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CFDs are complex instructions and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider.

Saxo Review (2024)

Saxo Review (2024)

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CFDs are complex instructions and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider.

Founded in 1992, Saxo is a well-established investment service and online trading provider operating on a global scale.

A privately-owned company, Saxo is considered a safe broker, with tier-1 regulation in six jurisdictions, including that authorized by the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Swiss Financial Market Supervisory Authority (FINMA).

In this Saxo review, we will cover its products and services and look at the advantages and disadvantages of its offering; therefore, you can compare it against other online stockbrokers.


  • Heavily regulated
  • Good product portfolio
  • Low forex fees
  • No withdrawal or inactivity fees


  • Does not accept US clients
  • High fees for options, futures and bonds

Who Is Saxo For?

With an award-winning proprietary platform, an extensive range of financial instruments to trade and competitive pricing, Saxo is widely regarded as a premium broker.

This reputation is reflected not only in its service but also in its accessibility. Platform tools and features are designed for advanced-level trading.

With that in mind, Saxo is not an ideal fit if you are new to the financial markets.

However, if you’re an experienced trader with the capital to fund an account, Saxo provides access to industry-leading technology, cutting-edge market analysis and a broad range of investment opportunities.

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Saxo Products and Services

Saxo’s product offering is diverse, and includes both leveraged and investment products.

In the first instance, clients have access to:

  • 180 forex pairs, made up of majors, minors and exotics
  • Over 9,000 CFDs, including forex, commodities, indices, bonds and single stocks
  • Options, futures and stocks for all the top commodities to trade
  • Over 200 futures contracts
  • Upwards of 1,200 listed options from 23 global exchanges

In terms of investment products, Saxo’s portfolio includes:

  • Over 19,000 stocks and 3,000 exchange-traded funds (ETFs) in both established and emerging markets
  • Over 5,000 corporate and government bonds

Saxo Platform Features and Tools

When it comes to online trading platforms, Saxo has some impressive technology under its belt.

Its award-winning proprietary platform is available in two variations, a web-based version and as downloadable software for desktop.


SaxoTraderGO is the broker's web-based platform. It is designed to be both powerful and user-friendly, with an intuitive interface and a range of innovative features.

For order placing, the Trade Ticket function streamlines the process to just a few clicks without losing access to important information.

You can choose from multiple order types, including market, limit, stop, stop limit, trailing stop and OCO (one-cancels-the-other).

Users have access to multiple chart types complemented by over 40 technical indicators, as well as automated trade signals, equity research and sentiment analysis.

You can manage your account and track performance with ease with both current and historical trade data, profit and loss, and returns breakdowns available through your account dashboard.

There is also a section dedicated to research, complete with news, analysis, educational resources and trade ideas.

SaxoTraderGO is available as a mobile version for both iOS and Android. The user experience is pretty much identical to that of the web-based platform, with all the same useful tools and features for trading on the go.


SaxoTraderPro, Saxo’s desktop platform, gives you everything the web version does and more.

Users get access to an increased number of drawing tools and technical indicators, and automated trading options with algorithmic orders.

SaxoTraderPRO also supports use across up to six monitors, and additional features such as Level 2 order books and time and sales data are available through subscription.

The desktop version offers far more in terms of customization than its web-based counterpart and is a true trading powerhouse for experienced traders with the knowledge and skill to make use of everything it has to offer.

Saxo Account Types

Saxo offers its clients three account tiers:

  • Classic
  • Platinum
  • VIP

The Classic account is the most accessible of the three. In addition, there is no minimum deposit required.

This entry-level option comes with average pricing, access to Saxo’s powerful trading platforms and customer support accessible 24/5.

Though this is a steep jump, the Platinum account offers better commissions and tighter spreads, up to 30% lower than those of the Classic account.

Platinum account holders also benefit from priority support in their local language.

Saxo Review
Saxo Review

Designed for elite investors, VIP account holders receive the support of a personal relationship manager and get one-to-one access to the broker’s in-house team of expert strategists, known as SaxoStrats.

It is worth noting in this Saxo review that the broker also operates a loyalty program, allowing clients to upgrade through the account tiers based on trading activity.

