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Top 5 Forex Brokers

Read our comprehensive Saxo Bank review below.


Found in 1992, Saxo Bank is a respectable forex and CFD brokerage firm with its headquarters located in Copenhagen, Denmark. This online broker is regulated by the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA).

At Saxo Bank, clients can trade a range of trading instruments, such as Stocks, ETFs, Bonds, Mutual funds, Forex, CFD, Commodities, Futures, Forex Options, and Listed Options.

The broker also offers a variety of trading platforms to its traders, including the SaxoTraderGO and SaxoTraderPRO platforms.


With over 20 years of experience, Saxo Bank is a well-known online trading and investments brokerage that operates all over the world. Like most online brokers, Saxo Bank is regulated by many worldwide financial agencies, including the UK Financial Conduct Authority and the Danish Financial Services Agency.

While one company, Saxo Bank has branches in different regions of the world which may operate slightly differently from each other. However, you should still find a good range of commissions, products, and fees to trade no matter where you are in the world. The bank is known for its incredible inventory of products and trading capabilities available to all types of traders.

Below, you will find a thorough review of Saxo Bank and its services. 



  • Access to some of the most powerful trading tools in the industry
  • Best prices and competitive trade rates
  • High-quality research teams give you the best and newest information
  • A very wide portfolio of products
  • Easy account setup
  • Diversity of trading platforms and instruments
  • Education and training available
  • Globally renowned


Due to the magnitude of products and services available, many people find Saxo Bank useful for different reasons. There are still some pitfalls to be aware of, though.

  • Some clients complain about high futures fees
  • No live chat available
  • No 24/7 customer service
  • Minimum deposit requirements can be high
  • High bonds and fees for other options

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As a global service provider, Saxo Bank is well-known throughout many pockets of the world. It has many subsidiaries across the globe that act as separate legal entities, so it can sometimes be hard to review Saxo Bank apart from its child companies. But in every country, it operates in, Saxo Bank is regulated strictly. This makes them a trustworthy financial broker to most investors.

As a combined bank and trading platform, Saxo Bank has opened the world of online investment to a multitude of trading tools and options to make global market trading available to just about everyone.

Saxo Bank was founded in 1992, making it one of the first online trading platforms in the industry. Currently, the bank specializes in trading and investment, offering brokerage services as well as training for those interested in buying and selling through various markets.


Saxo Bank is lauded for providing a diversity of services to both beginner and expert traders alike. This includes benefits such as:

  • Trading bonds, stocks, mutual funds, and more
  • Different trading platforms available, including exclusive Saxo Bank platforms and third-party choices
  • Quick deposits and withdrawals
  • Free trading education
  • Global currency options

The level of services and aid provided by Saxo Bank is almost complex. There are good trading opportunities and easy platforms to start on. Anybody can find success using Saxo Bank for any investment or trading needs.

Because Saxo Bank is so diverse in the number of services and structures it provides, it can be hard to tell if it is the best match for traders. This bank can meet many different needs and requests, but a better understanding of the company is necessary to make informed decisions.

It is important to look at key benefits and disadvantages before going into further review. Traders who are thinking about Saxo Bank might want to consider the following pros and cons of Saxo Bank before investing.

An in-depth review of everything that is offered by Saxo Bank can help interested investors determine whether this company is legit or a scam.


Individuals or companies who are looking to trade through Saxo Bank can choose between three different account types. Between the Classic, Platinum, and VIP account options, there are certain minimum deposits required. Account types are advantageous depending on the investor’s needs and how active they will be with the broker.

Classic Saxo Bank Account

This is an entry-level account that requires a minimum of USD $10,000 to get started. With the classic account, you can access over 40,000 instruments and trade across them in a variety of different ways. This is the most popular account type from this broker.

Platinum Saxo Bank Account

Those who are more experienced investors or who plan on investing a lot might upgrade to the Platinum account. There is a slightly higher minimum deposit of USD $20,000 required. A few more advantages allow for the optimization of liquidity and more hands-on support from the Saxo Bank team. This is a good account option for businesses.

