Saxo Bank Review: Ever since the internet’s inception, there have been many banking services, activities that can be accessed or transacted by making use of an online platform. The latter goes on to apply to other various investment or trading forms. Saxo Bank is an institution belonging to that same category, the one that offered services online for its clients.
Customers of this bank of Danish origin can access Saxo Bank Trading by using their devices connected to the internet amongst investment services otherwise offered by the.
Company Details
Saxo Bank is said to have been created in 1992. It was initially a privately owned company. The bank is said to be headquartered in Copenhagen, Denmark. It has managed to make itself unique amongst other retail broker innovators present in Europe.
The security of trading with Saxo Bank has been assured by over ten financial regulators, including UK FCA. The bank is said to be of global significance when it comes to retail brokerage innovators.
Trading Platform
The trading platform of Saxo Bank is said to offer a myriad of asset classes and instruments across space and financial markets.
The SaxoTrader suite is said to function on a plethora of operating systems and devices, including Windows on desktops. The latter is known to be functional on Android, BlackBerry, iOS, and others. It is known as SaxoTrader GO.
Saxo Bank is said to feature an extremely unique and web Trading platform that is engaging on a great level. Saxo Bank has a one-step process prescribed for logging in after the program has once been loaded.
In the case of VIP or Platinum accounts, however, an IP address link is said to be available for logging in, and it is knowingly safer. Seemingly complicated, Saxo Bank has a user-friendly menu that facilitates convenient navigation throughout the portal.
Assets / Markets
The Trading platform for Saxo Bank has been well designed. It is said to feature a different portfolio dedicated to product showcasing of available markets for Trading.
Including:
- Forex
- Futures
- CFDs
- Bonds
- Mutual Funds
- Options
- Equities
- ETFs
Certain alternatives have been recommended other Saxo Bank:
FXTM
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FXTM is said to be a major broker for forex and CFD. It is said to provide people with a myriad of markets and types of accounts. The latter supports their claim of catering to various levels of traders.
FXChoice
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FXChoice is a retail broker that is said to be offshore. It offers platform downloads from both MT4 and MT5.
eToro
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eToro is a platform of multi-assets known for offering investments in both crypto assets and stocks. It also even offers CFD Trading.
67% of accounts belonging to retail investors have been observed to lose money as traded CFDs with this provider. Before signing up for the same, one must consider whether or not they can afford a risk as high as losing their money. There are over 100 minor and major pairs of currency that can be traded within the forex domain.
With more than 5000 bonds along with 3400 developed-market as well as 1600 emerging market bonds, Saxo Bank’s bond platform for trading offers its clients a unique asset class to trade within. Additionally, clients are said to get able to access governmental bonds in more than 40 countries. Corporate bonds are available as well. They are, however, limited to 7 Countries.
Spreads & Commission
The fee charged for Trading is known to be quite high. The US stock trading, for instance, is at $15, the highest when compared to other leading brokers. Fees on Trading charged for forex, equity, or CFD are quite acceptable. The fees for future bonds and options are pretty high in case of lower volume trading.
Commissions of Saxo Bank are said to be largely based on volume. Forex fees, for example, are usually volume plan-based, which implies that the more you can trade, the less commission you are made to pay. The standard commission is said to be close to 0.005% but is only applicable in the case of the first $50 million worth of trading within 30 days.
Leverage
Forex is usually traded on margins, with each of the brokerage firms that are involved having its leverage. Saxo Bank has specifically made leverage terms that are based on a tiered margin methodology.
The latter is said to entail a mechanism of management instead of scenarios of political or economic significance that might or might be able to turn the market volatile, consequently leading to sudden and unpredictable changes. Saxo Bank is said to have a maximum leverage of 1:30 – a ratio that is close to the ones set by regulated brokers present in the European Union.
Mobile Apps
The mobile application that Saxo Bank has offered is said to be remarkably well. It has an outlay and design that is extremely close to the web-based platform version. Despite the absence of fundamental data &Saxo Select, the application has been extremely productive. The mobile application of Saxo bank can be downloaded from various sources, including both Google Play in Android devices and the iOS Store in case of Apple devices.
Payment Methods
Bank transfers have been observed to take around anywhere between one to five business days. A huge part of the European client base is said to require a transfer to an account that is Saxo Danish. The latter is done to facilitate any overseas bank transfers. By using a credit or a debit card, money can be credited to a trader’s account quickly and easily.
However, the latter can be partially subject to a change ranging between 0.5 to 2.5% by the card operator you’ve been allocated with. Transfer of stocks is said to place via a transfer of stock portfolio. The latter might or might not take a relatively longer duration of time, and the reason behind the same is quite simple – it has to be processed by your present holder of the portfolio.
Withdrawal from Saxo Bank is said to be transferred to one’s broker or bank account. The said account must be in one’s resume before participating in any of the activities mentioned above.
Minimum Deposits
Minimum deposits night or might not vary as per currency:
● Denmark – No minimum
● Hong Kong – 2,000
● Norway – 10,000 NOK
● Malaysia – 3,000 SGD
● Australia – 3,000
● China – 2,000
● France – 2,000 EUR
● Netherlands – 2,000 EUR
● United Kingdom – 500 GBP
● Singapore – 3,000 SGD
● United Emirates – 10,000 USD
● Czech Republic – 10,000 USD
● Poland – 10,000 USD
● Slovakia – 10,000 USD