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Author: Ben Morratt
Portfolio Manager
Ben Morratt

Saxo Markets Review

Our Expert Rating
Accounts
7.8
Trades
8.2
Bonuses
8.4
Mobile
9.4
Banking
9.0
Features
8.6
Support
7.8
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Summary

Saxo Markets is a legitimate broker that has been operating for many years. With the appropriate licensing and regulation, you can be confident that your money is safe. With an extensive array of Forex pairs including even the minors and emerging varieties, there is something for everyone. We are confident that this broker is an excellent choice for all levels of brokers and a good choice for those traders who like to trade in larger volumes.

Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Introduction

Introduction

For more than two decades, Saxo Markets has been offering financial products to a broad customer base which now extends to 180 countries. In 2006, they started operating Forex services in the UK on their proprietary SaxoTraderGO platform. Licensed and regulated by the FCA, they have headquarters in Denmark.

Offering over 180 Forex currency pairs, you can enjoy trading across an extensive selection of majors, minors and emerging pairs with competitive spreads. From any device, and available without download, they offer an award-winning proprietary platform for those who like to trade on the move.

To help you decide if Saxo Markets is the broker for you, there are many things to consider. These include deposits and withdrawals, the various trade features and the mobile trading experience on offer and are just some of the factors that our team of experts look for. By reviewing each broker, we save you time and help you make a more informed decision.

In this review, you will learn:

  • The account types and their requirements
  • Leverage, spreads and other trade features
  • What kind of experience you can expect
Saxo Markets Screenshot Saxo Markets Screenshot Saxo Markets Screenshot
Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Account Types

7.8
Account Types

Opening a Saxo Markets account is simple, with several options to choose from. With three different tiers of live accounts plus the complimentary demo version, the more you want to invest, the bigger the benefits. If you start with the Classic and exercise a high trading volume, you will be automatically moved to the next relevant level.

There is quite a significant difference in funding requirements so, if you are new to Forex, then you will probably want to consider the Classic.

Classic Account

You can open a Classic account with a minimum deposit of $500. This will offer you Forex spreads of 0.6-0.7 pips. The standard benefits with all levels of account include integrated online support and 24-hour customer service (5 days a week) in addition to local language support and expert news and analysis.

Platinum Account

For a deposit of $50,000 (which is quite a hike up from the basic Classic account), you can enjoy all of the benefits of the Platinum. Again, you will be rewarded with all of the benefits that you get with the Classic with better spreads of 0.5-0.6 pips.

The additional benefits of the Platinum include a personal relationship manager who is there to help you understand the platform and invite you to special events or give you access to new products and features.

VIP Account

The minimum funding for a VIP account is $1,000,000 and is aimed at much higher investors and more serious traders. In return for such a serious investment, the spreads are more impressive, and the benefits are more significant. With spreads of 0.4 pips, you also have access to your own dedicated sales trader as well as one to one check-ins with Saxo Strats.

Demo Account

For those who want to try the platform before depositing funds, there is a free demo account which gives you $100,000 of virtual funds. This allows you to practise your Forex trading techniques and strategies and to become familiar with the SaxoTraderGO platform. When you are ready, you can then decide which level of account to open on the live platform.

Supported Languages
English

Trade Features And Payouts

8.2
Trade Features And Payouts

One of the critical considerations when choosing a broker has to be the trading features and the payouts on offer. From the spreads that you can enjoy, to the type of platform that they operate, it is essential to understand what these spreads mean for you in terms of payouts. How much do you stand to make from each trade and what tools are offered to help you manage your time on the site?

Leverage

Leverage of up to 1:50 is available with Saxo Markets; however, margin does depend on the currency pair that you are trading and the amount of funds you have in your account. It should also be noted that while you can use leverage to make your trades more significant and therefore enjoy higher profits, the losses can be equally substantial.

Spreads

Spreads start from 0.4 pips and are incredibly competitive when compared to other Forex brokers. There over 180 Forex spot pairs to choose from including the majors, minors and exotics or emerging as they are also known. The spreads are all-inclusive, so no commissions are payable.

Stop Loss

Stop Loss orders are an excellent tool for managing your losses when it comes to trading. In addition to placing them at a fixed price, there is also the option to set them at a percentage from the market price. Take Profit is also another useful tool which, as the name suggests, means that you can exit the trade when you reach a certain amount or percentage.

