What We Tested
- Account type: Classic Account ($15,000 starting balance for test)
- Platform: SaxoTraderPRO (Desktop)
- Trading period: 3 months, Focus on Options and Futures
- Assets tested: Forex Majors, European Shares, Options, Futures
- Withdrawal tests: 2 successful (Bank Wire only)
- Support tests: 5 inquiries via phone and dedicated Relationship Manager
Testing prioritized multi-asset trading (non-Forex) and platform stability, as this is where Saxo Bank’s value truly lies. The high minimum deposit limits accessibility for retail traders.
Regulation & Safety
Saxo Bank is regulated as a bank, providing the highest level of financial security and oversight globally:
- Danish FSA (Bank License) – Tier-1 regulation, ensures the highest capital adequacy and security standards.
- FINMA (Switzerland) – Tier-1 regulation for Swiss operations.
- FCA (UK) – Tier-1 regulation, FSCS protection up to £85,000.
- ASIC (Australia) – Tier-1 regulation, strict compliance.
Spreads & Execution
| Asset/Pair | Typical Spread | Commission | Notes |
|---|---|---|---|
| EUR/USD (Classic) | 0.8 pips | $0 | Markup included, commission-free |
| EUR/USD (VIP) | 0.4 pips | $0 | Tiered discounts for high-volume traders |
| US Stocks | N/A | from $3.00/trade | Competitive pricing on US equities |
| Index CFD (GER40) | 1.0 point | $0 | Stable pricing on major indices |
Pricing is tiered. Classic account spreads are competitive for a bank, but high-volume/VIP accounts receive tighter, near-ECN pricing.
Execution Quality (Tested)
- Execution Model: Bank/Agency Model (Hybrid STP)
- Fill Reliability: Extremely high due to deep institutional liquidity.
- Slippage: Minimal. Optimized for institutional-grade execution quality.
- Speed: Very fast, suitable for medium-frequency strategies.
Execution is highly reliable and stable across all asset classes, reflecting Saxo Bank’s deep liquidity pool and institutional trading focus.
Multi-Asset Access (60,000+ Instruments)
Saxo Bank’s platform is built for global investing, offering deep access across various asset classes beyond standard Forex/CFDs:
- Forex: 180+ currency pairs.
- Stocks: Access to 35,000+ stocks across 37 global exchanges.
- Derivatives: 1,200 listed Futures and 4,500 listed Options.
- Bonds: Access to government and corporate bonds.
This vast asset selection is the key reason to use Saxo Bank over a pure CFD broker. It allows for advanced hedging and portfolio diversification within a single, secure account.
Account Types & Fees
Classic Account
- Min deposit: $10,000
- Spreads: From 0.8 pips
- Commission: $0 (Forex), competitive stock commissions
- Best for: Investors, high-quality trading experience
Platinum Account
- Min deposit: $200,000
- Spreads: From 0.6 pips
- Commission: Discounted
- Best for: Professional traders, wealth management
Other Fees
- Deposit fees: $0 (all methods)
- Withdrawal fees: $0 (Standard Bank Wire, credit cards)
- Inactivity fee: $100/year (for low activity on certain accounts)
- Custody Fee: Annual custody fee may apply for non-traded assets.
Deposits & Withdrawals (Tested)
Funding is secure and reliable, though methods are limited due to bank-level security:
| Method | Amount | Processing Time | Fees | Notes |
|---|---|---|---|---|
| Bank Wire | $5,000 | 1-3 business days | $0 | Primary method. High security. |
| Credit Card | $500 | Instant (deposit) / 1 business day (withdrawal) | $0 | Only available for smaller deposits/withdrawals |
Platforms & Tools
- SaxoTraderGO: Intuitive web and mobile platform. Excellent for daily trading, charting, and multi-asset management.
- SaxoTraderPRO: Desktop application designed for advanced traders. Features include deep market depth, algorithmic orders, and comprehensive trading analytics.
- API/Algo Trading: Dedicated API access and support for high-level algorithmic integration (for high-tier clients).
- Tools: Dedicated market research, news feed, and expert analysis.
Our Take: SaxoTraderGO is excellent for usability, but SaxoTraderPRO is the true advantage—a powerful institutional terminal far exceeding the functionality of MT4/MT5.
Customer Support (Tested)
Support is professional, tiered based on account size, and available 24/5:
- Relationship Manager: Dedicated manager for Platinum/VIP clients (high quality, personalized support).
- Live Chat/Phone: 24/5 support, professional and knowledgeable staff across all tiers.
- Quality: Support quality is among the highest in the industry, reflecting its banking status and focus on high-value clients.
The quality of support is a key feature. Even at the entry level, interactions are fast and highly professional, capable of handling complex multi-asset queries.
PROS
- Regulated as a European Bank (Danish FSA) - highest security
- Access to 60,000+ global assets (Stocks, Bonds, Options, Futures, FX)
- Powerful proprietary platforms (SaxoTraderGO/PRO)
- Tier-1 regulation (FCA, ASIC, FINMA) across jurisdictions
- Multi-asset trading and superior analytical tools
- Highly reliable execution and minimal slippage
CONS
- High minimum deposit ($10,000 for Classic Account)
- Spreads (0.8 pips) are higher than pure FX ECN rivals (0.1 pips)
- Platform fees/inactivity fees may apply to low-activity accounts
- Not suitable for small retail accounts or pure Forex scalpers
- No MT4/MT5 support
Who Should Use Saxo Bank?
- Great fit: High-net-worth investors, professional traders, and those managing diverse multi-asset portfolios who demand bank-level security and high-end proprietary platforms.
- Good fit: Experienced traders who need access to global futures, options, and bonds alongside Forex.
- Not ideal: Beginners, low-capital traders (under $10,000), or pure Forex scalpers focused exclusively on minimizing commission and spread costs.
Final Verdict
Saxo Bank is not a retail broker; it is an institutional trading provider with a banking license. This distinction guarantees the highest security, but it comes with a high barrier to entry—the mandatory minimum deposit of $10,000.
Its strength lies in its ecosystem: 60,000+ assets, global Tier-1 banking regulation (Danish FSA, FINMA), and the powerful SaxoTraderPRO platform. Spreads are competitive for a bank (0.8 pips EUR/USD) but cannot compete with aggressive ECN pricing.
For the serious investor or multi-asset trader, Saxo Bank offers a secure, sophisticated, and reliable environment unmatched by standard CFD brokers.