Saxo Bank Review 2023: A Scam Broker? Must Read Review

Saxo Bank


Min Deposit


Min Spread


Broker Trusted Points


Established in 1992, Saxo Bank is a popular Danish investment bank that offers online trading and financial services. Several global financial regulators regulate the company, including the Danish Financial Services Agency (FSA) and the UK’s Financial Conduct Authority (FCA).

Saxo Bank offers a global brokerage service provider, operating subsidiaries as independent legal entities in various parts of the world. The services provided by each entity may differ somewhat as per its overall rating, particularly in terms of pricing, product ranges, and local government regulations.

The broker is regulated by top-tier financial regulators and has a long track record and a banking background. These points ensure its safety and security as it is the best brokerage firm among others.

Saxo also provides traders with access to third-party tools that can improve their trading experience with various financial instruments, as well as APIs that they can use to create custom apps.

To learn more, read our Saxo Bank Review 2023 till the end. 

Saxo Bank Review 2023: Is Saxo Bank Scam? 

No, It is a legit forex broker. Saxo Bank is regulated by six tier-1 (high trust), one tier-2 (medium trust), and zero tier-3 authorities (low trust). The company’s registered office is situated at Philip Heymans Alle 15 2900, Hellerup, in Denmark.

The Australian Securities & Investment Commission (ASIC), the Securities Futures Commission (SFC), the Japanese Financial Services Authority (JFSA), the Swiss Financial Market Supervisory Authority (FINMA), the Monetary Authority of Singapore (MAS), and the Financial Conduct Authority (FCA) are the tier-1 regulators that regulate Saxo Bank Securities Ltd.

Having been regulated by several global financial regulator bodies, it is clear that the broker is legitimate and it is also easy to use.

Saxo Bank Review: Pros And Cons

As an outstanding and well-designed trading platform, Saxo provides a diverse product selection to fulfill the demands of even the most professional traders.

The disadvantages of Saxo Bank trading include a high minimum deposit, ranging from $600-$2,000 depending on where you live. There is also no live chat customer service or availability 24 hours a day, seven days a week.

Saxo Bank Pros: 

  • Regulated by several global financial regulators
  • Best execution of trades with excellent User-interface
  • Perfect platform for the professional and new trader
  • Wide range of product portfolios
  • Offers a great trading experience with its transparency.
  • Global market access

Saxo Bank Cons:

  • MT4 platform not available
  • US clients not accepted
  • Lacks 24/7 customer support

Types of Accounts: Saxo Bank Review?

To start trading, Saxo Bank trading provides three comprehensive account overview options (account types may vary in different countries):

  • Classic
  • Platinum
  • VIP

Classic Account:

This account type is generally preferred by new traders, who hesitate to invest much.

Features of Classic Account: 

  • Low Entry Fee
  • Good Customer Support
  • 24/5 Technical support to clients

Platinum Account: 

This type of account appeals to professional traders. The account offers low spreads and commission.

Features of Platinum Account:

  • Offer low prices up to 30%
  • Good Technical support to clients
  • Customer Service available in the local language

VIP Account: 

The VIP account of Saxo Bank trading is offered to high-volume active traders. The features of a VIP account include:

  • Offers the best pricing
  • Dedicated customer support
  • 24/5 customer support
  • Direct access to trading experts
  • Perfect for high volume trader

Saxo Bank Review 2023: Open an Account?

The account opening process at Forex Saxo is quick and entirely digital. Although online registration takes only a few minutes, account verification takes a little longer; to ensure it may take up to three days.

The procedure of opening a Saxo account includes three steps:

  • Submission of an application
  • Approval
  • Making a deposit

You must upload the following documents to prove your identity and residency:

  • National ID card or passport as proof of identification
  • Tax or bank statement as proof of residence

Note: You must make a minimum deposit in your account after approval in order for it to be active. Depending on the deposit type, funding might take anywhere from one to five business days.

Major Trading Instruments

The broker offers a wide range of financial instruments and various financial markets with each asset class, including:

  • Forex
  • Cryptocurrency
  • CFDs
  • Stocks
  • Commodities
  • Futures
  • Forex Options
  • ETFs
  • Equities, Energy, and Metals
  • Bonds
  • Old Mutual Wealth

Fees and Commissions

Overall, Saxo Bank charges average trading fees and commissions. Although the fee structure varies depending on the account type, it is straightforward and is also easy to compute.

