Our Take

Saxo offers excellent technology ꦆand research, broad access to markets around the globe, and competitive pricing for both regular and higher-volume traders. The broker supports more than 70,000 different trading products, including stocks, ETFs, fixed income, mutual funds, commodities, futures, options, and foreign exchange products. Its immersive platform handles customers from multiple countries and allows them to tra💮de a diverse range of asset classes around the world, which is why it is our choice for having the best range of offerings.

In addition to providing broad access, Saxo also offers gre🦄at technology. Its platforms are highly customizable and designed to work well and efficiently, including API integrations with third-party applications that more experienced traders want access to for specialized analytics like backtesting or for creating automated trading rules using algorithmic trading tools. Saxo’s offering in the market, along with its technology platform, make it a solid choice for investors outside of the U.S. to consider.

Pros & Cons

Pros Explained 

• Tremendous breadth of 70,000+ products to trade: Saxo offers stocks, ETFs, fixed-income securities, commodities, futures, options, foreign exchange, and other derivative products for trading in over 50 countries.
• Excellent proprietary trading platforms: Rather than utilizing MetaTrader, which is common with forex brokers, Saxo offers its own trading platforms that are highly functional and well-designed.
• Great trade execution and price improvement: Saxo provides its customers with excellent trade execution. Its position as a strong forex broker allows Saxo to obtain strong liquidity which leads to good price execution and a reduction in stop-outs.
• Competitive pricing on high-volume accounts: Saxo's prices for foreign exchange trading are reasonable for all accounts but accounts with balances over $200,000 and $500,000 receive significant discounts. 
• Multiple highly regarded licenses for forex: Saxo has 10 well-reputed licenses for forex trading, which is a key statistic to watch for to ensure a safe forex broker.

Cons Explained 

• Not available in the U.S.: Although Saxo has great technology and offers access to markets around the world, it is currently unable to take customers based in the U.S.
• Desktop program has a steep learning curve: Saxo’s desktop program is excellent and offers a great deal of functionality to traders, but there is a learning curve to understand how to set up windows and preferences, as well as integrate other programs via APIs.
• High balances required for preferred accounts: Tiers for trading accounts are $0, $200,000, and $500,000, and discounts are only available for the higher two levels.
• Currency conversion fees: Saxo charges a fee of 0.25% when moving funds after trading a market in a different currency back to the account’s base currency.

Introduction

Saxo, a privately owned bank and licensed trading platform, was established in Denmark in 1992, with the hope of expanding market access to more people. The company is still headquartered in Denmark and employs people from 72 different nationalities across offices in 15 countries. While the company is a bank, it focuses on providing trading access and platforms to traders, rather than traditional banking and lending products.

Saxo has more than 1 million customers and over $100 billion in client assets on its platform, which offers access to stocks, bonds, mutual funds, foreign exchange, cryptocurrencies, commodities, options, and contracts for differences (CFDs). While Saxo offers accounts to investors around the world, it does not currently offer accounts in the U.S. Saxo has been active in the United Kingdom since 2006, and the company offers accounts in more than 50 countries around the world. Saxo attained Systematically Import Financial Institute (SIFI) status from the Danish Financial Supervisory Authority (FSA) in 2023.

While Saxo offers♏ multiple products on its platform, this review will 💫focus on Saxo’s foreign exchange offerings.

Usability

Saxo is easy to navigate and use. The account-opening process is automated and can get clients up and running quickly, although sometimes customer verification can cause a bit of a delay. You need to provide basic information to open an account (even a demo account). Once the account is set up, it can be funded via a bank wire transfer. Visa or 🎐Mastercard debit cards can also be used to add or remove cash from the account. 

Unlike many foreign exchange brokers who utilize MetaTrader for t🌊heir front-end platform, Saxo has three proprietary platforms. Its basic interface, SaxoInvestor, is a user-friendly mobile platform designed for less seasoned traders that focuses on stocks, ETFs, mutual funds, bonds, and maജnaged portfolios.

Saxo also has a more robust mobile app called SaxoTraderGO. Its flagship desktop platform, which supports algorithmic trading and multiple tools, is called SaxoTraderPro. All of the platforms are well-designed and intuitive to use, although SaxoTraderPro☂’s advanced functionality may intimidate less experienced users.

Trade Experience

Trading mar📖kets on Saxo, regardless of the platform used, is pretty intuitive. Trading execution is very fast, and adꦛvanced traders have tremendous flexibility to automate their trading with algorithms that execute automatically.

