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SAXO BANK Review & Rating 2017 – Forex Broker Review

#11 of 11 Forex Broker Comparison - Best UK Forex Brokers

Established in 1992, Saxo Bank is a high-end forex broker and one of the world’s leading CFD providers for retail traders. They are headquartered in Copenhagen, Denmark, and have multiple regulated entities across several jurisdictions around the world. This broker is an international investment bank, which offers a vast range of products and has access to a worldwide selection of global markets. Through their platform, users can trade a wide variety of electronically tradable asset classes, including Forex, stocks, shares, ETFs, options, futures contracts and most importantly, CFDs.

Free unlimited demo account T&Cs Apply, 18+


  • FCA regulated broker
  • DMA/ECN broker
  • Extensive product portfolio
  • Good customer service
  • Client referral bonus
  • Trailing stops available

User ratings

01Trading Offer & Conditions 8.0
02Trading Platforms & Demo Account 8.5
03Bonus for New and Existing Customers 8.5
04Mobile Trading 9.0
06Security / Regulation 8.5
07Customer Service 8.5
08Account Opening 7.0

True ECN broker

Saxo Capital Markets UK Limited in the UK is regulated by the Financial Conduct Authority (FCA), giving clients the peace of mind that comes with this secure UK’s trading regulatory environment. Saxo Bank is a true ECN broker, granting clients the opportunity of a direct market access in trading a vast range of asset classes.

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Trading Offer & Conditions


01 Trading Offer & Conditions

Spreads and commissions happen to be the largest expenses incurred by traders, so we made it our point of duty to do an in-depth Saxo Bank review on their pricing.

This broker has competitive, floating spreads for forex and equities. They offer variable spreads which varies based on account types. Our review was conducted using the classic trading account. Traders choose between two plans; the all-inclusive plans and the volume-based pricing plan. No extra commissions are charged in the all-inclusive pricing package because the trading fee is included in the spread. The average spread on EUR/USD is 2 pips. This is quite high compared to some other brokers that offer tighter spreads. The broker offers three types of pricing plans for clients that trade higher volumes, and the spreads are quite competitive. For the volume based pricing, the spreads on EUR/USD can be as low as 0.2 pips.

If a trader chooses FX 60 and trades $100,000 he would pay $6 as commission. There is a minimum threshold available for each currency pair, so if a trader trades below this threshold, an additional $10 will be charged as trading fee.

Other fees

A financing fee is also charged on CFD portfolios, this amounts to the annual reference rate +2%. This pricing is quite competitive when compared to the average mutual fund pricing. Saxo bank charges no fee on funding or withdrawal. But an inactivity fee is charged after a no-trade period of 6 consecutive months. A manual order fee of €50 is charged for telephone orders. Our Saxo trading review also focused looked into the broker's product portfolio. Saxo Bank clients are able to trade several instruments from a broad range of asset classes including FX, Stocks, Futures, ETFs, Options (equity, contract and forex options), Bonds, CFDs and Certificates. Traders on their platform can trade up to 30,000 assets including over 19, 000 stocks and 9000 CFDs. Apart from single stock CFDs the broker also has a well-developed CFD spectrum with index-tracking, forex, commodity, and bond CFDs.
  • FX 60: $60 per $1,000,000 traded with no minimum monthly commission
  • FX 30: $30 per $1,000,000 traded with $600 minimum monthly commission
  • FX 20: $20 per $1,000,000 traded with $2,000 minimum monthly commission

Trading Platforms & Demo Account


02 Trading Platforms & Demo Account

As part of our Saxo Bank reviews, we took an in-depth look into their platform offerings. There is actually a little bit of bad news for traders who especially like the MT4 platform; Saxo Bank no longer uses the MetaTrader platform, instead the broker has its own proprietary trading platform that comes in two forms; the SaxoTrader and the Saxo TraderGo. These are available for both PCs and handheld devices. The mobile version is equipped with sophisticated charting tools that enable clients to watch the markets and trade anywhere and anytime during open market sessions. If you want to work with MetaTrader, look for another broker in our forex comparison.

