Saxo Bank Broker Review

Editor Editor:  Chris Cammack Updated: October 9, 2023
Author Author:  Alison Heyerdahl

Last Updated On October 9, 2023

Alison Heyerdahl
Broker Score
4.36 4.36 / 5
Rated #25 of 77 Recommended Brokers
🏦  Min. DepositGBP 500
🛡️  Regulated By
💵  Trading Cost 
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
AlertAccepts Malaysian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 20:1. SaxoTraderGo and SaxoTraderPRO trading platforms supported. Saxo Bank is regulated by the Danish FSA, the FCA, ASIC, and MAS.

Last Updated On October 9, 2023

Alison Heyerdahl

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.

Our verdict on Saxo

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 and 0.6 pips (EUR/USD), but it has a high minimum deposit of 3,000 SGD on its entry-level 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. 

🏦  Min. DepositGBP 500
🛡️  Regulated By
💵  Trading Cost 
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Overall Summary

Trust Rating
111115/ 5
Trading Conditions
11110.54.5/ 5
Trading Platforms
111104/ 5
Deposit & Withdrawal
111003/ 5
Education & Research
11110.54.5/ 5
Assets Available
111115/ 5
Customer Service
111104/ 5
Beginner Friendly
Welcome Bonus

Account Information

Base Currencies
Number of FX Pairs
Crypto Pairs
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Account Name
VIP Account
Trading Desk
Fees Included in Spread
0.40 pips
0.60 pips
0.80 pips
Negative Balance Protection

Company Details

Company Name
Saxo Bank (Switzerland) Lt
Website Language
Support Language
Office Locations
Switzerland, Denmark, France, Italy, UK, Hong Kong


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


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

Is Saxo Bank Safe?

With a long history of responsible behaviour and local and strict international regulation, Saxo Bank is a safe broker for Malaysian traders to trade with.

MAS Regulated: Malaysian traders will be trading with the Singaporean subsidiary of Saxo Bank, which is licenced and regulated by the Monetary Authority of Singapore (MAS).

Safety Features: MAS is known as one of the world’s strictest regulators, and as such, it ensures that Saxo Bank:

  • Limits leverage to 20:1 on major Forex pairs
  • Provides all traders with negative balance protection, so they can never lose more money than they have in their trading accounts. 

With over two decades of responsible behaviour toward its clients, a large international customer base, regulation from some of the strictest authorities in the world, and a banking licence, Saxo Bank is considered a reliable and safe Forex broker.

Company Details:

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Group Regulators
Trading Desk
Year Founded
Office Locations
Inactivity Fee
Market Maker
Switzerland, Denmark, France, Italy, UK, Hong Kong

We confirmed each of the licences and regulations on the regulator’s online register:

Saxo Bank MAS

Saxo Bank’s Financial Instruments

Saxo Bank has an excellent product portfolio of both investment products and leveraged products for trading, including 190 Forex pairs. 

Broad Range of CFD Instruments: Saxo Bank offers over 9,000 CFD trading instruments. Besides Forex pairs, Saxo Bank lists indices, shares, options, commodities, cryptocurrencies, and bonds. Saxo also offers a huge range of investment products, but they will not be the focus of this review. 

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Financial Instrument
Number of Assets
Stock CFDs

  • Forex pairs: Saxo Bank offers over 190 Forex pairs to trade, including majors, minors, and exotics such as USD/ZAR and ZAR/JPY. This is one of the largest forex offerings found at any broker. 
  • Commodities: Saxo Bank offers trading on 20 commodities, including spot metals, energies, agriculture, commodity futures, commodity options, and commodity ETCs. This is an average range compared to other similar brokers.
  • Shares: Saxo Bank excels in its share CFD offering, and professional traders looking for a specific instrument will be satisfied. Saxo Bank offers over 9,000 share CFDs to trade, including popular US tech companies, multinational energy companies, and more.  
  • Cryptos:  Like many other brokers, Saxo Bank offers Crypto FX, including pairs such as the BTC/USD, BTC/EUR, and BTC/JPY, but it has a unique offering of Crypto ETPs, which are investment products.
  • Indices: Saxo Bank offers cash and futures contracts on over 29 international indices, including the NASDAQ, S&P500, FTSE100, and the Nikkei. This is an average range of indices compared to other brokers. 
  • ETFs: Saxo Bank offers trading on 675 stock CFDs, a huge range compared to other similar brokers.

Overall, Saxo Bank excels in its range of tradable assets, especially in the number of Forex pairs and share CFDs available for trading.  This is a great advantage for professional traders who may be looking for a specific asset. 

