Saxo Bank review: exploring features, benefits, and costs

Let's discuss Saxo Bank, a Danish investment bank where you can engage in trading financial instruments from major global markets.

At Saxo Bank, you have the option to purchase shares, ETFs, and other products for long-term investment, or to invest with leverage using contracts for difference (CFDs). In the following section, we will introduce you to a thorough review of Saxo Bank, emphasising the products it provides, its cost structure, and other notable aspects you should know before deciding if this is the right broker for you.

About Saxo Bank UK

Saxo Bank, a Danish investment bank established in 1992, provides online trading and investment services. The company is regulated by multiple financial authorities worldwide, including the Danish Financial Services Authority (FSA) and the Financial Conduct Authority (FCA) of the United Kingdom.

As a global service provider, Saxo Bank operates various distinct legal entities in different regions across the world. The services offered by these entities may exhibit slight variations, particularly in terms of fees and product portfolios. The bank's adherence to stringent regulations, extensive experience, and banking background are positive indicators of Saxo Bank's security.

Saxo Bank is a leading investment bank in the industry and has the following licenses:

  • Danish Financial Supervisory Authority (FSA)
  • Financial Conduct Authority (FCA) in the United Kingdom
  • Italian Stock Exchange Authority
  • Czech National Bank
  • Netherlands Bank
  • Monetary Authority of Singapore
  • Swiss Financial Market Supervisory Authority (FINMA)
  • ACPR and AMF in France
  • US Federal Reserve
  • Financial Services Agency of Japan
  • Securities and Futures Commission of Hong Kong
  • Australian Securities and Investments Commission (ASIC)
  • Dutch Central Bank


In addition, funds deposited in Saxo Bank accounts are protected by the Financial Services Compensation Scheme (FSCS). For UK citizens, this means coverage of up to £85,000 per customer in case of insolvency.

Furthermore, as part of its dedication to customer transparency and fair practices, the bank adheres to the guidelines outlined in the Global FX Code of Conduct. In summary, Saxo Bank is a trustworthy institution that operates within a robust regulatory framework.

Saxo Bank minimum deposit

Saxo Bank's account opening process is fully digital, user-friendly, and accessible in a wide range of countries and languages. However, it should be noted that the minimum deposit requirement can be relatively high in certain countries, and the verification process may take some time.

It's important to mention that the minimum deposit varies based on the country of residence and the type of account. For instance, Middle East or Central Europe customers are required to have a minimum deposit of $2,000, whereas customers in Denmark have no minimum deposit requirement.

Minimum deposit by country

In the UK, the minimum initial deposit for a Classic account with Saxo Bank is £500. To upgrade your account to a Platinum account, a deposit of £200,000 is required. For a VIP account upgrade, a deposit of £1,000,000 is necessary.

Check the minimum deposit requirements for classic accounts in different countries in the following table:

CountryMinimum Deposit
United Kingdom£500
Denmark
Norway
No minimum deposit
SwitzerlandCHF 2,000
France
Netherlands
€2,000
AustraliaAUD 3,000
ChinaHong Kong$2,000
Singapore$3,000
Other countries$2,000

Minimum deposit by account type

Saxo Bank offers three types of accounts for UK residents (account types may differ in other countries):

  • Classic: minimum deposit of £500
  • Platinum: minimum deposit of £200,000
  • VIP: minimum deposit of £1,000,000

With Platinum and VIP accounts, you can enjoy more favourable pricing structures and Platinum account holders have their own dedicated contact person.

Corporate accounts are also available with Saxo.

Saxo Bank accounts

These are the main features of Saxo accounts:

ClassicPlatinumVIP
Spreads start at 0.4 pipsLower average spreadsLowest spreads
24/5 Technical Support24/5 Technical Support24/5 Technical Support
Best service and digital support in its classBest service and digital support in its classBest service and digital support in its class
Minimum deposit: £500Priority customer servicePersonal relationship manager
£200,000 to upgrade tierDirect access to bank trading experts 24/5
1:1 access to SaxoStrats
Exclusive invitations to events
£1,000,000 to upgrade the tier


In summary, upon opening your Saxo Bank account, you will gain access to over 72,000 financial instruments on major global stock exchanges, accompanied by competitive spreads. The proprietary trading platform is highly customisable and user-friendly.

Saxobank products and markets

The variety of investment instruments available at Saxo Bank is one of its greatest strengths. From the same account, you can invest in the main world markets through a large number of financial instruments:

Financial Instruments 
Stocks
ETFs
Investment portfolios
Bonds
Futures
Options
CFDs
Forex
Commodities

Stocks

More than 20,000 stocks are available from London, New York, Hong Kong, Paris, the Italian Stock Exchange, Helsinki, Stockholm, Australia, Singapore, Toronto, USA, Spain, Tokyo and more.

