SaxoBank Review
Overview
Company Information Saxo Bank is an investment bank from Copenhagen, Denmark, which initially started as a brokerage company. The establishment was found in 1992 by Marc Hauschildt, Lars Seier Christensen,… more
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| Broker | SaxoBank |
|---|---|
| Website URL | http://www.saxobank.com/ |
| Founded | 1992 |
| Headquarters | Copenhagen, Denmark |
| Support Number | +45 3977 4000 |
| Support Email | info@saxomarkets.com.hk |
| Support Types | Phone, E-mail |
| Languages | English, Czech, Greek, Danish, German, Spanish, French, Croatian, Italian, Hungarian, Dutch, Norwegian, Slovak, Slovene, Polish, Romanian, Russian, Swedish, Finnish, Turkish, Chinese, Japanese, Cantonese, Arabic, Afrikaans |
| Minimum Trade Amount | 0.5 lots |
| Free Demo Account |  |
| Regulated | |
| Regulation | Financial Supervisory Authority Denmark (Finanstilsynet) |
| Account Types | Trader, Corporate |
| Deposit Methods | Wire Transfer, Visa, MasterCard, Maestro, Carte Bleue (CB, France), Visa Dankort (DK), Visa Debit, Visa Electron, MasterCard Debit; Stock Transfer |
| Withdrawal Methods | Wire Transfer, Visa, MasterCard, Maestro, Carte Bleue (CB, France), Visa Dankort (DK), Visa Debit, Visa Electron, MasterCard Debit; Stock Transfer |
| Types of Assets | Forex, CFDs, ETFs, Stocks, Futures, Bonds |
| Account Currency | AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, NOK, NZD, PLN, RON, RUB, SEK, SGD, TRY, USD, ZAR |
| US Traders Allowed |  |
| Mobile Trading | |
| Tablet Trading | |
Full Review
Company Information
Saxo Bank is an investment bank from Copenhagen, Denmark, which initially started as a brokerage company. The establishment was found in 1992 by Marc Hauschildt, Lars Seier Christensen, and Kim Fournais. The original name of the broker was Midas Fondsmaglerselskab. For about nine years the private firm was operating in the global financial markets as a fully fledged broker, but in 2001 obtained a banking license and changed its name to Saxo Bank. Since this significant change, the financial institution began to expand rapidly firstly in Europe and then worldwide. Nowadays, Saxo Bank offers their wide range of services in many countries worldwide. Although it has a banking license, the broker doesn’t provide the usual banking products, but it’s quite dedicated to its brokerage. 2010 was one of the strongest years for Saxo Bank with the net profit of nearly 551 million DKK. In that same year, the broker received a prestigious world class award, namely Best White Label Solution Provider, at the World Finance Exchange Awards. According to many sources, the company worths more than 20 billion DKK. Today, Saxo Bank employs about 1 500 people and continue to develop its business and services.
Trading Information
Saxo Bank provides a huge selection of services, such as Forex, CFDs, futures, stocks, bonds, funds, contract and stock options, ETFs and ETCs, and future spreads. There are also various money management plans and packages. The spreads offered are variable and extremely tight, which is the great advantage to those who perform day to day tradings. The broker offers a vast range of markets with numerous different instruments and derivatives. Clients can enjoy more than 7 000 CFDs and 160+ Forex pairs, which is a significant inventory. There are number of commissions applied on some of trading services and they usually relate to the type of the account. The maximum leverage is 200:1.
Saxo Bank provides two types of accounts – Trader Account, which is the regular option for users who want to execute their trading strategies using the online tools and resources, and Corporate account, which applies to the larger organizations that want to relate with the broker.
Trading Platforms
Saxo Bank is not using the traditional trading platforms provided by most of the brokers out there. such as Meta Trader 4 or 5. In fact, the banking institution has its software called SaxoTrader. The trading platform has two different versions – for both mobile and desktop users. It’s also available for both Android and Apple devices. Saxo Bank also offers different setups on their software called workspaces. As there are tons of instruments and trading options, most traders may prefer to have a unique display with their desired instruments on focus. For example, a customer who trade FX pairs will surely prefer a customized workspace with the FX majors and minors. It’s possible with the various unique options presented by the broker.
Security and Customer Services
When it comes to security and reliability, Saxo Bank is second to none. As a registered Danish bank, the broker is financially stable and very dependable. The account protection is at very high level, and all the private information about the client is well secured. Saxo Bank has various customer protections and insurances. The broker is also heavily regulated by numerous authorities, which gives extra peace of mind for their customers.
Saxo Bank has a great reputation regarding customer care. Their phone landline and live chat are open 24 hours a day during the business week. The support team can handle requests in various languages. You can check them out in the table. Unfortunately, traders won’t be able to use the phone contact for order placement.
Deposits and Withdraws
Deposits with Saxo Bank has to be minimum of $10 000, which can be potential problem for the small traders. In addition, customer from the USA are also forbidden to trade with Saxo Bank. The reasons behind this decision are unknown. Both deposits and withdrawals are handled by either bank wire transfer or credit/debit cards. According to many previous and current clients of Saxo Bank, the broker is very accurate and responsive. Profits are withdrawn on request and arrive in 2 or 3 working days without any complication most of the time. More details about the deposit and withdraw specifics can be easily reviewed in the our table.
Deposit Bonus and Loyalty Programs
If you are looking for a broker with freebies and on-going promotions, well, Saxo Bank is not that type of company. Currently, there are no bonuses for new or existing clients. Saxo Bank explains its policy easily. The broker is focused on the serious traders and professionals who are rarely impressed with any type of bonusing system. According to many customers, such promotions will have a negative impact on the reputation of Saxo Bank as a dedicated trading partner.
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