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Regulated: Regulated by the FCA, JFSA and DFSA
Min Deposit: $5,000
Min Trade Amount: 5,000 units of base currency
US Clients:
Bonus: No Bonus Available
Leverage: 200:1
Free Demo Account:
Payment METHOD NAME Charge Time

Full Review

Introduction

Located in Copenhagen, Denmark, Saxo Bank is a market maker broker that offers the trading of  forex and several CFD instruments. Saxo Bank was founded in 1992 but obtained its European bank status in 2001. It is incorporated in Denmark with license no. 1149, and regulated by the Danish Financial Supervisory Authority (DFSA).

SaxoMarkets

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Trading Platforms

Saxo Bank provides four different trading platforms for traders:

a)    SaxoTrader – This platform is the flagship platform of Saxo Bank, permitting the trading of forex, CFDs, ETFs, Stocks, futures and FX Forward contracts, all from a single trading platform. This platform is a downloadable platform that must be installed and setup on the trader’s PC before use.

b)    SaxoWebTrader –The Saxo Webtrader is the web-based platform that runs with JAVA, providing traders with all the trading products on Saxo Bank;s platform without the need for any downloads.

c)     SaxoMobileTrader – The mobile trading platform from Saxo Bank has two versions. The first version is a browser enabled version that can be used on any phone with an internet connection. The second version is the trading application that is specifically built for the iPhone, iPad and Android devices.

d)    SaxoMT4 – The MetaTrader4 platform on Saxo Bank completes the trading platform suite

Account Types

Traders on Saxo Bank can operate three types of accounts:

a)    The practice account is basically a demo account.

b)    The Classic account is the basic live account type available on Saxo Bank.

c)     There is a Premium account which is for those who have more money to spare in opening a trading account on Saxo Bank.

d)    There is also a Platinum account for high net-worth traders.

Special Features

There are special tools on Saxo Bank, especially when it comes to market analytics. Traders can get access to a range of analytics tools bordering on technical and fundamental analysis.  There is market commentary, news about what is happening on trading floors, a financial calendar and up to the minute financial news.

Deposits and Withdrawals 

When it comes to deposits and withdrawal of funds on the Saxo Bank platform, traders can use the following means of transaction:

a)    Bank wires: Bank wires are the means of transaction that anyone in any part of the world can use. There are no restrictions as to the usage of bank wires for transactions.

b)    Credit Card: These are also used for depositing and withdrawing funds from the trading account. There are special instructions that go with the usage of credit cards on this platform. Cards accepted are those issued by MasterCard, VISA Electron, Maestro, Carte Bleue and DK. There are a number of restrictions to card usage. For instance, only residents of certain countries are allowed to use cards for first time deposits, and subsequently, the list of countries that have access to continuous usage of cards on Saxo Bank is pruned down even further. Transaction limits also exist. Prepaid cards are not accepted.

c)     Securities transfers: Securities transfers refer to a method of deposit where

The minimum deposit will depend on the account type the trader opens. Classic accounts attract a minimum deposit of $5,000. Premium account holders must make a minimum deposit of $100,000 while Platinum account holders are expected to deposit a minimum of $ 500,000 when opening accounts.

There are no limits or restrictions on the amount of money that can be deposited or withdrawn from a trading account, except for deposits made with credit cards that are restricted to a monthly sum of $160,000.

Traders must download and read the terms and conditions regarding use of the various payment methods on Saxo Bank so as not to be in contravention of funds transfer rules.

Customer Support

Saxo Bank’s customer support desk can be accessed via:

a)        Live Chat

b)        Phone: +45 39 77 40 00

The customer service desk is open from 8am to 4pm GM