Saxo Bank VIP Account

Only elite investors should consider the VIP account, which has a minimum deposit requirement of USD $1,000,000. Those who have a lot of money to trade and are looking to make high-end deals can consider this account type.


It is easy to open an account with Saxo Bank, but it may take a few days to complete. It takes less than 15 minutes to register but over 48 hours for the Saxo Bank team to verify and approve your new account.

First, you must fill out the sign-up form. Then you need to wait for approval. After that, you will be required to fund your account with at least the minimum required for your account type.

You will also need to verify your identity before you can continue. The best way to verify your identity and residency is to send a copy of your country ID or passport as well as a bank statement with your address clearly labeled on it. Once you are approved, you can fund your account and start trading.


Saxo Bank offers a free 20-day account demonstration. Investors using the demo will not be able to trade using any real money, but it is a good way to get familiarized with the vast tools and platforms Saxo Bank has available.

Making a demo account is simple:

  1. Register for an account and click on “personal demo account”.
  2. You can immediately access SaxoTraderGO and SaxoTraderPRO and check out their features.
  3. Upgrade to a real client account at any time.


Saxo Bank has one of the largest inventories of products available out of all global banks and trading brokers. No matter what assets you are looking to trade or what international market you want to tap into, the odds are that you will be able to do so through Saxo Bank.

There are many instruments of the trade that can be used through this bank.


One of the most popular tools of the trade, ETFs (exchange-traded funds) are widely available through Saxo Bank. There are over 3,000 ETFs from over 30 exchanges available around the globe.

Highly competitive pricing and high-level trading are some of the reasons why ETFs are so often traded through this bank.


Get access to over 37 global stock exchanges when you trade with Saxo Bank. This includes a total of 19,000 stocks, and that number is continuing to grow. There is great pricing with stock through this bank; US stocks start at just $3 and Hong Kong stocks start at HKD 60.

Active traders get lower rates over time. There are other tools available through Saxo Bank to help you connect with high-end traders while mitigating risk. There are over 50 tools and indicators available with integrated measures to keep you on the right track with your stocks.


Whether an investor is looking to trade majors or minors, there are several Forex spreads available through Saxo Bank. Competitive FX spreads allow experienced and newly trained traders to trade from 0.4 pips.

There is also access to vanilla FX options. Investors can invest in different options that have maturity rates from one day to one year.

Entry prices are cheap and even cheaper for those who are already active. Accompanying liquidity options allow you to have higher fill rates and better prices on overall trading.


Standard commission rates for bonds are low to start out with (usually around 0.20%), and they can drop even lower the more you trade. There is digital and physical bond trading available. Tier 1 liquidity is available through Saxo Bank to help you get the best spreads without paying the price for it.

Mutual Funding

Mutual funds are one of the more popular trading instruments that investors like to take advantage of with Saxo Bank. The company got rid of any custody fees or commissions, so you can just benefit from the savings. All you need to pay is a single management fee.

There are many funds and equities available, including:

  • BlackRock World Gold
  • BNY Mellon Emerging Markets Debt
  • BNY Mellon Emerging Markets Equity
  • Franklin Templeton Gold & Precious Metals
  • Franklin Templeton Biotechnology Discovery
  • Janus Henderson Horizon Global Property
  • Pinebridge India Equity
  • Schroders European Large Cap
  • Schroders Latin America

Mutual funds are available as long-term plans.

Listed Options

There are over 1,200 listed options available through Saxo Bank. You can find stocks starting as little as USD $1.25 or 1 EUR. With a combination of global exchanges to peruse, there is no shortage of listed indices, stocks, and commodities that can be invested in.

CFD Trading

Very tight spreads are available through Saxo Bank. Short or long sales are available with over 9,000 options. You can trade global CFDs or stay local and still access thousands of options.

One account can handle over 9,000CFD trading options. Single stocks, indices, Forex, commodities, bonds, and other index options are always available. Get CFDs on Forex pairs, government bonds, and global exchanges.

There is a wide array of assets available for CFD trading, which is what makes it a very common trading option for both beginners and veterans at Saxo Bank.


