Rating Index
Pros
Offers a variety of financial instruments including forex, CFDs, commodities, and indices.
Established history since 1612, indicating long-term presence in the market.
Potential for low trading costs depending on the specific services offered.
Cons
Not properly regulated, raising concerns about safety and accountability.
Lacks insurance for clients, which increases risk for traders.
Negative reviews and warnings from regulatory bodies suggest potential issues with transparency and customer service.
SAXONIA broker Accounts
Saxo Bank Account Type
Saxo Bank offers three main account types tailored to different investor needs: Classic, Platinum, and VIP.
- Classic Account:
- Minimum Deposit: $0
- Fees: Charges a custody fee of 0.12% for stocks, ETFs, and bonds.
- Trading Fees: 0.08% for UK stocks (minimum £3), and 0.015 USD/share for US stocks (minimum $1).
- Platinum Account:
- Minimum Deposit: $200,000
- Fees: Custody fee of 0.12% for stocks, ETFs, and bonds; 0.2% for funds.
- Trading Fees: 0.05% for UK stocks (minimum £3), and 0.010 USD/share for US stocks (minimum $1).
- Benefits: Priority support and discounts of up to 30%.
- VIP Account:
- Minimum Deposit: $1,000,000
- Fees: Custody fee of 0.08% for stocks, ETFs, and bonds; 0.1% for funds.
- Trading Fees: 0.03% for UK stocks (minimum £3), and 0.005 USD/share for US stocks (minimum $1).
- Benefits: Best pricing, priority support, and one-to-one expert meet-ups.
- Online Application: Fill out the registration form on the Saxo Bank website.
- Approval Process: Upload necessary documents for identity verification, such as a national ID or passport, and proof of residency (e.g., bank statement).
- Funding: After approval, fund your account via bank transfer to activate it. Saxo does not require a minimum deposit for the Classic account, but higher deposits are needed for Platinum and VIP accounts.
Saxo Bank Broker Account Opening Process
Opening an account with Saxo Bank is a straightforward process that can be completed online. It typically involves the following steps:
The account opening process usually takes about 10 to 15 minutes, and clients can start trading shortly after their account is funded.
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