Saxo Bank: Complete Broker For Stocks, Bonds & Forex

March 14, 2021
Brokers
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Saxo Bank came into inception in 1992. Since then the broker has expanded its portfolio to offer 1000s of stocks spread across various stock markets such as NASDAQ, London Stock Exchange and NYSE among other exchanges. Moreover, they also offer 100s of government bonds from the EU, UK & USA along with more than 180 currency pairs making the broker a hypermarket for such assets. The broker also dabbles in some basic commodities & crypto-like gold, silver, oil, Bitcoin and Ethereum. The fee structure at Saxo is one of the more competitive ones out there. The broker also has decent customer service via phone and some decent educational resources that will keep you up to date with what’s going on in the market. If you are a stock, bond or forex trader then you should definitely check this platform out.

On the other hand, if you are looking for a good broker in the USA then you should check out Capital.com that offers all the asset classes that Saxo Bank does at much lower fees on some cases. Capital.com has one of the most robust educational repositories in the form of online tutorials, videos and courses, as well as a dedicated account manager that will help you out with any issues or questions about the platform, making it an aswesome way to go from zero to hero.

We analyzed hundreds of data points relevant to the costs, benefits and features of trading with Saxo Bank and scored our findings on a 10-point scale across 10 distinct categories.
Fees 8
Signup Process 5
Minimum Deposit 0
Ease of Use 10
Deposit & Withdrawal Options 6
Customer Support 6
Asset Classes 10
Referral Program 6
Demo Account & Educational Resources 8
Safety & Regulation 10
Total 69

Introduction

Saxo Bank initiated its services in 1992 in Denmark. The Danish bank quickly grew its services portfolio and started offering brokerage services as well. Today the bank has expanded globally and partnered with several institutions to cater to its clients across different geographical dimensions. The countries where you can use the bank’s services include the following nations.

 Austria Azerbaijan Bahrain Bangladesh Barbados
 Bolivia Bosnia and Herzegowina Botswana Bouvet Island Brazil
 Brunei Darussalam Bulgaria Belarus BelizeBahrain
 Bangladesh Barbados Bolivia Bosnia and Herzegowina Benin
 Bermuda Bhutan Brunei Darussalam Bulgaria Botswana
 Bouvet Island Brazil Cape Verde Cayman Islands China
 Cuba Chile Cyprus Czech RepublicDenmark
 Faroe Islands Curaçao France French Guiana French Polynesia
 Gambia Fiji Germany Ghana Gibraltar
 Greece Georgia Grenada Guadeloupe Guam
 Guatemala Greenland Guinea Guinea-Bissau Guyana
 Indonesia Guernsey Ireland Isle of Man Italy
Ivory Coast Iraq Jordan Kenya Kiribati
 Kuwait Jersey Lebanon Lesotho Liberia
 Mauritius Kyrgyzstan Madagascar Malawi Malaysia
 Nauru Macedonia Mexico Micronesia Moldova
 New Zealand Mayotte Island Netherlands Netherlands Antilles New Caledonia
 Norfolk Island Nepal Niger Nigeria Niue
Myanmar Nicaragua Montserrat Morocco Mozambique
 Peru Montenegro Panama Papua New Guinea Paraguay
Puerto Rico Palau Pitcairn Poland Portugal
 Saint Lucia Philippines Saudi Arabia Senegal Thailand
 Serbia Romania Singapore South Korea Tunisia
 Slovenia Samoa Sri Lanka South Africa Uruguay
Sweden Spain Tajikistan TanzaniaUzbekistan
Switzerland United Arab Emirates Trinidad and TobagoTurkey United Kingdom

Related: Saxo Bank offers its services all around the world but falls short in Africa. If you are a trader from an African nation looking for a good broker, then we suggest you try IQ Option as it covers many more African nations than Saxo Bank does.

Pros & Cons

Pros

  • Diverse Asset Portfolio
  • Good Fee Structure
  • Decent Educational Resources
  • Interactive and up to date interface
  • Good fundamental data feature

Cons

  • No Live Chat for Customer Service
  • Email response can be slow at times
  • High minimum initial deposit
  • No online courses for trading
  • High inactivity fees

Account Tiers

There are 3 main account tiers namely Classic, Premium and Vip. You can open each account type as an individual, corporate or professional trader.

Classic Account

This is the basic account tier that offers basic functionality such as 24/5 customer support and access to all asset classes that the broker offers.

Premium Account

The premium account tier is associated with lower commissions and spreads which can be about 30% lower than the Classic tier. This account tier is good for professional traders who do not need much support to trade.

