Saxo Bank A/S Review

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:

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.