1992 saw the establishment of the Danish Saxo Bank Group (Saxo Bank), which defines itself as “a leading Fintech expert concentrating on multi-asset trading and investment and delivering ‘Banking-as-a-Service’ to wholesale clients.” When the company introduced one of the first online trading platforms in 1998, it accepted the technical advancements of the late 1990s. Saxo Bank has been conducting business in the U.K. through its subsidiary Saxo Capital Markets U.K. Ltd (SCML) since 2006. Like many forex brokers, it does not accept traders from the United States. In this Saxo bank review, we will provide all information you need to know.
SaxoTraderPRO, the company’s main product, is a downloadable platform that is perfect for experienced traders. The company’s unique interfaces are completed by SaxoTraderGO, a web-based platform with practical trading functionality, an easy-to-use interface, and a practical mobile application.
Furthermore, Saxo gives its customers access to third-party tools that might improve their trading experience and APIs that they can use to create custom applications. One important thing to remember is that Saxo Capital Markets does not offer MT4, the ubiquitous, white-labelled interface that is a part of almost every forex broker’s platform suite.
Forex, shares, commodities, indices, options, bonds, and futures are fantastic product offerings that can be purchased or sold short using CFDs, forward contracts, and direct ownership. F.X. spreads are highly competitive across all retail account tiers, but Saxo’s spread betting service is only accessible to those who meet the criteria for “professional clientele” (Classic, Platinum, VIP).
Saxo Capital Markets was selected as the Best Forex Broker for Advanced Traders in 2020 by Investopedia based on its comprehensive product offering, latest user interfaces, and exceptional research capabilities.
Portfolio Evaluation
Saxo’s platforms include portfolio analysis, performance information, risk evaluations, and portfolio breakdowns. Clients can export all historical position, transaction, and performance data using the platform reporting package in PDF or Excel format. The ability to combine holdings in an external spreadsheet or different reporting software is provided by this reporting option.
Trade tickets allow the user to choose the unit (per cent, pips, price, or value) to create stop loss, take profit orders, and include other relevant information like margin requirements.
All data is real-time to enable the trader to make an informed choice. Third-party portfolio tools are accessible through Saxo Capital Markets (Eximius), and GlobeTax, a third-party supplier, offers external tax reporting and reclaim services. Every client has immediate access to a full analytics suite within the trading platforms. The presented reports simplify tax reporting by presenting productivity, profitability, dividend, interest income, and fee data in both PDF and Excel formats.
Managed forex account offer a good way to make passive forex trading income without investing a lot of time and effort.
Research Facilities
It is admirable that Saxo Capital Markets is committed to offering a variety of current and insightful information to its clients. A professional trader might be convinced to register a real account with this broker to access this part.
The platforms themselves or the website can be used to access research materials. Saxo has a brilliant team of analysts that often offer ratings, analysis, and market updates.
What is Saxo Bank’s minimal deposit amount?
Saxo Bank requires a minimum deposit of £500 in the U. K for a Classic account. There are different minimum deposits depending on where you live and the type of managed forex account you select.
For Middle Eastern or Central European clients, the minimum is $2,000. However, it is $0 for Danish clients.
Look and feel
SaxoTraderGO is a fantastic platform, but two aspects, in particular, stand out to us: it’s modern aesthetic and user-friendliness. The platform can be easily customized to suit the needs of both new and experienced traders. Flexibility, however, has some restrictions. For instance, you can alter the size of some tabs but not their relative placements.
Login and security
Saxo Bank offers an optional, safer two-step login process.
Search capabilities
The search features on Saxo are excellent. Relevant search results are displayed, and they are organized by asset class. The results of a search for Apple include Apple stocks, CFDs, and options.
The right side of the search box has a drop-down button for results filtering. For instance, you can filter forex search results for popular currency pairings or restrict stock search results to specific countries.