It is also easy to see positions, orders, bal𒀰ances, purchasing power, and daily returns. Further, the♒ combination of Saxo’s platform and the way it has created flexibility for third-party apps and other API tools, such as Excel, makes it a platform that works well and opens up many expansion opportunities for traders.

Desktop Trade Experience

SaxoTraderPro provides great tools and trading access, as well as tremendous flexibility and the ability for customization. The customization includes setting up windows (including multiple windows at the same time), watchlists synched across the different platforms, and integration of APIs to provide information for use with third-party apps. Examples include special charting, the integration of 澳洲幸运5官方开奖结果体彩网:time and sales or marke✅t depth information, and the integratio💛n of advanced algorithms to dictate specific trading.

Saxo’s desktop🌳 platform is remarkably easy to navigate, esp✤ecially considering how many products it supports across multiple worldwide exchanges. The learning curve for traders newer to SaxoTraderPro may be a bit steep, but the tools and intuitive usability make for a great trading platform.

Mobile Trade Experience

SaxoTraderGo, Saxo’s mobile tra💖ding app, is also an excellent trading platform. While it does not have all the bells and whistles of the desktop version, traders can still use the app to seamlessly track their portfo🍸lios; trade markets; monitor orders; and access charts, news, research, and watchlists. All these features are customizable. 

Charting on the mobile app is strong, with multiple 澳洲幸运5官方开奖结果体彩网:technical indicators and the ability to draw on charts. Further, watchlists are synchro🍸nized so changes do not need to be made on each platform separately. SaxoTraderGo makes it easy for traders to follow the markets and stay on top of their positions from anywhere. &n🥂bsp;

Regulation and Security 

Saxo is a well-regulated and licensed broker,🍃 even if it is not as well-known in the U.S. In foreign exchange t🐻rading, highly regarded licenses from U.K. and European regulators represent the most reputable brokers that have the most liquidity. That allows for better execution in the form of fewer premature stop-outs and better price improvement, so having multiple top-tier licenses gives an indication of the strength and reliability of a forex broker. 

Saxo has such high regard in the market it holds Tier 1 licenses in the following꧃ countries: 

• U.K.
• Singapore
• Switzerland
• Denmark
• Italy
• Japan
• Hong Kong
• Australia
• Netherlands
• Belgium
• France

Saxo also has licenses from the U.A.E., Brazil, and the Czech Republic. Financially, Saxo’s debt is rated as investment grade by S&P Global. The company uses strict segregation of accounts,🐼 has a conservative investment management approach, and is also a membe﷽r of the Danish Guarantee Fund, which insures accounts owned by individuals in the event of default up to EUR 100,000. 

Finally, standard accounts have negative balance protection, which ensures an investo🉐r will not lose more than they deposited into their♚ account. This makes Saxo a safe choice should one want to trade foreign exchange markets.

Range of Offerings

Saxo has a wide range of offerings on a single platform, including global stocks, bonds, mutual funds, ETFs, futures, options, commodities, cryptocurrencies, foreign exchange, and 澳洲幸运5官方开奖结果体彩网:contracts for differences (CFDs). Specific to the foreign exchange markets, Saxo offers spot trading in more than 185 currency pairs and forward foreign exchange for 145 澳洲幸运5官方开奖结果体彩网:currency pairs, as well as contracts for differences, and 澳洲幸运5官方开奖结果体彩网:non-deliverable forwards (NDFs).

Order Types

Saxo supports multiple order types, as well as algorithmic orders. Saxo supports market, limit, and 澳洲幸运5官方开奖结果体彩网:stop orders, as well as 澳洲幸运5官方开奖结果体彩网:trailing stops, 澳洲幸运5官方开奖结果体彩网:stop-limit, and 澳洲幸运5官方开奖结果体彩网:one-cancels-other (OCO). Algorithmic orders include limit on close, market on close, pre-market limit, and many others. Traders can also easily add stജop-loss and take-profit orders to their limit orders.

Trading Technology

Saxo’s trading technology is proprietary and designed with high-volume, sop𒆙histicated traders in mind. It offers a comprehensive proprietary platform, in contrast to many other brokers who rely on MetaTrader, a third-party app. Also, Saxo’s strength as a highly regulated broker helps improve its liquidity because it is able to transact with multiple top institutions. This has the ben🅺efit of providing better price execution (fills), as well as fewer instances of being stopped out prematurely. 

Additionally, the platform provides real-time margin, ༺buying power, balances, and even a trading journal. Saxo is also very transparent with its execution statistics, which indicates the company’s confidence in its trading technology. Saxo publishes key data, such as slippage, monthly. Beyond this, Saxo’s trading technology incl꧒udes seamless integration with multiple third-party applications, allowing traders to use algorithmic tools. 