The SaxoTrader is a web-based browser platform which is accessible on any java enabled browser.
The platform has a one-step login for both account types, but another layer of security is added for Platinum account holders. With a Platinum account, clients have access to a more secure IP linked login. Though this feature is very good, the broker can make their service more attractive by extending this feature to all types of trading accounts.

They have a very sophisticated web-based platform which has an easy-to-follow menu structure where traders can choose between three main views.

  • Trading
  • Accounts
  • New & Research

The trading view has relevant functions like the editable watchlist, and overview of selected instruments where traders can view interactive chats and trade signals. Traders can also use their social trading feature (SaxoSelect), which allows traders to follow, copy and model their trades after the trading decisions of top traders. The trading platform also has a search function where you can just sort out a specific instrument from a long list of assets by typing its name. For example, if a trader intends to search for Facebook, the results will show Facebook stocks, CFDs and options as well.

20 Days Risk-Free Trading

Demo trading is a popular feature among forex traders. It is a very important part of trading, not only for beginners who want to have a feel of the market and gain confidence, it is also important for more experienced traders who want to test their strategies properly before using it in their live trading.
Saxo Bank offers a free forex demo account for any interested trader. Their 20-day demo trading account is even available to non-customers. This grants you the opportunity to try out their platforms on a simulated $100,000 practice account, enabling you to try out their platform’s tools and functionality before using your real money on their platform

Important: Their platform also has the interactive chart function which is well developed. Traders can trade directly from the charts and watch several charts at once. One interesting thing is that the charts and other applied indicator settings will not be affected even after the trader has logged out.

Bonus for New and Existing Customers


03 Bonus for New and Existing Customers


As the broker makes its products offerings more attractive, Saxo Bank has also gone further to make sure traders enjoy an added benefit. Though the broker does not currently offer deposit bonuses and trading rebates, they offer clients the opportunity to get up £1000 trading bonus per referral.

Free unlimited demo account T&Cs Apply
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    Free unlimited demo account
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    Trainings and webinars
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    Duration of bonus offers
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    Minimum deposit
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    Tournaments and competitions
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    Personal contact person
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    No deposit bonus
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    Without deposit

    Account opening

A trader is eligible for this bonus when he is able to invite a friend to open an account with Saxo Bank. The bonus earned depends on the type of account opened by the new trader. A trader earns:

  • £250 for referring Classic Clients
  • £500 for referring Premium Clients
  • £1000 for referring Platinum Clients

The bonus is paid when the new client makes an initial deposit. To refer a client, traders can simply fill the referral form or can contact the customer service directly.

  1. 01 | Free unlimited demo account
  2. 02 | Referral bonus
Open your free unlimited demo account now!

Mobile Trading


04 Mobile Trading

Our Saxo Bank trading reviews also looked into their mobile trading platforms. The broker’s app, SaxoTraderGo, is also available for Android and iOS devices, making online forex and CFD trading more convenient. The broker’s mobile platform has the same design and has almost the same functionality, however, the social trading feature, SaxoSelect, is not available on the mobile version. The safer, two-step login, is also not available on the mobile app.








Web App

01 | rating

The mobile applications on the respective app stores receive a very high rating because of the functionality and flexibility. They are simple and intuitive, and have numerous features, making trading easy as you monitor your trades from anywhere. All important functions and charting tools are also available. You can monitor your open positions, check your account balance, read news, and watch specific exchange pairs.

02 | recommendation

In order to be able to trade the markets at any time, we always recommend using a forex app. However, that should be after you’ve done a comprehensive chart analysis on your PC.
  • Instant account access
  • Interactive charts
  • Monitor and manage your open positions anywhere and anytime



05 Payments


Account funding with Saxo Bank is fast and easy, the broker accepts payments via credit cards (Visa, MasterCard), debit cards (Visa debit, Visa Electron, Visa Dankort) and bank transfers. UK clients can also use Switch / Maestro and Visa-Delta debit cards.

