Saxo Bank Broker Review 2023

Saxo Bank (also known as Saxo Capital Markets) is a highly regulated online broker established in 1992 by Saxo Bank. It is known for being a leading fintech specialist, connecting traders and investors to over 40,000+ financial products including forex, cryptocurrencies, stocks, commodities, futures, forex options, listed options, ETFs, bonds, mutual funds, and CFDs (on forex, single stocks & ETFs, indices, bonds, commodities & index options) all from a single integrated trading account.

Saxo Bank offers trading solutions suitable for retail and institutional clients (such as banks, brokers, fund managers, money managers, family offices, and private banks). On the other hand, the services offered by the broker are less suitable for low-volume traders, as there are a few hurdles that a low-volume trader might encounter such as high minimum deposits (depending on region) and tiered pricing structures which are more favorable to high volume traders.

However, all clients using the broker can enjoy an extensive list of innovative trading solutions and services, such as deep liquidity, professional-grade trading platforms, low forex trading fees, quality in-platform research, quality educational offering, and great customer support service.

Saxo Bank Broker Overview

BrokerSaxo Bank
Head OfficeSaxo Bank A/S (Headquarters) Philip Heymans Allé 15 2900 Hellerup, Denmark.
RegulationsFSA (Denmark), FCA (United Kingdom), JFSA (Japan), ASIC (Australia), FCA (United Kingdom), Bank of France, SFBC (Switzerland), CONSOB – Italy, MAS (Singapore), JFSA (Japan), ASIC (Australia).
Trading Desk TypeECN/ DMA (Direct Market Access )
InstrumentsForex, Cryptocurrencies, Stocks, Commodities, Futures, Forex Options,
Listed Options, ETFs, Bonds, Mutual Funds,
CFDs (on Single Stocks & ETFs, Indices, Forex, Bonds, Commodities and Index Options)
Trading PlatformsSaxoTraderGO, SaxoTraderPRO, MetaTrader 4, TradingView, Open API For Excel.
Minimum DepositGlobal – $2000
Denmark & Norway – No minimum deposit,
United Kingdom – £500
Singapore – 3000 SGD
Switzerland – 2000 CHF
France, Netherlands, Australia – $3000
Payment MethodsBank Wire Transfer, Card Payments, Sub-account Transfer, Portfolio Transfer (Broker to Broker)
LeverageGlobal – 1:1 to 1:200
EU/ UK – 1:1 1:30
Lot SizesMicro, Mini and Standard
Demo AccountAvailable | Open Demo Account

Pros & Cons


  • Strong regulatory framework.
  • Over 25+ years of experience in the industry.
  • 810,000+ customers in over 180 countries worldwide.
  • Wide product portfolio.
  • offers managed portfolios (SaxoSelect).
  • Wide range of asset classes.
  • Top tier liquidity and no requotes.
  • The client’s funds are segregated.
  • Industry trading platforms are available for desktop and mobile devices
  • Low latency and superior trade execution.
  • Deep liquidity.
  • Negative balance protection for EU clients.
  • Competitive spreads.
  • Lower fee rates for active traders.
  • Outstanding research offering.
  • An extensive list of educational offerings (including webinars, courses, guides and tutorials).


  • The demo account duration is limited to only 20 days.
  • An inactivity fee is charged per quarter if you only hold cash funds in your account.
  • High minimum deposit in certain countries.
  • Limited deposit and withdrawal methods.
  • No support for e-wallet payments.
  • Does not offer live chat and 24/7 customer support.

License and Regulation

Saxo Bank is licensed and regulated globally, by top-tier regulatory bodies across the world, including;

  • FSA – The Danish Financial Supervisory Authority (Denmark),
  • FCA – Financial Conduct Authority (United Kingdom),
  • JFSA – Japan Financial Services Authority (Japan),
  • ASIC – Australian Securities and Investments Commission (Australia)

Accounts Types

Saxo Bank provides its clients with 3 different account types, designed to suit different trading needs. The three account types are designed in a hierarchical structure and the significant difference between each account type is the upgrade in trading conditions based on the trading volume of the client’s trading account.

The three account types offered by Saxo Bank include;

  • The Classic Account,
  • Platinum Account and the
  • VIP Account.

Classic Account

The Classic Account is the first on the list and the lowest on the hierarchy. However, clients still stand to enjoy a variety of optimal trading conditions such as tight entry prices; in-class digital service and support; 24/5 technical and account support, and more. The minimum required deposit on this account type is $10,000 (£500 in the UK).