VIP Account

The VIP account offers a dedicated account manager as well on top of all the benefits offered by the Premium Account, coupled with exclusive invitations to webinars, etc. The dedicated account manager allocated to you also speaks your mother tongue or the language that you are comfortable in speaking.

Here’s a breakdown of our 10 scoring categories, each scored out of 10 for a total of 100 points.

#1 Fees

Deposit & Withdrawal Fees

There are no deposit and withdrawal fees at Saxo Bank which offers some really good value for users because often brokers charge a withdrawal fee which can range anywhere from a couple of dollars to $50 or more at brokers like ITrader.com.

Inactivity Fees

The broker charges very high fees for inactive accounts. For instance, the inactivity fee for an account in the UK is £25 which is applicable after an account has been inactive for a quarter or more. In Non-UK countries, the broker can charge up to $150 after a period of 6 months of inactivity. The inactivty fees at Saxo are very high compared to most brokers that just charge something between $10-20. Moreover, many brokers like Capital.com do not charge any inactivity fees at all.

Forex Spreads

The forex spreads at Saxo Bank depend on the type of account you have and are as follows:

Forex PairClassicPlatinumVIP
EUR USD0.80.70.6
GBP USD10.80.7
EUR JPY1.110.9
USD JPY0.80.70.6
AUD USD0.50.50.4

The spreads for all 3 account types are identical for most major forex pairs as illustrated in the table above. Spreads of Platinum and VIP account types are slightly lower than that of the Classic account because these account types generally target traders who trade forex in huge bulks. In those cases, such a marginal difference in pips can become a significant one depending on whether you have a Classic, Platinum or VIP account. The spreads are generally good and offer some good value, for instance, the spreads for the EUR/USD, USD/JPY and AUD/USD offer some amazing value compared to most other brokers.

Bond, Stock & ETF Commissions

The commission for stocks and ETFs are $3 for each trade while the commission for each bond trade is 0.05%. The stocks and ETF commissions offer some decent value because other brokers can charge $6-10 per trade of stocks and ETFs. However, the bond commission can be slightly expensive for big trades. For instance, if you trade a bond worth $100,000 then the fees for it can be $50.

The slightly expensive bond commissions followed by the expensive inactivity fee means that the broker misses out on a couple of points.

Saxo Bank Fees Score: 8/10

#2 Signup Process

The signup procedure can be completed online but requires a bit of documentation that can be slightly exhaustive. Additionally, an issue that some users face is that it can sometimes take more than 3 business days at times for the verification of your Saxo Bank account.

These are some of the proof of ID and Residence documents you’ll need to have at hand:

ID Documents

  • Valid Passport
  • National Identity Card
  • Drivers License

Residency Documents

  • Tax statement or Bank statement (issued within the last 6 months)
  • Government-issued insurance or medical card
  • Utility bill (electricity, gas, home internet, landline phone, issued within the last 6 months). The document must show a service that has been provided to your residency in the last 6 months.
  • Address Confirmation/Statement from the local Mayor office/Municipality which should not be older than 6 month

The score for this dimension is a subpar 5 because there are brokers like Capital.com that users from all over the world can use to open their account in less than 1 business day.

Saxo Bank Signup Process Score: 5/10

#3 Minimum Initial Deposit

The lowest minimum initial deposit of any account in Saxo Bank is $10,000, which is very high for anyone looking to test out the platform. With the other types of accounts, things get even worse:

Account TypeMinimum Initial Deposit
Classic10,000
Premium 200,000
VIP1,000,000

The high initial deposit requirement makes it very difficult for beginners or students to try out the platform.

Related: If you are a beginner and looking to get started with a broker with no minimum initial deposit requirements check out FXTM or IronFX as these brokers have no minimum initial deposit requirements and have good demo accounts and educational resources for you to get started.

Saxo Bank Minimum Initial Deposit Score: 0/10

#4 Ease of Use

This is one of the most important dimensions for most of our users because having a good platform ensures that you can easily trade without any issues. The broker has a web, mobile and desktop application.

Web And Desktop Application

The broker’s web trading platform is called SaxoTraderGO, the desktop trading platform is called SaxoTraderPRO. Both are the broker’s indigenously developed platforms. However, you can also use other, third-party platforms for trading such as MetaTrader4. The web and desktop applications both offer some good usability for both newbies and pros alike.

Saxo Bank

Mobile Application

The android and playstore applications both offer some amazing value as the interface on both platforms is uncluttered and easy to use for most users. The execution and placement of orders are also quick and allow for the timely implementation of decisions.

Research Features

The broker offers some interesting research features for informed decision making.

Fundamental Data & Charting Features

The broker offers some good charting features, that illustrate trends and variations associated with each asset type in great detail. Moreover, the fundamental data feature is something that our team really enjoyed because its not a static feature with lots of numbers like most brokers but contains some insightful visualisations that truly make trading enjoyable.