Saxo Bank does not accept PayPal and other e-wallets in contrast to Plus500. There are no restrictions on deposits via bank transfer, however, account funding through cards might come with some restrictions, for example, only clients from certain countries are allowed to use cards for their first-time deposits.

Important: Prepaid cards are not accepted at all. Account funding does not attract any charges; however, the minimum deposit allowed is £1,500.


Withdrawals can only be done through the same channel as the previous deposit. This means that only these two major withdrawal methods are available for most categories of traders. No fees are charged on withdrawals and there is no minimum withdrawal limit.

If you are looking for a broker without a minimum deposit, we recommend you to read our GKFX review.

  1. 01 | £1500 minimum deposit
  2. 02 | No withdrawal charges
  3. 03 | No minimum withdrawal limit

Security / Regulation


06 Security / Regulation

Many clients consider fund security as the utmost priority when they want to an open account with a broker. At, we recognise this, which is why we have included the security of customer funds as part of our Saxo Bank reviews.

FCA license 551422
LSC register Saxo Bank A/S

BaFin register number 118371
Regafi register number 71081
AMF register Saxo Capital Markets UK

The broker is well regulated in 11 jurisdictions. Saxo Capital Markets UK Limited is regulated and authorized by UK’s Financial Conduct Authority (with firm reference number 551422). Customer deposits are kept in a segregated account which is different from the broker’s asset account; by so doing, these funds are insulated and cannot be used for paying off company’s debt in the event of bankruptcy. Customers are also entitled to FSCS compensation of up to £50,000 in the event of a failure of the account-keeping bank and with regard to claims from open transactions against an insolvent broker.

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    Secure payments
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    50,000 GBP Deposit protection
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    Compliance with all MiFID regulations
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    Regulated by FCA
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    No negative balance protection

Traders who intend to open an account should note, however, that the broker does not offer a negative balance protection, which means that traders may lose more than their initial investments.

Customer Service


07 Customer Service

Saxo Bank’s customer care service is very efficient and traders can contact their customer service desk 24/5 during forex market hours. After a query is being made, clients often receive follow up phone calls and emails from Saxo Bank representatives.




Saxo Capital Markets UK Limited

26th Floor, 40 Bank Street, Canary Wharf, London E14 5DA

[email protected]
+44 207 151 2000

Traders also have access to dedicated account managers. The live chat is also very commendable, although, accessing the live chat is almost impossible for demo account holders, this feature can only be accessed by live account holders. They also have a premium feature which can be used by traders who need immediate support. The trading desk can also be reached quickly from within this platform.

Account Opening


08 Account Opening

The broker currently offers three basic account types─ the Classic, Premium and Platinum accounts. The classic account requires a minimum funding initial deposit of £6,500 and the premium account can be opened with a minimum of £60,000. Traders who operate the Platinum account need to start with an initial deposit of £300,000.

Traders who open the Classic or Premium account will have access to services such as free sub-accounts, 24/7 personal account manager and free extended news and research.
On top of these, Platinum clients also enjoy tighter spreads for forex options, volume driven individual pricing, IP address-linked more secure login, and privileges in customer service. There is no restriction on the number or type of instruments available based on account type.

  1. 01 | Open an account with Saxo Bank
  2. 02 | Deposit money by credit card
  3. 03 | Start trading the markets immediately
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Become part of the Community and share your experiences!

In case that you ever opened an account at Saxo Bank, don’t hesitate and become part of the community! Rate the broker and share your experiences with the Saxo Bank. Woth your own review, you can be an active part and help other users getting a realistic impression of the company. Let’s find out if the Saxo Bank is convincing or if other brokers are preferable!

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