Recommended if you want stocks, Forex and derivatives at one place on a well-designed platform, that is easy-to-use even for beginners. Saxo is a Danish investment bank focusing on retail clients across Europe. TD also uses Saxo for derivatives.
It has a proprietary research team constantly feeding trade ideas. The customer service is available in the local languages and serves clients on the highest level. Saxo's account opening process is seamless and fast. The product portfolio is wide enough for heavy traders as well. Saxo has moderately competitive prices, though not the cheapest on the market. Its product portfolio misses investment funds, important for some investors.
Saxo's sales team can be pushy when it comes to account opening, funding accounts, etc. Are you curious about the others as well? Our comparison table helps you to choose from all brokers. Saxo Bank is a Danish investment bank that focuses on online trading and investments. Saxo Bank is one of the leading technology innovators in the retail brokerage industry in Europe. It is a privately owned company established in and headquartered in Copenhagen.
To cut a long story short, on 15th January, Saxo changed the price of some executed and confirmed CHF trades a few hours after the original confirmation. This event was obviously a vis major, where the market was completely illiquid and frozen. Both the Danish and British authorities investigated the case, each coming to different conclusions. Some clients also sued the brokerage company.
Without going into too much detail the Danish authority and courts have ruled in favor of Saxo Bank in multiple cases , while the UK Financial Ombudsman has ruled against it. Almost any private client can open an account with Saxo Bank, although there a few exceptions. Some Canadian residents Ontario, Newfoundland and Labrador are also prohibited from opening accounts due to local regulations. With Saxo you can open your account in several currencies, although in some cases direct funding is not possible.
At Saxo you can also open a joint account and even test your investment strategy with a demo account. The account opening process is fast and seamless and your account will be functioning within three to four days.
The account opening process is all online and identification is digital. Saxo Bank usually reviews and approves your application within one day.
Credit or debit card — you can fund your account by credit or debit card as well. This is faster since you can use the credited amount right away. Be aware that before the first funding Saxo Bank has to approve your card and some countries are excluded from this option. You can start withdrawing money using the web trader platform. Saxo Bank does not guarantee any withdrawal time but the withdrawn amount should arrive in your bank account within two to three days.
For the full product list please check Saxo Bank website. In forex trading , you can reach all the major and minor currency pairs. The mutual fund is the only asset class that is really missing from the product portfolio. Within Saxo Select, you can choose from balanced, equity and trading strategies. Saxo currently offers two equity strategies and four trading strategies at the time of this review they did not offer a balanced portfolio. Within the trading strategies you will find:.
All the information that to you need to decide whether one strategy is appropriate for you or not is provided on the trading platform; namely, investment strategy, performance statistics, risk profile, top holdings and fee structure. Saxo provides relatively competitive pricing for equities, ETFs and CFDs, while bond trading is their most pricey product. In equity and CFD trading Saxo provides a standard and a more competitive active trader pricing.
For an active trader status, you have to place at least trades per a calendar month. Below you can find the standard trading fees.
For active trader pricing please check Saxo Bank website. Trading fees of index-tracking, commodity, forex and bond CFDs are built in the spread of these products. In forex trading, you can choose between two pricing plans. The all-inclusive plan is the standard pricing structure where the trading fee is included in the spread.
With the all-inclusive plan, the average EURUSD spread is 2 pips, that is a bit pricey compared to specialized forex broker trading fees Oanda 1. The pricing of the three plans:. If you trade below this threshold, an additional USD 10 trading fee will be charged. The same volume-based pricing applies for index and commodity options as well:. For futures and forex option pricing information please visit Saxo Bank website.
If you look at the non-trading fees Saxo Bank is quite attractive. It is easy to navigate for beginners but it also provides all the features a professional trader could possibly want. We think Saxo should offer the safer login to every customer. As we already mentioned, the web platform is very sophisticated, but thanks to the easy to follow menu structure you can find everything very fast.
The interactive chart function is also very well developed. We really like the fact that you can trade from the chart but can also open fundamental data from the chart. You can work with four charts at the same time and the platform saves them even after you log out.
Be aware that there are two interactive chart views: At the web platform, you can find information about SaxoSelect and also trade the provided strategies. Be aware that the displayed returns are gross for most of the strategies, which means costs are not excluded from the return. A more transparent approach would be to provide the net return figures as well. Saxo Select is an attractive service for investors looking for robo advisory type services within a brokerage trading platform.
The biggest obstacle here is the minimum invested amount, which varies between EUR 10 and 30, Saxo Bank's mobile platform has the same design and almost the same functionality as the web platform. Functionality-wise the fundamental data and Saxo Select are missing from the mobile app. We think Saxo Select should be included in the mobile version as well, although the app is totally usable without the fundamental data. Saxo Bank has a separate desktop trading platform, called Saxo Trader.
It is built for everyday and professional trading. This basically means more functionality and limited design compared to the web platform. The first thing to mention in terms of added functionality is the fully customizable outlay.
You can create your own trading environment that only shows those charts, instruments and news windows you are interested in. The main difference is the interactive charting and for this the desktop platform has limitless opportunities. For example, you can open as many charts as you want and manage your positions from the charts. You can also trade from your excel table or try out algorithmic trading with no hassle.
Saxo Bank has a good quality and multiply research service. They have an entire analysis and strategy team working on this. Research can be accessed from the web or desktop trading platforms or from tradingfloor.
The equity research panel is absolutely brilliant, bearing in mind that this is a retail brokerage service. Detailed fundamental data on individual stocks can be accessed from the search panel or from the trading panel. Here you will find the current and historical information you need to fundamentally analyse a stock That is, general information about ownership structure and management, financials income statement, balance sheet, cash flow, performance figures , valuation and peer group comparison.
On top of that, if you want to benchmark your own analysis, analyst consensus and target price information are also available. It made us a bit sad that there is no option to download fundamental data into an excel file to continue with your own analysis and projection.
We think this is a great and very useful function. From asset classes other than equity, news can be found at the web platform, but deeper analyses are available on tradingfloor. The same research functions are available from the desktop platform as from the web platform. However, the desktop platform has one additional feature. The trade ideas are provided by four external research companies: There is a lot of information available here and you need to know what you are looking for.
Daily comments, long-term outlooks and expert opinions are all available here in written and video format. Some of the research information is available in Spanish, French, Italian and Turkish. They seem to be publishing research to generate trade, not to protect investor interest. Most of the research is trade focused, not investment focused i.
Saxo is catching up with the new social trading trend as well. Saxo provides tools here that are not included in the trading platforms. Most of these are forex and sentiment related features. If you want to improve your personal investment knowledge, Saxo Bank has a lot to offer.
You can reach customer service by phone or in writing.More...