Lots of banking services, in addition to actions, can be transacted or obtained on an internet platform. This applies to a lot of trading forms in addition to investment, too. Saxo Bank is one such association that made this movement by providing online services to clients. Clients of the Danish-based bank can get Saxo Bank trading on their Internet-connected gadgets among the other additional investment options offered.
Business Details
Saxo Bank was created in the year 1992 as a privately-owned firm. The headquarters of this bank are currently in Copenhagen, Denmark and it’s been able to set itself apart to become one of the main retail broker innovators in Europe.
The protection of trading at the bank is ensured from the 10+ financial regulators such as the UK FCA. The bank is one of the major retail broker innovators in Europe in addition to around the world.
Trading Platform
The trading platform provides users many different tools and asset types that span across international financial markets.
The SaxoTrader package can be obtained on many different devices and operating systems.
Saxo bank includes a very unique and thoroughly engaging internet trading platform for accessing its asset classes. It involves a one-step login procedure upon loading the program.
But for the more coveted accounts (VIP and Platinum), you get a more protected IP address connection for login. Even though it may appear complicated, it sports an easy-to-follow menu which makes navigation convenient.
Assets / Markets
The well-designed Saxo Bank trading platform comes with a varied product portfolio of markets which are readily available to exchange.
Including:
- Currency
- Bonds
- Equities
- ETFs
- Mutual Funds
- Options
- Futures
- CFDs
From the currency market, there are over a hundred major and minor currency pairs which may be traded.
Featuring 5,000+ bonds using 3,400 developed-market and 1,600 emerging advertising bonds, the Saxo Bank bond trading platform provides users with an intriguing asset class to exchange in. Additionally, users may obtain access to government bonds in 40+ nations.
Corporate bonds, even though available, are confined to 7 nations.
Spreads & Commission
The trading fees are rather high. For instance, the US stock trading of $15 is the highest when looking at renowned brokers. The future, bond and option fees are rather high when trading at reduced amounts. while forex, equity and CFD fees are average.
Saxo Bank commissions are mostly quantity-based. The typical commission is 0.005 percent but this is just applicable to the initial $50 million trading within a month.
Leverage
Forex is generally traded on margins, with every brokerage company having its leverage. Especially Saxo Bank leverage provisions are founded on a tiered margin methodology.
This includes a mechanism against scenarios on the political and economical landscape that can make the market risky and lead to sudden changes. Saxo Bank has a max leverage of 1:30 that is line with other controlled brokers in the EU.
Mobile Apps
The Saxo bank smartphone application is notable because it has the exact same outlay and layout workability as the online platform. Regardless of the lack of fundamental information and Saxo Select, it’s still highly usable. The Saxo Trader program can be downloaded in Google Play for Android systems and in the iOS shop for Apple devices.
Payment Procedures
The transfers take one to two workdays. Nearly all European customers need to move to some Saxo Danish account that requires a global bank transfer. Via the credit/debit card system, money is imputed to the traders’ accounts immediately.
But this will be subject to a fee of 0.5-2.5 percent by the card operator. Stock transfers occur through the transport of a stock portfolio. This may require a bit longer because it has to be processed by your present portfolio holder.
Saxo Bank withdrawal could be achieved to your own bank account or a broker account. The account has to be in your name. Withdrawal is at no cost.
Minimum Deposits
Minimum deposits fluctuate based on money:
- Denmark No minimum
- United Kingdom 500 GBP
- Singapore 3,000 SGD
- Malaysia 3,000 SGD
- Australia 3,000 AUD
- China 2,000
- Hong Kong 2,000
- Norway 10,000 NOK
- France 2,000 EUR
- Netherlands 2,000 EUR
- United Emirates 10,000 USD
- Czech Republic 10,000 USD
- Poland 10,000 USD
- Slovakia 10,000 USD
Demo Account
An instantaneous demo account gives traders the opportunity to observe the platform and assess performance. A complete demo account is subsequently additionally offered alongside a real account, and this also allows process testing and refinement.
Offers And Promotions
Research materials are available from both the internet and desktop platforms. Saxo also runs another page called tradingfloor.com where dealers can find more info on market numbers. Over there, they offer news, equity research, trade signals, macro events calendar and Saxo’s strategists opinions.
Bonus
Even though there’s absolutely no active bonus, the existence of competitive spreads on the a variety of asset categories makes this nearly negligible. This is important to forex trading as it’s commission based.
Additionally, an overview of the trade-related costs for any trade defines Saxo Bank as midrange compared to others. Bonus features are normally unavailable in market trading because moves like those are not approved by authorities since their result is more trading.
