Saxo Bank Review Of 2025

Trading Fees

Standard Account Spreads

Saxo offers three trading accounts including classic, platinum and VIP. The most popular trading account is the Classic account which has a minimum deposit requirement of $10,000. This account has entry prices that beat other leading forex brokers when it comes to spreads.

No Commission Spreads: Standard Accounts	EUR/USDAUD/USDEUR/GBPEUR/JPYUSD/CADAUD/JPYGBP/USDUSD/JPYUSD/SGD	EUR/USDAUD/USDEUR/GBPEUR/JPYUSD/CADAUD/JPYGBP/USDUSD/JPYUSD/SGD	EUR/USDAUD/USDEUR/GBPEUR/JPYUSD/CADAUD/JPYGBP/USDUSD/JPYUSD/SGD	EUR/USDAUD/USDEUR/GBPEUR/JPYUSD/CADAUD/JPYGBP/USDUSD/JPYUSD/SGD	EUR/USDAUD/USDEUR/GBPEUR/JPYUSD/CADAUD/JPYGBP/USDUSD/JPYUSD/SGD
	1.20	0.90	1.50	2.20	1.70
	0.62	0.77	1.27	1.30	0.85
	0.93	0.92	0.98	1.31	0.98
	1.00	1.20	1.00	1.20	1.00
	0.80	1.20	1.20	1.50	1.20
	1.00	1.00	1.20	N/A	1.10
	0.80	1.00	1.00	1.50	1.60
	0.90	1.20	2.10	1.10	1.30
	0.90	1.10	1.60	1.80	1.50
	1.00	1.11	N/A	1.30	1.28
	0.84	0.83	1.79	2.32	1.92
	1.10	1.10	1.10	1.20	1.20
	1.20	1.30	1.20	1.20	1.30

Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2025

Breaking down the three accounts further:

1) Classic Account

As mentioned above, the minimum funding required of the classic account is $10,000. While a core feature of the account is the low spreads, the other elements are:

• In-house analyst
• 24-hour customer support
• Integrated support online

2) Platinum Account

This account is designed for advanced traders, which is why the IC Markets Minimum Deposit for this account is $200,000 . This account type advertises tighter spreads and commissions. Other core features include:

• Up to 30% lower prices – recommended for active traders
• A personal relationship manager
• Access to customer service 24/5
• Analyst data and information

3) VIP Account

The VIP account is one of the most exclusive trading accounts offered by a forex broker and stockbroker industry. With a funding requirement of at least $1,000,000, this account type is geared towards the high-net-worth individual (HNWI). These premium clients receive VIP spreads and fees as well as features including:

• fixed lower spreads
• Dedicated sales trader
• Personal relationship manager
• Exclusive events and hospitality
• Direct access to Saxo experts
• 1:1 SaxoStrats access

Other Fees

There is on deposit fee, but there is a fee of $30 for paper based withdrawals.

Forex traders need to be aware of the inactivity fee charged by Saxo Bank. Our Saxo Bank review found that an inactivity fee is levied on all Saxo Bank accounts that have been inactive for a prolonged period. Saxo Bank charges an inactivity fee of $100 or the equivalent amount in the account currency if there are no trades executed for a period of 180 days.

Verdict of Saxo Bank Spreads

Across the three accounts offered Saxo has low spreads compared against leading retail brokers such as IG Markets. The more you’re willing to deposit, the lower the spreads will be, but even the classic is competitive. Saxo also focuses on simplicity with trading costs with no volume-based commissions and minimum commission fee.

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Trading Platforms

Saxo Bank offers MetaTrader 4, TradingView, and their proprietary platforms, SaxoTraderGo and SaxoTraderPro.

The CompareForexBrokers team created a trading platform selector so you can work out what trading software best matches your trading needs. I recommend you complete the short 5 step questionnaire which will help you determine your most suitable forex platform.

The CompareForexBrokers team created a trading platform selector so you can work out what trading software best matches your trading needs. I recommend you complete the short 5 step questionnaire which will help you determine your most suitable forex platform.

