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Saxo Bank A/S Review

Posted By Marcus Holland On Tuesday, April 16th, 2013 With 0 Comments

A Review of Saxo Bank A/S

Introduction

Saxo Bank A/S is a market maker whose corporate headquarters is located in Copenhagen, Denmark. Saxo Bank offers trading services in forex, CFDs, ETFs, stocks, bonds and futures. Saxo Bank was founded in 1992 but obtained its European bank status in 2001. It is incorporated in Denmark with license no. 1149, and regulated by the Danish Financial Supervisory Authority (FSA).

Asset Index

The comprehensive asset index on Saxo Bank is given as follows:

CURRENCY PAIRS

SPREAD

AUD/CAD

9

AUD/CHF

9

AUD/CNH

46

AUD/CZK

36.9

AUD/DKK

38

AUD/HUF

43

AUD/JPY

6

AUD/MXN

81

AUD/NOK

122

AUD/NZD

11

AUD/PLN

37

AUD/SEK

40

AUD/SGD

9.6

AUD/TRY

18

AUD/USD

3

AUD/ZAR

140

CAD/CHF

7

CAD/JPY

5

CAD/MXN

66

CAD/NOK

70

CAD/PLN

39

CAD/SEK

71

CAD/TRY

16.6

CHF/AUD

8

CHF/CZK

42

CHF/DKK

28

CHF/HUF

41

CHF/JPY

4

CHF/MXN

82

CHF/NOK

43.5

CHF/PLN

47

CHF/SEK

59.6

CHF/SGD

9.8

CHF/TRY

19.9

CHF/USD

2.7

CHF/ZAR

159

EUR/AUD

8

EUR/CAD

9

EUR/CHF

3

EUR/CNH

46

EUR/CZK

36.3

EUR/DKK

5

EUR/GBP

3

EUR/HKD

25

EUR/HUF

50

EUR/JPY

3.5

EUR/LTL

20

EUR/MXN

68

EUR/NOK

41

EUR/NZD

8.7

EUR/PLN

35.8

EUR/RON

50

EUR/RUB

465

EUR/SEK

40

EUR/SGD

8.5

EUR/TRY

21.1

EUR/USD

2

EUR/ZAR

136

GBP/AUD

9

GBP/CAD

8

GBP/CHF

7

GBP/CZK

106.3

GBP/DKK

56

GBP/HUF

68

GBP/ILS

81

GBP/JPY

7

GBP/MXN

6

GBP/NOK

89

GBP/NZD

12

GBP/PLN

75

GBP/SEK

113

GBP/SGD

14

GBP/TRY

29

GBP/USD

3

GBP/ZAR

220

NZD/CAD

8.8

NZD/CHF

7

NZD/CZK

40

NZD/DKK

33

NZD/HUF

45

NZD/JPY

7

NZD/MXN

81

NZD/NOK

85

NZD/PLN

41

NZD/SEK

95

NZD/SGD

12.2

NZD/TRY

17

NZD/USD

4

NZD/ZAR

126

SGD/HKD

29

SGD/JPY

5

TRY/DKK

29

TRY/JPY

7.1

TRY/ZAR

151

USD/AED

7

USD/BHD

51

USD/CAD

4

USD/CHF

3

USD/CNH

26

USD/CZK

36

USD/DKK

25.8

USD/HKD

6.3

USD/HUF

46

USD/ILS

37

USD/JOD

31

USD/JPY

2

USD/KWD

102

USD/LTL

17

USD/NOK

40

USD/OMR

20

USD/PLN

33

USD/QAR

16

USD/RON

65

USD/RUB

328

USD/SAR

6

USD/SEK

40

USD/SGD

8.6

USD/THB

51

USD/TRY

13.8

USD/ZAR

93

XAU/USD

45

XPD/USD

400

XPT/USD

400

ZAR/JPY

3.8

Platform Offered

Saxo Bank provides three different trading platforms for traders:

a) SaxoTrader – This platform allows the user to trade forex, CFDs, ETFs, Stocks, futures and FX Forward contracts from one downloadable trading platform. It offers a fully customizable experience and a complete range of products in an environment of outstanding liquidity.

b) SaxoWebTrader – This is the web-based platform that gives traders the full range of trading products on offer by Saxo Bank without the need to download any software. It integrates well with the SaxoTrader, and SaxoMobileTrader platforms and only needs the login URL, username and password to access.

c) SaxoMobileTrader – This platform comes in two versions: the browser enabled and smartphone trading applications.  SaxoTrader apps work on the iPad, iPhone, and Android devices, enabling users of these smartphones to execute trades anywhere, anytime.

d) SaxoMT4 – This is Saxo’s version of the MetaTrader4 platform, and gives the users the opportunity of trading forex and commodity CFDs through the use of MQL-programmed expert advisors.

Deposits and Withdrawals

The following methods are available to traders to make deposits and withdraw funds on Saxo Bank:

a)      Bank wires

b)      Credit/Debit Card

c)      Stock transfers.

Minimum Deposit

For a classic account, the minimum deposit allowed is 5,000 USD. For the premium account, the minimum deposit is 100,000 USD, and for the platinum account, the minimum deposit is 500,000 USD.

Maximum Deposit

There is no maximum deposit limit.

Withdrawal Limits

There are no withdrawal limits on accounts operated with Saxo Bank.

Conditions for Deposits and Withdrawals

All credit cards used on Saxo Bank must be verified.

Customer Support

The Saxo Bank customer support desk is accessible using any of the following channels:

a)         Live Chat

b)         Phone: +45 39 77 40 00 (main phone), +45 39 77 40 01 (service center).

All departments except the service centre are available to the public as from 9am to 5pm Central European Time, Monday to Friday. The service center is available from 12am to 9pm CET.

Note 16th January 2014: Unfortunately we cannot recommend Saxobank for trading CFDs at this time. Their margins are horrendously high and they charge over 3% in financing rates. Case in point I entered a position in 888 (listed on the London Stock Exchange) and they insisted on a ridiculous 50% margin when IG Markets offers the same stock at 20% margin.

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