Saxo Review 2024
Written by BrokerNotes.co
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by Jeff Anberg
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail CFD accounts lose money. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Our review of Saxo's forex and CFDs offerings reveals a top-tier choice for traders. In our experience, with an exceptional range of tradeable symbols and strong regulatory oversight, Saxo is a great option for both new and advanced traders.
Overall Rating
Minimum Deposit
Trust Score
Pros and Cons
Pros
- Extensive Product Range: Saxo provides an impressive variety of tradeable symbols, offering significant opportunities for portfolio diversification.
- Regulatory Oversight: Operating three banks and backed by licenses from numerous Tier-1 regulators, traders can trust in Saxo’s compliance with strict regulatory standards.
- Educational Resources: Offers both advanced and beginner videos, making it suitable for traders at all levels.
Cons
- No MetaTrader Offering: Absence of popular platforms like MetaTrader 4 and MetaTrader 5 could be a drawback for some users.
- High Barrier to Advanced Discounts: While offering VIP discounts, these might not be accessible to all traders due to the steep minimum deposit required.
Ratings Summary
- Investment Types - 10/10
- Commissions & Fees - 9.5/10
- Trading platforms - 10/10
- Research - 10/10
- Mobile Apps - 10/10
- Education - 8.0/10
- Overall - 9.7/10
Can I trust Saxo?
Yes, Saxo is highly trusted, as evidenced by its 99 Trust Score from ForexBrokers.com. It is not publicly traded, but does operate three banks and holds authorisations from ASIC, MiFID, and the UK’s FCA. These credentials underscore its commitment to providing a secure and reliable trading environment.
Saxo is currently licensed and/or authorised by the following regulatory bodies:
- Tier-1 Regulators - Australian Securities & Investment Commission (ASIC), Securities Futures Commission (SFC), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Swiss Financial Market Supervisory Authority (FINMA), Financial Conduct Authority (FCA), and regulated in the European Union via the MiFID passporting system
- Tier-2 Regulators - Dubai Financial Services Authority (DFSA)
- Tier-3 Regulators - None
- Tier-4 Regulators - None
Is Saxo good for beginners?
Yes, Saxo is an excellent choice for beginners. With comprehensive educational resources covering forex and CFDs and a strong focus on beginner-friendly content, it facilitates a smooth entry into forex and CFD trading.
| Feature |
Saxo
|
|---|---|
| Education (Forex or CFDs) | Yes |
| Client Webinars | Yes |
| Videos - Beginner Trading Videos | Yes |
| Videos - Advanced Trading Videos | Yes |
| Investor Dictionary (Glossary) | Yes |
Saxo commissions and fees summary
Saxo is a highly recommended broker regarding commissions and fees, with a competitive average spread of 0.9 or 1.0 on the EUR/USD pair when using a Platinum or VIP account. However, these accounts require a hefty minimum deposit: $200,000 and $1,000,000, respectively. The Classic account which has no minimum deposit requirement has a slightly higher average spread of 1.1 for the EUR/USD.
| Feature |
Saxo
|
|---|---|
| Minimum Deposit | $0 |
| Average Spread EUR/USD - Mini | 1.0 |
| Average Spread EUR/USD - Standard | 1.1 |
| All-in Cost EUR/USD - Active | 0.9 |
| Active Trader or VIP Discounts | Yes |
Saxo trading platforms and tools
Did you know? Trading platforms comparison
Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.
Saxo's proprietary platforms are highly recommended for their sophisticated design tailored to meet the needs of active traders. The SaxoTraderGO (web) and SaxoTraderPRO (desktop) platforms provide an extensive suite of tools, which significantly enhance trading analysis and execution. This robust platform infrastructure makes it a compelling choice for those seeking a comprehensive trading solution.
Trading platforms offered: Saxo provides two proprietary trading platforms - SaxoTraderGO and SaxoTraderPRO - known for advanced features and a user-friendly interface.
Trading tools: A broad array of trading tools is available, including sophisticated charting and trading signals.
Metatrader: Saxo does not offer MetaTrader platforms, which might be a downside for users accustomed to these platforms.
Copy trading: Saxo supports copy trading, enabling users to mirror the trades of experienced traders automatically.
| Feature |
Saxo
|
|---|---|
| Virtual Trading (Demo) | Yes |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | No |
| MetaTrader 5 (MT5) | No |
| DupliTrade | No |
Saxo trading platform screenshots
Mobile trading apps at Saxo
The mobile trading application provided by Saxo, SaxoTraderGO, comes highly recommended. It offers full functionality, allowing traders to manage their accounts and execute trades directly from their mobile devices. This mobile solution is ideal for traders who require flexibility and constant market access.
| Feature |
Saxo
|
|---|---|
| Android App | Yes |
| Apple iOS App | Yes |
| Mobile Economic Calendar | Yes |
| Mobile Alerts - Basic Fields | Yes |
| Mobile Charting - Draw Trendlines | Yes |
| Mobile Watchlist | Yes |
Saxo mobile app screenshots
How do I open an account with Saxo?
To begin trading with Saxo, follow these steps:
- Visit Saxo’s website and click on the 'Open Account' button.
- Fill out the online application form with your personal and financial details.
- Verify your identity by submitting the required documents, such as a passport or driver’s license.
- Once verified, fund your account using one of the supported funding methods.
- Start trading once your account is funded and activated.
What can I trade at Saxo?
Saxo offers an impressive selection of trading options, boasting 190 forex pairs and an industry-leading total of 70,000 tradeable symbols, well above the industry average of 3,623 symbols. This vast range opens extensive trading opportunities, making Saxo an excellent choice for diversifying trading strategies.
| Feature |
Saxo
|
|---|---|
| Tradeable Symbols (Total) | 70000 |
| Forex Pairs (Total) | 190 |
| Social Trading / Copy Trading | Yes |
| Cryptocurrency (Physical) | No |
| Cryptocurrency (Derivative) | Yes |
| Spread Betting | No |
Saxo research screenshots
Account funding at Saxo
Saxo allows account funding using either a bank wire or various credit cards but does not support any eWallet service like PayPal, Neteller, or Skrill.
| Feature |
Saxo
|
|---|---|
| Visa/Mastercard (Credit/Debit) | Yes |
| Bank Wire (Deposit/Withdraw) | Yes |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | No |
| Neteller (Deposit/Withdraw) | No |
About Saxo
Saxo, founded in 1992, has grown to become a leading player in the online trading and investment sector. The company, under the Saxo Bank Group, offers a broad range of brokerage services, including forex and CFD trading, across a global client base. Saxo's commitment to technology and innovation is evident in its proprietary trading platforms, which provide advanced tools and features to enhance trading experiences. The firm's long-standing industry presence and regulatory compliance across multiple jurisdictions underline its dedication to providing a reliable and secure trading environment.
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Methodology
At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.
Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
About the Editorial Team
BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.
Steven Hatzakis is the Global Director of Online Broker Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.