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Saxo Bank Saxo Bank Review

Saxo Bank  Review & Rating | Saxo Bank Forex Broker | forex trading

RATING: 2.3 / 13 REVIEWS ForexBrokerz Saxo Bank


Trading Accounts


Account type Minimum deposit  Minimum trade size Maximum leverage


All-Inclusive Price Plan $10 000 0.05 1:100 2.0 pips on EUR/USD, fixed
Volume Price Plan $10 000 0.05 1:100 average 0.5pips + $2 – $6/lot*


*Commission is calculated per standard lot of 100 000 base units (per side), depending on the trading volume. The commission is $6/lot per side by default, however if a Saxo Bank’s client trades a minimum of $600 monthly, the commission is reduced by 50% to $3/lot per side; and if a client trades $ 2000 monthly and more, the commission applied amounts to just $2/lot per side.


There are two basic account types with this broker: a commission-free one with fixed spreads and an account with tight variable spreads that involves a commission. The broker refers to the different accounts as “price plans”. Otherwise, both price plans are accessible with an investment of $10 000/£ 6,500 and offer leverage up to 1:100, and micro tradeable lots on the broker’s proprietary platform.


Besides, Managed account services are also available with Saxo Bank – with Saxo Select.


The Company


Established in Copenhagen in 1992, Saxo Bank serves both retail and institutional clients, offering trading in more than 30 000 instruments, including currency pairs, binary options, contracts for difference (CFDs), stocks, futures, and bonds through its in-house SaxoTrader platforms. It is one of the biggest and most reputable forex brokerages, and one of the few major ones (except OANDA), that is privately held.


Apart from doing business as a brokerage firm (and a market maker), Saxo Bank is also a bank, duly licensed in Denmark and other jurisdictions. 


The Saxo Bank group operates 25 offices and has subsidiary companies across Europe, Asia and the Middle East, Australia, South America, and South Africa.





Saxo Bank A/S



Saxo Capital Markets UK Limited



Saxo Capital Markets (Australia) Pty. Ltd.



Saxo Bank FX K.K.


Japanese Financial Services Agency

Saxo Bank (Dubai) Limited


Dubai Financial Services Authority

Saxo Capital Markets HK Limited

Hong Kong

Securities and Futures Commission

Saxo Capital Markets South Africa (Pty) Ltd.

South Africa


Saxo Capital Markets Menkul Değerler A/Ş



Saxo Capital Markets Pte. Ltd.


Monetary Authority of Singapore

Saxo Bank AG


Swiss Federal Banking Commission

Saxo Banque SAS


Bank of France


Security of Funds


Saxo Banks’s clients are probably one of the few traders who need not worry about the security of their funds. Apart from being a privately-owned company and bank regulated by the Danish Financial Supervisory Authority (FSA), Saxo bank is duly licensed and authorized to provide its services by one of the most reputable authorities in the world, including UK’s FCA, Australia’s ASIC, and Japan’s FSA.


Saxo Bank is also a member of the Danish Guarantee Fund for Depositors and Investors. In the event that a Danish bank (including Saxo Bank) should suspend its payments or go into bankruptcy, client deposits are guaranteed by the Fund up to EUR 100 000 for cash deposits.


Besides, as a EU-regulated bank and investment firm, Saxo Bank falls under the MiFID's (the Market in Financial Instruments Directive) jurisdiction and has as such implemented all necessary legal requirements, and is entitled to offer its services in all EU countries.


Trading Conditions


Minimum Initial Deposit

In order to open an account with Saxo Bank, one has to deposit at least $10 000 (/£ 6,500 for UK residents), which is a comparatively high minimum initial deposit. In comparison, Swissquote (a Swiss brokerage that also operates as a bank), has set no minimum initial deposit and one may open an account with just $1.


Average spreads & Commissions

Saxo Bank offers both fixed and variable spreads. Its fixed spread is average, amounting to 2 pips on EUR/USD, while variable ones are tight, the typical ones being around 0.5 pips. However, variable spreads are offered within the Volume Price Plan, where a volume-based commission is applied. If a trader doesn’t want to be bound by a minimum trading volume, the commission is salty, amounting to $12 per lot round turn. This means that the trading costs are around 1.7 pips per traded lot, which is above the average for the market. If, however, one trades at least $600 per month, pricing is significantly better – a commission of $6 (per lot round turn) applies.


In comparison, Swissquote offers variable spreads, starting from to 1.8 pips on EUR/USD on its Standard accounts. For further information, you may look up real-time spreads of 15 leading brokers here.


Maximum Leverage

Saxo Bank offers traders maximum leverage of 1:100, which is considered a mediocre ratio for the EU market. As most of you probably know, higher leverage involves higher risk, not only the probability of multiplied profits earned on a relatively small deposit. That is why several EU regulators have recently proposed leverage caps.


In comparison, Swissquote has set the same minimum margin requirement, while many other brokerages offer leverage equal to or exceeding 1:500.


Trading Platforms


In May 2015 SaxoTrader was launched and Saxo Bank discontinued the support for the Metatrader 4 (MT4) platform. So, if you are used to the good old MT4, you will not find it with this broker.


