SaxoBank.com Forex Broker Review: Another Scam Broker?

SaxoBank Review: This is the website of a broker set up in 1992 – SaxoBank, a Danish investment bank that claims to offer online trading and venture.

It is one of the most seasoned forex brokers. Therefore, it is viewed as protected in light of its long reputation, its financial foundation, and its regulation by top-tier financial authorities.

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SaxoBank is a majorly-owned China-based Geel Holding Group company. And, it is one of the main retail forex and multi-resource financiers with controlled entities across 15 worldwide wards, including the UK, Denmark, and Singapore.

saxo bank forex broker review

It takes into account both retail institution customers. And, it boasts about its processing of more than one million exchanges for every day and holds €46 billion in resources under administration(AUM) overhauling 860,000 customers as of June 30th, 2019, after it obtained BincBank.

 

SaxoBank Forex Broker Trading Platforms

One of the critical focal points of the broker is the arrangement of its trading platform.

Surprisingly, it has become one of the greatest caliber and usefulness as referenced by traders in the system.

The improvement of its exchanging platform is a genuine advance by the company.

The company offers two of its trading platforms:

  • SaxoTraderGO – this is the broker’s active web-based platform that is structured around straightforwardness, yet is full of features.
    Graphing is robust, offering 55 indicators and almost 20 drawing instruments, including Trade Signals from Auto Chartist.
  • SaxoTraderPRO: The broker’s leader desktop platform is SaxoTraderPRO, which takes after the SaxoTraderGO regarding look and feel.
    The usefulness is comparable; still, the PRO platform offers a bigger determination of expert trading highlights.
    For instance, PRO backs up to six monitors, streaming Level 2 request books, streaming time and sales, and algorithmic requests.
    Note, extra information memberships are required to utilize devices like the streaming Level 2 order book, which is a basic industry practice.

However, this broker also offers the MetaTrader for traders who insist on using this platform instead of the Saxo Bank owned trading platforms.
Although, this isn’t a cheap offer as it imposes a minimum deposit of $20,000 which also includes a $2,000 monthly minimum spend requirement.

What SaxoBank Forex Broker Says it Offers

SaxoBank.com offers traders virtually all electronically traded asset class, including:

  • Spot FX
  • FX options
  • Non-deliverable forwards (NDFs)
  • Contracts for Difference (CFDs)
  • Stocks
  • Stoak options
  • Exchange-Traded Funds (ETFs)
  • Exchange-Traded Notes (ETNs) including cryptos, futures, contract options, and bonds

The mandatory SaxoBank minimum deposit is £500 in the UK for a Classic account.

The minimum deposit differs based on an investor’s residence and the account type an investor chooses.

For instance, the needed minimum is $10,000 for Middle-Eastern or Central European clients, and $2,000 for Australian or Swiss residents.

SaxoBank Forex Broker Account Types

SaxoBank.com offers 3 account types for UK residents although, account types might differ in other countries.

  • The Classic account type with a minimum deposit of £500 deposit
  • The Platinum account type with a minimum deposit of £50,000. This account type is for active traders.
  • The VIP account type with a minimum deposit of £1,000,000.

The broker reserves the VIP account for elite investors who deposit at least USD 1,000,000.

With Platinum and VIP accounts, an investor can gain better satisfactory pricing structures and discuss it with their personal account manager.

A potential investor from the UK can create a tax-efficient ISA/SIPP accounts as well.

Corporate accounts are also usable at Saxo.

 

SaxoBank Forex Broker Deposit and Withdrawal Methods

Deposit Methods:

  • VISA
  • MasterCard (credit, debit cards)
  • Bank transfers
  • Transfer of financial credit documents.

Withdrawal Methods:

  • VISA
  • MasterCard (credit, debit cards)
  • Bank transfers

 

Is Saxo Bank Forex Broker Licensed?

Yes, it is.

Specifically, it operates in agreement with the law of the Danish Department for surveillance over financial activities (FCA, license number 1149).

As per European laws, it is under the administration of the national banks of European nations; examine the rundown of European licenses by visiting the official website of the Broker, section “Saxo Bank License”.

Additionally, the broker likewise is a member of the Danish Guarantee Fund for contributors and speculators, and ought to follow the arrangements of the EU Directive “O markets in financial instruments” (MiFID).

 

Conclusion

SaxoBank beautifully unifies its desktop, web, and mobile platforms. And not only is the customer experience consistent, but it is also additionally wealthy with devices and research throughout.

This broker has a wide-ranging product portfolio, fulfilling the desires of even heavy traders.

Although, on the negative side, Saxo’s bond, alternatives, and features exchanging charges are high.

Also, the minimum deposit is generally high, ranging between $600-10,000 relying upon an investor’s residency. There is no live chat client service or all day/everyday accessibility.

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