Saxo Commissions and Fees

Saxo fees are promoted as ‘market leading’, though its pricing structure is quite complex and could easily trip up beginner traders.

In general, spreads on forex pairs are on par with average market rates for Classic account holders but become more competitive as you move through the tiers.

For example, spreads on EUR/USD currently stand at 0.8, 0.5 and 0.3 for Classic, Platinum and VIP respectively.

Commissions are only really market-leading for high-volume elite traders. Classic account holders will pay 0.20% on bonds, for example.

Commissions on futures and options are also quite high, averaging around $3 per lot for UK-based clients.

There are also several other fees to take into account, which Saxo refers to as ‘general charges’.

These include conversion and holding fees and a $25 platform fee applied every quarter for inactive clients with cash funds in their accounts.

Saxo Research and Education

Content provided by a broker is one of the best ways to learn about trading forex and other financial instruments.

In this case, it is the SaxoStrats referred to earlier in this Saxo review that offers expert analysis and daily commentary on all the major markets, as well as a host of educational resources.

Users will find a range of articles, videos, webinars and podcasts, and short courses on trading all the assets offered by the broker, from beginner to advanced level.

There is also an in-depth market analysis section on the website and a regularly updated news feed.

Advantages of Saxo

  • Heavily regulated – Regulation is one of the top things to look for when choosing an online broker. It ensures they operate to the highest standards and that your funds are afforded a level of protection. Saxo is regulated not only by the FCA but also by several other authorities across the globe.

  • Good product portfolio – Saxo has one of the most diverse product portfolios of any online broker, making it a good option for those looking to trade in multiple assets.

  • Low forex fees – In terms of forex, Saxo fees are competitive, with tight spreads available even with its entry-level Classic account.

  • No withdrawal fee – You will not be charged to withdraw funds from your Saxo account; however, this only applies if you use its online withdrawal module. If you request a funds withdrawal form, a processing fee will be applied.

  • Negative balance protection for EU customers – For added peace of mind, Saxo offers negative balance protection, meaning your account will not fall into arrears if the market suddenly moves against you.

  • Impressive trading platforms – Saxo’s trading platforms are among the best on the market, with award-winning features and functionality delivered through a user-friendly interface. For advanced traders looking to increase capacity even further, the platforms support several third-party integrations.

  • Two-step verification for account security – For increased security, users can enable two-step verification for access to their accounts, using both a usual password and a securely generated one-time access code to log in.

  • Demo account available – You can test drive both SaxoTraderGO and SaxoTraderPRO with a free 20-day demo account. You will be provided with $100,000 of simulated funds to try out the platforms and your trading strategies before committing to an active account.

  • Customer support available in multiple languages – As Saxo caters to clients in over 180 countries, its customer support is offered in multiple languages.

  • Good educational videos and webinars – The broker’s range of educational resources are diverse, developed by market experts and designed for all levels of trading experience.

Disadvantages of Saxo

  • Does not accept US clients – Despite a major global presence, regulatory constraints mean that Saxo is not currently able to accept clients based in the US.

  • Limited customer service options and hours – Unfortunately, Saxo’s customer service is somewhat limited compared to other brokers, with a lack of live chat functionality through its website; however, clients with funded accounts can access 24/5 support online through its trading platform.

  • No MetaTrader 4 (MT4) platform – MetaTrader (MT4) is a popular platform for UK traders due to its various benefits, but this platform is not available with Saxo.

How to Set Up an Account With Saxo in 2024

To open an account with Saxo, you will need to complete the online application process, which should take no more than 15 minutes.

You will need to fill out a few simple details and upload proof of your identity and residential status.

The broker will then conduct a background check to approve your application. Once this is complete, you can deposit the required funds to activate your account.

Final Thoughts

Saxo is best described as an exclusive broker catering primarily to high volume, experienced traders.

Its diverse portfolio makes it a versatile broker, and if you do have the funds and knowledge required, its advanced technology and competitive fees make it an attractive option.

Before making any decisions on whether Saxo is the right broker for you, be sure to do your due diligence, and take full advantage of its free 20-day demo account.

WikiJob does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.

CFDs are complex instructions and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider.

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