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Saxo Bank, a Danish investment bank founded in 1992, provides online trading and investment services. The company is regulated worldwide by several financial authorities, including the Danish Financial Services Agency (FSA) and the Financial Control Authority (FCA) of the United Kingdom.

Saxo Bank is a global service provider, and its subsidiaries exist as separate legal entities in different parts of the world. The services offered by different organizations may differ slightly, especially in terms of fees and product range. In this review, we tested Saxo Bank UK.

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WARNING: Recent account opening issues – Saxo Bank has delayed sending you an important URL to open your account. For more information, see in the section “Problems with opening an account with Saxo Bank” in the section “Opening an account”. If you want to open an account regardless, click here to read about Saxo Bank options.

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We chose Saxo Bank as the best forex broker, the best trading platform and the best stock trading app for 2022 based on an in-depth analysis of 100+ online brokers, which included testing their accounts in real time. See the full list of winners.

Saxo’s trading experience is provided by an excellent and well-developed trading platform. Research services are also great, as Saxo’s own research team is constantly providing business ideas. Saxo has a wide range of products that will meet the needs of even heavy traders.

On the other hand, Saxo bonds, options and futures are high. The minimum deposit amount is relatively high, ranging from $ 600 to $ 2,000, depending on the place of residence. In addition, there is no support for users in real-time chat or 24/7 availability.

Commissions 3.3 Account opening 2.0 Deposits and withdrawals 4.8 Trading platforms 5.0 Markets and products 5.0 Research 5.0 Customer service 4.0 Education 4.5

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1. DEGIRO 4.8 2. Interactive brokers 4.9 3. Trade 212 4.5 68% of CFD retail accounts lose money 4. TradeStation Global 4.6 5. Fidelity 4.7

1. Saxo Bank 4.8 2. Fusion Markets 4.5 74-89% CFD retail accounts are losing money 3. CMC Markets 4.5 69% CFD retail accounts are losing money 4. Interactive Brokers 4.9 5. Capital.com 4 .7 83.45% CFD retail accounts are losing money

Saxo Bank has average total trading and non-trading commissions, but the structure is quite mixed, with the commission for different asset classes differing significantly.

Commissions are built into spreads, 0.8 pips is the average value of the spread during peak trading hours. When using VIP-pricing, the spread can be only 0.4 pips.

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In the UK £ 25 after a quarter of inactivity. SIPP and ISA accounts are exempt from this fee. In countries outside the UK up to $ 150 after 6 months of inactivity.

We rated Saxo Bank’s commissions as low, medium or high compared to all proven brokers.

First, let’s look at some basic terms related to broker commissions. You need to keep track of trade and non-trade commissions.

In the sections below you will find the most relevant Saxo Bank fees for each asset class. For example, in the case of investing in stocks, the most important commissions are commissions.

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We compared the commissions of Saxo Bank with the commissions of two similar brokers we chose, Swissquote and TradeStation Global. The choice is based on objective factors, such as the products offered, the customer profile, the structure of rewards, etc. See a more detailed description of Saxo Bank options.

We analyzed the Saxo Bank commission in the UK. Although Saxo commissions vary from country to country, commissions for Denmark, France, Norway, Australia, Singapore, Hong Kong, the United Arab Emirates and Russia are similar to those charged by the British broker’s division.

Saxo Bank has a general average trade commission. Although the commission structure is different for different types of accounts, it is transparent and you can easily calculate your costs. We analyzed the structure of commissions on the Classic account. Saxo’s platinum and VIP accounts have a better price structure.

We recommend Saxo if you want high quality services and are willing to pay a little extra. If you want to get a bargain, discount brokers are probably the best option for you. Now let’s look at the analysis of Saxo rewards for different asset classes.

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Let’s look at a similar comparison of US stock commissions on the chart, with the current average commissions for all brokers we cover:

For a clearer idea of ​​the forex commission, we have calculated a commission for comparing currencies for major currency pairs. This universal benchmark includes commissions, spreads and financial costs for all brokers.

Saxo has a low mutual fund fee. Although Saxo does not charge a fee when you trade mutual funds, these assets have an annual maintenance fee charged by the fund manager, not the broker.

