Saxo Capital Markets Review
Account Minimum: £1,500
Fees: EUR/USD min. spread 0.6 pips
Best for: Active traders and professionals
- Desktop Experience
- Mobile Experience
- Research Tools and Insights
- Investment Products
- Help and Customer Service
What is Saxo Bank?
Saxo Bank is one of the most important brokers in the world and probably together with Degiro, the most popular and well-known European broker; a broker that competes internationally with the world’s great brokes.
Saxo Bank is a Danish broker established in 1992 that bet heavily on the online market and later became an investment bank, being one of the main prime brokers in Europe and providing investment and trading services to private and institutional clients, including banks or hedge funds.
To get an idea of its size, the Saxo Group has offices in Denmark, London, Paris, Zurich, Dubai, Singapore, Shanghai, Tokyo, Hong Kong, Italy, the Czech Republic.
In particular, Saxo Bank is one of the great prime brokers of the world Forex market with collaborations side by side with the Bank of England, among other major players on the world scene.
In 2001 Saxo Bank became a legal bank in Denmark, making it fully regulated by European banking regulations. It goes without saying that such regulation is one of the strictest in the world.
Of course, it is a broker fully regulated by the Danish FSA, in addition to the different jurisdictions where its offices are located.
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In the event of a Danish bank going bankrupt, clients are guaranteed up to € 100,000 in cash deposits, something that covers investment and trading accounts with Saxo Bank.
Of course, few brokers have an institutional profile and as secure as that of Saxo Bank.
If you have had accounts with many of the Spanish brokers, for example, you may have noticed that many of them are a kind of white label of Saxo Bank, offering its products on its platform, which is only changed to reflect the brand of the broker in question.
The mythical SaxoTrader platform was the standard for many years in many of the Spanish brokers such as: Dif Broker , Self Bank , BNP Paribas Investors , Orey iTrade , Activo Trade , Andbanck, GPM Trader or KAU Markets.
All these brokers are partners of Saxo Bank, and in Spain you can only open an account with them. In case you want to open an account with Saxo it will be necessary to open an institutional account, of more than 100,000 euros.
In other countries, you can open an account with $ 2,000 for retail accounts.
Learn about the markets with Saxo Bank
As an introduction, we have several courses in video format in which we can see a summary of how markets work, such as:
Forex, margin and leverage
Forex options – exotic options
Futures – Supports, resistances and trends
Options – Long versus short, exercise
Futures – Discovering technical analysis
Futures – An Introduction
Options – An introduction
Bonds – The price of a bond
Bonds – How a bond is structured
Options – Trading calls and puts
Bonuses – An Introduction
Stocks – Why do investors buy stocks?
Stocks – How do investors choose stocks?
Actions – An introduction
CFDs – An Introduction
Open account with Saxo Bank
As in most online brokers, opening an account in Saxo is quite simple. We will only have to access the account tab and enter our data in the corresponding boxes.
Then we will have to provide our personal data, identity and residence documentation.
Unfortunately, accounts are not opened to citizens of the United States.
We will be able to deposit money in almost all major world currencies such as USD, EUR, JPY, GBP, AUD, CAD, CHF, ZAR, ILS, RUB, NZD, CZK, MXN, PLN, SGD, HKD, NOK, THB , TRY, HUF, and even in XAU or XAG (gold or silver) and platinum.
The account is normally opened in two days.
The deposit methods will be: transfer and credit and debit cards.
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Saxo Bank platforms
Saxo Bank’s two platforms are SaxoTraderGo and SaxoTradePro.
The first is the platform most used by retail traders and is based on web technology.
Despite this, it does not stop having almost all the functionalities of the Pro, since it has access to more than 30,000 instruments and almost all risk management tools.
In fact, you can have a global account in Saxo and access it online with the GO account or by PC with the Pro account.
On this platform we can access many Automatic Trading Systems provided by Autochartist. These signals are available both in Forex, stocks or CFDs. We can learn more about them by attending webinars provided by Saxo Bank. These trading signals are based on chart patterns, Fibonacci, and market turning points. In addition, you can access the statistics of these systems.
This platform is available in any browser in the world, as well as on Android and iOS systems.
This is the heir to the legendary SaxoTrader 2 platform and it can be used on Windows or Mac systems.
This platform is more suitable for professional trading, with tools that are not found in the web version, such as advanced market depth.
We may also make algorithmic orders with the systems provided by Saxo Bank.
Other functions of this platform are:
Account Shield – Protects the account in difficult situations
Types of orders: possibility of placing personalized protection orders
Quickly closed positions
Ability to cancel all orders quickly
Ability to view the entire account globally and effectively
However, SaxoTraderPro is more suitable for professional use and for high-volume traders, leaving the use of the Go platform for the rest.
The number of assets to be traded with this platform is greater than that of the Go, with more than 35,000.
Saxo Bank commissions and markets
In July 2018, a new maximum leverage will be applied for traders residing in Europe by ESMA regulations. The same, which will apply to Forex products and CFDs we have in the following table:
products New leverage
Main Forex pairs 30: 1 or 3.33% margin
Main indices, gold and minor Forex pairs 20: 1 or 5% margin
Lower indices, commodities and exotic Forex pairs 10: 1 or 10% margin
Actions 5: 1 or 20% margin
Cryptocurrencies 2: 1 or 50% margin
In Forex we can find fairly competitive average spreads, such as:
In addition we will have to pay commissions that will be lower depending on the volume that we negotiate.
There are six tiers and you pay from $ 5 per lot on tier 1, $ 4 on tier 2, $ 3 on tier 3, and $ 17 on tier 6.
Level 1 has a volume of up to 25 million traded monthly, two up to 100, 3 up to 250 and the last level, 6, is reached with more than 1 billion traded per month.
