Saxo Forex Broker

Quick Saxo Review Summary Founded1992HeadquartersHellerup, DenmarkRegulationASIC, FCA, FSA, SFC, AMF, CONSOB, FINMA, MASMarket InstrumentsStocks, ETFs, bonds, mutual funds, forex, futures, forex options, listed optionsDemo Account✅(20 days with $100,000 virtual fund)Account TypeClassic, Platinum, VIPMin Deposit$0Leverage1:100SpreadFrom 0.4 pips (forex)Trading PlatformSaxoTraderGo, SaxoTraderPRO, SaxoInvestorPayment MethodsOnline Banking, Electronic Direct Debit Authorization (eDDA), Bank Transfer (Counter services or ATM)Customer Support24/5 - phone, emailRegional RestrictionsThe United States and JapanSaxo Information Saxo is a Danish investment bank founded in 1992. It provides trading in stocks, ETFs, bonds, mutual funds, forex, futures, forex options, and listed options its proprietary trading platforms - SaxoTraderGo, SaxoTraderPRO, and SaxoInvestor. The bank operates in over 100 countries and has offices in major financial centers worldwide, including Copenhagen, London, Singapore, and Tokyo. Saxo Bank is regulated by several financial authorities, including ASIC (Australia), FCA (UK), FSA (Japan), SFC (Hong Kong), AMF (France), CONSOB (Italy), FINMA (Switzerland), and MAS (Singapore). The bank also has a banking license and is a member of the Danish guarantee fund for depositors and investors.Pros & ConsProsCons• Wide range of financial instruments available• US and Japan clients are not accepted• No minimum deposit requirement• No direct contact channels• User-friendly trading platforms• Advanced trading tools and research• Regulated by top-tier financial authorities• 20 days' demo accounts with $100,000 virtual fundIs Saxo Legit? Saxo has several entities that operate in multiple jurisdictions, heavily and globally regulated to provide a reassuring trading environment.Regulated CountryRegulated Entity Regulated by License Type License Number SAXO CAPITAL MARKETS (AUSTRALIA) LIMITEDASICMarket Making (MM)280372Saxo Capital Markets UK LimitedFCAMarket Making (MM)551422Saxo Bank Securities Ltd.FSARetail Forex License関東財務局長（金商）第239号Saxo Capital Markets HK Limited 盛寶金融(香港)有限公司SFCDealing in futures contracts & Leveraged foreign exchange tradingAVD061Saxo bank A/SAMFRetail Forex License71081BG SAXO SIM SPACONSOBMarket Making (MM)296SAXO BANK (SCHWEIZ) AGFINMAFinancial ServiceUnreleasedSAXO CAPITAL MARKETS PTE. LTD.MASRetail Forex LicenseUnreleased How are you protected? Saxo is a regulated broker, with licenses from multiple reputable regulatory authorities and a long-standing history of providing financial services. The broker takes extensive measures to protect client funds, including segregating them from the company's assets and offering negative balance protection. Additionally, Saxo offers various security features, such as two-factor authentication and encryption, to ensure secure trading. More details can be found in the table below:Security MeasuresDetailRegulationASIC, FCA, FSA, SFC, AMF, CONSOB, FINMA, MASSegregated AccountsClient funds are held in segregated bank accounts to protect them in case of insolvencyTwo-Factor AuthenticationAs an extra layer of security for client accountsSSL EncryptionThe Saxo website and platform are secured with SSL encryption to protect user dataInvestor Compensation SchemeA member of the Danish Investor Compensation Scheme, which provides additional protection to clients in case of insolvency It's important to note that while these measures provide some level of protection for clients, there is always some level of risk involved in trading financial instruments, and clients should always be aware of the risks before making any trades. Our Conclusion on Saxo Reliability: Based on the information available, Saxo is a reliable and trustworthy broker. It is regulated by reputable authorities, has been in operation for several years.Market Instruments Saxo offers a wide range of trading instruments across multiple asset classes, includingForex: More than 180 currency pairs, including majors, minors, and exotics.Stocks: Over 40,000 stocks from 36 global exchanges, including NYSE, NASDAQ, LSE, and more.Futures: Over 200 futures and options across a variety of asset classes such as commodities, indices, and bonds.Options: A wide range of options on stocks, indices, and futures.Bonds: Trade a wide range of government and corporate bonds, including sovereign bonds from developed and emerging markets.ETFs and CFDs: Access to over 3,000 ETFs and CFDs on indices, commodities, and stocks.Asset ClassSupportedStocks✔ETFs✔Bonds✔Mutual funds✔Forex✔Futures✔Forex options✔Listed options✔Commodities❌Indices❌Cryptocurrencies❌ETFs❌Account Type Saxo offers a range of account types designed to suit the different needs of its clients. The account types offered by Saxo are:Individual Account:Individual Account TypeMin DepositClassicHKD 10,000PlatinumHKD 1,500,000VIPHKD 8,000,000Corporate Account: An account for companies, partnerships, and