Saxo Bank is one of the best online brokers that was founded in 1992. It is located in Copenhagen, Denmark and it has several branch offices that spread around the world to cover more than 25 countries to provide its traders with high-quality services and the best customer support. It offers its services for online trading to private clients, banks, institutions and brokerages. It has achieved success through offering perfect customer support, advanced and easy-to-use trading platforms, competitive prices, high liquidity and it also presents all the services and trading tools that are required for trading in the financial market. It allows you to get all what you need in your native language. It has a team of professional IT experts who are dedicated to securing all the information and operating systems in Saxo Bank to create a safe environment for you to trade in without worrying about losing your personal information.
You have different platforms which are presented to you to help you to choose the one that suits your strategy and trading style. There is SaxoWebTrader which is a web-based trading platform that does not require downloading any softaware, SaxoTrader which is a downloadable platform, SaxoTrader Apps that allow you to trade through using your iPhone, iPad or Android and this helps you to access your account and place your trades at anytime wherever you are and there is also SaxoMT4 that offers advanced tools.
Saxo Bank offers different types of accounts for customers to suit their needs and the capital with which they want to start trading. The main accounts are Saxo Classic account, Saxo Premium account and Saxo Platinum account. There are also other accounts such as Saxo MT4 and Corporate account. The minimum deposit that is required for funding your account is $5,000. You can deposit funds in different currencies as you have 22 currencies from which you can choose what suits you. It offers leverage up to 200:1 and tight spreads starting from 2 pips.
♦ Demo account
Saxo Bank offers its customers a free $100,000 demo account that allows them to practice trading on the financial market, try different strategies and test the services that are presented to them for trading. You can trade safely without the fear of losing your money or even risking it. It helps you to reduce the risk of losing your money when you start trading with live account and real money. The demo account is offered for a limited time period which is 20 days.
♦ Financial instruments & trading tools
Saxo Bank offers a wide range of financial instruments that allow you to select the trading products that you want and that help you to maximize your profits. You have access to 30.000 financial instruments as you can trade CFDs, Forex, futures, Forex and contract options, bonds, stocks and ETFs.
You can find different advanced trading tools that can help you to trade professionally such as financial calendar, financial news, trademaker, technical analysis, latest news, FX open positions, FX open orders, FX correlations, FX options analytics and FX options report.
♦ Learning trading
You can learn how to trade in the financial market through making use of the education materials that are offered to you to help you to start learning. You have Tradementor, platform guides, webinars and tutorials.
Saxo Bank is regulated by the Danish Financial Supervisory Authority (FSA). It received many awards for its performance and high-quality services from FX Week, World Finance, Shares Awards, Euromoney and more. Saxo Bank has a team of IT experts who are responsible for protecting it’s information and operating systems to make the customers unworried about their personal details. It provides its customers with transparent pricing, high liquidity from Saxo Bank’s Green Prices which makes you get your trades executed with no slippage and it offers tight and fixed spreads.
♦ Customer support
Saxo Bank offers a 24-hour customer support that is available for 5 days a week. You can get the needed support in your native language which makes it easy for you to understand and say what you want. Saxo Bank’s services cover most of the major financial and trading centers around the world as you can find several offices for this company in more than 25 countries such as London, Zurich, Dubai, Singapore and Hong Kong. Its presence in a large number of countries allows it to provide a top-notch customer support in local languages. There are different support channels that are offered to customers to allow them to get the needed support such as phone, Fax and live chat.
There are some customers who are not satisfied with the demo account that is offered for a limited time as it is available for just 20 days, while there are other online brokers that offer demo accounts without a limited time period which allows the novice traders to practice trading for as long as they want without being tied to a specific time period and this helps them to gain more experience in the financial market. Saxo Bank does not offer its services to US residents and the minimum deposit that is required for starting trading in the financial market is high and unaffordable for some customers.
♦ Overall rating
The services that are offered by Saxo Bank are satisfactory for most of the traders who tried them. They find that the platform is reliable and can be easily used with the ability to access it via different devices and stations, the trades are executed quickly and the withdrawals are very fast.