Saxo Bank’s Trading Costs

We were pleased to find that Saxo Bank offers one live account type but with five account tiers and higher minimum deposits linked to lower trading costs and more account benefits. 

Trading Fees: Spreads are generally tight across all account tiers, but the minimum deposits required to open an account are high. For example, Saxo Bank’s entry-level account has a minimum deposit requirement of 3,000 SGD and an average spread of 0.6 pips (EUR/USD). To open the other account tiers, traders must pay a subscription fee or earn a certain number of points to get them free. See below for more information:

  • Bronze: Free
  • Silver: 5 SGD per month or 5,000 points to get it free 
  • Gold: 15 SGD per month or 15,000 points to get it free
  • Platinum: 45 SGD per month or 45,000 points to get it free
  • Diamond: 145 SGD per month or 145,000 points to get it free

Saxo Bank Points

Account Trading Costs:

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Trading account
Min. Deposit
Min. Spread EUR/USD
Trading Cost (USD)
SGD 3000
Spread Only
SGD 338000
Spread Only
SGD 35000
Spread Only
SGD 105000
Spread Only
SGD 11700
Spread Only

As you can see from the table, the trading costs are built into the spread on all account options. The average cost of trading one lot of EUR/USD is 6 USD on Saxo Bank’s entry-level tier and down to 4 USD on its Diamond Tier.

Saxo Bank Spreads

These are some of the lowest trading costs in the industry – the average trading cost at other market makers is around 9 USD per lot. However, the high minimum deposits may be a deterrent to some traders. 

Deposits and Withdrawals

We were disappointed that Saxo Bank’s funding methods are limited to bank and credit card transfers.  However, for Malaysian traders hoping to avoid currency conversion fees, funding is limited to local bank transfers.

As per regulation, Saxo Bank ensures that all Anti-Money Laundering rules and regulations are followed, and as such, all withdrawals are returned to the deposit source. 

Trading Account Currencies: Saxo Bank allows traders to open an account in over 17 trading account currencies, including MYR. Malaysian traders will therefore be able to avoid paying currency conversion fees on both deposits and withdrawals unless trading on assets with other base currencies such as the EUR/USD.

In this case, a currency conversion fee of 0.3% is charged.

Deposits and Withdrawals: You can only fund your account using a credit or debit card or by transferring funds from your bank account. Additionally, the first transfer to the trading account can only be made by Bank/Wire Transfer. Any subsequent funding can then be made using a debit card. However, Malaysian traders can only transfer funds by bank transfer to avoid currency conversion fees. See below for more details:

  • Bank transfers: Deposits are free and can take several days to reflect. Withdrawals done over the platform will be processed the next business day (T+1) if requested before 14:00 CET and T+2 otherwise.
  • Credit Cards/Debit Cards: Credit and debit card deposits are instant and free.  Debit card payments are subject to the fee charged by the card operator (Visa / MasterCard), which ranges from 0.51% to 2.24%, depending on the transaction currency. The relevant fee is displayed before the transaction is committed and is deducted from the total amount transferred. 

Saxo Bank Transfers

Overall, Saxo Bank offers a limited range of funding methods compared to other similar brokers and doesn’t offer popular payment methods such as e-wallet transfers, but it doesn’t charge fees on deposits and withdrawals.

Mobile Trading Platforms

Saxo Bank offers two trading platforms, both developed in-house, but only the SaxoTraderGo is available for mobile trading. It also lacks support for popular third-party platforms like MT4 and MT5. That said, SaxoTraderGO has won awards for its ease of use and excellent features.

We downloaded and tested the mobile app on an iPhone 11.


Account Management: After downloading the app, we found it easy to open new real and demo accounts, manage our leverage, and deposit and withdraw funds.

Trader Tools: We found that the app offers advanced charting, making it easier to spot trends and identify new trading opportunities, and comprehensive drawing tools to plot trendlines, channels, pitchforks, Fibonacci Retracements, and much more. It also features technical and fundamental analysis tools, news and expert research, and innovative risk management features from within the app.

Customer Support: Support was available 24/5 from inside the app. We found the customer support team helpful and responsive.

Saxo Bank Mobile Saxo Bank Mobile Saxo Bank Mobile

Other Trading Platforms

Both SaxoTraderGO and SaxoTraderPRO are available as downloadable desktop applications on Mac and Windows operating systems.

Saxo Bank’s trading platforms are available on a web browser and as a downloadable desktop app. 


SaxoTraderGO has all the same features as the mobile version, but the windows are more spread out and easier to operate.