other legal entities.Corporate Account TypeMin DepositClassicUSD 100,000PlatinumHKD 1,500,000VIPHKD 8,000,000Professional Account: An account specifically for professional traders. Each account type has its own unique features and benefits, such as lower pricing, higher leverage, and dedicated account managers. Saxo also offers a free demo account (20 days with $100,000 virtual fund) for clients to practice trading before committing to a live account.How to Open an Account with Saxo? It takes only about five minutes and a short online form to open an account. Clients will need to submit the standard verification documents required by KYC and AML rules, but the procedure should be quick and easy, and they will have access to their account in minutes.Leverage Saxo offers leverage up to 1:100 for forex trading. Professional clients are entitled to leverage of 1:40 for the primary index, 1:33 for the secondary index, 1:33 for gold, 1:10 for equities, and 1:25 for commodities. Retail clients are entitled to leverage of 1:20 for the primary index, 1:10 for the secondary index, 1:20 for gold, 1:5 for equities and 1:10 for commodities. However, the maximum leverage may vary depending on the instrument being traded and the client's location. It is important to note that trading with high leverage carries a higher level of risk, and traders should always exercise caution and use risk management strategies.Spreads & Commissions Saxo offers variable spreads, which means that the spreads can change depending on market conditions. The typical minimum spreads for popular instruments are as follows: EUR/USD: 0.4 pips USD/JPY: 0.6 pips GBP/USD: 0.9 pips AUD/USD: 0.6 pips USD/CHF: 1.2 pips USD/CAD: 1.5 pips Saxo also charges commissions on some products, including stocks, ETFs, and futures. The commission fees vary depending on the specific market and the size of the trade. Commissions start from $1 on US stocks, US listed ETFs and futures. Bonds commissions start at 0.05%, listed options commissions start as low as $0.75 per contract, and mutual funds commissions are $0 for custody and platform fees.Trading Platforms Saxo offers its own proprietary trading platform called SaxoTraderGO. It is a web-based platform that can be accessed from any device with an internet connection. In addition, Saxo also offers SaxoTraderPRO, a desktop-based trading platform that is designed for advanced traders who require additional functionality. SaxoTraderGO is highly customizable, allowing traders to arrange the interface to suit their preferences. It provides access to a wide range of trading tools and features, including charting tools, technical analysis indicators, and news feeds. The platform also includes a comprehensive range of order types, including market, limit, stop, and trailing stop orders. SaxoTraderPRO is a professional-grade trading platform that offers advanced trading tools and features. It is designed for active traders and includes a range of tools that allow traders to monitor multiple markets and instruments simultaneously. The platform also includes advanced charting tools and a range of order types, including conditional orders and algorithmic trading capabilities. Saxo also offers SaxoInvestor, which is a user-friendly trading platform suitable for beginner investors who are interested in a wide range of asset classes. It provides a simple and intuitive interface with basic research tools and features, making it easy for investors to buy and sell stocks, ETFs, bonds, and mutual funds. However, advanced traders may find the platform's lack of advanced tools and customization options limiting.Deposits & Withdrawals Saxo Bank supports several deposit and withdrawal methods, including Online Banking, Electronic Direct Debit Authorization (eDDA), and Bank Transfer (Counter services or ATM).Conclusion Overall, Saxo is a multi-asset broker that offers a comprehensive suite of trading tools and services to help traders achieve their investment goals. However, potential clients should carefully consider the fees before opening an account. Also, dont forget check their user reviews on the Internet.Frequently Asked Questions (FAQs) Is Saxo legit? Yes. It is regulated by ASIC (Australia), FCA (UK), FSA (Japan), SFC (Hong Kong), AMF (France), CONSOB (Italy), FINMA (Switzerland), and MAS (Singapore). Does Saxo offer demo accounts? Yes. Does Saxo offer the industry-standard MT4 & MT5? No. Instead, it offers SaxoTraderGo, SaxoTraderPRO, and SaxoInvestor. What is the minimum deposit for Saxo? There is no minimum initial deposit to open an account. Is Saxo a good broker for beginners? Yes. It is a good choice for beginners because it is regulated well and offers various trading instruments with competitive trading conditions. Also, it offers demo accounts that allow traders to practice trading without risking any real money.Risk Warning Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.