In comparison to the Classic account’s fee structure, the prices for Saxo’s Platinum and VIP accounts is better. Overall, Saxo Bank has modest forex fees, which compare favorably to those of its selected competitors.

The broker offers 0.6 pip forex bid/ask spread minimums for a “standard” account. Additionally, for higher-tiered “platinum” and “VIP” accounts, average spreads fall, potentially resulting in significant active-trader savings. When trading other instruments, commission costs are applied to the mentioned spread.

Overnight holding charges are average to competitive, and if the client “only holds cash money” in their account, there is an inactivity fee of £25 every quarter. In addition, the broker charges zero deposit and withdrawal fees.

Non-Trading Fees

Non-trading fees at Saxo Bank are average. The broker charges zero fees on withdrawal and deposit; however, there is a high inactivity cost.

The fees for inactivity vary depending on where you live. It’s known as a trading platform fee in the UK, and it costs £25 every quarter.

If you simply have cash in your account, you will be charged a fee. You won’t be charged the platform cost if you’ve already paid a custody fee (more on that later).

The inactivity cost for non-UK consumers is $150 after six months (180 days) of inactivity. In this scenario, inactivity implies not making at least one deal. If you trade currency-denominated assets other than your account currency, you may be charged for currency conversion.

The mid FX spot rate +/-1 percent is used to compute the currency conversion rate. Platinum or VIP account holders receive a lesser markup (0.5 percent and 0.3 percent, respectively.) In addition, carrying costs will apply to positions held overnight in futures, CFD Futures, and short options.

Saxo Bank Review 2023: Deposit and Withdrawal? 

Saxo Bank offers a variety of free deposit and withdrawal options to choose from. You may pick from 26 different base currencies. You can also create many sub-accounts with different currencies, which is a good choice if you want to trade options with multiple currencies.

Multiple base currencies can be added to your main account; to add a new one, start an automated sub-account creation in the selected currency.

Trading Platform

Saxo Bank’s proprietary trading platform, with its simplified looks and extensive trading capabilities, are, without a doubt, excellent. Saxo Bank offers a high bar that is difficult to match.

Saxo Bank’s main trading suite includes SaxoTraderGO (web) and SaxoTraderPRO (desktop) and third-party trading platforms like TradingView, MetaTrader, and MultiCharts well as API trading connectivity.

In 2021, the Saxo Bank trading platform suite gained additional capabilities, including crypto trading, a new Hot Topics tab, and integrated webinars, among other minor enhancements.

Charting Platforms

I concentrated on Saxo Bank’s proprietary platform suite for my study. While the SaxoTraderGO web-based program is simple to use, it also offers comprehensive trading and charting features.

The platform is meant to bring tools and features within reach without making the experience cluttered or complicated, and the watch-list, screener, and notifications all function in tandem.

While engrossed in the platform, I felt zen-like tranquillity, enjoying its near-perfect combination of ease of use and complex functionality. Charts are as diverse and powerful as the platform itself, with 62 indicators, 20 drawing tools, and nine different chart kinds to choose from, all of which sync across devices.

SaxoTrader PRO Desktop Platform

SaxoBank’s premier desktop platform is SaxoTraderPRO looks similar to SaxoTraderGO. However, the PRO platform has more professional trading features than the standard platform.

PRO can handle up to six monitors and stream Level 2 order books, time and sales streaming, and algorithmic orders. Note that using technologies like the streaming Level 2 order book requires additional data subscriptions, which is a common industry practice.

Charting of SaxoTraderPRO is just as capable as the web version. Subtle details, such as the count-down timers that show how much time is left in each candle, are perfectly included.

Specialty Trading Platforms

TradingView, MultiCharts, Update, Dynamic Trend, and OpenAPI for Excel are just a few of the third-party platforms that Saxo Bank supports. There’s also the MetaTrader 4 platform. If you insist on utilizing MetaTrader instead of SaxoTraderGo (which I strongly discourage), you can do so – but it will be expensive.

A $20,000 minimum deposit is required to use MetaTrader with Saxo Bank and a $2,000 monthly commission/fee expenditure requirement. If you want to get out of the Saxo Bank experience, stick with GO and PRO.

Mobile Application

Saxo Bank’s mobile trading platform is available on both iOS and Android versions. We tried it on Android for our evaluation.

The app supports the same languages as the web trading platform and has the same search tools, order types, and notifications. It has a two-step authentication system.