Commodities come in about every shape and form, and thousands of them can be traded through Saxo Bank. The broker has some of the most competitive starting price points in the industry and with almost unlimited trading flexibility.

Commodities can be explored through stocks, assets, sectors, and other trading options. Some investors prefer to track individual commodities while others are investing in a sub-sector of a certain commodity.


Trading futures is an option through Saxo Bank with over 200 futures available. You can invest in futures across 23 international exchange markets in many different industries, including:

  • Agriculture
  • Energy
  • Metals
  • Equities
  • Indices
  • FX
  • Oil

You can use the handful of futures tools that Saxo Bank provides to plan the timing of sales and trades just right. Trading from direct charts is also available.


You just need one Saxo Bank account to access all trading platforms. The bank offers flexibility so that individual investors or companies can trade in a unique way.

The major trading platforms available through this bank are Saxo Bank’s own web trading platforms. The original, SaxoTraderGO, offers access to everything the bank has to offer and can be downloaded in a wide number of languages.

Let’s take a look at them in further detail:


Saxo Bank’s own original platform, SaxoTraderGO, is a one-stop-shop for trading options. It provides super powerful features and user-friendly options to help everyone trade. Even those who have never traded before can easily get the hang of the market through the SaxoTraderGO platform.

Advanced features allow for things like automation, customizable interfaces, and cross-platform trading. It supports a huge inventory of products including ETFs, futures, Forex, and accounts using multiple forms of currency.

The desktop version of SaxoTraderGO is called SaxoTraderPRO, and it offers a handful of additional features and settings to amplify the user experience.


The desktop version of Saxo Bank’s trading platform allows for fully customizable features and comprehensive overviews of different trading options. It can also provide real-time updates and solutions to help you out of any sticky situation.

Some of the most notable features of SaxoTraderPRO include:

  • Performance Analysis – Updated bookkeeping tools allow investors to keep track of their trading history and make informed decisions in the future.
  • One-Click Trades – You can set up current and future trades to be fully automated. In a single click, a trade can be made, or a certain action can be taken on your account.
  • API Access – Account owners can access the Saxo API, which automatically sets up everything from orders, instruments, quotes, charts, and market infrastructure. Investors can use this to their advantage to easily find the trades they are looking for.

Trading on third-party platforms is available as well. Saxo Bank is a broker in partnership with many other brokers across the globe, and it is likely that other well-known platforms are available for trading through Saxo Bank.


Saxo Bank makes their trading accounts easy and accessible, so there are three different ways that people can deposit into or withdraw from their accounts.

  1. Bank Transfer

The most direct way for deposits and withdrawals, Saxo Bank allows direct bank transfers. Clients can use this method to withdraw funds from their Saxo Bank account into their personal banking account. Bank fees may be applicable, but no charges will come from Saxo Bank’s end.

  1. Stock Transfer

If a client does not want to deal in real money, stocks can be traded as well. They will act as a form of collateral that can be transferred for equal value to the money in your account. There may be fees applied when you are transferring stocks out of a Saxo Bank account.

  1. Debit/Credit Card Transfers

Another way to deposit direct funds into your bank account is through a credit card. You don’t have any deposit or withdrawal fees except for what comes from the bank. The trader is responsible for additional fees that may be incurred during this process.

Saxo Bank is one of the few large-scale banks with no withdrawal fees. In most other cases, Saxo Bank works a lot like its competitors.


Ratios and leverages are average with Saxo Bank. Investors are allowed a maximum leverage ratio of 1:200. Because there are so many different financial entities in charge of regulating Saxo Bank, the broker cannot offer bigger leverages than that.

Leverage can be too risky of a tool, especially for those who are just starting out. Significant gains always come at the risk of big losses, so this is something that Saxo Bank offers with a grain of salt.


Like every broker, Saxo Bank has some commission rates and brokerage fees to be aware of. When being compared to other global banks, Saxo Bank has an average rate of both trading and non-trading fees.

Most Forex and stock index CFDs are low. Bonds and futures, on the other hand, have a higher commission rate. Due to the quality of service and trust garnered by Saxo Bank employees, most investors have found that these commissions and fees do not scare them away from investing with Saxo Bank.