MetaTrader 4

While there is a MetaTrader 4 platform at Saxo, it doesn’t have MT5. The most popular trading platform among retail traders, the MetaTrader 5 platform is not supported by Saxo Bank. Forex traders who are accustomed to do their technical analysis with one of the most user-friendly platforms in the FX space can be disappointed to not find the MT5 among the trading platforms offered by Saxo Bank.

Saxo Forex Trading Platform

Saxo Bank Australia offers two of their own propriety forex trading platforms. Each has distinct advantages over each other, with one designed more for mobility across mobile and tablet while the other is designed for trading power. These have won many awards, including the ADVFN platform award.

SaxotraderGO – The Choice For Traders + Investors

This platform has won Saxo Bank awards based on reliability, execution speeds, and functionality across devices. It’s web-based with full functionality across desktop, mobile app and tablet devices with:

• Access to over 35,000 instruments with no subscription fees
• Trades and orders can be managed directly from charts
• A wide range of markets from forex, stocks to CFDs
• Equity research tools that analyse sentiment and fundamentals

Below shows six additional features Saxotrader Go offers FX traders. Features like quick close, margin breakdown and cancel all orders are unique to Saxo. Historical reports can also be downloaded for tax and bookkeeping purposes.

SaxotraderPRO – Build For Professionals

This professional-grade fox trading platform is designed for expert traders who use multiple screens when trading. It works both on Mac and Windows and while it also has apps for tablet and mobile devices (iOS and Android) it’s made for PC. There is no web-based version with features including:

• Enhanced trade tickets maximising speed and productivity
• Algorithmic orders that are integrated into trade tickets
• Charting packages with over 50 technical indicators
• Option chain allowing switching between instruments
• Level 2 market depth with real-time prices

Summary Of Saxo Bank Trading Platforms

Our Saxo Bank Australia review found it was strong in this category but lost points for the lack of mainstream options such as MT4 and cTrader. Both Saxo trading platforms don’t require subscription costs with the PRO platform recommended on desktops with multiple screens, while the GO account is for everyday traders.

Is Saxo Bank Safe?

Saxo Bank has a trust score of 86/100. It was based on the broker’s regulation, reputation, and reviews.

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Regulation

Saxo clients can trade under the umbrella of the world’s top financial regulators. Retail investors can start trading and invest in the financial markets knowing that Saxo complies with the high standards imposed by the local Danish regulatory agency the Financial Supervisory Authority (FSA) as well as 12 other global regulatory bodies, including:

• Financial Conduct Authority FCA (License number 551422)
• Swiss Financial Market Supervisory Authority FINMA (License number CHE-106.787.764)
• Japanese Financial Services Agency (Registration Number 239)
• Australian Securities and Investments Commission ASIC (Registration Number 126 373 859)

Reputation

With its headquarters in Copenhagen, Denmark and 15 main offices that include Switzerland, UK, Paris, Hong Kong or Dubai, the Danish company can serve professional traders and retail investors from more than 180 countries.

Reviews

Saxo Bank has a TrustPilot score of 3.8 out of 5 from 4,935 reviews.

How Popular Is Saxo Markets?

Saxo Markets ranks among the more popular brokers for CFD trading based on both search and web traffic data. It receives approximately 165,000 Google searches each month, making it the 15th most popular forex broker according to 2024 data. Web analytics from Similarweb in February 2024 show Saxo Markets as the 21st most visited broker, with 1,047,000 global visits.

In terms of trading activity, Saxo Bank (which operates Saxo Markets) reported $482.7 billion in total trading volume in April 2024 — the highest monthly figure in over four years. This included $303.7 billion in equities and $70.7 billion in commodities, both key CFD asset classes.

Saxo Markets offers access to over 19,000 instruments, and its parent company had nearly 1.3 million clients and DKK 853 billion in client assets by the end of 2024. These figures indicate that Saxo Markets holds a strong position in the global CFD trading space.