Saxo Bank

The broker has a perfect score as it offers great customisability and has some great visualizations to keep you updated with trends in your portfolio.

Saxo Bank Ease of Use Score: 10/10

#5 Deposit & Withdrawal Options

The deposit and withdrawal options offered by Saxo include:

  • Debit & Credit Cards
  • The good old wire transfer

A drawback here is that the broker does not offer the option of transferring funds via electronic wallets which can be a hindrance at times. It’s something that the broker should try and offer to users in all regions to provide them with the flexibility to use their funds in the manner that is most suited for their needs and requirements. This means that the broker also loses 4 points in our scoring system to get only a 6 out of 10 rather than something more substantial.

Saxo Bank Deposit & Withdrawal Options Score: 6/10

#6 Customer Support

Saxo Bank offers customer support by 2 main channels which include:

  • Telephone @ 44.0.207.151.2000
  • Email @ [email protected]

We tested out both platforms. The support via email almost took a day for the broker to respond. This can be a bit much in times of emergency. The broker offers support 24/5 meaning that it does not offer support on weekends which can be a bit stressful if you run into trouble then. Moreover, the broker does not offer a live chat option that is offered by so many brokers to dispel quick and much-needed support for users.

Saxo Bank Customer Support Score: 6/10

#7 Asset Classes

Stocks

With Saxo Bank you can trade thousands of stocks from various stock markets such as:

  • Hong Kong Stock Exchange
  • Nasdaq
  • NYSE
  • Toronto Stock Exchange
  • TSX Venture Exchange
  • Athens Exchange
  • Johannesburg Exchange
  • NASDAQ Copenhagen
  • London Stock Exchange

The stocks offered by Saxo Bank offer as much variety as a shopping hypermart. Moreover, you can diversify your portfolio by investing in different markets. Usually some markets are in decline while some are bullish and optimistic. Often this can lend opportunities for investors to invest in undervalued stocks or rising stocks that can appreciate and yield good value in the future.

Currency Pairs

Saxo Bank offers 182 currency pairs as of now, which makes it a haven for forex traders as they can choose from a diverse list of currency pairs and gain the maximum benefit from their knowledge of the forex market.

Commodities

The majority of the commodity type offered by the broker include :

  • Gold
  • Silver
  • Corn
  • Brent Oil

This offer is pretty basic, and it’s almost the minimum any broker offers.

Bonds

Saxo Bank also offers a decent variety in bonds whereby, you can trade-in:

  • UK Government Bonds
  • EU Government Bonds
  • US Government Bonds
  • Emerging Market Government Bonds

These are some decent options in government bonds. You can trade 100’s bonds to diversify your portfolio and reduce the risk of your investments as well because government bonds are usually very stable and offer decent returns in the long run.

Crypto

The bank offers Bitcoin & Ethereum as crypto options. It does not dabble in all the emerging cryptos. This at least gives you the option to add crypto to your portfolio. If you enjoy trading crypto then you should check out ITrader.com as it has more than 30 crypto options for you to build a sound crypto portfolio. The broker scores a perfect score because it offers all the major asset type and provides good value in most asset classes in terms of offering plenty of options for users to choose from.

Saxo Bank Asset Classes Score: 10/10

#8 Referral Program

Saxo Bank has a referral program that rewards you for the value of the friends that you bring in. For instance, if your friend has an initial deposit of $10,000 you will receive $150 in rewards. Moreover, if your friend deposits more than $125,000,00 then you will receive $1,500 in rewards which also happens to be the maximum rewards that you can get. The fact that the reward system relies on your referral’s investing huge sums of money makes the program unavailable for rookie brokers meaning that the broker loses a few points in this dimension.

Saxo Bank Referral Program Score: 6/10

#9 Demo Account & Educational Resources

Demo Account

Saxo Bank offers a 20 day free demo account with 100,000 base currency units for you to familiarise yourself with the platform. The demo account provided by the broker provides good value for users as it allows you to try all the features that you would use in your actual trading account. This offers some really good value for individual users looking to try out the platform. However, the time limit and currency limit associated with the demo account are slightly offputting as most brokers offer free demo accounts without a stipulated time limit.

Educational Resources

The broker offers plenty of educational resources for its users in the form of:

  • Webinars on trading different financial instruments
  • Videos on using the platform and trading
  • Educational articles

The educational resources covered by the broker include all the basic resources that you need to learn trading on the platform coupled with all the latest news to know what’s happening in the market. The good thing is that they also offer webinars which cn be helpful in undwerstanding how the market conditions are with respect to different asset types which can help you in making informed buying and selling decisions.

