Saxo Bank – The Best Forex Broker?
Read our Saxo Bank Forex broker review below...
...Saxo Bank is a Danish financial services company in the European and Asian stock markets. The company is regulated by the Regulatory Danish Financial Supervision Authority (DFSA) and also adheres to the European Directive on Financial Instrument Markets (MiFID).
Among clients there are hundreds of traders from around the world - the geography of distribution of company services reaches 100 countries. Saxo is headquartered in Copenhagen, with 12 branches in the world's megacities. An important achievement of Saxo Bank is a system of stable business partnerships under various programs.
Global regulatory licenses
Wide variety of trading assets
Professional work platform
Availability of investment service
High inactivity fees
High cost of trading accounts
Limited payment methods
No bonuses or promotions
Delay in withdrawing funds
Saxo Bank Review
The company was founded in 1992 under the Midas trademark, and it switched to the modern format in 2001 in connection with obtaining a European license. The Danish financial brand Saxo Bank is known all over the world: it can be judged on the official website of the company, localized in 42 languages. Its client base includes citizens of major European countries, as well as the Near and Middle East, Africa, America and the Asia-Pacific region. At the same time, its offices are located in Denmark, the UK, China, Italy, France, Switzerland, Singapore, the Czech Republic, Spain, Japan, Australia and the Russian Federation.
Saxo Bank Regulation
Saxo Bank operates under the control of the Regulatory Danish Financial Supervision Authority (DFSA), license number 1149, and is a member of the Danish Guarantee Fund for depositors and investors. The company also follows the provisions, norms and requirements of the European Union Directive on Financial Instrument Markets (MiFID). Depending on the jurisdiction, the company has licenses to carry out activities from organizations such as FCA, Bank of Italy, Czech National Bank, Bank of the Netherlands, Bank of Cyprus, MAS, SFBC (now FINMA), Bank of France, Central Bank of the UAE, JFSA, FSB, SFC, ASIC, CMBT.
Saxo Bank Platforms
The Saxo Bank trading platforms designed specifically, with a deep understanding of importance in a combination of easy interface and powerful capabilities. Whether the client is a demanding trader who’s looking for the performance and flexibility or an investor who require an easy platform on the go the Saxo Bank offers that solution by two types of the platform SaxoTrader and SaxoTraderPRO.
- SaxoTrader – allows you to trade on any device from a single account, as well as save and update personal settings and parameters automatically on all mobile devices;
- SaxoTraderGO – is a full-fledged professional desktop platform that allows you to trade on multiple screens simultaneously.
Saxo Bank Payments
Like many European brokers, SaxoBank provides a limited list of methods for depositing / withdrawing money. There are two options in total:
- Classic Bank Transfer;
- Bank Plastic Cards.
When withdrawing money for a larger amount than the transfer was made, the remaining money can be withdrawn only by bank transfer. There is also a ban on all types of financial transactions using payment details of third parties. Similar requirements are imposed by financial regulators. Any types of cash transactions are processed within 3-5 business days. The broker does not charge any additional fees from clients when transferring funds. To withdraw money, the application must be sent to the financial department of the company. Saxo Bank provides a safe service, the money of traders is stored in separate accounts separately from the company’s own funds. All transactions, both commercial and non-trading, are conducted through encrypted channels.
Saxo Bank Conclusion
Saxo Bank is a well-known broker whose activities are controlled by many serious and reputable regulators. An additional factor confirming the safety of the company is considered to be that it works with the NASDAQ and NYSE (New York Stock Exchange). These exchanges would not cooperate with scammers. In simple words, the question of the integrity of SaxoBank disappears. There are several awards on the broker’s website that serve the seriousness of the broker and confirm a positive impression. To protect the personal data of users, special banking technologies and firewalls are also used.
With Saxo Bank you have many options for trading financial instruments and you can take advantage of attractive conditions. Spreads are low in the Forex market, and you also enjoy great comfort when trading stocks. There is also a demo account, a mobile application and reliable support for you.
Saxo Bank FAQ on the broker
1 Is Saxo Bank a regulated broker?
Yes, Saxo Bank is regulated by SFBC, FCA, MAS, Bank of Spain ... in Denmark and others.
2 What trading platforms does Saxo Bank offer?
Saxo Bank offers the full suite of Saxo Trader, Saxo GO.
3 What is Saxo Bank maximum leverage?
Maximum leverage at Saxo Bank is 1:200.
4 What methods can I use to deposit and withdraw funds on Saxo Bank?
Deposits and withdrawals with this broker can be done using these methods: Maestro, Visa, Mastercard, Bank Transfer.
5 What is the spread of the Saxo Bank broker?
The spread for this broker is on average Saxo Bank is 0.4 - 16 pips.
6 What’s the minimum deposit to open a Live account at Saxo Bank?
The minimum deposit to open a Live account is 10,000 USD.
7 What cryptocurrencies are available at Saxo Bank?
In this broker are the following cryptocurrencies for trading: BTC/USD, ETH/EUR.
8 In what currency can I open an account with Saxo Bank?
With this brokers you can open an account in currencies: EUR, USD, GBP, JPY.
9 What Trading Instruments are available at Saxo Bank?
On Saxo Bank, you can trade financial instruments such as: Forex, CFDs, Commodities, Indices, Stocks, Bonds, Futures.