Claire is an experienced financial analyst with strong analytical skills. With her expertise and focus on thorough market research, Claire ensures individuals in the financial landscape are well-informed. Often in an engaging writing style, her content helps traders quickly grasp the market dynamics. As an Associate Editor of financial news at InvestingGuide, she provides an original analysis of the financial markets and economy. You’ll be at joy reading her flawlessly written content. She has written hundreds of pieces that simplify complex financial topics in plain language.
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Founded in 1992, Saxo is an investment bank headquartered in Denmark. It specialises in online trading and investment and has attracted over 1.2 million clients so far. From our analysis, the majority of Saxo clients praise it for being user-friendly on both desktop and mobile devices. Others also appreciate the diverse asset offerings, which have helped them easily diversify their portfolios.
As professionals in the financial space, we decided to analyse this broker’s features and services. Our Saxo review below will enlighten you on the broker’s strengths and weaknesses based on our hands-on experience.
In This Guide
Our Opinion about Saxo
Like any other broker we have tested, Saxo has pros and cons. For instance, it is licensed and regulated by multiple top-tier global authorities, including the Financial Conduct Authority (FCA). Plus, its platform is user-friendly and hosts quality trading tools for both newbies and professional traders. On the downside, we noticed that the broker has no third-party MT4/5 platforms. See below a summary of Saxo’s advantages and disadvantages for an informed decision.
Saxo
✔No minimum deposit requirement
✔Low commissions for all asset classes
Pros & Cons
Pros
- No minimum deposit requirement
- No inactivity fee
- Low commissions for all asset classes, from $1 on US stocks
- Quality learning and research materials
- Numerous asset offerings to choose from
Cons
- No third-party platforms like MT4/5
- High minimum deposits for Platinum and VIP accounts
Security & Regulations
Among Saxo’s features, we like that it employs strong security measures to protect its clients. For instance, we noticed that the broker’s platform is highly encrypted to secure users’ personal information and data. Plus, it features two-factor authentication to ensure clients’ accounts are secured from unauthorised access.
Besides being highly encrypted, Saxo is highly reputable, with over 1.2 million global clients. This shows how the broker is trusted by many, and any trader, from new to professional, is guaranteed an exciting experience.
When it comes to regulatory status, Saxo is licensed and regulated by multiple tier-one authorities. For instance, its activities in the UK are overseen by the Financial Conduct Authority (FCA). This authority has laid stringent rules requiring all UK brokers to secure clients’ funds in segregated accounts. This ensures not even the broker will have access to your money, especially in case it goes bust.
Saxo is also licensed and regulated in other global regions, thus further proving its credibility. Some of these authorities include:
- The Monetary Authority of Singapore (MAS)
- The Financial Services and Markets Authority (FSMA)
- The Securities & Futures Commission of Hong Kong
- The Australian Securities and Investments Commission (ASIC)
Platforms
Our experience with Saxo was exceptional. The platform has a modern design, and we seamlessly navigated its menu to access all its features. Moreover, signing up for trading and investment accounts was straightforward. We barely took five minutes to complete this process. Simply ensure you provide accurate details to avoid wasting time and quickly setting up your account.
If you are a beginner, Saxo has your interest at heart. The broker hosts a demo account with £100,000 virtual currency. With this account, you can gauge your skill level and explore the financial space assets to decide what best suits your skills. However, note that this demo account has a validity period of 20 days. Therefore, taking advantage of it while it lasts will help avoid risking real money until you feel ready.
Besides the demo, Saxo also has a live trading account where you can try your luck in earning real profits. This account is accessible via various platforms, including SaxoInvestor, SaxoTraderGo, or SaxoTraderPro. The SaxoInvestor is simple to use and has adequate features perfect for all types of traders. With it, users can invest in stocks, mutual funds, ETFs, bonds, and managed portfolios on their desktop or mobile devices.
There is also the SaxoTraderGO app you can download from Google Play or the App Store. The app impressed us with its simplicity, which we believe any trader will benefit from when managing their activities, especially on the go. And the best part is that this app hosts advanced fundamental and technical analysis tools. It also comes with an extensive charting package loaded with live integrated charts, drawing tools, and over 40 technical indicators. This allows users to extensively conduct market analysis and develop strategies that might increase their profitability.
For professional traders looking for more advanced resources, Saxo hosts a SaxoTraderPRO platform. The platform is fully customisable and has numerous advanced features, like the advanced trade ticket tailored for optimum productivity and speed. We also discovered the time and sales data that allows users to view real-time order executions on some exchanges and use generated insights to make informed decisions. Other advanced resources include depth trader, algorithmic orders, charting packages, and option chains.
Fees & Commissions for UK Traders
Saxo is one of the brokers in the UK with transparent fee structures. While analysing its trading and no-trading charges, we noted that the broker has no hidden charges. This makes it easier for users to plan and budget for their activities without worrying about extra charges once fully invested.
Additionally, we find Saxo affordable since it charges low commissions, starting at $1 on US stocks, ETFs, and futures. For traders interested in options and government bonds, Saxo charges low fees, starting at $0.75 and $0.05%, respectively.
