Saxo Bank review

Our rating

Saxo Bank scores 8.0 out of 10 on our table. That figure is an average of six things we assess, and it hides the shape of the broker: its strongest area is regulation at 10.0, its weakest is support at 5.8. Whether that gap matters depends entirely on which of the six you were going to use.

Regulation and safety10.0/10

Saxo Bank lists its authorisations as Danish FSA; FCA; ASIC; FINMA; MAS; JFSA; SFC Hong Kong; DFSA; AMF/ACPR and other European regulators. Those are tier-one authorisations, which is the strongest position a retail broker can be in - they carry leverage caps, client-money rules and, in several cases, a compensation scheme.

The licence that matters to you is the one held by the entity that opens your account, and at a multi-entity broker that is decided by your country of residence. Its registration can be checked directly on the Danish Financial Supervisory Authority register. It is a two-minute check and it is the only way to confirm that the firm taking your deposit is the firm named on the website.

Client money is held separately from the firm's own funds, with segregated bank/custodian accounts with regulated financial institutions - so that if the business fails, client balances are not part of what its creditors can reach. Negative balance protection applies to retail clients, so a gap through your stop cannot leave you owing the broker money.

On compensation: Danish DGS: cash deposits up to €100,000 and unreturned securities up to €20,000. That covers the broker failing, not your trades losing money - the two are frequently confused and only one of them is insured.

Saxo Bank does not accept clients from United States, Canada and sanctioned/restricted jurisdictions, plus countries where Saxo does not offer retail accounts. Restriction lists move, so confirm your own country before you spend time on an application.

What it costs to trade6.3/10

Saxo Bank advertises spreads from 0.7 pips. There is no separate commission on its standard pricing, so the whole of the broker's charge sits inside that spread - one number to think about, and no arithmetic at the end of the month. Put the two together and a EUR/USD round turn works out at approx. 1.0 pip, which is the figure worth comparing against other brokers.

An advertised minimum is the best price a broker has ever quoted, not the price you will get. On our record its measured average on EUR/USD is approx. 1.0 pip, Classic, and approx. 1.1 pips, Classic on GBP/USD. Spreads are variable, so they move with liquidity and widen around releases and the daily rollover.

Positions held overnight accrue a financing charge, which is irrelevant to a day trader and compounds for anyone holding for weeks. Currency conversion costs 0.25% where your account and the instrument use different currencies - worth avoiding by funding in the currency you intend to trade.

Platforms and tools9.6/10

Saxo Bank runs SaxoInvestor, SaxoTrader, SaxoTraderPRO, TradingView. Everything happens inside the broker's own software. That is simpler to start on - there is one interface and it was designed for this broker's products - and it is a dead end if you later want expert advisors, because none of the third-party ecosystem is available here. TradingView integration means you can analyse and execute in the same window rather than charting in one tool and trading in another.

Automation is supported: yes, through API/OpenAPI integrations. There is API access (Yes, OpenAPI and FIX API) for anyone connecting their own software. Copy trading is not offered.

Charting runs to 50+ native. Additional tools include tradingView, Autochartist, TipRanks and integrated trade signals. On mobile: both proprietary and third-party.

Markets, leverage and execution9.8/10

Saxo Bank covers Forex, FX Options, Stocks, ETFs, Bonds, Mutual Funds, CFDs, Futures, Listed Options, Commodities, Crypto ETPs. That comes to 71,000+ instruments in total. On the currency side specifically it lists 185+ pairs. Breadth is worth less than depth in the markets you actually trade - a hundred instruments priced well beats a thousand you will never open.

Leverage is capped at 1:30, which is the retail limit under tier-one regulation - a protection rather than a restriction. Our record for this broker reads "1:30 retail", and the difference between those figures is the entity you are onboarded to rather than anything you can choose. Whatever the headline, the number that governs your position is the margin requirement on the specific instrument - it is always lower on shares and crypto than on major currency pairs.

Execution is agency/principal hybrid with direct market access, meaning the broker is the counterparty to your trade rather than routing it to an external venue. It is a legitimate and very common model, and it is worth knowing which one you are dealing with. Measured speed is approx. 50ms. Its servers sit in global institutional data-centre infrastructure including London, which is what determines latency more than any software choice.

Order types available: market, limit, stop, stop-limit, trailing stop, OCO, algorithmic orders. Stops and limits are table stakes; what separates platforms is whether the ones you rely on are there and how quickly they can be modified once a position is open.

Accounts

Account types run to classic, Platinum, VIP, Professional, Corporate, Joint, Demo. There is no minimum deposit, so the account can be opened and tested with whatever you are comfortable risking. The smallest position it will take is 1,000 currency units / 0.01 lot equivalent, which is what actually governs how precisely you can size risk on a small account.

A demo account is available, which is the cheapest way to find out whether the platform suits you. Professional classification is available for clients who qualify, which lifts leverage caps and lowers the protections that come with retail status - a trade rather than an upgrade. Opening takes usually a few minutes.

Accounts can be denominated in 10 base currencies. Funding in the currency you trade removes a conversion charge from every position, which is a small saving repeated indefinitely.

Deposits and withdrawals

Deposits can be made by bank transfer, credit/debit card and portfolio transfer. They clear in cards generally instant.

Withdrawals go out by bank transfer to verified external bank account. Expect typically 1-3 business days. There is no minimum withdrawal. Check the withdrawal routes rather than the deposit ones. They are frequently not the same list, anti-money-laundering rules usually require funds to return the way they came, and the difference only becomes apparent at the point you want your money back.

Local payment methods include local bank transfer options vary by country - which matters more than it looks if you are outside the broker's home market, since an international wire is slow and expensive compared with a domestic transfer.

Support and education5.8/10

Support runs 24/5, which covers the trading week but not the weekend - relevant if you hold positions through it, and particularly if you trade crypto. You can reach them by phone, support ticket, platform chat/help centre. Live chat typically answers in under 5 minutes. Support is offered in multilingual.

Its education is substantial - platform tutorials, trading guides, webinars, videos, investment education and Saxo Academy - which is the difference between a broker that will teach you and one that will simply take the deposit. Research output covers Extensive: SaxoStrats, daily market analysis, analyst research, trade signals, fundamental data and market commentary.

The company behind the brand

The company behind the brand is Saxo Bank A/S, registered as 15731249. It operates from Hellerup, Denmark. It has been trading since 1992, which puts roughly 34 years and several market cycles behind it - including conditions that removed a good number of its contemporaries.

It is independently owned rather than part of a larger group. It is privately held, so its finances are not published the way a listed group's are. Headcount is in the 2,600+ range.

You may also see it under Saxo; Saxo Markets. Brands and legal entities rarely map one to one in this industry, and the name on the website is not always the name on the client agreement.