Saxo Bank Platform


Advanced Trading Features: SaxoTraderPro was developed for advanced traders. Unlike other brokers’ in-house platforms, we were impressed to find that it offers algorithmic trading. It also has a trade ticket, reducing the number of clicks required to place an order – a real benefit for traders who want to execute trades quickly. Depth of market is available, and it offers an advanced charting package.

We also loved the comprehensive account overview in the accounts section, available on both SaxoTraderPRO and SaxoTraderGO. It gives traders a detailed analysis of their net holdings, profit and loss, and the development of their trades.

Traders who are used to trading on MT4 or MT5 will be disappointed that Saxo Bank does not support these trading platforms. This is because traders like to take their own customised versions of the platform with them should they decide to switch brokers. However, the benefits of Saxo Bank’s trading platforms are numerous. 

Opening an Account at Saxo Bank

We were impressed that the account-opening process at Saxo Bank is user-friendly and that accounts are ready for trading in one day. 

All Malaysian traders can open an account at Saxo Bank.

We opened an account at Saxo Bank, and after we had submitted our documentation, our accounts were approved the next day.

Saxo offers individual, joint, corporate, SIPP, ISA, and trust accounts, but we will focus on opening an individual account:

  1. New traders must click on the “Open Account” button at the top of the page, where they will be directed to register an account.
  2. Traders will then enter their name, and email address, and create a password.  
    Saxo Bank Account Opening
  3. Traders must complete their personal details, including contact number, gender, date of birth, and address.
  4. Once this step is complete, clients must fill out a questionnaire that helps Saxo Bank assess the trader’s financial status and experience. Traders will also have to complete their tax and bank account details.
  5. Traders are required to detail their trading experience.
  6. Saxo Bank requires at least two documents to accept you as an individual client:
    1. Proof of Identification – Saxo Bank accepts all government-issued identification documents such as Passport, national ID card, driving license, or other government-issued ID. 
    2. Proof of Address – Proof of residence/address document must be issued in the name of the Saxo Bank account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority. 

After the application is approved, traders can log in and fund their accounts  We advise that you read Saxo Bank’s risk disclosure, customer agreement, and terms of business before you start trading. 

Research and Trading Tools

Saxo offers many trading tools to help traders make trading decisions, including third-party tools like TradingView, and numerous innovative in-house tools. Its market research is curated in-house and is superb.

Trading Tools


TradingView is available on Saxo Banks’ trading platforms, but only for those who purchase a subscription. It is an excellent tool for researching, charting, and screening instruments.  Additional features of Saxo Bank’s TradingView tool include:

  • 50+ intelligent charting tools
  • Over 100,000 custom user-built indicators and scripts
  • Synchronised layout for multiple charts


Traders will have to purchase a MultiCharts subscription to use the service. MultiCharts provides advanced market analysis and high-speed one-click trading straight from the chart. Other features of the service include:

  • High-definition charting with built-in indicators and strategies.
  • Faster and more precise execution with full support for automated trading.
  • Verify and optimise your strategy with extensive backtesting features.

Innovative Risk Management Tools

Saxo Bank has developed several unique tools to help traders manage their risk and control their positions:

  • Account Shield: This tool acts as a stop loss on the entire account value, and if triggered, all positions are liquidated.
  • Cancel All Orders: You can cancel all open orders with just a few clicks.
  • Margin Breakdown: This allows you to manage the margin on each instrument.
  • Margin Alerts: Set custom margin alerts.
  • Quick Close Positions: Close all CFD and Fx positions in two clicks.


Saxo Bank’s research is world-class. It has eight analysts and strategists under its SaxoStrats Experts brand that provide curated research content, including news, analysis, price data, and trade ideas. 

Analysis Blog: The in-house research team runs a regular blog covering both fundamental and technical analyses. The research provides information on market-moving events outside of conventional news sources.  The research team also provides a day-to-day analysis of events affecting the markets. 

Webinars: Market analysis and trade ideas are available in both video and text form, and the quality is high and useful for traders of all experience levels. The topics are based on both technical and fundamental analysis.

Podcasts: Saxo Bank’s strategy team delivers market insights across all asset classes. Podcasts are recorded most days of the week.

Research Insights: Saxo Bank alerts about sudden price movements or important actions that may impact your individual positions.  

Overall, it is clear that Saxo Bank values its research team and understands the importance of this service.

Trading Tools Comparison:

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Trading Central
Trading View
Saxo Bank


Saxo Bank’s education section is slightly limited to what’s available at other brokers, but what is available is of high quality.

