In 2006, Saxo Bank launched its company in the UK, where it began working as a reliable forex and CFD trading broker. With this broker market, traders can quickly access a few significant markets, such as commodities, currencies, shares, and indices.
You can find our transparent Saxo Bank review below. Broker reviews are updated frequently!
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Saxo Bank offers comprehensive investment and trading solutions to over 300 banks, financial companies, and brokers worldwide. They serve clients in 170 countries by providing them 24/5 support.
A trader should have a minimum deposit of GBP 500 (for traders from UK) to open a live trading account. Furthermore, they also offer a demo account for beginners to familiarize themselves with this trading platform.
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Saxo Bank is regulated by the Financial Conduct Authority, UK (FRN: 551422). All of their client funds are put into a segregated bank account and they use tier-1 banks for convenience.
Similar to the other brokers, Saxo Bank also takes a small fee from the spread. The spread is the difference between the buying and selling price of the instrument. For trading EUR/USD, the minimum spread is around 0.2 pips. As a comparison, EUR/USD has an average spread of 0.70 pips.
Pros
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Low Spreads
Cons
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No FSCA Regulation
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No ZAR Account Currency
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The platform offers more than 19,000 instruments for trading, including 180 currency pairs. Generally, they have lower entry requirements than ECN brokers. Saxo Bank also provides beginners with an easy-to-use mobile app so they can gain access to the platform with just a click.
In order to assist traders around the world, Saxo Bank supports numerous languages. Including Arabic, English, Dutch, Greek, Polish, Italian, Spanish, Romanian, Slovenian, and Russian!
Jason Morgan is an experienced forex analyst and writer with a deep understanding of the financial markets. With over 13+ years of industry experience, he has honed his skills in analyzing and forecasting currency movements, providing valuable insights to traders and investors.
Forex Content Writer | Market Analyst
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