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Saxo Bank Review 2024: Read Before Using This Broker

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Saxo Bank Review: Our Take

Leveraging our expertise in Forex brokers and CFD providers we observed that Saxo Bank offers an ample selection of tradable instruments (over 70,000) and a sizable number of asset classes. 

It also has a clear fee schedule and is easy to navigate. That said, it does not offer popular trading platforms like MetaTrader or WebTrader, which may discourage users from looking for such options. 

Saxo Bank also has a limited number of payment methods available.

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Out of 5

Important Risk Warning: Investing in and/or trading CFDs, financial instruments, commodities, and other assets involves a significant level of risk. There is a possibility of losing all the funds you have deposited. Prior to engaging in any such activity, it is essential that you fully understand and acknowledge the associated risks. Please be advised that Skrumble.com does not offer investment or any other form of advice. The information provided in our review should not be construed as financial advice in any way.

Table of Contents
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    An Overview of Saxo Bank

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    Saxo Capital Markets was launched in Copenhagen, Denmark, in 1992 and in 1998 the Forex broker founded one of the first online trading platforms in Europe. 

    Currently, Saxo Markets has more than 1,000,000 clients globally and facilitates over USD 17 billion in daily trade volume.

    The broker also has 200+ banks and brokers using their technology.



    Key Features of Saxo Bank


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    SaxoTraderPRO is Saxo Bank’s desktop platform for advanced trading. It is a fully customizable desktop interface suitable for professional and advanced traders. 

    The SaxoTraderPRO platform is targeted at high-volume, active traders.

    Small or medium-volume traders, or long-term investors, may find the platform overwhelming. 

    SaxoTraderPRO supports up to 6 screens on Windows and Mac and offers several advanced trading features for executing different trading strategies. This includes high-performance tools with in-depth market analysis features that help you manage and execute orders such as Depth Trader, Advanced Trade Ticket, Algorithmic Orders, etc. 

    It also features fully integrated charts that allow you to open, edit, and close positions as well as over 60 technical indicators and a comprehensive suite of annotations. 

    SaxoTraderPRO offers a comprehensive account overview that allows you to analyze your trading performance and download trading historical reports. 

    You can analyze the performance of your trading strategies from the dashboard and view your Profit/Loss, returns, and performance history for different timeframes and accounts. 

    SaxoTraderPRO also features a suite of unique risk management tools. This includes Stop orders, Quick Close Positions, Margin alerts, Margin breakdown, Cancel all orders, and Account shield. 

    The account value shield acts as a stop loss on your entire account value. It closes all positions and cancels all orders (except bonds and mutual funds holdings) when triggered. 

    That said, SaxoTraderPRO is only available as a downloadable desktop application. It is not available in a mobile version. 

    It can be downloaded free with no monthly charges. While there is no subscription fee for the SaxoTraderPRO platform, some features like the Level 2 market data may require a subscription.

    Tradable Symbols Available On Saxo Bank

    Saxo Bank users have access to over 70,000 tradable instruments from across the globe. 

    Available instruments include Stocks, Exchange Traded Funds (ETFs), Exchange Traded Notes, Bonds, Mutual Funds, Crypto, Forex, CFDs, Forex Options, Commodities, etc. 


    Saxo Bank supports over 23,500 stocks from London, New York, and Hong Kong and over 50 stocks from other global markets. 

    Available Stocks include: 

    Shell PLC, Avantium, D/S Norden, ING Groep, Bayer AG, GIMV, Albemarle Corp, OCI, Baidu.com INC-ADR, Hal Trust, Elia Group SA/NV, Feely Automobile Holdings Ltd, Plug Power, First Solar Inc, Zeeland Pharma A/S, ASR Nederland, Société Generale, Thyssenkrupp AG, HSBC Holdings Plc, KBC Groep, Altisource Asset Management Corporation, Acme United Corp, Ault Disruptive Technologies Corp, Adams Resources & Energy Inc., AEON Biopharma Inc., AgeX Therapeutics Inc., AIM ImmunoTech Inc., Ashford Inc., Air Industries Group Inc., Ambipar Emergency Response, Ambow Education Holding Ltd – ADR, Aris Mining Corp., Armata Pharmaceuticals Inc., Battalion Oil Corp., Bancroft Fund Ltd, Flanigan’s Enterprises Inc., Birks Group Inc., Better Choice Company Inc, Perspective Therapeutics Inc., Camber Energy Inc. Etc. 