When it comes to Saxo’s minimum deposit requirement, the broker has none. This means that any trader, whether new or budget-conscious, can create a trading account with the broker and start exploring the financial space. However, expect to incur a currency conversion fee, especially when you trade using a different currency from your account’s base denomination. The good news is this fee doesn’t apply to marginal collateral and can never exceed +/- 0.25%.
Financing charges for positions left overnight are also applicable at Saxo. For investors, expect to incur annual custody fees if your account holds stock, bond, or ETF/ETC positions. The exact fee will vary depending on your account. Our analysis showed that you will pay up to 0.15% for the classic account, 0.12% for the platinum account, and 0.09% for VIP accounts.
Lastly, Saxo charges fees for additional services besides those mentioned above. For instance, it imposes a $50 fee for online report requests. Plus, transactions are free, and there is no inactivity fee should your account stay idle for some time.
Product Offerings
Overall, you will explore more than 71,000 trading and investment securities. The instruments are divided into investment and leveraged products, so every trader can easily choose what suits their skill level. Some of the investment products include stocks, ETFs, bonds, mutual funds, and crypto ETFs. Moreover, there is the managed portfolio feature that allows traders to see Saxo’s professional services when navigating markets and managing their investments.
When it comes to leveraged products, Saxo offers options, futures, forex, forex options, crypto FX, CFDs, commodities, and Turbos. This wide array of securities allows traders and investors to easily diversify their portfolios. As a result, they get to mitigate the risks that come with investing in a single asset.
Note that trading carries risks, especially those involving leverage. Therefore, understand all the risks involved before engaging in this trading method. Plus, conduct thorough market research for solid strategies that will increase your chances of earning profits.
Saxo Support Service
Saxo has a dedicated team of professionals at your beck and call for assistance. We tested its reliability and can confirm that the team is responsive via phone, email and live chat. Although you can only contact the team five days a week, rest assured of quality assistance. The representatives are prompt and patient, ensuring users are satisfied with the solutions they get.
The best element about Saxo is that it is backed up with a comprehensive FAQ page. Here, you will quickly find answers to some of the commonly asked questions by traders. We encourage you to visit this page first whenever you have any questions before contacting the team. This way, you can save time and dive back into managing your activities.
How to Sign up For an Account at Saxo
From our experience, Saxo’s account opening procedure takes minutes to complete. If you have been considering the broker for your trading or investment activities, here is step-by-step guidance on how to get started.
Step 1: Visit Saxo’s official website
Step 2: Create a trading or investment account
Step 3: Participate in account verification
Step 4: Deposit funds into your account
Step 5: Trade or invest
To create a trading or investment account at Saxo, you must visit its official website. Start by thoroughly understanding its terms of service and analysing its features before clicking the “signup” button. Note that this broker also has an award-winning SaxoTraderGO app, which we encourage you to install on your Android or iOS mobile device. This way, you will efficiently track your activities, especially while on the move.
Once you have completed the step one procedure above, create a trading or investment account by clicking the “Open Account” button at the top-right corner of the website. Fill in the provided form with the required personal details. These include your name, date of birth, source of income, email, location, preferred currency, and more. Saxo will also request you to create a unique username and strong password for an added layer of safety to your account.
Saxo is one of the UK brokers licensed and regulated by the Financial Conduct Authority (FCA). This means that it must adhere to the authority’s stringent regulations. One rule is that all traders and investors must verify their personal details before having their accounts fully activated.
That being said, Saxo will require you to provide a copy of your personal government-issued ID card, passport, or driver’s license to prove your identity. You will also be requested to share another copy of a recent utility bill or bank statement as proof of location. Verification will take a few hours, after which Saxo will send an email notification.
Once your account is fully activated, it is time to fund it and trade or invest. Since the broker has no minimum deposit requirement, deposit any amount of money you find worth risking in the financial space. The good news is that Saxo supports multiple payment methods for deposits and withdrawals, including credit/debit cards, e-wallets, and bank transfers. Therefore, choose the most convenient transaction method so you can dive straight into kickstarting your ventures.
Whether you are planning to buy company shares and take full ownership of trade other assets as derivatives like CFDs or indices. In this case, choose your preferred assets and trade size. Then, proceed to open a live trading position and track its performance to ensure everything works out as expected.
For beginners, Saxo has a virtually funded demo account you can use to avoid risking real money. Once you are confident in your skill level, you can transition to live trading. Most importantly, start with a small amount of capital since the financial market can be unpredictable. Also, apply risk management controls like take-profit and stop-loss orders to mitigate massive losses in case the trade works out against you.
Conclusion
From our observations and tests, Saxo is one of the best brokers for UK clients. We highly recommend it to all types of traders since it balances its features to accommodate all. We are really impressed by the broker’s professionalism, especially when it comes to offering assistance to users. Its wide range of tradable instruments is also worth applauding. However, understand that while the broker might be suitable for one client, it might not suit another’s trading requirements.
InvestingGuide Rating:
✔No minimum deposit requirement
✔Low commissions for all asset classes
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Risk Warning
65% of retail investor accounts lose money when trading CFDs with this provider.
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4
Customer Support
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5
Commissions & Fees
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5
Platforms & Tools
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4
Educational Resources