top of page

SAXO BANK REVIEW: PROS & CONS

Have you come across this financial app and wonder what it is all about? In this review, we will walk you through the key points to consider when evaluating its features and benefits.

Last Update:

27.6.24

  • X
  • LinkedIn

BASIC INFO

Saxo Bank is an investment bank also offering online trading services. It provides access to a wide range of financial instruments and analysis tools.

Year

1992

HeadQuarters

Denmark

Service

TRADING

PROS & CONS

PROS

+20 Years in Business

This platform has been in business for over 20 years, demonstrating its experience and reliability. Users can trust the platform's long-standing presence in the industry.

Regulated by a Credible Government Agency

This platform is regulated by a credible government agency, ensuring that it operates in compliance with industry standards and regulations. Regulation provides a level of security and protection for traders, as it requires the platform to adhere to specific rules and guidelines designed to safeguard the interests of market participants. Trading on a regulated platform can enhance trust and confidence in the trading environment.

+1000 Stocks/ETFs Available

This platform offers a wide selection of over 1000 stocks and ETFs for traders to choose from, providing ample opportunities for diversification and investment.

Low spreads

This platform offers tight spreads, ensuring competitive pricing and cost-effective trading.

Multi-Asset Trading

This platform allows traders to engage in multi-asset trading, enabling them to trade various financial instruments, including stocks, ETFs, forex, and more.

DMA (Direct Market Access)

This platform provides DMA, direct market access, allowing traders to interact directly with the market and access liquidity without intermediaries.

Advanced Order Types

This platform supports advanced order types, providing traders with additional flexibility in managing their trades and implementing various trading strategies.

CONS

Poor Customer Support

This trading platform offers limited customer support, leading to delays in resolving issues or inadequate assistance for traders. With subpar customer support, traders may face challenges in getting timely responses to their inquiries, resolving technical difficulties, or receiving necessary guidance.

Lack of Educational Resources

This trading platform lacks comprehensive educational resources, making it challenging for traders to access valuable learning materials and enhance their trading knowledge. Without access to educational resources, traders may struggle to understand complex trading concepts, strategies, or market analysis, limiting their ability to make informed trading decisions.

APPS

SAXOTRADERGO

User-friendly platform by Saxo Bank. Offers access to a broad range of financial markets.

SAXOTRADERPRO

Advanced platform by Saxo Bank. Designed for professional traders.

Trading App

The image shows the user interface of the mobile trading application, highlighted by its intuitive and easy-to-navigate design.

The main screen presents a clear and concise view of the market, with quick access to a diverse range of assets, including stocks, forex, and indices.

ACCOUNT OPENING

How to Open a Trading Account with Saxo Bank


Opening a trading account is a process that involves several key steps to ensure both your trading needs and the broker's regulatory requirements are met. Below, we describe the process in detailed steps:


  1. Visit the Broker's Website: Access the official website (found in the index of this review). Look for the option to open a new trading account, which is usually clearly indicated on the main page.

  2. Complete the Registration Form: Provide your personal details, such as name, address, email, and phone number. Depending on the broker's need to know you better as a client, additional information about your trading experience, employment, and financial situation may be requested.
    Identity Verification: Upload documents to verify your identity and residence. This generally includes a photo ID (passport or identification document) and a proof of address (utility bill or bank statement).

  3. Set Up Your Trading Account: Configure aspects of your account, such as currency type, leverage, and, in some cases, trading preferences.

  4. Deposit Funds: Make an initial deposit using one of the payment methods accepted by the broker (We detail the alternatives later).

  5. Access the Trading Platform: Download and install the trading platform. Log in with your account details.
    Practice with a Demo Account (Optional): Practicing trading with virtual funds before risking real money means you won't be surprised when using real money.
    Start Trading: Once your account is set up and funded, you can start trading.



How to Deposit


Once you have decided how much to deposit and which method to use, making the deposit is simple and quick. Just follow these steps:


  1. Log in to your newly created account.

  2. Click on "Deposit Funds".

  3. Enter the amount and select the currency.

  4. Finally, select your chosen deposit method. Don't worry, it's a  secure and private process. Transactions are communicated using Secure Socket Layer (SSL) technology.


Below we show you the available alternatives.

Deposit & Withdrawal Methods

Bank Transfer
Wise

ASSETS & SERVICES

  • Stocks: Trading a wide range of stocks in international markets.

  • ETFs: A wide selection of Exchange Traded Funds available for investment.

  • Forex: Forex market operations with a wide range of currency pairs.

  • Funds: Access to mutual funds for diversified investment strategies.

  • Options and Futures: Options and futures trading for advanced investment strategies.

  • CFDs: Contracts for Difference in a variety of financial assets.

  • Cryptocurrencies: Cryptocurrency trading options and related products.

  • Bonds: Investment in bonds and other fixed-income instruments.

  • SaxoSelect: Automated portfolio management service for an optimized investment experience.

REGULATION

United Kingdom

FCA

Financial Conduct Authority

Japan

JFSA

Financial Services Agency

Australia

ASIC

Australian Securities & Investments Commission

United Arab Emirates

DFSA

Dubai Financial Services Authority

Denmark

Danish FSA

Danish Financial Supervisory Authority

United Arab Emirates

UAE Central Bank

UAE Central Bank

bottom of page