOLS
Saxo Bank has a number of trading platforms in play.
- Saxo Trader: Saxo Trader is an in-house trading platform developed by the bank. It was established in 2015. The trader has two versions; the Saxo TraderPro, which runs on desktop platforms, Windows and Mac operating system, and the Saxo TraderGo, which runs on iOS, Android Blackberry. This makes for easy operations for its users, regardless of the devices seeing that it has a wide array of financial products. The trading platforms undergo constant updates in a bid to provide the traders with the best trading experience. The performances of the platforms are unmatched. With the platform, you can directly do mechanical indicators, pointers, read real-time news, and research with a few swipes. The platform also comes with analytical tools.
- MetaTrader4: The MT4 is also another platform you can trade on in the Saxo Bank trading accounts. MetaTrader4 is also a popular and renowned trading account that is used by almost every brokerage. It also has a web, mobile, and desktop platform, allowing traders to make transactions at their convenience. The platform is not in-house and also comes free of charge. Trading on this platform is also automated, bringing more convenience. As a trader on this platform, you will also be getting trading signals. The trading platform is very flexible and suitable for traders with all levels of experience.
SAXO BANK LATEST AWARDS
Saxo Bank is a multi-asset trading and investment specialist, which has bagged numerous awards and recognitions over time. Some of the awards include;
- Finance Magnates – Best multi-asset trading platform/Best retail CFD broker/Best white label solution/Best prime-of-prime (2018)
- HFM – Best prime broker (2018)
- Banking Technology Awards – Best use of IT in private banking (2018)
- ADVFN – Best platform for the active trader (2019)
- FX Markets – Best retail FX platform/Best prime-to-prime provider (2020)
- Good Money Guide – Best CFD broker/Best DMA broker (2020)
All these awards and more identify Saxo bank as a prominent actor in the banking and trading world.
Contact is available 24/7 via phone, e-mail, and mail and has a very quick response time.
SAXO BANK EDUCATIONAL MATERIALS
SaxoBank offers a variety of high-quality and informational trader education tools and materials in the form of videos, webinars, and events. These guides cover both the SaxoTraderGO and SaxoTraderPRO trading platforms, with various categories covered such as how to build a watchlist, how to place a trade, using the research module, and managing risk, and more.
The broker also provides a wide range of Introduction to Trading courses which focuses on CFDs, Futures, Bonds, Equities, Forex, Options, and Forex Options. The courses are easy to watch and useful for both beginner and advanced traders to learn the basics and get introduced to the available assets.
Saxo Bank also conducts researches in the following categories: market analysis, forex, macro, equities, quarterly outlook, thought starters, outrageous predictions, recession watch, and IPOs.
SAXO BANK TRADING INFORMATION
Saxo Bank provides access to unique trading features, such as the ability to access more than 40,000+ markets and advanced trading options, ability to switch between asset classes and trading products from one account and platform. Users can also access tools like the options chain, news, multiple charts, and more.
Users can use the SaxoTraderGO platform through a demo account or a live account. It contains features such as:
- Browser-based platform that requires no download
- Comprehensive account overview with performance analysis
- In-depth research
- Wide range of markets from forex to stocks to CFDs
- Margin breakdown and alerts, etc
The SaxoTraderPRO platform is also available on live and demo accounts for clients to access the features:
- Trade directly from the chart
- Access to 50+ technical indicators
- Level 2 market depth with real-time prices
- Trade across multiple screens with fully customizable layouts
- Advanced algorithmic orders, among others.
Saxo Bank has four main account types that users can use for trading, namely Classic, Premium, Platinum, and VIP. These accounts differ based on the amounts of funding.
The Classic account requires the standard minimum deposit, which varies by country, Premium accounts need a minimum of $100,000, Platinum accounts a minimum of $500,000, and the VIP account a minimum of $1,000.000.
With a Premium account, traders gain access to free extended news and research material. For the Platinum and VIP accounts, investors have advanced customer service, logins that are IP address linked, thus more secure and tighter spreads.
SAXO BANK CUSTOMER SERVICE
Saxo Bank offers support in all the jurisdictions of its operations in nearly 30 different languages. Clients can access Saxo Bank during its operational hours of 9 am to 5 pm local time via phone, email, and social media as listed on the site. However, they do not have the live chat option, but this is bettered by the fact that the customer service agents are knowledgeable about all the products Saxo bank offers.
There is also an extensive FAQ section present on the SaxoTrader platform.