Platform Types

SaxoTrader GO is an award-winning trading platform that is available on desktop and mobile devices. It is a web-based application which is compatible with windows, Mac, Tablet and smartphone on iOS and Android. In addition to this, they also offer the SaxoTrader, PRO for Windows, Mac and mobile and is chosen by professional traders. This particular platform requires a download, however.

Opening a Saxo Markets account is simple with a number of options to choose from.

Bonuses And Promotions

8.4
Bonuses And Promotions

Saxo Markets doesn't offer any welcome bonuses or deposit bonuses, but it does offer a Refer a Friend bonus. If your friend deposits over $1,000 then your account will be credited with $250.

This bonus rises to $500 when they deposit $60,000 and $1,000 for a $300,000 deposit. Each time you refer a friend who meets the criteria, you will be credited with the appropriate amount.

Mobile Trading

9.4
Mobile Trading

Saxo's proprietary trading platform, SaxoTraderGO is available on desktop and also on mobile as an app. The app, which can be found on both iOS and Android, scores well with those that have reviewed it and it can be used in many languages.

With the same functionality as the web-based platform on desktop, it is excellent for those who wish to trade on the move.

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Deposits And Withdrawals

9.0
Deposits And Withdrawals

Accounts can be funded via bank transfer and credit card, and Saxo offers 32 base currencies.

When making a withdrawal, they don't charge a fee however you should be aware of any currency conversion (if not trading in your currency) or transaction fees that you may receive from your bank or credit card.

Special Features

8.6
Special Features

One of the stand out features of Saxo is the research and the educational tools that they offer. You can choose to read PDF guides, join webinars or watch videos as well as using the demo platform to practise techniques and strategies.

They also score well when it comes to having a vast portfolio suitable for even the larger traders with over 180 currency pairs to choose from. Their spreads are also very competitive, especially for those who are prepared to invest more significant sums.

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Customer Support

7.8
Customer Support

Unlike many brokers, there is no live chat assistant in the bottom right-hand screen to help you and support is available 24/5 and not 24/7. There is a support centre where you can find answers to many of your questions, and there are UK contact numbers and email addresses.

There are also contact number, email and addresses for many other countries including Switzerland, China, France, Dubai and the Netherlands. Support is also available in many languages.

Here are the contact details for Saxo Markets:

  • Email - londonreception@saxobank.com
  • Phone - +44 0207 151 2000
  • Address - Saxo Markets, 40 Bank Street, 26th floor, E14 5DA, London, UK

Conclusion

8.5
Conclusion

Saxo Markets is a legitimate broker that has been operating for many years. With the appropriate licensing and regulation, you can be confident that your money is safe. Trading is available either on desktop or on the move with a mobile and tablet app to download with all the features of the desktop version.

The educational tools are great, and there are various levels of account to choose from. With an extensive array of Forex pairs including even the minors and emerging varieties, there is something for everyone from beginners to more heavyweight traders with more experience in Forex.

Customer service isn't quite as accessible as you will find with many other brokers, but they do cover many of the bases. We are confident that this broker is an excellent choice for all levels of brokers and the right choice for those traders who like to trade in larger volumes.

Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Frequently Asked Questions

Saxo Markets

Are Saxo Markets legit, will they scam me?

For more than two decades, Saxo Markets have been offering their investment services to clients. They are licensed and regulated in the UK by the FCA.

Do they have a decent mobile or tablet app?

Yes, they do offer an excellent mobile app that provides all of the functionality of the desktop site for both iOS and Android on smartphone and tablet.

What bonus do they offer for new traders?

While there is no bonus for new traders, they do offer tiered levels of refer a friend bonus which is paid out on receipt of the deposit from a friend.

Can I start trading on a free demo account?

There is a demo account which is free to use and allows you to practise your Forex techniques and strategies with $100,000 of virtual funds.

What's the min. deposit and ideal trade amount?

The minimum deposit required to open a Saxo Markets account is $500, and the minimum trade amount does depend on what pairs you choose.

Meet The Author
Ben Morratt
Ben Morratt
Portfolio Manager

Ben’s contributions as a freelancer to the site since 2013 are highly valued. He has a real talent particularly within short-term speculation, making many successful trades on the directions of the global financial markets. Learn more.

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