Country	2024 Monthly Searches
France	18,100
Netherlands	14,800
Spain	6,600
United Kingdom	4,400
Italy	3,600
Singapore	3,600
Peru	3,600
Argentina	2,900
Turkey	2,900
Poland	1,900
Switzerland	1,900
Greece	1,900
India	1,900
Germany	1,600
Australia	1,600
United States	1,600
Brazil	1,600
Portugal	1,300
Mexico	1,300
Hong Kong	1,300
Algeria	1,300
Colombia	1,000
Chile	1,000
Malaysia	880
Japan	880
Indonesia	720
United Arab Emirates	590
Sweden	590
Ecuador	480
Taiwan	390
Canada	390
Thailand	320
Morocco	320
Saudi Arabia	260
Pakistan	260
Venezuela	260
Bolivia	260
Austria	210
South Africa	170
Ireland	170
Vietnam	170
Philippines	140
Dominican Republic	140
Cyprus	110
Egypt	110
Nigeria	110
Mauritius	90
New Zealand	70
Bangladesh	70
Cambodia	70
Uzbekistan	70
Costa Rica	50
Sri Lanka	50
Ethiopia	50
Panama	40
Kenya	40
Jordan	30
Ghana	20
Uganda	20
Tanzania	10
Botswana	10
Mongolia	10

2024 Average Monthly Branded Searches By Country

France	18,100 1st
Netherlands	14,800 2nd
Spain	6,600 3rd
United Kingdom	4,400 4th
Italy	3,600 5th
Singapore	3,600 6th
Peru	3,600 7th
Argentina	2,900 8th
Turkey	2,900 9th
Poland	1,900 10th

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Deposit and Withdrawal

What is the minimum deposit at Saxo Bank?

There’s no minimum deposit required, giving you the freedom to start trading with as little money as you want.

Account Base Currencies

Saxo Bank supports a limited range of funding currencies. Forex traders can deposit funds using USD, GBP and EUR. By comparison to other online brokers, Pepperstone can offer multi-currency deposit solution that includes 10 different base currencies.

Deposit Options and Fees

Many traders look to trade small amounts and require a low minimum deposit by their forex broker. Saxo Bank accounts don’t offer this with the classic account starting at $10,000. The $1,000,000 VIP account is one of the highest minimum funding accounts of any retail forex brokers.

If you’re happy to have funds locked in an account, then funding requirements won’t be an issue. But if you don’t like funds tied up in any account, then you should consider other forex brokers who have a minimum deposit as low as $50.

Withdrawal Options and Fees

In terms of the deposit and withdrawal methods, Saxo Bank offers only a limited number of payment options. In our Saxo Bank review, we only found that forex traders can make a deposit or withdraw funds from the Saxo Bank account via the following methods for transferring money:

• Credit card
• Debit card
• Wire transfer from your bank account

Product Range

CFDs

Saxo Bank Australia offering is more than just currency trading. The broker has a wide range of services from share trading to contract for difference (CFDs). Below shows the wide range of markets offered all matches by low brokerage fees and commissions.

Saxo Bank offers forex traders access to a selected range of trading instruments across different asset classes. With a Saxo Bank account, you can gain exposure to the most popular and liquid markets worldwide, including:

• Forex currency pairs (+182 major pairs, minor and exotic)
• CFDs (+9,000 instruments)
• Stocks (+19,000 across 36 global exchanges)
• Commodities (19 commodity CFDs)
• Futures (+200 future contracts)
• FX Options (+40 FX vanilla options)
• Listed Options (+1,200 options from 23 exchanges worldwide)
• ETFs (3,101 from  30 exchanges worldwide)
• Bonds (5,000 government and corporate bonds)
• Mutual Funds (250 top-rated mutual funds)
• Cryptocurrency (Bitcoin and Ethereum traded through ETNs)

Stock Brokerage Services

Shares trading is one of the most popular services offered by Saxo Bank. They offer share trading in Australia, USA, UK, Singapore and even Chinese stocks. Overall, traders have access to over 19,000 shares overseas across 36 exchanges. Their share trading offering won “Outstanding Value International Share Trading” in both 2017 and 2018. Other share related services are over 3,101 ETFs, ETCs and ETNs and they also offer over 1,200 listed options. Below shows the Saxo Bank brokerage fees compared to other leading stockbrokers.