    Exchange Traded Funds (ETFs) 

    Saxo Bank supports over 7,000 ETFs from different major sectors including healthcare, tech, environment, etc. 

    Available ETFs include:

    SPDR S&P 500 ETF TRUST, xtrackers MCSI Japan UCITS ETF, Vanguard USD Treasury Bond UCITS ETF, Vanguard FTSE All-World UCITS ETF, iShares MSCI World Consumer Discretionary Sector U, iShares MSCI Wrld Comnctn Servcs Sec ESG UCITS ETF, SPDR MSCI World Consumer Discretionary UCITS ETF, SPDR MSCI World Consumer Staples UCITS ETF, iShares V PLC – iShares MSCI World, iShares MSCI World Energy Sector ESG UCITS ETF, iShares MSCI World Energy Sector UCITS ETF, Premia CSI Caixin China Bedrock Economy ETF, Premia MSCI Vietnam ETF, Global X China Consumer Brand ETF, Global X China Robotics and AI ETF, Global X China Clean Energy – ETF, Premia Dow Jones Emerging ASEAN Titans 100 ETF, Haitong CSI300 Index ETF, etc. 


    Saxo Bank offers over 5,900 government and corporate Bonds from around the world.

    There are about 2,400 offline bonds and 3,500 online bonds available for trading on the platform. 

    Available Bonds include Borsa Italiana EUROMOT Bonds, Bonds US Government, EUROTLX International, Bonds US Corporate – High Yield, Borsa Italiana EUROMOT Bonds, and Bonds APAC Local Currency


    There are 6 crypto FX pairs on Saxo Bank and about 12 Crypto ETPs

    Available Crypto FX include: BTCUSD, ETHUSD, BTCEUR, ETHEUR, BTCJPY, and ETHJPY 

    Available Crypto ETPs include 21Shares Polkadot ETP, 21Shares Cardano ETP, 21Shares Solana ETP, 21Shares Sygnum Platform Winners Index ETP, 21Shares Tezos ETP, 21Shares Bitcoin ETP, 21Shares Crypto Basket Index ETP, 21Shares Ripple XRP ETP, 21Shares Short Bitcoin ETP, 21Shares Ethereum ETP, Ethereum Tracker EUR XBT Provider – ETN, and Bitcoin Tracker EUR XBT Provider – ETN. 


    Saxo Bank offers over 185 Forex pairs and 130+ forwards across majors, minors, exotics, and metals. 



    Saxo Bank users can go long or short on over 8,800 instruments

    This includes Index CFDs, Stock & ETF CFDs, Commodity CFDs, Forex CFDs, Bonds CFDs, and Option CFDs. 

    Available CFDs include Gold continuous, Silver continuous, Platinum continuous, Palladium continuous, US Copper continuous, US Crude continuous, UK Crude continuous, Heating Oil continuous, Gasoline US continuous, US Natural Gas continuous, Emissions continuous, Corn continuous, Wheat continuous, Soybeans continuous, NY Sugar No. 11 continuous, NY Coffee continuous, NY Cocoa continuous, Live Cattle continuous, Cotton continuous, US Dollar Index, OMXSWE30, OESX, ODAX, NKY, NDX, MIBO, ESX, DJX, AEX, US Tech 100, GER 40, US 500 etc. 

    Other Instruments 

    Other tradable instruments on Saxo Bank include 17,400+ Mutual Funds, 320+ Futures from 25 global exchanges covering metals, agriculture, energy, equity indices, etc., 45+ FX vanilla options with maturities from one day to 12 months, and 3,200+ listed Options across equities, energy, metals and more, from 20 exchanges worldwide. 

    Saxo Bank Review: Fees and Spread

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    Saxo Bank charges traders for using its platform in different ways:

    Currency Conversion Fees

    If you trade assets in currencies that differ from your base denomination Saxo Bank executes conversions using the FX Spot mid-price like most forex brokers, based on when you close the position, +/- 1%. 

    Saxo Bank charges Platinum account holders up to +/- 0.75% and VIP accounts up to -/+ 0.5% of the conversion value. 

    This is inclusive of trading profits and losses. 

    Note that this currency conversion fee doesn’t apply to margin collateral

    It only includes settlements of actual payments from or to your trading account. 

    For example, paying or receiving Options premium, buying or selling cash stocks, etc.

    You can find the rates used for currency conversion under the Trades Executed report. 

    Custody Fees 

    For Saxo Bank trading platform accounts with Stocks, ETFs, ETCs, and bonds positions, Saxo Bank charges a custody fee of 0.15% per annum with a minimum monthly fee of EUR 5.0.