Saxo Bank’s extensive product offering is tradable from the desktop, web and mobile version of the broker's own trading platform. Being quite a tech savvy company, Saxo Bank constantly updates Saxo Trader in order to improve its performance. The platform supports all the general functions you would expect to see – great charting, trading straight from charts, technical indicators, live news, technical analysis tools and indicators, algorithmic trading, etc. Along with that there are also some fancy features you probably won't see elsewhere, such as the comparative analysis tool that lets you overlap charts for as many currency pairs as you want, or the TradeMaker tool for suggesting trading ideas. 


SaxoBank web-based SaxoTraderGO, click to enlarge.


Methods of Payment


Saxo Bank offers its clients the following payment methods: bank transfer, stock transfer, and credit or debit card payments. The following cards are accepted:


- Debit card (Visa debit, Visa Electron, Visa Dankort);

- UK debit card (Switch / Maestro, Visa-Delta, Visa Electron);

- Credit card (Visa, MasterCard).


E-wallets such as Skrill, Neteller and FasaPay, used by the majority of forex brokersges, are not available with SaxoBank.




Heavily regulated and very reputable broker, as well as a bank, Saxo Bank is an excellent choice of every broker, who is willing to or capable of investing $10 000. Saxo has received numerous awards over  the years and offers efficient, state-of-the-art customer service. Here are, in a nutshell, the advantages and disadvantages of this broker:


Pros Cons
Strong regulation in multiple jurisdiction High initial deposit
Competitive pricing No MT4
Advanced award-winning platforms Market maker model
Extensive portfolio  


Latest news about Saxo Bank All news
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
$200 Review Website

Traders` reviews for Saxo Bank


Variable spreads;

Typical spreads: EUR/USD -2 | GBP/USD - 4 | USD/CHF -3 | USD/JPY - 3



Decent spreads under normal market conditions




$10 commission for deals below 50k  (standard acc)

Spread widens during volatile market

Spread widens during news releases

Spreads widen during Asian session 




'no slip' stop orders - Saxo Bank guarantee these stop orders only under normal market conditions 

Slippage during news releases

Slippage under normal market conditions 




No requotes

Disabled auto execution for 2-3 seconds during news releases 

Price feed



No stop hunting and price manipulation


Spikes occur during Asian session






Web Platform


Trailing stop

TradeCommander Autotrading

User-unfriendly platform

Poor Charts 






Bank Wire


Bank Wire



Customer service



Customer Service reps are always ready to help


Request a Call

Live Chat


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Rare requotes

Capital guarantees


Slippage during normal market conditions
Spikes during non-liquid market 


Saxo bank is a scam

Saxo bank is a market maker with typical trading conditions, but solid license, that will make you trading more secure, but not easier. Besides it, they have a company on Cyprus, so many clients trade with branch, that makes trading even more risky. Moreover, It's the only broker that make its clients to pay after Swiss shock. I advise to choose not only regulated brokers, but also ECN, without conflict of interestes.

Andrew 05/30/2016

Saxo Banks crisis 2015

Fellow GARPs, this Saxo Bank crisis should be well documented as a case study.

From risk management prospective, Saxo Bank committed a big mistake.
In its FX business, Saxo Bank makes prices to clients on FX spot, forward and options. That means Saxo Bank is having a principal-to-principal relationship with clients. On their trading platform, the prices are all tradable, and it forms an "offer". Once the trade is executed on the trading platform, via clients' action, or orders triggered, that constitutes an "acceptance". With "offer" and "acceptance", that is a contract sealed. For whatever reason that one side manipulate the details of the transaction (here it is price), it is a breach of contract. The new price of the contract has no legal power to be enforced because the content is not mutually agreed.

In its letter explaining the methodology of the “re-pricing”, Saxo Bank is confusing itself as an agent. In this business, Saxo Bank is actually the sole market maker from clients’ perspective. There are no other markets. If Saxo Bank explains its methodology with reference to EBS, the client agreements have to be re-written that Saxo Bannk acts as an agent and all trade flows (spot and forward) goes to EBS (and Saxo Bank bears no responsibility on the fills), and each and every trade confirmation with EBS has to be sent to clients. However, it still cannot solve Saxo Bank’s problems in options because it cannot find a sizable marketplace for options similar to EBS.

The key problem of Saxo Bank is its risk control on pricing. As a market maker, Saxo Bank has full discretion to quote a price on its trading platform. The bid price it quote to clients is the price Saxo Bank willing to buy from clients, and the ask price it quote to clients is the price Saxo Bank willing to sell to clients. Therefore, always, Saxo Bank should display a price that it is willing to do buy and sell (for this part the Trading department takes the blame, then the Risk Management department). It cannot first quote clients a price and then twelve hours later tell clients that, sorry, we are going to change your transacted price to another price blah blah blah.

