Saxo Review: Forex Broker & Trading Markets, Legit or a Scam

Score

4/5

Min Deposit

HKD 10,000

Min Spread

0.4 pips

Regulation

ASIC, FCA, FSA, MAS, FINMA, BDF, CONSOB

Max Leverage

1:100

Positive Ratings

90%

Neutral Ratings

Negative Ratings

Company Summary

Aspect	Information
Registered Country/Area	Denmark
Founded Year	1992
Company Name	Saxo
Regulation	ASIC, FCA, FSA, MAS, FINMA, BDF, CONSOB.
Demo Account	Available
Minimum Deposit	HKD 10,000
Maximum Leverage	1:100
Spreads	Variable spreads from 0.4 pips
Trading Platforms	SaxoInvestor, SaxoTraderGO, and SaxoTraderPro
Customer Support	Phones, Live Chats, Physical Office, and Contact Form.
Payment Methods	Not Specified

Introduction

Saxo is a Danish investment bank established in 1992. The platform has grown to be one of the most reputed brokers in the global market. The platform offers a range of products like forex, commodities, stocks, and more. The platform allows traders to access advanced tools and features that improve the overall trading experience.

This review of the broker, talks about the key aspects of the platform understanding its legitimacy.

Saxo Overview

Saxo is an operational trading platform that operates under a personal trading platform. The trading platforms are SaxoTraderGO and SaxoTraderPRO, which also offer advanced trading tools. It caters to trades from retail and institutional backgrounds creating a diverse network. The multiple account types and trading products make trading efficient for the traders.

Saxo is a well-regulated body that covers the global market and diversifies trader portfolios.

Trading Instruments offered by Saxo

The Trading platform offers a wide range of trading products, making Saxo a single-stop shop for traders and investors of different kinds. These include:

Forex

Trade in over 180 FX currency pairs including minor, major, and exotic pairs. get access to tighter spreads and a high liquidity market.

Stocks

Saxo has over 19,000 listed stocks from around the globe. This variety helps traders diversify their portfolios.

Commodities

At Saxo, traders can access multiple commodities like metals, energy, and agricultural products.

Indices

With Saxo, trading in indices helps in getting global market exposure. You get access to over 29 major Indices.

Bonds

Investors get a chance to trade in over 5000 bonds to both governments and corporations. These bonds are listed from across the globe.

There are many more products that you can trade in at Saxo. The platform offers a smooth trading experience with all trading options. and also have educational resources to help you learn. if you want to check out similar brokers with more amount of trading instruments then you check out Capitalix, TradeEU Global and Capplace.

Deposits and Withdrawals

At Saxo, traders get a chance to deposit and withdraw their funds instantly without any middlemen involved. They have multiple options like bank transfers, cards, and more. The minimum deposits differ for different account types, starting from HKD 10,000 for classic accounts.

The withdrawal process may take more than 2 business days depending on the type of payment method. There may be charges involved with the withdrawal process.

Fees and Commissions

The platform offers a transparent pricing structure for the different trading tools. These charges differ and change from time to time based on the payment method, market, and trading product.

Investors with VIP accounts get benefits with reduced rates and exclusive redundancy in the commissions.

Account Types of Saxo

The platform offers three different types of accounts that you can trade with. These accounts come with different features and tools that meet your trading goals.

Classic Account

The classic accounts are basic for the traders who are starting their journey. The account asks for a minimum deposit of HKD 10,000 with 24/5 technical support.

Platinum Account

Platinum account holders get access to tighter spreads and commissions. These account holders get an option for local language customer support. The minimum deposit for these is HKD 1,500,000.

VIP Account

As the name suggests, the account holders get VIP treatments with the top features. The traders get direct access to trading experts and a chance to attend events. The minimum funding for VIP accounts comes to around HKD 8,000,000.

Apart from these, traders also get access to creating corporate accounts. These are specially designed and curated for businesses and institutional clients. The account holders get access to customized solutions and services.

How to create an Account at Saxo?

To create an account on the platform, you need to follow a few steps:

Step 1: Visit the website and register yourself with your email id.

Step 2: Once to sign up, verify your identity and the required details.

Step 3: To verify your account, check your mail for verification mail and accept the terms and conditions.

Step 4: Once you agree to the terms, you can now complete your profile.

Step 5: Once the profile is completed, you can now add funds and trade.

Security and Regulations

Saxo is a well-regulated trading platform and it maintains the strict industry standards of security. It is regulated by multiple financial authorities, mainly by the Securities and Futures Commission (SFC). The platform is licensed in Denmark and Switzerland.

Talking about security, Saxo ensures keeping operational funds separated from client funds keeping them safe. Also, the platform provides a transparent transactional process that increases the user’s trust.

Customer Support

At Saxo, you get responsive customer support via multiple channels. these include calls (+852 2207 6040 ), and live chats, and you can also raise tickets. The platform offers multi-lingual support that enhances the quality of responses.

Traders also get access to an extensive FAQ section that answers most common concerns. Along with these, you can also access comprehensive educational resources, which help you learn and grow together.

Conclusion

Saxo Bank has been established as a top-tier global financial platform. The platform offers a variety of trading products and advanced features that make trading a comfortable experience. Saxo has been regulated by over eight financial authorities. These authorities keep the platform safe and ensure that it meets industry standards of transparency and security measures.

At Saxo, traders are allowed to trade in the global market which helps in making them a diversified portfolio. Lastly, we can say that Saxo is a well-regulated platform that ensures a safe trading experience. This makes it a legitimate trading platform for your trading journey.

Multiple Trading Assets
Well-Regulated Body
Advanced tools and features

High minimum deposits
Inactivity Fees for dormant accounts
Limited Customer Support Options

Frequently Asked Questions

What trading platforms does Saxo offer?

The broker offers perosnal trading platforms known as SaxoTraderGO and SaxoTraderPRO.

How many currency pairs can I trade with Saxo?

The platform offers trading in over 180 currency pairs across the globe.

What minimum deposit is required to open a Saxo account?

To create an account at Saxo, a minimum deposit of HKD 10,000 is required. This might differ for the different account types.

Are there any withdrawal fees with Saxo?

The platform does not charge withdrawal fees but there are charges added with the third-party banks.

Does Saxo offer a demo account?

Yes, the platform does offer demo accounts that make it easier to trade without any risks.

Is Saxo regulated?

Saxo is a multi-authority-regulated platform. It is regulated by FCA, FSA, MAS, and ASIC.

What types of accounts does Saxo offer?

The platform offers multiple account types including Classic, Platinum, VIP, and Corporate accounts.

What customer support options are available?

Saxo offers customer support via multiple channels including calls, live chat, and personal assistance.

Does Saxo charge an inactivity fee?

Yes, the platform does charge inactivity fees or trading accounts. It is different for different types of accounts.

Can I trade on Saxo from my mobile device?

The platform offers multiple platforms to trade on including mobile devices.

Trusted Score

4.3/5

Score

4.3/5

Trusted Score

4.1/5

Score

4.1/5

Trusted Score

4.2/5

Score

4.2/5

Trusted Score

4/5

Score

4/5

Trusted Score

4.5/5

Score

4.5/5

Trusted Score

4.8/5

Score

4.8/5