    Platinum and VIP accounts are charged up to +/- 0.12% per annum and +/- 0.09% per annum respectively. 

    A minimum custody fee is always applied to a default account and is calculated every day using end-of-day values and charged per month. Note that regional differences are applicable according to Saxo Bank. 

    Inactivity Fee

    Saxo Bank charges an inactivity fee of 100 USD or the equivalent of your trading account currency when no trades have been placed for 180 consecutive days (6 months).

    Manual Order Fee

    Clients who place orders over email, live chat, or phone calls are subject to a manual order fee of EUR 50 per order. That said, certain products that cannot be placed in the trading platform may be exempt. 

    Reporting Fee

    For Saxo Bank users on the Classic Service, the trading platform charges a USD 50 fee or the equivalent currency of the account when they request for reports to be sent by email. 

    This fee is also applicable to third-party requests like auditors.

    Instrument Addition Charge 

    Saxo Bank charges its Classic and Platinum account holders a USD 200 fee for every new instrument added. But VIP users can request a new instrument free of charge. 

    Note that this fee is only charged if the requested instrument is successfully implemented. 

    Trading Commissions


    Saxo Bank charges commissions starting from $1 on United States stocks.


    Trading Futures on Saxo Bank attracts commissions as low as $1.25 per contract.

    Listed Options

    For trading listed Options you’ll be charged commissions starting from $1.25 per contract. 


    Trading on all United States-listed ETFs you’ll need to pay commissions starting from $1. 

    Mutual Funds 

    There are no commissions, custody, or trading platform fees applicable when you invest in mutual funds. 


    On government bonds, you’ll need to pay commissions starting from 0.05%

    Payment Methods

    Saxo Bank offers 3 ways to fund your retail investor accounts which include bank transfer, deposit with Quick Payment, and card funding.

    Note that Saxo Bank does not receive payments from bank accounts or debit and credit cards that are not issued in your registered name (third-party funding). 

    Payments made to Saxo Bank from third-party bank accounts will be returned to the bank account or source credit or debit card. 

    Also, transfers made to Saxo Bank in a different currency from your trading account base currency are eligible for currency conversion, which comes with a fee.

    Saxo Bank Payment: Bank Transfer

    To fund your Saxo Bank account with bank transfer you need to use the details provided in the bank transfer module. You can copy the bank’s account details from within the module. 

    To fund, tap on the Bank Transfer button then select the Saxo Bank account ID you want to fund and follow the listed instructions. 

    Saxo Bank Payment Method: Quick Payment Deposits

    This deposit option is only available for Danish bank accounts. 

    However, Saxo Bank states that it is working to make this available for other countries. 

    That said, you can link your Saxo Bank account with your Danish bank account, which will provide a simpler way to fund your trading account by making quick payments. 

    To deposit funds to your account using Quick Payment, you need to have your Saxo Bank account connected to the bank on the account you intend to send money from. 

    You can connect your Saxo Bank account to your Danish bank account by going to any of the Saxo Bank trading platforms:

    • On SaxoTraderGo click Quick Payment 
    • On SaxoInvestor click Quick Payment
    • On SaxoTraderPro click on the menu button then tap on Deposits and Transfers and click Deposit Funds then Quick Payment

    Next, you’ll need to tap on Connect a New Bank account and follow the onscreen prompts. 

    Note that MitID is required to authorize the connection process. 

    After you’ve added your bank account you need to select the relevant bank account that you want to send money from and then choose the Saxo account to which you intend to deposit an amount. 

    Next, tap on Send and finalize the payment by signing in and conforming payment with MitID. 

    Once you deposit money from your bank account to Saxo Bank, your bank account will be linked to your Saxo Bank account

    That said, there are some restrictions with this deposit method:

    • Saxo Bank imposes a deposit limit of DKK 750,000 for all Quick Payment transfers.
    • You are only allowed to fund your Saxo Bank accounts in DKK and Danish banks with this payment method.
    • Saxo Bank does not allow you to pay into your Aktiesparekonto using Quick Payment

    Card Funding

    Saxo Bank supports credit cards and debit cards as deposit options. 

    However, this isn’t from all countries as Saxo Bank has restrictions on the countries they accept card deposits from

    To fund your account with a credit or debit card, log in and choose the card type you want to use for the transfer.

    Next, input the details of your credit or debit card (card owner’s name, security code like CVC or CVV, expiry date, card number, and billing address).

    After entering your details you can then finalize the transfer by tapping Make Payment. 