Another highlight of the incidence, from a risk management perspective, is how Saxo Bank manages its FX exposure. If clients are selling CHF, to avoid depreciation of the CHF, Saxo Bank should have shorted a certain amount of CHF with its own trading counterparties. Did Saxo Bank get out of its hedge positions before it cut clients’ margin positions? Would it be possible that Saxo Bank got hit by betting bigger than clients and then transferred the losses to clients by manipulating clients’ positions?

areynolds 03/07/2015

Do not trust Saxo bank!!! or worse: become a customer

Do not think they are a legitimate operation because they have a big name (big marketing budget...) and good online reviews (employees?). Saxo's mission is to get your money, one way (fees) or the other (dirty tricks). Example: 2 weeks ago I lost 34000 USD because they send an email a couple of hours before market close stating that the margin requirement for a certain currency pair would be increased by 400% the next day. I called the office and they confirmed, so I had to close my position with a big loss. Later that evening I found out that the margin requirement would not be raised that high, which meant I did not had to close any position at all! I have all the evidence that they did wrong but still they are not willing to compensate me for their error. Stay away from Saxo, they cannot be trusted.

David 12/29/2014

Bad news still... I'm not surprised.

To make a long story short, I don't trust Saxobank. I lost over $50K trading with them and often as some say here, they've set up a system that is your enemy when you're on the profit side and your best friend when losing money... I'm trading with FXCM and they're a breath of fresh air in comparison and you never sense their presence, they just cut their commission in the pips differential and let the market take its course... the way it should be for brokers... and forget about 25 or 50 pip gaps when the market is volatile... it doesn't happen. No wonder their rating is one of the highest here...

Altog Joispa 03/30/2012

Trading platform is user friendly, but the charting system is problematic. The newest problem is that the trendline I drawn will shift after 15 mins on 15 times time frame chart. I reported this problem for about 2 weeks, problem not solved, and still receiving e-mails asking me to conform the problem. Bad customer servive!!

Lewis, 10/29/2009

I trade quite frequently. Not a professional, but do some pretty big trades, read some surprisingly bad reviews here. Personally whilst im not a news trader even on reasonably big trades of c 1M never had any noticeable slippage. The back office staff are usually really efficient. Was on this site looking for other brokers and wanted to read some reviews especially on FXCM as read a lot about FXCM, which seemed very pro and as though they might offer more depth and charting than Saxo does. but then the comments here suggest otherwise, yet they also suggest Saxo is a scam which hasn't been my experience so who knows!

adamc, 10/29/2009

I would personally suggest that you avoid the use of this market maker if you are an intraday FX trader or a news trader. I ever witnessed a 50-pip spread on pre-news announcement, and an ex-colleague of mine who was also trading with them, had his/her stop taken out that was out of the market (meaning no trades were done on Bloomberg and Reuters). For trading on exchange traded products, such as Futures and Equities, I would suggest anyone to set a limit order for entry instead of executing through live market.

grentone, 10/29/2009

One complaint you sometimes hear from Saxo traders is that there may be some slippage, particularly on larger trades. As for customer service, it seems to play both ways. Some investors indicate that there is too much chat and advice provided. Others claim that the live chat is never answered and email response is slow. Overall, however, users seem to be pretty well satisfied. If you are able to absorb a large volume of information—and many FOREX investors seem to possess this talent—you could decidedly enjoy SaxoBank’s platforms. 10/29/2009

I have been using Saxo Trader platform for several months for stock trading. Whilst it has many good features, it has a number of major problems and its use is turning into a nightmare:

1. There is no transparency regarding bugs in the system. You find major problems, report them, only to be told, for example, that the problem is known, and they are working on a solution. But there is no advice when bugs are fixed. For example, I recently found that virtually ALL the daily charts for Xetra DAX constituents (and no doubt other exchanges as well) were wrong: eg, the decline on K+S one day of 3% was reported as a small gain. So all technical analysis using Previous Close data are incorrect!

2. They introduce a new version, and you find that it has bugs because of inadequate testing. But there is no provision to reinstall a prior, more stable version.

3. They seem to put all their efforts into adding more 'bells and whistles' when basic problems still exist.

4. There are extensive charting features, but there are major problems with chart basics. For example, the horizontal time scale is often broken up into unequal divisons; and even when the time divisions are equal, say 45 minutes, the horizontal space for each may differ markedly, so that the real shape of the chart is distorted. Vertical grid lines often occur haphazardly and not at major time intervals. These problems have been around a while, but no attempt seems to be made to fix them.

5. "Help" is hopelessly inadequate. Many features are simply not described; sometimes the description is incorrect. There’s got to be a better platform than this.

L Court, 10/29/2009


Bank license.
Guaranteed defense of client deposits.
An enormous set of financial tools.
First-class sources of analytic geometry.


Insufficient transparency – traditional banks’ information is absent, regarding charters, funds, property assets, sizes of assets, etc.
It is not quite complete, enough, with (language translations) into other languages 10/29/2009

They are the worst broker I have come across. They seem to activate my stop losses and profit from it. When I bought index CFDs and when the market went up, they said that they received incorrect feeds from their MM.
They cancelled my successful trades after 60 mins and then put my original orders back.
Aren't they a MM anyway ?
Avoid them like a plague

John Simmons 10/29/2009


Unique trading software
Very solid company


Very high margin requirements
Opening an account is a complicated process 10/29/2009
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