Saxo Bank Review

Saxo Bank Review

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Saxo Bank is a retail FX trading broker that caters to private clients as well as to brokers, institutions, and other potential trading partners. SaxoMT4 is part of Saxo Capital Markets CY Limited (SCM CY), a European regulated broker and a fully-owned subsidiary of Saxo Bank. It is located in Cyprus and regulated by Cysec. Saxo Bank services clients from around the world.

Over the years, Saxo Bank has been the recipient of many awards. In 2012, it received double honors at the ninth annual e-FX Awards, winning for Best Retail Platform and Best FX White Label Liquidity Service. The same year, Saxo Bank has won two awards at the World Finance 2012 Foreign Exchange Awards. Saxo Bank walked away with the Best White Label Solution Provider and Best Mobile Trading Platform awards.

Accounts

A trader at Saxo Bank can access multi asset trading across one platform, including Forex, stocks, CFD’s, options, futures, ETF’s and bonds with just one click.
Saxo Bank offers three types of accounts. Their Classic account, which requires a $5,000 deposit, offers the standard trading options while the Premium account, with $100,000 to start, adds on a personal account executive and double leverage.  Tighter spreads and streaming news are part of the Platinum account with a minimum deposit of $250,000 while the exclusive SaxoMT4 Account has no minimum funding and is delivered by Saxo Capital Markets, Cyprus Ltd.
They also offer a 20-day free demo account with a simulated USD 100,000 fund to practice with where beginner traders can trade 160+ FX crosses, 8000+ CFDs, 22 Index-tracking CFDs, Stocks from 29 exchanges, as well as FX Options, Futures, Contract Options and other derivatives.
There are several platforms to choose from at Saxo Bank–SaxoTrader, SaxoWebTrader and the SaxoMT4 as well as applications for mobile use.   The first two can be accessed through any of the three accounts. The SaxoMT4 can only be accessed through the SaxoMT4 account.
FX Spot spreads stay fixed under normal market conditions. For EUR/USD the spreads stay fixed more than 99% of the time.  Leverage is 1:200 for all accounts.

Education

TradeMentor is Saxo Bank’s innovative trading education program. TradeMentor is meant to build up a trader’s confidence by teaching in depth the WebTrader platform while he/she is engaged in live virtual trading. There are dozens of videos starting from how to set up a workplace straight through till adding and removing technical analysis, in order to accommodate a trader’s trading style.
There are also past 12 webinars which begin with the basics of Forex trading and move ahead to trading strategies.

Features

Trading.com is a trading community owned and managed by Saxo Bank where fundamental and technical analysis is presented from Saxo Bank’s experts. A balanced and up-to-the-minute view on the markets is presented and each day articles are delivered with comprehensive news, commentary and analysis on current market action aimed at helping clients make trading decisions, regardless of what they trade. There is also an economic and corporate calendar.
The Saxo Bank website is available in close to 30 languages. Although a chat button is prominently displayed at the top of the page, there seems to be no information on the hours of customer support.
Funding can be done with credit or debit card, bank transfer or stock transfer. U.S. citizens are excluded from opening a trading account at Saxo Bank
A click on the tab for Saxo Bank Institutional will bring you to a completely separate website for Saxo Bank Institutional which focuses exclusively on White Labels, Asset Managers, Financial Institutions etc.