    Saxo Bank Security

    From our team’s direct experience with Saxo Bank, we can affirm that it is a secure broker that pays keen attention to the security of client assets and the trading environment. It is regulated by several financial authorities.

    Saxo Bank is a well-capitalized and well-regulated Danish (EU) bank that holds 3 banking licenses globally. 

    The broker does not have a loan mortgage or commercial loan book with the inherent risk of credit losses. 

    Saxo Bank is a member of the Danish Guarantee Fund. 

    Under the Guarantee Fund, client deposits are guaranteed with up to EUR 100,000 for cash deposits

    All users’ funds on the platform are protected under the Guarantee Fund, regardless of the classification status they hold on Saxo Bank. 

    Also, if Saxo Bank is unable to return users’ securities held in safe custody, the Guarantee Fund will cover up to EUR 20,000 per client. 

    Saxo Bank is compliant with the Danish Investment Firm Act which mandates all Danish banks to ensure that client rights to their securities are protected at all times. 

    Saxo Bank customers are protected against market volatility with the Account Shield. 

    The Account Shield automatically closes all open positions at the best available market rate once triggered.

    Saxo Bank also offers negative balance protection and two-factor authentication to users.

    Supported Countries

    Saxo Bank is available to users in over 180 countries. 

    Supported countries include Albania, Argentina, Australia, Austria, Bahrain, Belgium, Brazil, British Indian Ocean Territory, Canada, Cayman Islands, Chile, China, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Faroe Islands, Finland, France, French Guiana, French Polynesia, Georgia, Germany, Greece, Greenland, Guadeloupe, Guernsey, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Japan, Jersey, Jordan, Kuwait, Latvia, Lithuania, Luxembourg, Malaysia, Malta, Martinique, Mauritius, Mayotte Island, Monaco, Netherlands, New Caledonia, New Zealand, Norway, Oman, Poland, Portugal, Qatar, Réunion Island, Romania, Saba, Bonaire, Sint Eustatius, Saint Barthelemy, Saint Martin, Saudi Arabia, Serbia, Seychelles, Singapore, Sint Maarten, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Arab Emirates, United Kingdom, Uruguay, British Virgin Islands.

    Saxo Bank is not available in the United States of America or any other region where its services are restricted or prohibited.

    Licenses Held by Saxo Bank

    Saxo Bank A/S is the parent company and full or majority owner of all subsidiaries within Saxo. 

    Saxo Bank is designated a Systemically Important Financial Institution (SIFI) by the Danish Financial Supervisory Authority (FSA). Saxo Bank operates in the United Kingdom through its subsidiary Saxo Capital Markets U.K. Ltd.

    Below are the Licences held by each Saxo Bank subsidiary: 

    • Saxo Bank A/S is a licensed Danish bank under the supervision of Finanstilsynet 
    • Saxo Bank A/S Netherlands is regulated by the Bank of the Netherlands and the Danish Financial Supervisory Authority (FSA)
    • Saxo Capital Markets Pte Limited holds a Capital Markets Service license and is regulated by the Monetary Authority of Singapore (MAS). 
    • Saxo Capital Markets UK Limited is regulated by the UK Financial Conduct Authority (FCA).
    • Saxo Markets (Australia) Limited is regulated by the Australian Securities and Investments Commission and holds an Australian Financial Services License. 
    • BinckBank België is regulated by the Autoriteit voor Financiele Diensten en Markten (FSMA) and de Nationale Bank van Belgie (NBB).
    • Saxo Banque, French branch of BinckBank N.V. is controlled by ACPR (Autorité de Contrôle Prudentiel et de Résolution) and AMF (Autorité des marchés financiers).
    • Saxo Markets (HK) Limited is licensed and regulated by the Securities & Futures Commission of Hong Kong.
    • Saxo Bank (Switzerland) Ltd. is regulated by the Swiss Financial Market Supervisory Authority (FINMA) as a bank and securities dealer.

    Opening a Saxo Bank Account

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    To open a Saxo Bank account, go to https://www.home.saxo.

    Tap on the blue Open Account button. 

    On the page that opens enter your first, middle, and last name as shown on your passport. 

    You’ll also need to input your email address and select your country of residence. 

    Next, you’ll need to fill in personal details like your address, Date of Birth, phone number, financial status, etc.

    On the screen that follows the personal details pages, select your base account currency and the investable amount and input details about your trading knowledge as requested.

    Provide your Tax Information and follow the onscreen prompts to finalize the account opening.