Forex Trading Services

The key areas of this Saxo Bank review were on their currency trading offering. This includes the ability to trade across 182 forex spot pairs, over 140 forwards and +40 FX vanilla options. Four key components lead FX traders to choose Saxo for currency trading.

i) ‘Tier 1’ Liquidity

Saxo uses a wide range of ‘tier 1’ banks and other sources from market-making firms to ECNs to ensure traders receive the best possible price. This helps minimise spreads that exist when a forex broker sources just one or two sources for a buy/sell rate.

ii) Price Improvement Technology

A key Saxo Bank feature is its customised orders offering. This provides forex traders with great control and near-zero asymmetric slippage occurring. This leads to real benefits on a large number of currency trades through the Saxo forex trading platform.

iii) Reduced Premature Stop-Outs

Saxo triggers stop orders at the opposite end of the spreads, to minimise forex traders from being stopped out early. This is set at a neutral price via a large inter-bank venue. Premature stop-outs are one of the most complained features of other forex brokers and a key positive found in this Saxo Bank Australia review.

iv) Client-centric approach

We fully disclose our dealing practices and never trade against you in the market. Our commitment to transparency shows that our interests are fully aligned with yours.

CFD Trading Services

The final area Saxo offers is the contract for difference (CFDs Trading). You can trade leveraged products with Saxo Bank on more than 9,000 CFD instruments including shares, indices, bonds,  ETFs, commodities and index options as shown below.

Commissions on US stocks are USD 3.00 while Australian CFDs stock commissions start at AUD$6. Leverage varies and for the US 500 is 40:1 with spreads of 0.4 points. Below you can review the different types of CFD trading commissions charged across the 3 main Saxo trading accounts.

Verdict On Saxo’s Range Of Markets

It’s not unique for a forex broker to offer more than just currency trading, with most also offering CFDs trading. What separates Saxo is their domestic and international stockbroking services. This makes Saxo Bank a one-stop-shop broker ideal for those looking for more than just a forex broker.

Does Saxo Markets Offer Spread Betting?

Saxo no longer offers spread betting. Prior to 2o15 Saxo had a partnership with London Capital Group (LCG) but a leadership change led by Charles-Henri Sabet led to the closure of the spread betting partnership.

Customer Service

The customer service at Saxo Bank was a bit of a letdown. Their support hours are only on weekdays, with no 24/7 support. Only current clients have access to their live chat and their knowledge base is average at best.

Research and Education

Saxo Bank gives its clients access to world-class education material that caters to beginner traders as well as professional traders. Saxo Bank’s courses are designed to help beginner currency traders start trading. What’s unique about Saxo offering is its quizzes, which can assist traders to track their progress.

The educational and market research resources found on Saxo Bank website also includes:

• Webinars
• Video Guides
• Market Analysis
• Macro – Fundamental Analysis
• Quarterly Outlook
• Outrageous Predictions
• IPOs

Additionally, SaxoStrats offers forex traders the chance to follow a team of Saxo Bank experts that will supply you with actionable insights via a podcast service.

Final Verdict on Saxo Bank

Overall, our Saxo Bank review concludes that the Denmark-based forex broker offers all the trading tools and a wide range of financial products to accommodate the needs of all types of traders. The only major disadvantage is that Saxo Bank requires a high minimum deposit of $10,000 to start trading CFDs.

Saxo is recommended for anyone looking for an all-in-one trading solution. You can buy and sell both domestic and international shares as well as trading currency pairs and CFDs with their award-winning trading platform. They also offer low spreads and fees, making them a low fee share and trading solution. You should only consider a different forex broker if you require high leverage, risk management tools, or require a low minimum deposit.

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