Saxo Bank review (2022) Review
Saxo Bank, an investment bank with Danish roots, founded in 1992, provides online trading and investment services. Saxo Bank is a multi-asset broker that offers investors and traders a wide selection of more than 40,000 tradeable instruments. Saxo bank heads for professional traders and set up a real account with at least $ 2,000, which is very new think. It used to be $10,0o0. They also offer a demo account, where you can test your skills. These numbers say a lot.
What can be traded
Saxo bank offers a wide range of products comprised of both leveraged and investment, and on their website, you can easily find any information you need.
It`s said, it’s maybe easier to list what they don’t offer. The platforms they use are SaxoTrader Go, SaxoTrader Pro. SaxoTrader Go is an award-winning trading platform.
SaxoTrader Pro is a fully customisable, professional-grade platform. Both platforms are perfectly described on their website. You can extend your trading capabilities by executing trades from one of their partnership platforms too.
Saxo Bank is regulated by several financial authorities, like the Danish Financial Services Agency, the Financial Conduct Authority and the Swiss Federal Banking Commission, among many others.
If you need to improve your skills or learn everything about their platform, you may use a free demo account. Other than learning on a demo account, you can take advantage of their webinars and attend educational videos. As I have mentioned already, the demo account is free of charge.
First of all, I liked that I could find all pricing simply on their website in the top panel. You can find the pricing overview, general charges, margin information and trading conditions.
They have average trading and non-trading fees. Trading fees are different between different asset classes.
I had a problem finding more information about the demo account and then register on it. I had to use the “Find” tool.
A simple form comes up for you to fill in and hit “Submit”. I immediately receive a welcome email. With ID number:
And then quick ways to get my live account and extra info.
Funny enough, I forgot my password and had to reset it. So, I tried that part of service. There was another small form to fill in and I received a new password in a minute.
To log in you need the ID number that has been sent to my email address, you need to have that handy. As soon as I logged in a set-up page appeared.
Although set up took longer than usual, I had a lot of options to choose from and a lot to think about. As a beginner, I found setting up a demo account quite annoying. But then in the end, I liked the fact, that I could either enter or take a tour.
SaxoTrader GO (web) and SaxoTrader PRO are amazing, thanks to their designs and trading tools. Saxo Bank set a high benchmark for others.
- Web-based platform. You can access news and analysis from their in-house experts and leading third-party providers, directly on the platform. You can also Trade directly from their live, integrated charts, view current and historical reports, analyse the development of your trades using time-weighted percentages.
- High-performance tools built to manage and execute orders, engineered for speed and productivity, you`re able to see real-time order executions on an exchange. Orders are fully integrated into the trade ticket.
This is my first view of the platform:
Technical analysis in the form of trend lines, indicators and oscillators are good enough, you will not miss anything and it’s all intuitive, you will find your way in a few seconds.
Social network activity
Saxo Bank is active on Facebook, LinkedIn and Twitter. They`re not as active as others on social networks. A post or two a month. On Facebook, it’s usually short news or a quote etc. LinkedIn has all information about Saxo Bank plus some posts and Twitter is the same. Some video posts, but no regular information bombing.
A summary of advantages and disadvantages
Saxo Banks nearly 30 years of history, operates multiple regulated banks and is regulated, making it one of the safest brokers. Saxo Bank provides traders with good pricing. For active traders with large account balance, they offer the lowest pricing in the industry.
The deposit is high, 10 000$. This broker isn`t prepared for beginners, although they have some educational tools. In this world, they`re not, active on social networks and they don’t have a live chat, which may be negative to some traders.
Saxo Bank review summary
- terrific platforms
- advanced tools
- demo account
- high deposit
- not very active on social networks
- no 24/7 or live support
Pros / Cons