On the other hand, the platform’s user-friendliness falls short of that of an online trading platform. Nevertheless, we enjoyed the sleek appearance, although the menu layout was a little complex, making it difficult to discover what we were searching for at times.

Features of Mobile App:

  • User-friendly Interface
  • Two-step authentication
  • Search Function Available

Educational and Research Support

Research Overview: Saxo Bank provides a wide range of comprehensive research
support in several formats across its websites and platforms (video, articles, podcasts, and headlines).

It offers in-house information, such as daily updates in the Market Analysis area, and third-party content, such as news headlines from sources including NewsEdge, Dow Jones, and RanSquawk.

Educational support: Saxo Bank to offer market research articles written and exchange-traded notes by each broker in-house Saxo Strategy (Saxo Strats) team under its Insights section, which may be sorted by analyst or asset class.

Client sentiment data, dynamic trends, and financial market movers are included in these articles, which are updated many times a day. There are also 20 beginner-friendly videos in the Insights area, ranging in duration from 5 to 20 minutes.

The Thought Starters series, which features brief essays on topics like using indicators for technical analysis or risk appetite management tactics, is quite beneficial to retail traders.

Customer Support

Saxo Bank offers customer service in a variety of languages. However, there should be an option for live chat. There is a range of languages available not just on Saxo’s stock trading platforms but also for customer service. Local languages, such as Hungarian, were found to be supported.

Overall, we were pleased with Saxo’s customer service. On the phone, we received helpful responses. However, the connection was slow. Email answers were usually received within one day, although they weren’t always correct.

A chatbot, similar to an intelligent FAQ, can also be used. It can respond to fundamental questions like “what is the inactivity fee?” but not particular questions.

Unfortunately, Saxo’s phone customer support is only accessible from 9:00 a.m. to 5:30 p.m. local time in 16 offices across the world.

  • 24/5 Customer Support
  • Phone No: +45 3977 4000, +44 (0)207 151 2100
  • Email: [email protected]

Saxo Bank Review 2023: Conclusion

According to Review, professionals and high-volume traders with well-funded accounts will find Saxo Capital Markets to be a good alternative. In addition, account profitability might be boosted by extensive and thorough research tools, an API interface, and discounted fees (high-tier accounts).

However, trader education is lacking, and customer service is poor. Saxo’s strategy leads one to believe that the company’s goals are entirely focused on larger-scale and professional account holders.

On the other hand, it’s impossible to predict fixed prices due to a bewildering number of charge schedules and hidden fees. Different rates are stated for comparable or identical instruments and locations, and commission and spread disclosures are sometimes conflicting for everyone.

Due to Saxo’s modest trade surcharges, limited training resources, somewhat high account minimums, restricted support choices, and higher-than-average bottom-line stock trading expenses, small and lower-skilled traders can find better offer elsewhere.

On the positive side, Saxo’s wide product portfolio, modern user interfaces, and superior research services, on the other hand, would appeal to a smart, well-funded market expert.

Still hesitate to start trade with Saxo Bank. Don’t worry; we have a few Best Forex Traders on the internet. The best alternative forex brokers in comparison to Saxo Bank include InvestBy and PrimeFin.


What is the minimum deposit in Saxo Bank?

The minimum deposit for the Saxo Regular Savings Plan is S$2,000, S$3,000 for SaxoTraderGO and SaxoTraderPRO, and S$0 for Saxo Investor.

Is Saxo Bank suitable for new traders?

Saxo Bank is a well-regarded online CFD and Forex broker, with a user-friendly SaxoTraderGO interface, reasonable pricing, 40,000 trading products, and exceptional customer support. This forex broker is recommended to traders of all levels, from new to expert.

Is Saxo Bank Safe?

Saxo Bank, which was founded in 1992, runs three regulated banks with license number of six tier-1 jurisdictions; hence it is a safe (low-risk) FX and CFDs broker.

Does MAS regulate Saxo Bank?

The Monetary Authority of Singapore (MAS) regulates Saxo Capital Markets Limited as a capital markets services license holder and an Exempt Financial Advisor.

Can I have 2 Saxo accounts at the same time?

Clients of Saxo Bank can open numerous accounts in the same or different currencies as their primary trading accounts. If a customer uses different trading methods, trading on multiple accounts can be highly profitable.

Are there any better Forex brokers than Saxo Bank?

If you’re not satisfied with the services offered by Saxo Bank, you can start trading with more reliable and secure forex brokers such as InvestBy and PrimeFin.

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