ETF

Exchange-traded funds (ETFs) are an excellent long-term investment as they allow you to automatically diversify your investment with a single purchase. When you buy shares in an ETF, you invest in a basket of stocks of the largest companies in a certain economic sector, country or market.

At Saxo Bank you can invest in over 6,900 ETFs from technology, health and other sectors. In addition, you have access to ETF research, investment ideas, expert analysis, and more.

Managed portfolios

If you don't have the time or the necessary knowledge to transact efficiently in the financial markets, you can also invest in portfolios managed by experts who seek to beat the market and obtain the best returns.

Each portfolio comes with a different risk level and is suitable for different investor profiles, such as conservative, moderate, or aggressive. In each portfolio, experts follow investment strategies that seek to obtain the highest return according to predetermined objectives and risk profile.

Bonds

Government bonds are fixed-income investment instruments that can help balance your investment portfolio and manage your risks. Saxo Bank offers the opportunity to invest in a wide range of government and corporate bonds, totaling over 5,700 investment products across different countries.

As is customary with bonds, they provide a predetermined return, which tends to be lower compared to the potential returns of riskier assets like stocks. Returns are virtually risk-free in case of government bonds and they help to diversify your portfolio and consolidate your average returns while lowering the risk.

Nevertheless, bonds can serve as valuable coverage during periods of economic uncertainty or recession, so you may want to have a look at the best fixed-income brokers as well.

Options

Saxo Bank provides access to options on many asset classes, including forex (40 vanilla options), stocks, interest rates, indices, futures, and commodities.

Futures

Futures are also available on a wide range of asset types, including energy, metals, equity indices, forex, rates, and agriculture. More than 300 futures are available from 29 global exchanges.

CFDs

Just like options, futurex, forex, and commodities, CFDs are leveraged products ideal for active trading strategies. You can trade over 8,900 instruments via CFDs, including stocks, indices, currencies, and others.

Forex

Over 185 currencies are available for trading. These include minors, majors, exotic, but also spot metals.

Commodities

Commodities can be traded using CFDs, options, futures, spot pairs, or ETCs (exchange-traded commodities). This offering is quite rare among online brokers, so if commodities are an important part of your trading strategy, Saxo Bank has an unparalleled offering and should be high on your shortlist.

Saxo Bank costs & fees

While its product offering is outstanding, Saxo Bank's cost structure may seem quite as complex. The costs are relatively confusing, but here is a simplified breakdown of the main trading and non-trading costs of Saxo Bank UK.

Saxo Bank stock trading commissions

The stock trading fees are variable and depend on the exchange on which the stock is listed. It also depends on which account type you have. Here are some examples:

MarketClassicPlatinumVIP
AmericaPer sharePer sharePer share
NASDAQ / NYSE / NYSE MKT$0.02
(Min $10)
$0.015
(Min $7)
$0.01
(Min $3)
Toronto Stock Exchange / TSX Risk ExchangeCAD 0.03
(Min CAD 20)
CAD 0.02
(Min CAD 15)
CAD 0.015
(Min CAD 10)
Europe / Middle East / Africa
EURO Exchanges0.1%
(Min EUR10)
0.07%
(Min EUR 8)
0.05%
(Min EUR 6)
London Stock Exchange0.10%
(Min GBP 8 )
0.07%
(Min GBP 7)
0.05%
(Min GBP 5)
NASDAQ OMX Copenhagen0.1%
(Min DKK 65)
0.07%
(Min DKK 50)
0.05%
(Min DKK 50)
NASDAQ OMX Stockholm0.1%
(Min SEK 65)
0.07%
(Min SEK 50)
0.05%
(Min SEK 50)
Prague Stock Exchange0.28%
(Min CZK 500)
0.25%
(Min CZK 350)
0.25%
(Min CZK 350)
Johannesburg Stock Exchange0.25%
(Min ZAR 100 )
0.2%
(Min ZAR 90 )
0.15%
(Min ZAR 90)
Asia / Pacific
Australian Securities Exchange0.1%
(Min AUD 8)
0.07%
(Min AUD 8)
0.05%
(Min AUD 8)
Hong Kong Stock Exchange0.15%
(Min HKD 100)
0.12%
(Min HKD 80)
0.1%
(Min HKD 60)
Singapore Stock Exchange0.15%
(Min SGD 25)
0.12%
(Min SGD 20)
0.1%
(Min SGD 15)
Tokyo Stock Exchange0.15%
(Min JPY 1,500)
0.12%
(Min JPY 1,000)
0.1%
(Min JPY 1,000)


Accounts holding open positions in bonds, stocks, and/or ETF/ETC are subject to a custody fee of 0.12% per annum for Classic and Platinum accounts, and 0.08% for VIP accounts. A minimum monthly fee of £10 applies. The fees are calculated on a daily basis but charged monthly.