Saxo Bank’s educational materials cater more to beginners than experienced traders. It offers:

  • Platform Video Guides: Helpful for new traders to Saxo Bank, these videos provide step-by-step guidance on placing orders, managing positions, performing analysis, and more.
  • Introduction to Trading: Catering mainly to beginner traders, this resource is a series of online short courses covering the basics of financial instruments. 
  • Risk Management Rules: Traders can learn to manage risks in their positions. 
  • Demo Account: Traders can open a demo account with Saxo Bank, but it will only remain active for 20 days, which is limited compared to other brokers, and won’t give beginner traders a good feel for real market conditions or the trading platform. 

Education Overview:

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Beginner Course
Advanced Course
Saxo Bank

Customer Service

We found that Saxo Bank’s customer service is average compared to other similar brokers.

Customer support is available 24/5 via a few different channels:

  • Local telephone support
  • Live chat with a customer support agent (but ONLY from within the platform)
  • Email

For the purposes of the review, we tested the email services. Our email was answered within a couple of hours, and the answer was relevant and to the point. Unfortunately, the live chat feature is only available within the platform, which means that visitors to the website won’t have the benefit of getting quick responses to their questions.

Safety and Industry Recognition

Regulation: Founded in 1992, Saxo Bank is based in Denmark and has a Danish banking licence. It also has a corporate structure comprising multiple regulated entities operating in different regions worldwide, including Denmark, the UK, France, Switzerland, Italy, Netherlands, Czechia, the UAE, Singapore, Japan, Australia, and Hong Kong. 

See below for more details: 

  • Saxo Markets is a registered Trading Name of Saxo Capital Markets Ltd (‘SCML’). SCML is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422.
  • Saxo Capital Markets Pte Ltd (‘Saxo Markets’) is a company authorised and regulated by the Monetary Authority of Singapore (MAS) [Co. Reg. No.: 200601141M ] and is a wholly-owned subsidiary of Saxo Bank A/S, headquartered in Denmark.
  • Saxo Banque is authorised and regulated by the ACPR (Autorité de Contrôle Prudentiel et de Résolution) and AMF (Autorité des marchés financiers).
  • Saxo Bank Schweiz AG is authorised and regulated by the Swiss Financial Market Supervisory Authority (FINMA).
  • BG Saxo (in Italy), Saxo Bank A/S (Netherlands), and Saxo Bank A/S (Czech Republic) are all regulated by the Danish Financial Services Authority (FSA).
  • Saxo Bank A/S (UAE) is authorised and regulated by the Central Bank of the UAE.
  • Saxo Bank Securities Ltd is authorised and regulated by the Japanese Financial Services Agency.
  • Saxo Capital Markets Hong Kong Ltd. is authorised and regulated by the Securities and Futures Commission in Hong Kong.
  • Saxo Capital Markets (Australia) Limited is authorised and regulated by the Australian Securities and Investments Commission (ASIC).

Industry Recognition: Besides being regulated by several national authorities, Saxo Bank has received widespread industry recognition for its innovations.  Recent awards include:

  • Best CFD Education 2022 (ADVFN)
  • Best Professional Trading Account 2022, Best Bond Broker 2022, Best CFD Broker 2022 and Best Futures Broker 2002 (Good Money Guide)
  • Best Retail CFD Broker 2021 (Finance Magnates)
  • Best Retail FX platform 2021 (FX Week)

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process. Central to that process is the evaluation of the broker’s reliability, platform offering, and trading conditions offered to clients, summarised in this review. Each one of these is graded on 200+ metrics across seven areas of interest, and an overall score is calculated and assigned to the broker according to the diagram below:



Saxo Banks’ Risk Statement

Trading Forex is risky, and each broker must detail how risky the trading of Forex CFDs is to clients. Saxo Bank would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, or any of our other products work, and whether you can afford to take the high risk of losing your money. The value of your investments can go down as well as up. Losses can exceed deposits on some margin products. Professional clients can lose more than they deposit. All trading carries risk.


Saxo Bank is a large, reputable broker with many financial instruments, two excellent trading platforms, and three low-cost trading accounts. Spreads range between 0.4 and 0.8 pips (EUR/USD) but with higher minimum deposits than other similar brokers. 

Saxo’s feature-rich trading platforms have been developed in-house but come with numerous innovative trading tools, including risk management tools and in-depth charting and drawing tools, and they allow automated trading.

Traders will also be impressed at the quality of market research at Saxo, which is available via a blog, video format, podcasts, and frequent webinars. Some drawbacks for traders considering Saxo is that live chat is only available through the platform and has a limited number of payment methods. 

Editorial Team


Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.


Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts.  She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.


Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

AlertAccepts Malaysian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 20:1. SaxoTraderGo and SaxoTraderPRO trading platforms supported. Saxo Bank is regulated by the Danish FSA, the FCA, ASIC, and MAS.
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Rated #25 of 77 Recommended Brokers
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