Saxo Bank Forex Broker Review

Account Types	Classic: no minimum, Premium: min 100,000 USD, Platinum: min 500,000 USD
Regulated By	DFSA
Leverage	200:1 max
Mobile Trading	Yes
Hedging Facilities	No
FIFO Rules	Rules applied
Scalping allowed	No
Swap free accounts	No
PAMM	No
Payment Methods	Credit Card, Wire Transfer, Debit Card
Demo Size	€100,000
Demo Duration	20 days
Platforms	SaxoWebTrader, SaxoMobileTrader, SaxoTrader

Saxo Bank is an international investment bank that deals with offering customers access to online gaming across a host of financial markets in so many countries. As a matter of fact, they get involved in the mother of them all –spot fx. As a completely licensed European Bank, based in Copenhagen, Denmark, it offers services only a small number of brokers out there can pride themselves in, as well as offering one of the most flexible online trading platform in the market.

Saxo Bank delivers Fx trading to its customers in a very unique way. Asides the fact that it offers a three “private client” trading platforms, it has remained a preferred choice for institutional investors, brokerages, and other trading partners.

Retail investors stand to gain a whole lot from Saxo Bank. They can select from a wide range of investment vehicles – like Stocks, Forex, and Futures. Saxo Bank offers two free demo accounts that you can select from and test the platforms. You’ll notice that Saxo Bank also offers binary options trading in addition to trading currency. Newbies actually get easily distracted by all of the unrelated forex terminologies on their chart, thus they prefer trading binary options with another binary option broker.

 

Trading Platforms

SAXO Banks’ trading platform is able to showcase three kinds of private traders. Investors who have small investments should go for the Saxo Mini Trader. This account type sees investments that range from $2,000 to $25,000. You’ll also find around 160 currency pairs as well as other investment vehicles. Saxo Trader accounts settles for a minimum of $10,000 and for investors who are a bit on the go, the Saxo browser based trading platform is a good way to get a hold of the market.

You can get a firm grasp of how things work on Saxo Bank when you employ the Saxo Mini Trader – which is a downloadable platform of around 8 MB. The demo account registration is short and smooth, after which you’ll be given a client ID and password.

The registration procedure for a real account is more engaging, as it contains a 20-page legal document and a 5-page client application that requires proof of address as well as identification. There’s also a requirement for financial disclosure, net worth and risk acceptance. You’ll be unable to fund your account until your application is processed and accepted.

Advantages of Saxo Bank Forex Broker

1. Saxo Bank employs the use of variable spreads, that helps keeps spread tight – which is every investor’s biggest worry.

2. Its platform has been proven to be reliable and stable. They have been put to test for several years, and have proven their worth as a traders delight.

3. There’s complete segregation of funds at Saxo Bank.

4. Accounts are funded via credit card and bank transfer, while withdraw can be done in reverse.

Disadvantages of Saxo Bank Forex Broker

1. Minimum account opening is $10,000.

2. United States citizens are not allowed on Saxo bank.

3. During news releases, the variable spreads can be a problem, except for those who are not willing to scalp the market during such volatile sessions.

Conclusion

On the overall, investors seem to be satisfied with Saxo Bank. If you have a penchant for high volume of information during trading, then you’ll most definitely enjoy Saxo Bank’s trading platform.

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