Edited by May 3, 2023

Author

Edited by

Chris Cammack

Partner Manager and Financial Writer

Chris Cammack is the Partner Manager and a financial writer at FxScouts. Chris builds and maintains our relationships with our partners to provide our users with the best Forex trading experience.

Learn more about Chris Cammack

Author

Alison Heyerdahl

Head of Content

Alison Heyerdahl is the Head of Content at FxScouts, a Chartered Market Technician (CMT), and an experienced trader, as well as a financial writer with extensive expertise in Forex trading, broker analysis, and market research. She has reviewed 100+ brokers, publishes weekly YouTube trading videos, and co-hosts the “Let’s Talk Forex” podcast.

Learn more about Alison Heyerdahl

Saxo Bank

4.26

How we review

Top Rated Brokers

74% of retail CFD accounts lose money with this provider

Available to traders in %s

Min deposit

GBP 500

Regulated By
Varies by region

Trading Cost

GBP 8

Max Leverage
Varies by region

30:1

Copy Trading
Varies by region

Yes

Platforms

SaxoTraderGO, SaxoTraderGO

Instruments

Saxo Bank Broker Review

An excellent all-round broker, Saxo Bank is a well-regulated investment bank and brokerage with two top-end trading platforms and an outstanding selection of financial instruments.

Geared towards more experienced traders, Saxo Bank’s ongoing trading fees are lower than average across all three account options, with spreads that average between 0.4 pips and 0.8 pips (EUR/USD), but it has a high minimum deposit of 500 GBP on its entry-level account and a whopping 1,000,000 GBP on its VIP Account. Experienced traders will also be satisfied with the number of financial instruments on offer, which includes no less than 190 Forex pairs.

Saxo Bank’s platforms are some of the best in the industry, and although MT4 and MT5 are not available, it supports algorithmic trading. We were also impressed at the quality and frequency of market research available at the brokerage, which is on par with some of the biggest players in the industry.

Accepts British Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. SaxoTraderGo and SaxoTraderPRO trading platforms supported. Saxo Bank is regulated by the Danish FSA, the FCA, ASIC, and MAS.

Pros

Well regulated
Innovative trading platforms
Wide range of financial assets
Excellent market analysis

Cons

Limited demo account
No swap-free account option
High minimum deposit

Rating Reviews

4.26

Saxo Bank Overall Summary

Trust Rating

Trading Conditions

Platforms

Education

4.5

Beginner Friendly

Assets Available

Analysis Research

Deposit & Withdrawal

Overall Rating

4.26

/ 5

Base Currencies

AUD, CAD, CHF, CNH, CZK, EUR, DKK, GBP, HKD, HUF, JPY, NOK, NZD, PLN, SEK, SGD, USD

Number of FX Pairs

190

Crypto Pairs

Copy Trading

Yes

Hedging Allowed

Yes

Scalping Allowed

Yes

Islamic Acct

Account Name

VIP Account

Commission

Fees Included in Spread

EUR/USD

0.40

GBP/USD

0.60

USD/JPY

0.80

Negative Balance Protection

Yes

Company Name

Saxo Bank (Switzerland) Lt

Founded

1992

Website

https://www.home.saxo/en-ch

Website Language

English

Support Language

English

Office Locations

Switzerland, Denmark, France, Italy, UK, Hong Kong

Support Email Address

[email protected]

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Meet the Experts Behind Our Unbiased Reviews

Chris Cammack

Partner Manager and Financial Writer

Chris Cammack is partner manager and senior financial writer at FxScouts, specialising in broker relations and forex market analysis. As the former Head of Content (2019–2024), he set editorial standards for all content published at FxScouts, including broker reviews, broker comparison pages and education. With over a decade of experience in editorial management and partner relations, Chris builds and maintains our relationships with our partners to provide the best Forex trading experience for our users. He also co-hosts the “Let’s Talk Forex” podcast with Alison Heyerdahl, where he explores trading strategies, industry news, and macroeconomic trends to help traders navigate the markets with confidence.

Alison Heyerdahl

Head of Content

Alison Heyerdahl is the Head of Content at FxScouts, a Chartered Market Technician (CMT), an experienced trader, and a financial writer with extensive hands-on experience in the Forex trading industry. She specialises in Forex trading, broker analysis, and market research, with a focus on helping traders navigate the complex world of online trading safely and confidently. Alison has tested and reviewed more than 100 Forex brokers, assessing everything from regulatory status and trading conditions to platform features and customer support. Her goal is to provide honest, detailed, and practical insights that traders can rely on when choosing a broker. She’s also produced more than 300 educational videos for the FxScouts YouTube channel, where she explains trading concepts in a clear, accessible way. As the co-host of the “Let’s Talk Forex” podcast, Alison shares expert commentary on broker reliability, trading strategies, and market developments—always with a focus on transparency and trader protection.

Stefan de Clerk

Financial Writer

Stefan is a financial writer and Forex trading enthusiast with over a decade of experience creating in-depth content on finance and technology. His deep interest in geopolitical events, big data, and market sentiment fuels his passion for analyzing how global factors shape financial markets. With a background in marketing and financial research, Stefan believes that Forex trading offers the best insight into the pulse of the world economy. Committed to delivering well-researched, unbiased, and objective information, he helps traders navigate the markets with clarity and confidence.

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