Saxo Bank Review 2022: Licensed and Regulated

It was founded in 1992, and it is regulated and approved by the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA). The regulation countries of the Saxo Bank are Denmark, the UK, France, Switzerland, Singapore, Japan, South Africa, Australia. 

The brokerage company offers various CFDs instruments, including Cryptocurrency, Forex, CFDsFutures, Commodities, Forex options, Stocks, Bonds, ETFs, Mutual funds, etc. The brokerage firm mainly offered three types of trading accounts: Classic Account, Platinum Account, and VIP Account.

The broker provides customer support services to the investors through phone calls, email service, etc., and it is also available in many languages. It depends on the customer which language is suitable for you.

The headquarter of the Saxo Bank is located at Philip Heymans Alle 15 2900 Hellerup Denmark. Before it starts trading with Saxo Bank, a trader needs to deposit an initial amount of $10000. In addition, the broker offers two types of trading platforms as SaxoTraderGo, SaxoTraderPro.

Pros and Cons to trade with Saxo Bank

Pros to trade

  • It is regulated and sanctioned by the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA).
  • Provides the best trading platforms
  • A trader has a Broad product portfolio.
  • Provides the best researching tools for trading.

Is Saxo Bank Scam: Regulations

Saxo Bank is the legit broker in the market, which is regulated and sanctioned by the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA). The broker’s platform is completely safe and secure for the traders to invest their money in the market. The broker offers the best trading accounts; it depends on the trader which account is suitable for trading.

SaxoBank uses the best technology for traders to invest their money in a secure way. In addition, Saxo Bank is one of the best online brokers for newcomers and professional investors.

Saxo Bank Review: Trading Account Types

The brokerage company offers three types of trading accounts as Classic Account, Platinum Account, VIP Account.

Classic Trading Account

An investor can trade 40,000 instruments from our most popular account. It is the best trading account for beginners to start their trading with this account then shift to an advanced level of trading account.

What are the key features of the Classic Trading Account?

  • In this trading account, a trader has tight entry prices.
  • Best-in-class digital service and support
  • The 24/5 customer support service is available for the investors.
  • Requires Minimum funding of USD 100,000.
  • A trader has benefited from industry-leading entry prices.

Platinum Trading Account

It is the trading account in which the trade has all types of features, including tools and indicators available for trading.

What are the key features of the Platinum Trading Account?

  • Receive even tighter spreads and commissions
  • Up to 30% lower prices
  • Best-in-class digital service and support
  • 24/5 technical and account support
  • Priority local-language customer support
  • Requires minimum initial funding of USD 200,000.

VIP Trading Account

It is the advanced level of the trading account used more by professional traders because their type of account requires a lot of things like experience and knowledge.

What is the key feature of the VIP Trading Account?

  • Get the VIP treatment with our best prices and service
  • Our very best prices
  • Best-in-class digital service and support
  • 24/5 technical and account support
  • Local-language personal relationship manager
  • Direct access to our trading experts, 24/5
  • 1:1 SaxoStrats access
  • Exclusive event invitations

Saxo Bank Review: Account Opening

Saxo Bank is one of the best online brokers in the market for its services and features. Before starting trading with Saxo Bank, a trader has to deposit an initial amount of money into the trading account that is $1000. Here is the essential step which the investor follows to open a trading account with Saxo Bank:

  • In the initial step, a trader has to apply online on the official website for the Saxo Bank and fill the application form in which they put all the investor’s personal information such as Name, Age, address, country, etc.
  • Give the answers to the questionnaire which is given by the Saxo Bank, which is related to the trading plan and goals.
  • Then a trader has to verify their trading account with the help of their government ID card.
  • In the end, deposit the initial amount of money that is $10000 into the trading account and start trading with Saxo Bank.

Saxo Bank Review: Trading Platform

The brokerage firm offers two types of trading platforms as SaxoTraderGo, SaxoTraderPro. Each trading platform of Saxo bank has a unique variety of features and functions, which makes it easy to predict the future market of the assets.

SaxoTraderGo

It is one of the best trading platforms of Saxo Bank. A trader has all types of trading tools and indicators essential while trading in the market.

What are the features of the SaxoTraderGo?

  • Enhanced trade ticket
  • Fundamental analysis tools
  • News and expert research
  • Technical analysis tools
  • Extensive charting package
  • Option chain

Saxo Trader Pro

Saxo Trader Pros is an advanced level trading platform that is not easy to use by beginners; it needs some knowledge and experience to handle.

What are the features of the Saxo Trader Pro?

  • Advanced trade ticket
  • Depth Trader
  • Time and Sales data
  • Algorithmic orders
  • Charting package
  • Option chain
  • Margin breakdown
  • Margin alerts
  • Account shield
  • Stop orders

Saxo Bank Review: Trading Instruments

Saxo Bank offers a variety of CFDs instruments, including Cryptocurrency, Forex, CFDs, Futures, Commodities, Forex options, Stocks, Bonds, ETFs, Mutual funds, etc.

Saxo Bank Review: Commission & Spreads

  • Saxo Bank charges a low trading fee from the investor.
  • The brokerage firm also charges low fund fees.
  • The brokerage company doesn’t charge any withdrawal fee from the investor.
  • A trader can deposit an unlimited amount of money into the trading account.
  • But on the other side, Saxo bank charges the inactivity fee from the investor if the investor is inactive in the market for the last 50-60 days in the market.
  • The broker takes High bonds, options and futures fees.

Spread of Classic account

  • EURUSD (Euro/US DollarGBP) 1.0 pips
  • USD (British Pound/US Dollar) 1.1 pips
  • GBPUSD (British Pound/US Dollar) 1.2 pips

Spread of Platinum account

  • EURUSD (Euro/US DollarGBP) 0.9pips
  • USD (British Pound/US Dollar) 1 pip
  • GBPUSD (British Pound/US Dollar) 1.1 pips

Spread of VIP account

  • EURUSD (Euro/US DollarGBP) 0.8 pips
  • USD (British Pound/US Dollar) 0.9 pips
  • GBPUSD (British Pound/US Dollar) 0.9 pips

Saxo Bank Review: Leverage

The brokerage company offers higher leverage of 1:30 to the investors. On the other side, it depends on the tradable instrument which the broker offers a type of leverage.

Note: The retail investor avoids the leverage amount given to the broker because if anything happens to you in the market, you will bear the financial loss.

Saxo Bank Review: Deposit and Withdrawal

  • The Credit and debit card option allows investors to deposit and withdraw their money from the trading account.
  • The brokerage firms don’t charge any commission while withdrawing the money from the trading account.
  • The broker also doesn’t charge any deposit fee from the investors.
  • 26 base currencies available for the investors.
  • With Saxo Bank, Electronic wallets are not available for deposit or withdrawal.

Saxo Bank Review: Educational and Research Support

Saxo Bank provides various educational and research Materials to the traders through Demo account, Platform tutorial videos, General educational videos, Webinars. After you gain knowledge of the market, you have to practise on the demo account first and select the best trading strategy useful in future trading.

Saxo Bank Review: Customer Support

The customer support service of Saxo Bank is fantastic for investors through phone calls, email services.

Email: [email protected]

Phone number: +45 3977 4000

Address: Saxo Bank A/S (Headquarters), Philip Heymans Alle 15m 2900, Hellerup, Denmark.

Final Verdict

Saxo Bank service is unique and fantastic for investors. The trading platform that Saxo Bank provides is having a variety of professional-level trading tools and indicators for trading. And it is also helpful to make a good profit in the market. Therefore, the customers of Saxo bank are completely satisfied with their services and features.

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