Saxo Bank Review 2017

Saxo Bank Review 2017

Saxo Bank Review 2017

If you’re looking for a reliable partner when it comes to CFD or forex trading, you won’t find a much better choice than Saxo Bank. This company from Denmark was launched way back in 1992 and has become one of the most respected trading institutions in the world over these 25 years.

There is, therefore, no doubt that they have a lot to offer, but if you want more information about the features you can find on their website, you’re at the right place. Out team went in and traded with this broker in order to gain information needed for this Saxo Bank review.

Read on and see the results yielded by our detailed tests!

PROS

CONS

– loads of experience

– reliable

– excellent platform

– superb app

– thousands of assets

– numerous currencies accepted

– free demo

– capable support

– live chat not available for everyone

– higher financial requirements than usual

Saxo Bank Review | Account types

OK, so what’s the best way to start this Saxo Bank guide? Well, it seems logical to take a look at an essential thing you need if you want to trade – your account. There are three main Saxo Bank account types you can open – Classic, Premium and Platinum – each offering loads of features. To open your account, just fill out a form consisting of four easy steps and you’ll be all set. Of course, have your documents near because you will be asked to verify your identity and you will also have to go through the approval process which lasts up to 48 hours. After that, you will be able to choose the account type you want (this, of course, depends on the value of your account). Classic package is the most basic, but it contains everything you need to trade successfully and more. All platforms, products, education materials and full support are available to you, so you can be sure your experience will be excellent. The Premium package, on the other hand, will also give you a personal manager and access to detailed market news to further improve your chances. Your account has to be valued at 100,000$ if you are to qualify for this package. Finally, with the Platinum package, you will get prices tailored exclusively to your needs, extremely tight spreads, and even more upgraded support, but 500,000$ will be needed to access all of this.

Saxo Bank Account Types

Saxo Bank Account Types

Apart from these standard account types, you can also open two more. Saxo Bank joint account allows you to share the experience with up to three other partners. Do remember, however, that you can only be a member of one joint account at a time. Saxo Bank corporate account is also an option and you need just a few extra documents to open it, like Articles of Association or documents about the ownership structure. There is also one more account type we haven’t mentioned here but in a separate paragraph, so keep reading. Our Saxo Bank review continues.

Saxo Bank Review | Deposit and Withdrawal

As you could’ve seen in the previous part of the text, trading here can involve some fairly decent sums. Because of that, it is important that you have plenty of options when it comes to moving your funds to and from your account. Fortunately, that is exactly the case, since you can use bank transfers, debit cards, credit cards and even stock transfers to make your Saxo Bank transfers. The bank wire transfers are pretty standard and you will need to log into your account to initiate them. The funds should be visible within five business days. Debit and credit cards are where this company really shines and we really can’t skip them in this Saxo Bank review because you can use a whole bunch of different brands. Visa, Maestro, MasterCard, Dankort and Carte Bleue are all a part of the offer, so make your choice. Finally, if you have some stocks, these can be used as collateral for trading, a feature that is not so easy to find in this industry and certainly a welcome innovation. No matter where your stocks are they can be easily transferred to your trading account if you follow the funding instructions on the broker’s website.

Saxo Bank Withdrawal

Saxo Bank Withdrawal

When it comes to the numbers, Saxo Bank minimum deposit is set to 10,000$, which will give you access to the Classic package. As for the Saxo Bank withdrawal, we have to say that we never experienced any problems while trying to access our funds. However, please keep in mind that there will be a small withdrawal fee you will pay when you request to initiate the process. It amounts to 20 GBP/USD/CHF/EUR…, so make sure you take that into consideration. You can see from this last sentence that multiple currencies are accepted here (this is a bank, after all) and indeed you have quite a lot of options – more than 25 currencies can be used. With all of that said, we can now examine other features of this company’s offer.