Platinum Account

The platinum account comes second on the account hierarchy with a required minimum deposit of $200,000.

With the Platinum Account, traders stand to enjoy an upgraded service from the Classic Account such as; tighter spreads and commissions; up to 30% low prices; in-class digital service and support; 24/5 technical and account support; priority local-language customer support, and more.

VIP Account

This account type requires a minimum deposit of $1,000,000, as it is designed for clients with very large capital.

With the VIP Account, clients tend to get VIP treatments, as they are provided with the best prices and services as well as a bunch of other exclusive trading features such as; best-in-class digital service and support; 24/5 technical and account support; local-language personal relationship manager; a 24/5 direct access to the brokerages’ trading experts; 1:1 SaxoStrats access; exclusive event invitations and lots more.

Note – When you open an account, the broker places you in a tier, based on the initial amount you fund your account with over the first 30 days. After your first three months of trading, you will be automatically moved to the best tier that reflects your trading volume, with no additional funding required. 

Asset Classes

Saxo Bank offers 8 asset classes with over 40,000+ instruments available to trade from. The asset classes offered by the broker include; Forex, Stocks, mutual funds, ETFs, bonds, equities,
futures and commodities.

Saxo Bank Asset Class Details

Asset ClassesAssets
Forex182 Forex pairs across majors, minors and exotics, plus spot metals.
Stocks19,000+ stocks across core and emerging Bank, on over 30+ exchanges around the world.
Mutual Funds250 top-rated mutual funds from the world’s largest investors.
Exchange-Traded Funds3,000 exchange-traded funds (ETFs) from 30+ exchanges around the world.
Bonds5,000+ government and corporate bonds in Europe, the US, Asia, the Middle East and Latin America.
Futures200+ futures from 23 global exchanges, covering equity indices, energy, metals, agriculture, rates and FX.
CommoditiesA wide range of commodities such as CFDs, futures, options, spot pairs or exchange-traded commodities.

Spreads and Commissions

Saxo Bank offers one of the best prices in the industry when it comes to spreads and commissions. The broker offers tight spreads and low commissions which apply to all account types they offer as well as across all asset classes and products available on their platform.

  • FX – Spreads as low as 0.4 pips.
  • FX Options – Spreads as low s 3 pips.
  • CFDs – Spreads as low as 0.4 pips.
  • Stocks – Commissions from $3 on US Stocks.
  • Commodities – Commission as low as $1.25 per lot.
  • ETFs – Commission as low as $3 on US-listed ETFs
  • Futures – Commission as low as $1.25 per lot.
  • Bonds – Commission as low as $0.05 on government bonds.
  • Listed Options – Commission as low as $1.25 per lot.
  • Mutual Funds – Commission, custody, and platform fee at $0

Note – These are the base prices offered by the broker, for more details on the brokers’ prices, visit their website here.

Trading Platforms

Saxo Bank provides clients with their award-winning proprietary trading platforms, SaxoTraderGO and SaxoTraderPRO, and access to advanced third-party trading platforms like MetaTrader 4 and MetaTrader 5 TradingView.


SaxoTraderGo Trading Platfroms
SaxoTraderGo Trading Platform

The SaxoTraderGO is a web-based trading platform, with an advanced but easy-to-use trading interface. The trading platform comes with a bunch of essential trading features and is available across multiple devices (PC and mobile).


SaxoTraderPro Trading Platform
SaxoTraderPro Trading Platform

SaxoTraderPRO is an advanced professional-grade trading platform, built for advanced traders. The trading platform is downloadable and comes with a fully customizable user interface as well as several professional trading tools and features.

Saxo Bank Trading Platform Details

Platform FeaturesSaxo Bank
PC PlatformYes
Mobile PlatformYes
Web Trading TerminalYes
Social TradingNo
Copy TradingNo
MetaTrader 4Yes
MetaTrader 5Yes

Customer Support

Saxo Bank provides traders with a dedicated customer support team, available 24 hours every business excluding weekends.

The support team can be reached via live chat, support tickets, and telephone calls. Also, depending on your account type, traders and investors can get access to a prioritized local-language customer support service.


Saxo Bank is no doubt a fantastic broker overall, although it is more suited for professional traders and investors with huge trading capital, because the broker offers a high minimum initial deposit of over $10,000, along with their professional-grade trading platforms.

Among other great trading benefits offered, Saxo Bank also offers quality educational materials, a good range of asset classes with over 40,000+ instruments to trade, industry-leading prices, and dedicated customer support teams.