♒Saxo also allows integration with trading bots. The company has developed an OpenAPI for Excel that brings OpenAPI functionality straight into Excel, and offers connectivity to a third-party app, MultiCharts, which💞 offers the ability to backtest strategies. Overall, Saxo offers solid technology across the board.

Costs 

Saxo charges custody fees, and a currency conversion fee of 0.25% is applied when moving funds from a different currency to the account’s base currency. This can cut into any profits on the trade, and add up if you are moving money into or out of an account. Saxo does allow customers to save money on currency conversion fees by allowing them to designate four “sub currencies” so positions in these foreign currencies can be held in that currency until the trader wants to convert it back to their base currency. 

Saxo has three pricing tiers, which are based on a combination of account balan🍸ce and trading volume. Here is a side-by-side comparison.

The company has a rewards program, Saxo Reward, that allows users to qualify for a higher tier. Saxo Rewards points, however, are not earned from spot or forward foreign exchange trading. Only direct FX option trades, stocks/ETFs/ETNs, contract futures and options trades, bond, stock options, and non-stock options trades earn Saxo reward points. You do receive 0.5 points per deposit during the first 30 days on the account, so a $1 million deposit would generate 500 points and qualify you for VIP coverage. 

Additional 澳洲幸运5官方开奖结果体彩网:foreign exchange trading rates are as follows:

FX Margin Rates

For regular accounts, the rates for 澳洲幸运5官方开奖结果体彩网:major FX pairs start at 3.33%, and for professional clients, they start at 1.5%. The specific rates vary by currency pair and market conditions, but they are all listed on the Saxo website.

FX Options Spreads

Cryptocurrency Trading

Other Security Types

Since eligible non-U.S. Saxo clients may be looking for accounts to trade across multiple security types, we are also listing some of the respective prices. It is worth noting that this is general pricing, as individual exchanges worldwide have different commissions. Those interested in trading specific markets should check the Saxo website for detailed breakdowns.

Other Fees

There are no inactivity fees or minimum balance requirements, although there are minimums to qualify for the different account tiers. There are custody fees, and a currency conversion fee of 0.25% is applied when moving funds from a different currency to the account’s base cꦐurrency. This can cut into any profits on the trade, and add up if you are moving money into or out of an account. 

Saxo allows customers ♐to save money on currency conversion by allowing them to designate four “sub currencies” and hold positions in these currencies until they want to convert the holdings back to their base currency. Other fees include a manual tradin🌊g fee of EUR 50 or an equivalent amount in the base currency, as well as $50 for reports requested by mail.

Positively, Saxo supports stock lending, where it splits the proceeds with the customer and waives custody fees. The broker also pays interest on cash balances that are not used for trades. The interest currently paid on Pla🥂tinum and VIP accounts is 3.09% and 4.09%, respectively. In Classic accounts, the interest depends on the account balance. 

Using 🥀the calculator on Saxo’s webജsite for Classic accounts, the interest paid was: 

• 0% on balances under $11,000 
• 0.167% on a balance of $14,000
• 0.448% on a balance of $19,000
• 0.738% on a balance of $24,000
• 1.134% on a balance of $31,000 
• 2.131% on a balance of $49,000 

The interest on such accounts increased progressively until it peaked just under the 3.09% rate paid to Platin🏅um account owners.

Costs Overview

Account and Research Amenities

Saxo, as a broker offering multiple trading assets, has a solꦓid mix of additional services that spans proprietary and third-party research, news, charting, and portfolio tools, including APIs that provide traders with the flexibility to use external apps. We will provide an overview of some of these features on the Saxo platform.

Forex Screener

Saxo does not offer a specific screener for foreign exchange, but the company does provide its own proprietary research to traders on its platform, as well as third-party applications that provide news and oth🎀er analytics.

Tools and Calculators

Saxo offers some to🅘oꩵls for analyzing positions, including options evaluation tools, and as previously mentioned, the support of APIs and the use of Saxo data in external and third-party applications.

Charting

Saxo’s charting platform is strong, offering 64 澳洲幸运5官方开奖结果体彩网:indicators/studies, and supports drawing tools on mobile charts, but does not support one-click trading directly from charts. However, both TradingView and MultiCharts are also available as third-party apps on Saxo. MultiCharts supports direct trading from charts. One missing feature in Saxo’s charting capability is 🎶the ability to dynamically change order and stop levels directly from the chart.

News

News on Saxo comes from third-party sour🦹ces, including Dow Jones Global News, NewsEdge, RANsquawk, and TradeView.

