Saxo broker Accounts

Saxo Bank Account Type

Saxo Bank offers several account types tailored to meet the needs of different traders. The main account types include:

1. Classic Account:

• Minimum Deposit: $10,000 (or £500 for UK accounts).
• Features: Access to over 35,000 markets, including stocks, ETFs, options, and forex.
• Commissions: Stocks from $4, futures from $6, listed options from $3, ETFs from 0.1%, and bonds from 0.2%.

2. Platinum Account:

• Minimum Deposit: $200,000 (or £200,000 depending on location).
• Features: Tighter spreads and better commissions, priority access to local language support.
• Commissions: Lower fees compared to the Classic account, with spreads from 0.8 pips.

3. VIP Account:

• Minimum Deposit: $1,000,000 (or £1,000,000).
• Features: Best prices and services, one-on-one support from a personal relationship manager, and exclusive event invitations.
• Commissions: Spreads starting from 0.7 pips.

4. Professional Account:

• Leverage: Up to 66:1 for forex.
• Eligibility: Must meet at least two of three criteria: 10 significant transactions per quarter, a portfolio exceeding €500,000, or financial services experience.

These accounts provide various options for both novice and experienced traders, allowing for a range of trading strategies and investment opportunities.

Saxo Bank Broker Account Opening Process

Opening an account with Saxo Bank is a straightforward process that can be completed online. Here are the steps involved:

1. Select Your Account Type: Choose the appropriate account type (Classic, Platinum, VIP, or Professional) based on your trading needs and investment goals.

2. Add Personal Information: Fill out the application form with your name, birth date, address, nationality, and employment details.

3. Verify Your Identity: Upload a government-issued photo ID (passport, national ID, or driver's license) and proof of residency (utility bill or bank statement).

4. Customer Knowledge Assessment: Complete the assessment to evaluate your trading knowledge and experience.

5. Review and Submit: Review all provided information, accept the terms and conditions, and submit your application.

6. Deposit Funds: After approval, fund your account with the minimum required deposit.

7. Start Trading: Once your account is funded, you can begin trading using Saxo's trading platforms.

The entire process is designed to be user-friendly and efficient, allowing traders to access global markets quickly.