Saxo Bank Review | Platform

The next part of our Saxo Bank review will be taking a look at the place where all the action happens, namely the Saxo Bank trading platform. This is a really great piece of engineering because the company has made sure you have full freedom and numerous options when trading here. You can customize your trading environment literally any way you see fit since there are loads trading options to choose from. Once you set everything up, you can start analyzing data and opening trades. To help you be more efficient, the platform offers more than 50 different pro tools, including annotation tools, indicators that can be customized and much more. You can even create watchlists and use trade tickets to access everything you want in a flash. Several kinds of charts are also at your disposal, as well as more standard platform features like market news (yes, you can view them directly on Saxo Bank platform) and an economic calendar. Of course, we don’t even have to mention the selection of assets you have here – over 9000 of them are a guarantee that you will find what you’re looking for. But this is just the first option you have. If you want to learn about the platform that forced Saxo Bank to give up on using the great Metatrader4, just continue with this Saxo Bank review!

Saxo Bank Trading Platform

Saxo Bank Trading Platform

Saxo Bank Review | Mobile app

The thing we discussed in the previous paragraph was the desktop platform designed to give you access from your computer to as much information as humanly possible. But if you’re not by your computer and want to react to a market event, you need something that will help you do it without complications. This broker is well aware that you don’t have the time to examine everything when you’re on the move, so they’ve developed their SaxoTrader Go platform. This product allows you to switch between various devices, including PC, tablet, smartphone or Mac browsers. On top of that, you can also download Saxo Bank app from both Google Play Store and the App Store. The mobile app is designed with speed in mind and offers thousands of trading instruments, just like the desktop platform. You can easily access your account on it and immediately get all the info from the market you need and even contact the support in a blink of an eye if you need to. A couple of taps is literally everything you need to join in on the trading action. In short, Saxo Bank mobile app will provide you with the means needed to be an efficient trader on the go and because of it Saxo Bank mt4 became a thing of the past. With that, we can move this article on and focus on other interesting features.

Saxo Trader Mobile App

Saxo Trader Mobile App

Saxo Bank Review | Demo account

A thing definitely worth mentioning in our Saxo Bank review is the company’s demo account. Why do we say that? Well, because it is extremely simple to open, very useful and completely free. All you have to do if you want to open a Saxo Bank demo account is to click on the “Try free demo” button on the broker’s website and a short form will appear in front of you. Once you fill it out (you only need to input your name, e-mail and phone), you’ll be all set. You don’t even have to make a deposit or anything like that! This account also comes with a 100,000 virtual USD which will allow you to invest while using the practice platforms, but what is more important is that everything is accessible. You can test all the tools the broker’s platform has to offer to see how they work, so you can easily test any strategy that interests you. This is why demo accounts are always excellent learning tools and this one really has everything you need to improve your skills quickly. We have to mention, however, that a demo account only remains active for 20 days, but this should be more than enough time for you to check everything out. Since we have already mentioned education in this paragraph, let’s now move this Saxo Bank review on and see what the company has to offer in this respect. Keep reading!

Saxo Bank Review | Academy

Yes, education is the next part of this article and there is definitely a lot to see in the Saxo Bank academy. Probably the best thing you can do is sign up for a live webinar where you will be shown everything you need to know about a particular topic by an expert. If you can’t make the seminar you want to attend, you can simply look for it in the webinar archive on the broker’s website once it’s over. Apart from this option, you can also browse a large collection of video and PDF materials, which can be simply downloaded for free in a matter of seconds. They really cover a significant amount of topics, so make sure you check them out if you’re looking for a way to increase your knowledge about trading. Finally, there are also courses you can check, but keep in mind that you will have to set some time aside for them because each lasts about 20 minutes. Still, we think it’s well worth it because each topic they cover is covered in a very professional and detailed manner, so you will enjoy the time you spend listening to them. But our Saxo Bank review is far from over, so let’s see what else this big company has to offer.