Saxo Bank Demo Account & Educational Resources Score: 8/10

#10 Safety & Regulation

The broker is regulated by several regulators around the globe. This is something unique because often brokers get regulation from 1 or 2 regulatory bodies rather than getting regulation from most of the countries that they operate in. This is where Saxo Bank provides some really good value as it is regulated in the following countries and the insured/protected amount is the amount of funds that the regulator ensures each investor in case the bank goes under or bankrupt.

Country of clients Insured/Protected AmountRegulatorLegal Entity
UK£85,000 Financial Conduct Authority (FCA)Saxo Capital Markets UK
France€ 100,000Bank of FranceSaxo Banque (FR) SAS
SwitzerlandCHF 100,000Swiss Federal Banking CommissionSaxo Bank (SW) AG
Italy€ 100,000Commissione Nazionale per le Società e la Borsa (CONSOB)BG Saxo
SingaporeNo protectionMonetary Authority of Singapore. Co.Saxo Capital Markets Pte Ltd
JapanNo protectionJapanese Financial Services AgencySaxo Bank FX K.K.
Hong KongNo protectionSecurities and Futures Commission in Hong KongSaxo Capital Markets HK.
AustraliaNo protectionAustralian Securities and Investments Commission (ASIC)Saxo Capital Markets (AU) Pty. Ltd

The comprehensive regulatory list coupled with handsome protection amounts in most countries coupled with the regulation means that that the broker scores a perfect 10 without any reasonable doubts.

Saxo Bank Safety & Regulation Score: 10/10

While researching 100+ of the world’s top brokers, we’ve noticed what works and what doesn’t from the customer’s point of view. That’s why our final test for any broker is to compare it to Capital.com, which scores 91/100 points across the 10 categories mentioned in this review.

Saxo Bank vs. Capital.com

There are a couple of dimensions where Capital.com offers much more value than Saxo Bank such as customer support and educational resources which can really help you to get started with trading in case you are a newbie to the trading world.

No Commission Fees & No Inactivity Fees

Capital.com does not charge any inactivity fees like Capital.com. Moreover, the broker has no inactivity fees associated with it.

Sign Up Procedure

The account verification process usually only takes one business day at Capital.com meaning that you can get started trading ASAP and you do not have to wait for several days to get started.

Customer Support

Capital.com has one of the best customer support systems which provides you with a dedicated account manager who helps and guides you on your journey towards becoming a pro trader. Capital.com also offers live chat which is very agile and helpful for most users. Capital.com also has a quick and rapid email response that usually responds within 20 minutes and the live chat and telephone response hardly take a couple of minutes at most, that offers some amazing value.

Comprehensive Educational Resources

Capital.com has a lot of educational resources to train any kind of trader looking to deal in any kind of asset. Often brokers offer a few basic educational resources for traders but Capital.com does a good job in this regard and it is with you in helping you learn to trade savvily and efficiently. Some of the resources offered are as below:

  • Tutorial videos on using the platform
  • Educational videos on trading different assets
  • Webinars
  • Educational articles

The resources offered to teach you everything from learning how the platform works to educational videos and webinars. Capital.com also offers asset trading training guides.

Training Guides

  • CFD training guides
  • Commodities training guides
  • Indices trading guides
  • Trading psychology guides
  • Shares trading guides
  • Forex trading guides

Capital.com has you covered if you want to start trading an asset that you have not traded before. They also offer 5 courses that are aimed at training beginners and refreshing the knowledge of experienced traders.

Capital.com Online Courses

  • Introduction to financial markets
  • ABC of derivatives
  • Financial instruments
  • Derivatives and risks of trading
  • What are leverage and margin

The online courses are designed for beginners but anyone can benefit from them in learning the basics and good practices and knowledge of the industry.

So what are you waiting for signup today for Capital.com If you want to trade Forex, Crypto or Commodities without a commission fees or you are a beginner looking for good customer support and educational resources

Related: If you want to learn more about this broker, you can read this excellent review of Capital.com.

In Summary

Saxo Bank offers on of the the most diverse range of asset portfolios in our database. The broker is readily available in over a 100 nations. The fee structure in general is very competitive and provides some really good value for individuals who trade in bulk or are professional traders. The broker also offers some really decent educational resources that can help you in continuing your journey with the platform. Moreover, with the diverse options that the broker offers for stock, bonds and forex we definitely recommend that you test out the platform.

If you live in the USA or are a beginner or someone looking to get started with trading you should definitely check out Capital.com. The broker offers all the asset types as Saxo Bank, has no commission and some of the most detailed educational resources offered by any broker in our database. You should definitely begin your trader journey towards becoming a Jedi with Capital.com as many of our readers have already chosen to do so.

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