In addition, Saxo Bank teaches us the level of slippage that its different traded pairs incur. Here we can see that the impact of it is usually neutral since there is both positive and negative slippage.
Trading leverage is 50: 1 on the major pairs.
Forex Forward Outrights and NDFS
These are Forex-like futures contracts that will close at a certain date in the future.
They are widely used for trading and trading more exotic currencies with the yuan, the rupee or the Brazilian real, and are quite popular with many professional traders.
Forex options with Saxo Bank
Forex options are the classic Vanilla options, which have little to do with binary options.
There will be three types of commissaries to pay depending on the volume:
Level 1: Classic spread, and volume up to 50 million a month
Level 2: Premium spread and volume up to 100 million a month
Level 3: Platinum spread and volume of more than 100 million the month
The minimum volume of these options is 10,000 units or 10 ounces of gold.
The minimum commission is 10 USD.
Saxo Bank CFDs
Saxo Bank is one of the world leaders in CFD markets, with a portfolio that covers the vast majority of instruments in the world.
Let’s see their commissions
Spread / Commission Minimum
S & P500 0.9
IBEX 35 8
US Shares 0.02 USD Action Minimum 20 USD
Spain shares 0.10% Minimum 12 EUR
Germany Shares 0.10% Minimum 12 EUR
UK Shares 0.10% Minimum 20 USD
France Shares 0.10% Minimum 12 EUR
Japan Shares 0.15% JPY 1,000 minimum
WTI Oil 0.05
The leverage in the American indices is 40: 1.
In Europeans it ranges from 33: 1 on the DAX or CAC to 20: 1 on the IBEX 35.
The leverage of large-cap stocks will be up to 10: 1.
In gold it is 25: 1 and in oil 20: 1.
Shares and ETFs with Saxo Bank
US Shares 0.02 USD share minimum 15 USD
Spain shares 0.10% minimum 12 EUR
Germany Shares 0.10% minimum 12 EUR
UK Shares 0.10% minimum 20 USD
France Shares 0.10% minimum 12 EUR
Japan Shares 0.15% JPY 1,500 minimum
Hong Kong stocks 0.15% HKD 150 minimum
To negotiate with data in real time there are separate commissions.
The private level in the USA is 7 USD a month and in Europe 7 EUR.
0 – 1,000 > 1,000
EUR 3 2
GBP 2.5 1.5
USD 3 2
The shares to be traded in these contracts are the main ones in the markets.
Futures at Saxo Bank
1 – 250 251 – 1000 > 1001
EUR 6 3 1.5
USD 6 3 1.5
GBP 5 2.5 1.25
AUD 10 5 2.5
JPY 1,000 800 750
To see the margins on the different futures of Saxo Bank, click here.
Bonds with Saxo Bank
The typical cost of trading bonds is 0.20% and that of active traders is 0.05%.
Is Saxo Bank a scam?
Saxo Bank is not a scam as we are talking about one of the most important investment banks in the sector in Europe and the world, with a very strong presence in the prime currency markets and other niche markets. We are talking about one of the leading companies in the online brokerage sector.
In other words, Saxo Bank is one of the leading online brokers in the world, which if we add it to the fact that it is a bank licensed in Europe, makes it one of the safest and most reliable brokers on the market.
Saxo Bank review
With Saxo Bank we are talking about one of the great brokers in the world and therefore we will find references to it in innumerable channels. In fact, there are few brokers with more opinions on sites as different as this, as it is a broker with a huge presence both in Forex, stocks or futures markets, and in the most diverse countries.
For example, in one of the reference sites in the network for Forex issues, Forexpeacearmy , he came to have many negative opinions for all kinds of complaints related to trading and poor execution, especially many years ago. However, this does not mean that the broker is bad, but that in the world of trading and investment, but especially in the former, there are a lot of problems since it is a much more complicated and complex world than what street people think.
When you gain a lot of experience in the markets you realize that many of the “mistakes” of the past were not really that, but a consequence of the market conditions, which are very variable and sometimes capricious.
As I said, we can find Saxo Bank comments on sites as disparate as Trade2win , Rankia , Elitetrader or Forex Factory .
One of the most named points is the fact that many of the commissions are expensive. The latter has some truth, as it is true that it is not one of the cheapest brokers on the market, and even less if we compare it with specialist brokers from different sectors.
For example, a specialist futures broker like AMP Futures will have lower commissions than Saxo Bank, just as LMAX will have lower commissions on Forex, or DeGiro will have them on stocks. However, it is also true that once we operate a given volume we will be able to get much better commissions at Saxo Bank, which tells us that this is a broker focused on the institutional or large capital client.
In addition, we must bear in mind that few brokers in the world have a multiproduct offer of such a caliber, being able to literally trade any market in the world. In this sense, I would say that there is no broker for retailers with more products than Saxo Bank, being able to trade from futures to Forex options, through corporate bonds or commodity CFDs.
What’s more, in terms of commissions, despite being a little higher than many competitors, they are not so high that they cannot trade efficiently. Yes, it is true that to scalp many operations it would be better to go to some other brokers, but it is also true that this type of trading is the most dangerous in the world, as it is the fastest money is lost. For a swing or trend type of trading, Saxo Bank has great commissions.
Therefore, if you are looking for a broker of caliber, with impressive security, in which you can have a significant portfolio of shares, and at the same time trade futures or exotic Forex options, Saxo Bank is one of the best choices , definitely.
To finish, add the positive detail of the quality of its platform, which is one of the world’s leading in the retail trading sector, since a large number of the world’s investors use, without knowing it, Saxo Bank’s technology at the time to buy and sell stocks.
For more information, visit the website.