Saxo Bank Education Center

Saxo Bank Education Center

Saxo Bank Review | Contact

Apart from education, another way this company can help you out is Saxo Bank support. There are various ways you can contact them but you may want to check out the FAQs first because you will find loads of questions divided into no less than 11 topics there. So the chances are you will find the answer you need here. If that doesn’t work, however, you have many other contact options. What is particularly impressive about them is that they have a dedicated team for every country they operate in, from UK to India in Singapore, so you can expect great service in many different languages. Every Saxo Bank office has its own e-mail address you can use to contact them and the answer will always arrive very quickly. These people are always ready to help you and exceptionally well trained, so they will be with you every step of the way if you want – no matter if you need help to log in or with anything else more complex, you will get high-quality assistance every time. Apart from that, you can also contact them via live chat, but this feature is reserved for traders who have at least a Premium trading account with this company.
In addition, you can also find these guys on various social networks. The company has official profiles on Instagram, Twitter and Facebook, so you can talk to them there too. The service you get here is just as good and quick as on the website, which makes this a great way to substitute live chat, for example, if you don’t have access to it through your account. As you can see, everything you need to feel assured that you’re in good hands is here. Therefore, we can continue this Saxo Bank review and see what other people say about trading on this website.

Saxo Bank Contact

Saxo Bank Contact

Saxo Bank Review | Complaints

We believe that our text so far has shown that we are pretty satisfied, even impressed with the way this company conducts its business. But what do other traders think? Well, we dug a bit and tried to find serious Saxo Bank complaints, but there simply are none concerning this brokers reliability that can be supported by hard evidence. We experienced no withdrawal problems, the platform works perfectly, the support is always there and everything is pretty easy to access. Mind you, this doesn’t mean there are no Saxo Bank complaints, just that we don’t agree with those that are pointed against the way things function around here. The fact that this company has been so successful for so long and their regular clients who agreed to talk to us confirm our opinion.
What we will admit, however, is that financial requirements are unusually high here, which is why only the most serious investors will open an account on this website. But this is completely within the company’s right to determine its business policy and given how long they have been around it seems this philosophy is working for them just fine. Apart from that, we honestly believe there is absolutely no reason to have something against Saxo Bank because every part of their offer functions absolutely perfectly. But before we conclude this Saxo Bank review, allow us to go through some other interesting features.

Saxo Bank Review | More features

Yes, there are more things we must mention in this article if our Saxo bank analysis is to be complete. First of all, we must mention that you have nothing to worry about when it comes to regulation with this broker because the company operates in accordance with this industry’s highest standards, as seen in our Saxo Bank Scam Test. Furthermore, Saxo Bank leverage goes up to 100:1, so you can be quite flexible with your investments if you ever have the need for it. You will also encounter spreads in this business, just like with all other brokers in the business. Of course, they vary depending on the type of asset you’re investing in and several other factors, so remember to check the full list on the company’s website before you start trading. Just type in “spreads” in the website’s search engine and you will get all the information instantly.
We also have to say that you cannot open an account with this broker if you are a resident of the United States. This is due to the country’s complex regulation regarding this type of trading, but we will monitor the situation closely and inform you immediately should any changes happen in this respect. Of course, this restriction does not apply to assets originating from the US which can be traded without any problems. With that, we believe we have said everything that needed to be said in this Saxo Bank review. The only thing left to do is to give a short recap of what we saw while we were trading with this company.

Saxo Bank Features

Saxo Bank Features

Saxo Bank Review | Conclusion

25 years of experience, great service, excellent platform, loads of features, professionalism, reliability… these are all the things that you will get if you decide to open a live trading account with Saxo Bank. This company is one of the most respected investment partners in the world because it takes excellent care of it clients. You have loads of different currencies and payment methods at your disposal, thousands of different assets (including CFD and forex) and you can test all of that for free if you open a demo account. All platforms are covered too, as this broker has an excellent trading app that allows you to access the market whenever you want and extract loads of information from it. True, the minimum deposit is higher than usual, but for serious and professional traders this should not be a problem. Simply, what you get here is worth it. You are also in very good hands here because the support is just as excellent as the rest of the offer and the company adheres to the very highest standards in the trading industry in every respect. Therefore, if you’re serious about trading and investing and would like to dedicate yourself completely to those activities, you simply won’t find a better broker and partner than this one, as our Saxo Bank review has, hopefully, proven. Open an account now and become a professional broker!

Author's overall rating:
Author: Ben Prescott
Updated:

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