    Saxo Bank will send you a verification email and you’ll need to click the link in the email to verify your address. 

    Note that before you can deposit into your Saxo Bank you must complete KYC Verification as required by the Danish Financial Services Agency.

    That’s it! You’ve set up your account. 

    Different Types of Accounts

    Saxo Markets offers the following account types: 

    • Classic account
    • Platinum account
    • VIP account

    The Classic account offers 0 minimum deposit while both the Platinum account and VIP accounts require a minimum deposit amount of 120,000 points and 500,000 points respectively to join.

    Trading Experience

    Our practical experience with Saxo Bank has shown us that the broker is best for beginners, advanced traders, and tech-savvy traders.

    The available proprietary trading platforms are seamless to navigate and look similar to WebTrader. 

    They also offer APIs that allow you to integrate the Saxo Bank trading platform features with your preferred trading interface. You can also choose from different portfolios and trading strategies based on your risk appetite.

    In general, it offers an all-round trading experience that caters to both beginners and advanced traders.

    Different Trading Platforms Used to Trade

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    Saxo Bank only supports proprietary trading platforms which include: SaxoTraderGO and SaxoTraderPRO.

    SaxoTraderGO Trading Platform

    This trading platform supports the following asset classes: Access stocks, ETFs, bonds, mutual funds, managed portfolios, options, futures, and other leveraged products. And offers these features: Enhanced trade tickets, fundamental and technical analysis tools, an extensive charting package, an options chain, performance analysis, and a comprehensive account overview. It also has a demo account where you can test your trade ideas.

    The trading platform supports a single screen and you can drag a chart to a second screen. It is accessible via mobile devices and desktops.


    This is Saxo Bank’s professional-grade trading platform and it supports the following asset classes: Access stocks, ETFs, bonds, mutual funds, managed portfolios, options, futures, and other leveraged products. And offers these features: Algorithmic orders, one-click trading, Options chains, charting packages, and analyzing trading performance.

    The trading platform interface is completely customizable across 6 screens with advanced workspace management and multi-channel linking between modules. 

    Third-party Tools

    Saxo Bank supports TradingView and Multi Charts integrations


    You can connect to Saxo Bank’s capital markets infrastructure via your preferred trading interface using the platform’s APIs: FIX API and OpenAPI.

    Customer Service

    Saxo Bank users can contact customer support by phone, Live Chat, and email. 

    It has dedicated support channels for SaxoTraderGO, SaxoTraderPRO, and SaxoInvestor. 

    Saxo Bank regional offices also offer customer support to customers via phone or email.

    Customer Satisfaction

    Through our team’s first-hand analysis of Saxo Bank, we observed that the platform’s customer support needs some improvement. 

    Customer reviews on third-party review platforms like TrustPilot also indicate that improvement is needed. 

    That said, Saxo Bank is suitable for beginners, intermediate traders, professional traders, and institutional clients as it has several features tailored to meet the needs of both beginner and advanced users. 

    Does Saxo Bank Offer Education?

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    Yes, Saxo Capital Markets has an education center targeted at beginners and features topics like Introduction to Trading and Risk Management Rules.

    Is Saxo Bank Right for You?

    Saxo Bank is a multi-asset class provider. It is best for traders looking for an ample selection of tradable instruments

    However, note that 64% of retail investor accounts lose money when trading CFDs with Saxo Bank so you need to understand the markets before trading.

    Final Thoughts

    Saxo Bank supports more than 70,000 instruments and has a seamless trading experience that caters to both beginners and professional clients. It also has no minimum deposit for the Classic account, which reduces the entry barrier for beginners.

    However, it has a limited number of deposit options and charges quite a lot of fees beyond trading commissions.

    Why not looking into another broker to have a better view of what the market has to offer? Read our complete OQtima review for an overview on one of the top online Broker.


    Most frequent questions and answers

    Yes, Saxo Bank A/S is a real bank with a bank license in Denmark under the regulation of Finanstilsynet (the Danish FSA).

    Yes, you can make money in OctaFX by studying the financial markets and buying or selling a currency pair, CFDs, metals, or commodities. However, Forex and CFD trading is extremely risky and you can lose your entire investment without proper knowledge. 

    You can also generate profit by copying other successful traders with OctaFX’s social trading feature.

    Yes, Saxo Bank Group is fully regulated in Denmark and 15 other regions.

    Yes, beginners have access to newbie-friendly educational resources to help them gain mastery of the markets. However, note that 64% of retail investors lose money when trading CFDs with Saxo Bank so you need to understand the markets before trading.

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