Saxo Bank trading costs for other assets

Financial InstrumentsCommissions (for Classic Account)
FuturesFrom £3 per contract
BondsFrom 0.05% per transaction (min. $10,000)
OptionsFrom $1.85
ETFsFrom $3
Forex0.4 minimum spread
CFDsSpreads start at 0.85
Commodities$1 per lot


Keep in mind that, depending on the product you trade, other commissions and fees may apply. For example, the carrying cost for futures and options held overnight is a minimum of 2.5% and the fee for holding CFD positions overnight is +/-3%.This is what makes Saxo Bank's commission and fee structure quite complex and confusing.

Non-trading fees

Saxo Bank has relatively high non-trading fees, which include the custody fee as discussed above.

Here are the main non-trading fees:

  • Platform fee of £50 if you hold only cash funds in your account (or custody if you have positions open)
  • Variable exchange rate for currency conversions (min. 1% for classic accounts)
  • A fee of £50 to receive financial reports by mail or email
  • Small trade sizes may be charged an extra $10

If Saxo Bank's costs seem too high for your needs, have a look at the best commission-free brokers and the best brokers for beginners.

SaxoTraderGO and SaxoTraderPRO platforms

Saxo Bank provides two proprietary trading platforms and you can access either of them with a single Saxo account.

SaxoTraderGO

SaxoTraderGo is an award-winning platform that offers a full range of products discussed above, including stocks, ETFs, bonds, futures, options, managed portfolios, and leveraged products. With this platform, you can customise the chart to your preferences, and even access it from your mobile device anywhere you go.

This versatile platform is well-suited for retail investors, as it encompasses essential tools for technical and fundamental analysis, chart packages, performance analysis, and more, enabling you to develop and implement your investment or trading strategies.

SaxoTraderPRO

If you are a professional or expert investor or trader, the best option is the PRO platform thanks to its more advanced features, automated orders, up to six screens with advanced management and a workspace that will allow you to develop complex and more elaborate market strategies. It is available for PC and MAC.

Saxobank customer service

Saxo's customer service is available in many languages, with telephone and email support that works well. The drawbacks include the lack of a live chat and 24/7 availability. That being said, the phone connection takes some time and email responses usually take around one day.

Another drawback is that Saxo's customer service is only available from the trading platforms, so you must have a funded account in order to reach out to the team.

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Saxobank review: summary

Saxo Bank operates as a global service provider and has multiple legal entities in different regions, resulting in slight variations in the services offered, particularly in terms of fees and product portfolios. In this Saxo Markets UK review, we discovered that the company is regulated by top-tier financial authorities and has a strong track record and banking background, instilling confidence in its security measures.

Overall, the experience with Saxo Bank's trading platform is positive, thanks to its extensive market and product access, coupled with its user-friendly design, making it relatively intuitive to navigate.

Saxo Bank offers a wide range of products that cater to the needs of seasoned traders. However, it is worth noting that the fee structure is quite complicated and hard to identify all the costs that will apply to the trades or investments.

Additionally, the minimum deposit requirement of at least £500 is relatively high compared to other online brokers.

It is important to mention that live chat customer support and 24/7 availability are not provided.

In summary, Saxo Bank is a reputable broker for managing investments and active trading strategies. However, due to its costs and complexity of investment tools, it is recommended primarily for experienced investors and traders with sufficient capital and knowledge of financial markets.

Consequently, inexperienced investors may find Saxo Bank expensive and confusing, making it a broker that can be omitted from their considerations. If you are a beginner, have a look at:

Advantages of SaxobankDisadvantages of Saxobank
Ideal for experienced traders❌High and complex fees
No charge for deposit and withdrawal❌No live chat
Access to thousands of assets from many countries❌High minimum deposit

FAQ

Is Saxo Bank suitable for beginners or inexperienced investors?

Saxo Bank is primarily recommended for investors and traders with experience, capital, and knowledge of financial markets.
Due to its cost and breadth of investment tools, it may not be the most suitable option for beginners. Inexperienced investors might find it expensive and confusing, and may benefit more from signing up with one of the best brokers for beginners.

What is the minimum deposit requirement to open an account with Saxo Bank UK?

The minimum initial deposit for a Classic account is £500.

What products can I trade on Saxo Bank's platform?

Saxo Bank offers a wide range of financial products, including stocks, ETFs, cryptocurrencies, bonds, futures, mutual funds, options, and managed portfolios. You can access more than 72,000 financial instruments across various global markets.

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