Saxo Bank

Added on June 13, 2013 02:11 AM
(4 / 5)
Spread: 2 Min. lot: 0.05 Execution: Market Maker
Leverage: 1:100 Country: Denmark Regulated by: FSA
Min. deposit: $1 Platforms: MT4,SaxoTrader Payment methods: Bank Wire
Headquarters: Copenhagen, Philip Heymans Allé 15, 2900 Hellerup

Saxo Bank is one of the largest brokers with operations in more than 25 countries. Headquartered in Copenhagen, it was established in 1992. Since 1996, it is serving traders with online trading facility. Basically it is an investment bank that offers online trading and investment services among international financial markets. It gives you access to about 33 exchanges and ability to trade 18,400 global stocks. . Its product array includes 160+ FX pairs, over 7,000 CFDs, 21 Index-tracking CFDs, ETFs, Stocks, FX Options, Futures, and other derivatives.

One of the best things about Saxo Bank is it allows traders to trade with any tool they wish for. It offers almost all the available trading tools such as stocks, futures, options, CFDs, FX, ETFs and many others. It is a highly reliable and authentic broker that allows both retail clients and institutional brokers to trade through its highly intuitive and award-winning trading platform. Moreover, it also serves to guide users about portfolio management.

Saxo Bank is recognized for its security measures taken to ensure privacy of traders. It uses latest technology to provide traders a highly reliable and secure trading platform. A team of professional IT personnel is there for effective management of internal systems. Its authenticity and reliability is obvious from its heavy regulation by FSA (Denmark), Member of Guarantee Fund for Depositors and Investors supervised by the Danish Ministry of Economics and Business Affairs. 

Awards

Saxo Bank is the winner of following awards in recognition of its best trading services and reliability.

  • Best retail platform (profit & Loss Awards, 2008
  • Fastest growing FX Bank (Euromoney FX Poll, 2008)
  • Best retail platform (e-FX Awards, 2008)
  • Best Bank for FX Investors (FX Week, 2008)
  • Five Awards (Euromoney FX Poll, 2009)
  • Best Bank for FX Investors (FX Week, 2009)
  • Best Online Trading Platform (Shares Awards 2010)
  • Best White Label Solution Provider (World Finance Foreign Exchange Awards 2010)
  • FX Week Currency Forecast Awards 2011

Account types

Depending upon the type of trader and trading style, Saxo Bank offers 3 main types of accounts.

  • Classic Account

Classic account gives trader access to Saxo Bank’s complete suite of financial products. Having a classic account, you can access it through any of the Saxo Bank’s trading platform that includes SaxoTrader, SaxoWebTrader and the SaxoMobile Trader. For classic account, you are required to make a minimum deposit of £2,000.

  • Premium Account

In addition to classic account features, premium account holders are advantaged to have sub-accounts in different currencies. Moreover, premium account holders can also freely access the equity research module. The minimum deposit required for a premium account is £60,000.

  • Platinum Account

Platinum account give much more in addition to classic and premium account features. With the minimum required deposit of £300000, you can open a platinum account and avail features such as flexible charging, FX Options at interbank spreads and participation in exclusive events, etc.

Apart from the above mentioned accounts, Saxo Bank also offers some other types of small accounts. These include

  • Corporate Account
  • ISA Account
  • SIPP Account
  • SaxoMT4 Account
  • Trust Account
  • Joint Account

Saxo Bank also offers a free 20-days demo account. Demo account is highly recommended for new traders so that they can polish their skills before starting real trading.

Education and Trader Tools

The learning centre of Saxo Bank is especially very helpful for new traders. It features an extensive glossary and a comprehensive application “Trade Mentor”. The application features 12-chapter tutorial videos especially helpful to new traders for building their trading skill and expertise. Apart from explaining the basics of trading, the videos also describe features of Saxo Bank’s trading platform.

The learning centre of Saxo Bank is truly intuitive and knowledge rich. There are daily research videos that are available to all traders. These videos depict daily reviews that give a clear picture of the market and guide the trader about his/her next move. In learning centre, traders also learn about the bank’s own trades illustrated through technical and fundamental analysis.

Trading Platform

Saxo Bank offers following four types of trading platforms suitable for use on different devices. These platforms include:

  • SaxoWebTrader

It is a web-based trading platform that gives traders freedom to trade anywhere and anytime. There is no download hassle. Access it via your web browser and start trading right away. SaxoWebTrader is completely integrated with Saxo Bank’s other trading platforms i.e. SaxoTrader and SaxoMobileTrader.

  • SaxoTrader

It is a downloadable trading platform. Users can download it and use as per their convenience. It features all asset classes and offers complete integration with SaxoWebTrader and SaxoMobileTrader.

  • SaxoTrader Apps

SaxoTrader Apps are especially developed for use on smart phones (iPhone, iPad) and android enabled devices. Through SaxoTrader Apps, traders can directly access their trading accounts, place entry & market orders, manage open positions & orders, and view balance and other details.

  • SaxoMT4

SaxoMt4 is a trading platform that gives traders access to features of MetaTrader 4. The SaxoMT4 allows traders to trade margin products, get liquidity and quick execution and algorithmic trading. Moreover, SaxoMT4 also offers integration with ZuluTrade and Currensee - social trading networks.

Customer Service

Saxo Bank offers 24/7 excellent customer service via phone, email and live chat support. There is also a comprehensive FAQ section where traders can find answers to their common queries. Saxo Bank also owns a Facebook page which is regularly updated with the latest content. Traders can also request any kind of support through Saxo Bank’s Facebook page.

Conclusion

Saxo Bank is a highly recommended broker because of its huge range of product offerings, award winning trading platform and intuitive learning centre. It not only offers Forex trading but also futures, stocks, options, bonds and other trading tools. It offers variable spreads to reduce the trading costs.  It allows easy withdrawal via wire transfer. It offers an uncompromised level of honesty and reliability and therefore it is the best broker to trade through.

Tags:
FSA, MT4

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