Saxo only offers mutual funds in certain countries, such as Germany, Denmark or Poland. During this review, we looked at Saxo product selection commissions in the UK, but as mutual funds are not available in the UK, the comparison below is a general comparison only.

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Unlike most brokers, Saxo Bank charges a fee for maintaining long positions that are maintained overnight. However, the maintenance fee does not apply during the first 30 days of any position.

Similar to options, Saxo Bank charges higher fees for futures. The futures commission is mostly similar to option commissions, except for Swiss francs, where the futures commission is 8 Swiss francs, which is twice the option rate.

Unlike most brokers, Saxo Bank charges a book value for overnight futures positions. The carrying amount is calculated based on the daily margin requirement and is applied to the overnight holdings. If you keep the contract for a long period of time, this can be quite a significant amount.

The financing rate used to calculate the carrying amount is based on the relevant interbank rate, as well as on the margin (250 bp for classic accounts).

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To provide a clear understanding of CFD fees, we calculated CFD control fees for selected products. This universal benchmark includes commissions, spreads and financing costs for all brokers.

In Saxo you can trade cryptocurrency using exchange products (ETP) and cryptocurrency (cross-coin with fiat currency). To better understand cryptocurrency ETP, check out our article on how to invest in bitcoin.

ETPs are traded on different exchanges and are valued in the same way as stocks / ETFs. For example, the trading value of ETP listed on the Stockholm Stock Exchange is 0.1% of the trading volume and the minimum commission is 65 Swedish kronor at the expense of Saxo Classic.

The average fee charged for this service ranges from 0.75-0.95% of the cost of the investment, depending on the place of residence and the strategy you choose. The fee includes the following:

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Similarly, SaxoSelect is only available for mutual funds in certain countries, such as Germany, Denmark or Poland. It is not available to UK customers.

If you trade assets denominated in a currency other than the currency of your account, you may also be charged a currency conversion fee. Currency conversion rate is calculated as the average exchange rate +/- 1%. Platinum and VIP clients are charged a lower surcharge (0.5% and 0.3%, respectively).

Opening an account at Saxo is completely digital, convenient and affordable in most countries. However, in some countries the minimum deposit is high and verification may be slow.

When you open an account with Saxo Bank, the first thing you need to do is register your e-mail address, which will send you a URL to continue the process of opening an account.

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However, when it comes to receiving emails, there is a huge delay. We have requested several accounts, but have been unable to continue for the past few weeks. If you are still going to open an account, it is better to get acquainted with the nearest alternatives Saxo Bank.

Saxo accepts customers from around the world with some exceptions. For example, you cannot open an account if you live in the United States, Iran, Cuba, Sudan, Syria, or North Korea.

The minimum deposit amount depends on your place of residence and the type of account you choose. For example, the required minimum is $ 2,000 for customers from the Middle East and Central Europe, but zero for customers in Denmark.

The process of opening a Saxo account is fast and completely digital. Online registration takes only 10-15 minutes, but checking your account is a bit slow. Our account was verified in just three business days.

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Once approved, you will need to top up your account to activate it; However, we did not receive any information about this request during the process. Replenishment can take from 1 to 5 working days, depending on the method of deposit.

At Saxo Bank you can choose one of 26 base currencies. You can also open multiple sub-accounts in different currencies – this is a great option if you plan to trade assets in multiple currencies.

You can add multiple base currencies to your primary account – to add a new one, start automatically creating a sub-account in the desired currency.

Why does it matter? For two reasons. If you deposit money into your account in the currency in which you have a bank account, or trade assets in the currency in which your account is the primary currency, you do not have to pay a conversion fee.

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A convenient way to save on currency conversion fees is to open a multi-currency bank account in a digital bank. Digital banks offer bank accounts in multiple currencies with excellent exchange rates and free or cheap international bank transfers. It only takes a few minutes on your phone to open an account.

Saxo Bank does not charge a deposit fee. You can make a bank transfer or credit / debit card to deposit funds, but e-wallets are not available.

We sent money to check the deposit process

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