Third-Party Research

In addition to its own proprietary research, Saxo supports third-party research, 🧸including Autochartist and Tipranks. Saxo does not, however, offer Trading Central. The platform also allows integration with third-party applicati𒁃ons via its API functionality.

Social and Copy Trading Capabilities

Saxo does not offer social or copy trading on its platform. Similarly, it doe🔴s not provide a community forum f🌳or traders, but it does offer access to TradingView, a third-party app where people can discuss trade ideas.

Funding Methods

Wire transfers and debit cards are the most common funding method on Saxo. The initial deposit, however, needs to be made by bank or wire transfer. After the initial transfer, debit cards can be used. Saxo also supports 澳洲幸运5官方开奖结果体彩网:SEPA transfers.

Portfolio Analysis

Saxo offers tools for traders to analyze their positions. The platform has account views, shows performance, and displays the latest transactions. The platform is also built so that information on Saxo can be used on third-party applications. For forex specifically, Saxo has a series of tutorials on how to use OpenAPI to perform FX exposure analysis and use other forex-specific tools, such as adding a 澳洲幸运5官方开奖结果体彩网:relative strength (RSI) indicator to FX charts.

Education

Saxo’s educational offerings are strong and have all the requisite information to learn about trading markets. There are areas for learning the basics of technical analysis, risk management, and how to use various markets to hedge or trade, but there is also a focus on prꦦoviding actionable information, which comes via podcasts and daily commentary from Saxo’s team. This education and information is delivered online on the Saxo platform and via other podcasting platforms.ꩵ Saxo also conducts webinars on various subjects.

Customer Service

Customer service is available by phone 24/5, and the company further supports customers through service tickets, chat, extensive self-help, and chatbox. Reviews on Trustpilot for Saxo vary greatly, with 40% giving the broker 5 stars and 38% giving 1 star. Many of the recent comments, however, indicate that phone support has been reasonably responsive and that support representatives have been helpful and knowledgeable when assisting customers. Many of the 1-star ratings appeared to deal with frustration regarding account actions or do🎶cumentation issues, and not ne🥂cessarily with customer service.

Transparency 

Saxo is transparent with its pricing, although it is not always easy to find all the information because the company offers so many products. The platform's current margin and commission information is listed. The forex page has a large section outlining how 64% of retail investor accounts trading foreign exchange at Saxo lose money. The section also covers forex trading risks.  

Available Account Types

Saxo offers individual, joint, corporate, professional, and demo accounts. The professional account is for experienced traders who meet♏ the criteria to waive certain regulatory protections and allow for wider trading latitudes, such as higher leverage. All asset classes are accessible from all platforms.

The Bottom Line

For those outside the U.S. looking for a 🍨broker that will provide th𒆙em with access to foreign exchange and other global markets, Saxo is a solid choice. The company offers good pricing and excellent technology and can support trading activity in a broad range of markets around the world, all through a single platform. 

Further, Saxo’s proprietary platforms work well and support third-party applications and other tools that may fall outside of Saxo’s platform. For foreign exchange traders, Saxo provides direct dealing prices as a market-maker in over 180 spot currency pairs and forw𓂃ards for more than 140 currency pairs and also integrates cryptocurrency trading against other major currencies. It is a strong choice for foreign exchange trading. 

Compare S♓🃏axo Capital Markets to Similar Forex Brokers

How We Chose the Best Brokers for Forex Trading

Our commitment to providing unbiased, comprehensive reviews of forex brokers is rooted in extensive research and expert analysis. We evaluated 18 forex brokers based on rigorous criteria, focusing on key aspects such as regulatory oversight, costs, trading experience, and available offerings. Our metho🎃dology ensures that our recommendations are based on reliable data and a thorough understanding of the industry.

To gather data, we sent a questionnaire to each of the 18 brokers, covering multiple areas critical to a forex trader's experience. Our researchers and editors verified the responses and supplemented the data with additional online research and direct communication with each broker. This research was conducted between May 13 and July 30, 2024, ensuring that our evaluations reflect current information.

Our proprietary scoring model evaluated each broker across 11 major categories and 73 weighted criteria, plus an additional 15 non-weighted criteria. The overall ratings are a weighted average of the weighted criteria, ensuring a balanced and ꩵfair assessment.

Some brokers also demonstrated their platforms live via videoconferencing, and our experts conducted hands-on testing with live accounts to further validate the platforms' functionality and user experience. This comprehensive approach allows us to present an unbiased, detailed review of today's best forex brokers.

For more information, read our full 澳洲幸运5官方开奖结果体彩网:methodology explanation.