Saxo Bank was founded in 1992 by Danish entrepreneurs Lars Christensen and Kim Fournais. Initially the company name was Midas. It was changed to Saxo Bank in 2001 when the company obtained a European banking license.
Saxo Bank is headquartered in Denmark. Its representative offices are located in 24 countries all over the world.
Today Saxo Bank is one of the largest banks and brokers offering a wide range of financial and brokerage services. Its customers are individual traders and major investment funds in more than 100 countries of the world.
Saxo Bank provides trade financing to its customers, grants direct access to trading platforms, gives an opportunity to individuals, brokerage firms and other potential investors to allocate funds on the most beneficial terms. This range of services is a keystone of today’s trust relations of the company with its partners and customers. According to the company owners and lead managers, the primary focus is put on constant improvement of online trading information and trade technologies.
Information security and safety of funds, fast order execution and online trading systems control have long become a calling card of Saxo Bank and prove its close attention to customer needs.
Deposits and Withdrawals
Clients of the company can use state-of-the-art banking technologies to make a deposit and withdraw funds from the current accounts. They can use the following banking instruments:
- Credit cards of all banking payment systems;
- Bank transfers.
All transactions are carried within 1-2 days (as practice shows, it takes no more than 2-5 hours to process a payment). The high efficiency is mainly attributed to close cooperation of the broker with the world’s leading banks and largest payment systems.
Saxo Bank is a regulated broker. Its financial activities are regulated by the following organizations:
- FSA (UK);
- FSA (Denmark);
- SFC (Hong Kong);
- ASIC (Australia).
The company pays huge attention to funds transfer security and safety of customer deposits. All the funds deposited in customer trading accounts or rather their safety is guaranteed by the Danish Guarantee Fund for Depositors and Investors supervised by the Danish Ministry of Economic and Business Affairs.
To protect customers’ assets from unforeseen situations, Saxo Bank is widely using segregated accounts allowing to keep customer funds separate from the company funds. For its clients the company registers such accounts in the world’s major banks that are partners of Saxo Bank.
Bonuses and Promotions
Saxo Bank managers believe the highest recognition of quality of their services is the client’s desire to tell its friends about the broker. To encourage this desire in current customers, the company is offering a bonus referral program enabling its clients to get a bonus of up to 2 000 EUR for a friend invited. The size of the bonus depends on what account a referral will open:
- If a referral opens Saxo Classic account, the bonus is 300 EUR;
- If a referral opens Saxo Premium account, the bonus is 1 000 EUR;
- If a referral opens Saxo Platinum account, the bonus is 2 000 EUR.
Trading Accounts Types
Customers of Saxo Bank can trade using the following types of trading accounts:
- Saxo Classic. Minimum deposit is $10 000 USD;
- Saxo Premium. Minimum deposit is $100 000 USD;
- Saxo Platinum. Minimum deposit is $200 000 USD.
Trading terms for owners of different accounts are not much different. The maximum leverage is 200:1. The spread is fixed, from 1 to 4 points for different currency pairs. The minimum position size is 0.05 of a standard lot.
The situation with an access to research and information resources of the company is totally different. Owners of Platinum accounts have an access to Super VIP services including:
- individual pricing;
- currency options trading at interbank prices;
- priority service;
- access to “hidden” investigations and analytics.
Live accounts can be opened in the following currencies:
- Euro (EUR);
- US Dollar (USD);
- British Pound (GBP);
- Swiss Franc (CHF).
Trading Platforms Types
Saxo Bank is offering unique corporate software programs – trading platforms:
- SaxoTrader APPS;
- Saxo MT4.
One of the most important areas of Saxo Bank activity is partnership relations. In this regard, special mention should go to White Label Partnership program (WLP), which is aimed at promoting SaxoTrader platform. This trading platform being a corporate product is promoted by different brokers under their own trademarks. Saxo Bank specialists ensure technical support of the platform under this partnership program.
The above trading platforms are powerful software solutions, which provide real-time access to all trading facilities of the world.
Support service hours of Saxo Bank are 24/5. You can contact the support center the following ways:
- By multi-line phone with a callback;
- By Email;
- Through live chat on the company’s official website.
Customer support languages are as follows:
Pros of Trading with Saxo Bank
The main advantage of Saxo Bank over other brokers is a huge range of trading tools and trading conditions. Their number is so large that there is no sense to enumerate them in an article. You can have a detailed look at them on the company’s official website.
Besides, undeniable advantages of this broker are as follows:
- Simultaneous access to all instruments from a single trading account;
- A single marginal requirements record keeping system for all instruments;
- Professional corporate trading platform highly praised by users;
- Customer support in multiple languages;
- European legislation and deposit guarantee system ensure safety of customer accounts.
High swaps and small leverage are among the company’s disadvantages.
Saxo Bank Reviews
Andy Anderson: I’ve been trading with the broker for 3 years. Not only directly but also make a lot of transactions on its platforms. Saxo Bank is attractive by its “width”. They have all you need. I haven’t seen a broker with such a wide range of trading tools over more than eight years of my trading practice. As for quality of services, they need some improvement. First of all I mean high, too high swaps.
Michael Cropps: My opinion about Saxo Bank is rather good than bad. I’ve read a lot of reviews about this company and can say that most negative comments come from those traders who don’t trouble themselves to learn how the trading works. I can’t say that SaxoTrader is the easiest platform, but if you look into the matter thoroughly and properly adjust it – it will do miracles.
An insight into Saxo Bank left a complicated and controversial impression. Along with a high-tech well-planned platform, it has very poor selection of trading instruments. A wide range of trading tools declared by the company is actually not always available. Slippage is not uncommon. Probably the only perfect thing is deposit and withdrawal procedure, everything is done accurately and strictly. However, traders face much difficulty as there is no possibility of using online payment systems.