In fact, the larger the spreads are, the more competitive the prices. Saxo Bank leads the industry with rates that improve as the volume of trades increases.

A brief overview of some commissions and fees on Saxo Bank includes:

  • CFDs – Low commissions and spreads starting at 0.4 for USD $500
  • FX – Can start as low as 0.4 pip. Almost 200 FX pairs and 140 forwards available with good fees
  • Stocks – Commissions start at USD $3 for US stocks
  • Futures – Over 200 futures with commissions starting as low as USD $1.25 or EUR 1
  • Commodities – Can start at USD $1.25 per lot depending on commodity. Spot pairs, futures, and CFD commodities available at different commission rates
  • Bonds – Government bonds will have 0.05% commissions
  • ETFs – US-listed ETFs start at USD $3
  • List Options and Mutual Funds – List options start at USD $1.25 for a single lot. You can start mutual funds at USD $0 commission

It is easy to invest in different markets and funds without losing track of your commission rates. There are Saxo Bank experts that can help individuals manage their fees as well.


Saxo Bank is a leading educator among other things. Trader education is widely available as a member of the bank. There are video guides, mentoring opportunities, research modules, risk management classes, and even digital simulations to help investors get the hang of the trading game.

Saxo Bank experts will also occasionally hold seminars and webinars for people of all experience levels to attend. It is easy to get help through a community of active traders and experts.


There is a massive amount of research being done by Saxo Bank. This is a leading broker for technical analysis and market data sharing across the globe. There are both new research tools available and instant research information delivered to customers daily.

High-end and exclusive trader research is available with quarterly reports detailing new ventures for members to participate in. Saxo Bank particularly research charting, news, and fundamental data.

Free data is available on some stocks, editing tools, and news feeds through Saxo Bank. The research is always involving, and the company does its best to keep account holders appraised of updates.


Saxo Bank offers clear and concise customer service to clients of all account levels. While investors run into small issues here and there, most problems can be addressed and solved by Saxo Bank team members in a timely manner.

Saxo Bank customer service is available by phone or email. Unfortunately, there is no live chat or 24/7 service available, which is a big drawback for some clients. The customer service that does exist is available in a variety of different languages and in different regions across the globe so everyone can get in touch with a pro.

General contact information is as follows:

ADDRESS: Phillip Heymans Alle 15, 2900 Hellerup, Denmark

EMAIL: saxobankdenmark@saxobank.com

PHONE: +45 3977-4000


Saxo Bank is the recipient of many global awards over the last decade, including:

  • Best World Finance 2011
  • e-FX Awards 2012
  • Six Euromoney Awards
  • Shares Award 2011
  • Two awards at World Finance 2012 Foreign Exchange Awards

Saxo Bank continues to be recognized across the globe for its wide customer reach and availability on the worldwide market.


Saxo Bank is a highly reputable and regulated broker with international renown. Many financial authorities like the FCA provide regulations and restrictions to keep Saxo Bank providing excellent services at the excellent rates that it does.

There is a rewards program offered by Saxo Bank called SaxoRewards, which many see as a loyalty scheme. Participants of the program can receive points for every trade, which can then be used to upgrade their accounts and get better trading conditions. It is not a popular program, but it does not have many bad reviews either.

Other regulating entities include the Swiss Federal Banking Commission and Financial Conduct Authority. Saxo Bank has separate entities in certain parts of the world, so the level of safety and security in each reason may differ.

Most clients trust Saxo Bank, and those living in the European Union or MENA region may benefit from additional advantages as a member.


A complex, experienced, and trustworthy bank, Saxo Bank has a global reach and can be a trusted broker for investors of all experience levels. There is an enormous portfolio of wide-reaching tools and services to help make just about any kind of trade possible.

The lack of online chat functionality and 24/7 customer support can be a turn-off for some. The lowered commissions and fees can make up for this and may encourage investors to stay. There are so many instruments available that every Saxo Bank client can experience something different.

Saxo Bank Review

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