Saxo Bank Review 2023 Leading broker with 42,000+ instruments

At BrokerNotes.co, our data-driven reviews of online brokers are based on our own extensive testing of each broker’s products and services as well as the qualified observations of our expert editorial team. In conjunction with our sister site, ForexBrokers.com, we’ve published well over 100,000 words of research and collected thousands of data points across hundreds of variables. Our in-depth trading guides are created with the same rigorous, data-driven approach.

  • Rates, terms, products and services on third-party websites are subject to change without notice.
  • If that is the case, you can always take a look at our best brokers for beginners or consider using the popular MetaTrader 4 platform instead, which we will get onto next.
  • First, you may access stop losses or take profits to protect yourself from losses and secure your gains.
  • The comprehensive account overview allows traders to fine-tune their trading strategy.
  • This is well supported by their advanced charting and analytics capability provided by Tradingview, and trading platforms that are well-designed for professional trading purposes.

John Bringans is the Senior Editor of BrokerNotes.co and ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

Saxo Bank fees compared to IG fees

This means the traders may also enter short positions to target profits from downward market movements. The Saxo Bank UK clients are insured by the Financial Services Compensation Scheme (FSCS). This means that eligible clients’ funds are further protected by the insurance provided by the FSCS. To solve our own problem, we created a website that helps investors find, learn and compare the different platforms to save and invest online. Saxo Bank is a well-respected player in the investment world and is a great option for anyone looking to invest long-term or trade in more speculative products. The exceptions to this are if you are in France, Belgium, or the Netherlands.

Keep in mind that you may need to open an account with your local regulated entity of Saxo. Fill in your name, password, email and phone number and click ‘continue’. The next part of the form requires your address, financial information, tax information and business terms acceptance. Saxo Rewards is an award-based programme where you can earn reward points for every qualifying trade with different asset classes and trade sizes worth a varying number of points. You can also earn points for other activities, such as adding funds to your account. SaxoSelect has a service fee, trading fee and performance-based fee.

The SaxoTraderPro platform is fairly good and customizable but it def. Established in 1992 as a brokerage firm, by Lars Seier Christensen, Kim Fournais and Marc Hauschildt, Saxo Bank was one of the first financial institutions to develop an online trading platform. With over 660,000 satisfied customers, Saxo Bank offers world-class service around the clock. Whether you’re a high- or low-volume trader, you’ll receive first-class support tailored to your needs.

A key point to reiterate is that Saxo Markets does not offer MT4, the ever-present, white-labeled interface that is part of nearly every forex broker’s platform suite. The Saxo Quick Take is a short, distilled opinion on financial markets with references to key news and events. Compare Ukraine authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm’s ForexBrokers.com Overall ranking.

Saxo Bank vs Other Brokers

Meaning that if your account balance gets close to zero, the broker will close all of the active positions you hold. This is done to avoid a situation where traders could end up with a negative balance and become indebted to the broker. It is especially important for beginner traders as volatility increases during news announcements and rapid moves in price can be surprising for most. Where there is money to be made, a lot of financial traps and schemes can be found.

Saxo Bank is a multi-asset online forex broker offering leveraged trading opportunities and investment products. Our review covers minimum deposit requirements, trading fees, UK regulation, and more. Simply put, Saxo Bank ranks at – or near – the top of practically every category. Saxo Bank also supports a variety of third-party platforms, including the immensely popular TradingView platform.

When does a margin call take place at Saxo Bank?

SaxoTraderPRO is suitable for use by advanced traders and institutional clients, which trade faster via quick-close all features and view exchange order books and execution reports in real-time. On the other hand, Saxo TraderGO is a platform for retail traders. This type of platform offers easy portfolio management from a single account.

Saxo Bank Classic

The Saxo expert team provides daily commentary and in-depth analysis across the global markets, including annotated charts. Learning how to manage risk in the markets is one of the most important steps for any trader or investor. Take your strategy to the next level by learning to manage risks to your positions and investments. Autochartist is a powerful pattern-recognition tool which automatically monitors the markets on your behalf. It can identify chart patterns using technical indicators such as Fibonacci retracements.

Local law, regulation and redress processes will apply in almost all cases, and will be different from that of the UK. For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, saxo bank broker reviews cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. They may take one or two speculative positions with specific short-term expectations, or none at all if conditions aren’t favourable – the pulse of the market dictates.

Unique Features

It will depend if you must trade on the go, or if you prefer to view your charts, and tools on a desktop screen, choose what is best for you, though the broker offers some excellent choices in all regards. Saxo Bank offers their clients money protection which can provide you excellent protection if the company encounters serious financial problems such as bankruptcy or insolvency. Additionally, with this platform though you will have API support capabilities along with even more advanced trading features on major markets around the world in the US, EU, and Asia at your fingertips.

Saxo Banks offer traders over 35,000 assets in eight different categories and allows traders to operate a fully diversified portfolio. Educational materials focus primarily on platform and product tutorials and introductory coverage of fundamental and technical analysis topics with few skill-building resources. Then again, that fits with what appears to be Saxo’s unstated goal of attracting advanced, well-funded traders. There is no glossary, at least in the widely accepted definition of that term, adding another obstacle for lower-skilled traders. There is, however, a Frequently Asked Questions page that is functionally adequate.

Each aaccount level has its own facilities offering that can be adjusted to the needs of traders. The higher the level, the more complete the facilities provided. BrokerNotes is powered by a dynamic team of writers, researchers, content strategists, data analysts, editors, traders, and investors. We are obsessed with creating the best finance content on the internet, and we are dedicated to helping our readers make great choices for their money.

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