Saxo Bank

Company information

Company name
Saxo Bank
Website
home.saxo
Company Headquarters
Denmark
Commissions
N/A
Account Minimum
$10,000

Saxo Bank

Ratings :
4.2/5
One of the prominent names in the Brokerage Industry and ranked as one of the best Forex Brokers in 2020, Saxo Bank was formed in 1992 in Denmark. The Saxo Trade Client experience is absolutely brilliant, offering reliable customer service and amazing rates and pricing, while providing all the tools that a trader requires and more. The opening deposit is for varies depending on your location but requires USD 10,000 minimum deposit, GBP 500 for the UK, SGD 3,000 for Singapore, and USD 3,000 for Australia

How to Open an Account?

As with others, Saxo offers opening trading accounts online with relative ease.

Trustworthy

Ratings :
4.6/5
Saxo Bank is authorized and affiliated with various authorities of top tier level such as UK Financial Market, MAS, FINMA, Japan (FSA) and the ASIC
For the VIP and Platinum Users apart from two-step authentication, each user is assigned a private IP address link with which they can easily access their accounts, so the added security for the high-end users shows the level of protection it caters to ensure the safety of funds.
Retail dealers can peruse the Key Information Document (KID) for every resource class to completely comprehend what it is prior to submitting funding to it.
Saxo Bank, staying faithful to its straightforwardness, distributes all archives and data on their site. Dealers can have confidence that their capital is in the best hands the worldwide monetary framework has to bring to the table.
Also offering the Guaranteed Fund policy which ensures the protection of assets of all their customers in the jurisdiction of the Danish Bank and Government Laws will provide protection funds in the case of any mishap, issue or negligence on the end of the brokerage company (depending on the investment level loss). Based on these factors, we are scoring them 4.6 stars out of 5!

Expense & Charges

Ratings :
4.6/5
Their spread values are divided among their account types namely Classic, Platinum and VIP but the Classic spread value is considered to be in range with the market value which lies somewhere between 0.6 – 0.9. The deposit required for opening an account is where people tend to sway away from them, the starting amount required is nearly 10,000$ for the US Market and varies accordingly in other markets as well.
So newer traders with limited capital cannot really start their journey in Forex Trading with Saxo that easily. There is the plus side of no commission-fee which may turn over some heads back again meaning whatever you earn you will get, all the earning Saxo does is through spreads and pips so there is a plus side here. Based on the newer trader limitation, we are scoring the broker 4.6 stars out of 5!

Trading Platform

Ratings :
4.3/5
Forex merchants who have become used to the MT4 or MT5 exchanging stages, as offered by most forex agents, or who convey on that framework, will be disappointed as Saxo Bank doesn't follow with the trend here.
The extensive record outline, other than a portfolio synopsis, incorporates execution investigation and brings breakdown back. It permits brokers to distinguish vital changes in accordance with their exchanging procedure and improve in general productivity.
It provides a universal usage platform, meaning it is easy to learn and adapt to all the features at present and does not require extra attention or additional skills to pick up on how the application itself works or what you need to do to make it function. The customizable charts, graphs and lists can be saved with ease and can be accessed on other platforms as well such as a tablet or a phone.
The Platform itself comes in to editions:
SaxoTraderGo SaxoTraderPro
for conventional users
for advanced users
It also provides an Account Value Shield that can play the role of a side-man, it can be the one to stop you from furthering plummeting down if you are having a bad trade day or week. Just set a specific risk amount associated with your account and as soon as you hit that value the account will stop all trade deals and transactions for you so that you don’t fall in the red zone. As they don't follow up the trends like Meta 4 and Meta 5, we are scoring 4.3 stars out of 5!

Learning Material

Ratings :
4.4/5
Saxo Bank offers a rich, different exploration offering across its sites and platforms. The research comprises of different sorts of materials such as video, articles, digital broadcasts from in-house brokers who distribute day by day information through Saxo Bank's Market Analysis segments
The courses are incredible for amateurs to get familiar with the nuts and bolts and get acquainted with the accessible resources. The straightforward and clear recordings make it simple for new dealers to get up to speed and fabricate an establishment from where they can develop. The online classes are facilitated by the Saxo Bank specialists in the field.
Research materials are accessible from both the web and mobile application ,they also run a different webpage known as tradingfloor.com where brokers can get more data on market insights
The amount and time they put in the research material to provide top quality services really helps them outrank many other known Forex Brokers (Graphene FX, City Index Review, Swiss Quote Review ) in this aspect and truly cements their status as one of the best in the business in the trading game.
The market research is very efficient and mirrors the demonstrable skill of the broker agency. Market research and analyses is distributed every day and customers can get new ideas and an alternate look on how the market truly works Their material is not much modern and advance, so giving 4.4 stars out of 5!

Customer Support

Ratings :
4.3/5

Means of communication are through in-line phones and emails. The connectivity time via phone is quite okay and can help you gather a lot of information or handle any issue that you may be facing. Email responses are somewhat ok, the response time can vary on the time of communication, but overall it is satisfactory for any Customer. 

Their lack of a live chat support is what really hurts them here as compared to other competitors, this provides a solid 24/7 communication form to all but as Saxo does not engage in this, their customers are always left asking for more and the communication period is limited throughout the day and week.

Overall communication and support is good, it could be great but following the standard procedures of a bank can become a hassle at times for the customers. As there is no live chat support, we are scoring 4.3 stars out of 5!

Get Registered For FREE Forex Training!

Fill In Your Details To Get Registered For FREE Forex Training!