Regulation And Licensing
Saxo Bank is governed worldwide by over 10 financial regulators and is an extremely trusted brokerage company in Europe:
- Saxo Capital Markets UK Limited is regulated and authorised by the Financial Conduct Authority (Business reference No. 551422).
- BG SAXO Società di Intermediazione Mobiliare S.p.A. is authorized by Italian Economy Authority – Consob (Albo SIM – Reg. No: 296).
- Saxo Bank A/S Czech Republic is registered by the Czech National Bank (Reg. No: 28949587).
- Saxo Bank A/S Netherlands is registered by the Bank of the Netherlands (Reg. No: 34357130).
- Saxo Capital Markets Pte. Ltd. Singapore is filed as a Capital Market Services provider and an Exempt Financial Advisor, and is under supervision by the Monetary Authority of Singapore (Co. Reg. No: 200601141M).
- Saxo Bank (Switzerland) Ltd. (UID-Reg. No. CHE-106.787.764) is a licensed bank under regulation by the Swiss Financial Market Supervisory Authority FINMA.
- Saxo Banque (France) SAS is accredited as a Credit Institution from the Bank of France (Reg. No: 483632501 R.C.S. Paris).
- Saxo Bank A/S is accredited by the Danish Financial Supervisory Authority and works from the UAE beneath a representative office permit issued by the Central Bank of the UAE.
- Saxo Bank – Representative Office is accredited by the Central Bank of the U.A.E. as a Representative Office (Reg. No: 2017/995/13).
- Saxo Bank Securities Ltd. is accredited from the Japanese Financial Services Agency (Registration Number: 239).
- Saxo Capital Markets Hong Kong Ltd. is licensed by the Securities and Futures Commission in Hong Kong (Registration Number 1395901).
- Saxo Capital Markets (Australia) Pty. Ltd is licensed by the Australian Securities and Investments Commission (ASIC) (Reg. No: 126 373 859).
Additional Capabilities
Investors prepared to enlarge their understanding on trading markets could be easily assisted from the educational section of their Saxo platform. It sports online webinars where dealers could be taken through asset courses by trading specialists.
Alternatively, an individual can be a “student” in the Saxo Academy and also pick from the endless online tutorials out there.
Account Types
Saxo has four chief forms of accounts namely Classic, Premium, Platinum, and VIP. The accounts vary on the total amount of financing.
The Classic account demands the conventional minimum deposit that varies by state, Premium accounts require a minimum of $100,000, Platinum accounts a minimum of $500,000 and the VIP accounts a minimum of $1,000.000.
Using a Premium account, traders get access to complimentary extended news and study material. For the Platinum Card and VIP accounts, investors possess innovative customer assistance, logins which are IP-address-connected, thus more secure, and tighter spreads.
Benefits
Saxo Bank has established itself as a top brokerage innovator. A few of the features include exemplary research services containing a dedicated search team that always provides new trading ideas.
A well-detailed platform that allows traders to execute their own thoughts. A varied product portfolio which caters to heavy traders. Moreover, they have a client service that’s present in numerous languages.
Drawbacks
Saxo has some constraints which could be a deterrent to successful trading. For financing needs, a minimum of $2,000 is required which may wind up being a burden to investors. Small traders’ yields may be influenced by the large trading fees. The agent’s funding charges are among the highest on the marketplace.
Saxo Bank Trading Hours
The platform is available for trading 24 hours a day albeit 6 days weekly. Various money pairs have particular trading hours. The RON, ILS, SAR & AED and RUB trading hours are 08:15 – 17:00 CET, 07:00 – 17:00 CET, 07:00 – 15:00 CET and 07:00 GMT – 19:00 GMT respectively.
Contact Information Or Client Support
Reception: +61 2 8267 9000
Fax: +65 6303 7808
Site: www.home.saxo/au
Security And Safety
Saxo’s online platform features high-security elements since dealers’ vital information are needed when opening an account (a copy of an ID, passport or driver’s license). The login procedure for some of the account types are improved to protect user info. Platinum Card and VIP accounts that have an IP address connection to get secure login, for example.
Overall Verdict
This review is here to give you a closer look at Saxo Bank as a broker firm. The lender offers conducive and complex solutions via its trading platform. The study and client service staff are always available to provide assistance to dealers.
Moreover, its varied product portfolio comprising of asset types and global markets guarantees heavy traders of an enticing trading stadium. Despite needing high minimum trading charges, it’s a fantastic brokerage firm concerning service delivery. Saxo Bank remains at the top of its game.
Accepted Countries
Saxo Bank accepts traders from Australia, Thailand, Canada, United Kingdom, Singapore, Hong Kong, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other states.
Traders can’t use Saxo Bank from United States of America, India, South Africa, Nigeria, Brazil, Pakistan, Spain, Portugal, Mexico, Kenya.
