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REVIEW SUMMARY

Saxo Bank

Established in 1992 as a brokerage firm, by Lars Seier Christensen, Kim Fournais and Marc Hauschildt, Saxo Bank was one of the first financial institutions to develop an online trading platform. 

Saxo Bank launched one of the first online trading platforms, making professional-grade tools and multi-asset market access available to everyone in 1998. It provided ordinary investors with the same tools and market access as professional investors.

Saxo Bank adheres to strict regulatory requirements in in 15 jurisdictions, including Denmark, the UK and Singapore.

Our Verdict
A Closer Look
FAQs
Customer Reviews

Saxo Bank serves clients in over 120 countries, holds USD 16 billion assets under management and processes 125,000+ daily executed trades.

Saxo Bank A/S is a fully licensed European bank. 

All platforms are available with a single Saxo account.

The two types of platforms Saxo Bank offers are:

  1. SaxoTraderGO
  2. SaxoTraderPRO

SaxoTraderGO key features as stated by Saxo Bank include:

  • enhanced trade tickets,
  • fundamental and technical analysis tools,
  • extensive charting package,
  • options chain,
  • performance analysis
  • and comprehensive account overview.

The asset classes under SaxoTraderGO include: Access stocks, mutual funds, ETFs, bonds, forex, CFDs, futures, commodities, forex options, listed options, trading strategies and managed portfolios.

SaxoTraderGO is said to be free to set up and has no monthly platform subscription fees. Although some features, like the level 2 market data would require you to have a subscription.

SaxoTraderPRO is Saxo Bank's fully customisable, professional-grade platform.

SaxoTraderPRO key features include:

  • algorithmic orders,
  • one-click trading,
  • options chains
  • and charting packages.

Saxo Bank's revamped account section allows you to check and analyse account performance in detail. 

The asset classes under SaxoTraderPRO include: Access stocks, mutual funds, ETFs, bonds, forex, CFDs, futures, commodities, forex options, listed options, trading strategies and managed portfolios.

SaxoTraderPRO is Saxo Bank's advanced trading platform - and is said to be suitable for high-volume, active traders (we recommend reading the expert verdict).

Small, medium-volume traders, or long-term investors, may find Saxo Bank's web-based platform – SaxoTraderGO – more suitable.

NOTE:

  • Saxo Bank says that you can connect your Saxo account to a third-party platform to access customised tools that suit your specific trading needs and requirements. The features available include asset-specific analysis tools, advanced strategy backtesting and hyper-responsive charting.
  • Saxo Bank claims that their platform allows you to gain market access through a fast, flexible and fully-documented electronic infrastructure and receive tailored multi-asset liquidity via FIX API.
  • There is a low custody charge and monthly premiums compared to other options - this is the key attraction of this platform.
  • You can learn more about their prices here.
  • We would highly recommend reading the 'expert verdict' section to make an informed decision.

Additionally, here's a free guide that can help you achieve better results. In this guide, you'll learn:

  • Academic evidence only shared with a select few firms across the world
  • A real-life example of why you should never try to outguess the market
  • Why a fund's past performance is not enough to predict future returns
  • Why you need to focus on what you can control and why this leads to a better investment experience
  • Why you should accept the markets for what they are
  • What can impact behaviour and make people seek instant gratification

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The Pros

> Wide range of investments
> Fewer trading charges
> Saxo Bank rates exceedingly high in customer service
> Consistent focus on simplicity
> Good research tools
> Interactive mobile app

The Cons

> Complex choice of instruments
> No advice
> Inactivity fees
> High bond, options and futures fees
What does the in-depth research hub provided by SaxoTraderGO do?

Saxo Bank's in-depth research hub is meant to help you make better trading decisions with curated research content, including news, SaxoStrats analysis, price data, trade ideas and educational material.

This includes:

  • No matter which market you trade in, this allows you to quickly see the main instrument moves, latest news and gain trading inspiration.
  • It allows you to see live market updates and commentary from Saxo Bank's experienced global sales trading team.
  • You will also be alerted to any sudden price changes or important actions which may impact your individual positions.
What are Saxo Bank's platform risk-management features?

Saxo Bank offers tools to manage risk and control positions. These include:

1. Account shield:
Saxo Bank says that the account value shield acts as a stop loss on your entire account value. When it is triggered, it will close all of your open positions (except bonds and mutual funds holdings) and cancel all of your orders.

2. Stop orders:
Stop orders allows you to protect your positions from bad market moves with trailing stops and stop-limit orders.

3. Cancel all orders:
This allows you to cancel all orders with just a few clicks.

4. Margin breakdown:
Saxo Bank says that this allows you to easily monitor the margin utilisation for each instrument.

5. Margin alerts:
You can set up custom margin alerts to receive pop-up and push-notifications using this.

6. Quick close positions:
It allows you to close all FX and CFD positions, or just those within an asset class, by simply clicking twice.

 

Is there a web-based version of SaxoTraderPRO?

SaxoTraderPRO is a downloadable application only.

However, the platform, SaxoTraderGO, is web-based and you can access it without any download.

Is there a SaxoTraderPRO mobile application?

Yes, Saxo Bank has applications for iOS and Android.

If you are a client, you have access to their SaxoTraderGO platform.

All your personal settings, watchlists, orders and positions are synced with SaxoTraderGO, allowing you to trade anytime from a single account.

Can anybody use SaxoTraderGO?

Yes, SaxoTraderGO is suitable for traders of all experience levels, and is the preferred platform for the majority of Saxo Banks clients.

 

Is Saxo Bank regulated?

Yes, Saxo Bank is regulated by several financial authorities, like the Danish Financial Services Agency (FSA), the Financial Conduct Authority (FCA) and the Swiss Federal Banking Commission, among others.

Saxo Bank is based in Denmark and was founded in 1992.

Good but not great

Saxo is probably the best trading platform we currently have in Denmark. Low fees and ability to trade options.

However, the app web version is very unstable and often froze for me. The SaxoTraderPro platform is fairly good and customizable but it def. lacks some UI effort compared to Nordnet.

Expert assessment of Saxo Bank

If you were to invest in low cost ETFs as part of a passive strategy for the long term, you would benefit from fewer trading charges.

The key attraction of this platform is the low custody charge and monthly premiums compared to other options.

Although you would have to make a nominal trade every six months to avoid the inactivity fees, this platform provides a very cost-effective investment solution overall.

This platform is not available to US citizens or a handful of Canadian citizens depending on their area of residence.

Overall, Saxo Bank provides an excellent investment platform for those investors who are comfortable making their own investment decisions, can resist the natural temptation to make investment mistakes, and who do not need sophisticated facilities for wealth structuring.

For a Second Opinion on investments of approx. £250,000 or more, contact us today.

GET A SECOND OPINION

Saxo Bank - SaxoTraderGO Guide

Saxo Bank - SaxoTraderPRO Guide

Saxo Bank - CFD Trading Guide

Saxo Bank - Options Trading Guide

Saxo Bank - Company Fact Sheet

Saxo Bank - How To Trade Forex on SaxoTraderGO Retail

Saxo Bank - Order Execution Policy

Saxo Bank - Futures Contract Specifications

Saxo Bank - FX Vanilla Options Factsheet

Saxo Bank - FX Touch Options Factsheet

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