Saxo Bank review summary
Saxo Bank, a Danish investment bank founded in 1992, provides online trading and investment services. The company is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK's Financial Conduct Authority (FCA).
Saxo Bank is a global service provider and its subsidiaries are present in the form of separate legal entities in different regions of the world. The services offered by the various entities may differ slightly, especially with respect to fees and product portfolios. In this review, we tested Saxo Bank UK.
Being regulated by top-tier financial authorities, and having a long track record and a banking background, are all good signs for Saxo Bank's safety.
HEADS UP: Recent issues with account opening - Saxo Bank seems to have a delay in sending you a crucial URL to start your account opening. For more info, see Saxo Bank account opening issues in the review's Account opening chapter. If you'd like to open an account regardless, click here to read about Saxo Bank alternatives.
We selected Saxo Bank as Best forex broker, Best trading platform and Best app for stock trading for 2022, based on an in-depth analysis of 100+ online brokers that included testing their live accounts. Check out the complete list of winners.
Saxo Bank pros and cons
The Saxo trading experience is driven by an excellent and well-designed trading platform. Research services are also superb, with Saxo's own research team constantly providing trading ideas. Saxo has a wide-ranging product portfolio, meeting the needs of even heavy traders.
On the negative side, Saxo's bond, options and futures trading fees are high. The minimum deposit is relatively high, ranging between $600-$2,000, depending on your residency. Also, there is no live chat customer support or 24/7 availability.
| Pros | Cons |
|---|---|
| • Great trading platform | • High bond, options and futures fees |
| • Outstanding research | • High minimum deposit |
| • Broad product portfolio | • Lacks live chat and 24/7 availability |
| 🗺️ Country of regulation | Denmark, UK, France, Italy, Switzerland, Singapore, Japan, Hong Kong, Australia |
| 💰 Trading fees class | Average |
| 💰 Inactivity fee charged | Yes |
| 💰 Withdrawal fee amount | $0 |
| 💰 Minimum deposit | $2,000 |
| 🕖 Time to open an account | >3 days |
| 💳 Deposit with bank card | Available |
| 👛 Depositing with electronic wallet | Not available |
| 💱 Number of base currencies supported | 26 |
| 🎮 Demo account provided | Yes |
| 🛍️ Products offered | Stock, ETF, Forex, Fund, Bond, Options, Futures, CFD, Crypto, SaxoSelect |
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