Tradeable Symbols (Total): 60000

Year Founded: 1992

Publicly Traded (Listed): No

Bank: Yes

Saxo Bank is not publicly traded, does operate a bank, and is authorised by six tier-1 regulators (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust). Saxo Bank is authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC)Securities Futures Commission (SFC)Japanese Financial Services Authority (JFSA)Monetary Authority of Singapore (MAS)Swiss Financial Market Supervisory Authority (FINMA) and the Financial Conduct Authority (FCA). Learn more about Trust Score.

Saxo Bank is considered low-risk, with an overall Trust Score of 99 out of 99.

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Pros 👍🏻

  • Founded in 1992, Saxo Bank operates three regulated banks and is licensed in six tier-1 jurisdictions, making it a safe broker (low-risk) for trading forex and CFDs.
  • Saxo Bank delivers access to over 60,000 instruments, including crypto derivatives (depending on your location), micro-futures and forex options.
  • Saxo Bank’s flagship platform, SaxoTraderGo, includes everything that traders might need to navigate the market.
  • Offers complex orders types and account protection features to seamlessly manage risk.
  • Saxo publishes its average spread data not only across trading sessions each day, but by order size – highlighting its ability to deliver best execution at scale.
  • The addition of Corellian Academy content for risk management is a great complement to Saxo Bank’s existing educational offering.
  • Pricing for VIP and Platinum account holders is highly competitive, while Classic account holders pay closer to the industry average on pairs such as the EUR/USD.

Cons 👎🏻

  • Though Saxo Bank produces high-quality videos for its research and education, it was not actively creating new video content in 2021.
  • Educational content is great, but there remains room to improve – such as by adding progress tracking and quizzes and expanding the number of lessons in written and video format.
  • Minimums are high: €2,000 minimum deposit to open an entry-level Classic account, whereas the Platinum and VIP accounts require minimums of $200,000 and $1,000,000. If you find the minimum deposit requirements to be too steep, consider IG or CMC Markets.
  • The SaxoTraderPRO desktop platform is a trading powerhouse but takes time to fully customize; adding more predefined layouts would be a welcome feature.


Trust score
Offering of Investments
Commissions & Fees
Platform & Tools
Mobile Trading

Offering of investments

Saxo Bank is a multi-asset broker that offers investors and traders a vast selection of more than 60,000 tradeable symbols. In addition to electronically-tradeable markets that span nearly every asset type, Saxo Bank offers spot FX, FX options, non-deliverable forwards (NDFs), Contracts for Difference (CFDs), stocks, stock options, Exchange Traded Funds (ETFs), Exchange Traded Notes (ETNs), futures, and 33,000 bonds (available only via phone).

Exchange-traded securities: In addition to trading CFD shares, Saxo Bank also offers ISA/SIPP accounts for share dealing. To learn more, see our U.K. review of Saxo Markets.

Cryptocurrency: Cryptocurrency trading is available through derivatives, but not available through trading the underlying asset (e.g. buying Bitcoin). Note: Crypto CFDs are not available to retail traders from any broker’s U.K. entity, nor to U.K. residents.

The following table summarizes the different investment products available to Saxo Bank clients.


Feature Saxo Bank logo
Forex Trading (Spot or CFDs) Yes
Tradeable Symbols (Total) 60000
Forex Pairs (Total) 190
U.S. Stock Trading (Non CFD) Yes
Int’l Stock Trading (Non CFD) Yes
Social Trading / Copy Trading Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Disclaimers Note: Crypto CFDs are not available to retail traders from any broker’s U.K. entity, nor to U.K. residents (except to Professional clients).

Commissions and fees

Overall, Saxo Bank delivers excellent all-around pricing. For active traders, and those able to maintain large account balances, Saxo Bank offers the lowest pricing in the industry.

Pricing summary: In August 2020, the average EUR/USD spreads were 0.8, 0.7, and 0.6 pips, for the Classic, Platinum, and VIP accounts, respectively. Bottom line: pricing for the Platinum and VIP accounts ranks among the best forex brokers, while the Classic account is closer to the industry average.

Classic account minimums: The entry-level Classic account requires a €2,000 minimum deposit in most cases, though the minimum deposit may vary depending on your country of residence.

Platinum account minimums: The minimum deposit for the Platinum account is $200,000 – or AUD 300,000 if you reside in Australia. Traders with the Classic account can qualify to be upgraded to Platinum by earning volume-related Loyalty points through Saxo Bank’s Loyalty Program. For example, trading over $40 million worth of forex would earn you 120,000 points – which would be enough to upgrade from Classic to Platinum for 12 months.

VIP account minimums: For 2022, Saxo Bank won our award for Best VIP Client Experience. Saxo Bank’s VIP account, which offers the most savings on pricing, is reserved for elite investors who either deposit at least $1,000,000, or who qualify to be upgraded under Saxo Bank’s Loyalty Program. Traders looking to have their account tier upgraded to VIP would need to trade at least $167 million in forex volume – this upgrade would be valid for one year. The VIP account also provides access to exclusive events and connections to Saxo Bank analysts.

Commission-free: Saxo Bank is commission-free, which means it makes money off the spread. There is one exception; traders who trade less than 50,000 units (half of one standard lot) per month are charged a ticket-fee of $3 per side.

Best execution: Saxo Bank is committed to the FX Global Code, an evolving interbank standard focused on enhanced disclosures and execution best practices. The mission of the FX Global Code is to promote integrity and transparency across the global foreign exchange market.


Feature Saxo Bank logo
Minimum Initial Deposit €2,000
Average Spread EUR/USD – Standard 0.9 (September 2022)
All-in Cost EUR/USD – Active 0.7 (September 2022)
Active Trader or VIP Discounts Yes
Execution: Agency Broker Yes
Execution: Market Maker Yes

Mobile trading apps

Saxo Bank does a great job of unifying the excellent SaxoTraderGO web-based platform experience across devices. Saxo Bank’s SaxoTraderGO mobile app is a favorite of mine, and competes with the best forex brokers for mobile, such as IGCMC Markets, and TD Ameritrade (U.S. citizens only).

Apps overview: One of the strengths of Saxo Bank’s platform suite is how closely the SaxoTraderGO web-based platform experience mirrors Saxo Bank’s flagship mobile app offering.

Ease of use: The SaxoTraderGO mobile app is an absolute pleasure to use, due to its impressive, intelligent design. One standout feature that I really appreciate is the ability to access such an abundance of useful information within each tab for a given asset. For example, when viewing the EUR/USD pair, traders can see related videos, articles, news headlines, market research, and trading signals. The intuitive design of the SaxoTraderGO app and the plethora of available information makes it easy for traders to make clear-headed decisions when assessing markets and managing trading positions. Saxo Bank is a true leader in this category.

Charting: SaxoTraderGO’s charting capabilities are rich with nearly 20 drawing tools and 62 indicators, and – touching on a theme here – closely matches the experience of the platform’s web-based version. In addition to syncing watchlists, charts in the SaxoTraderGO mobile app sync with the browser-based version of the platform. For example, if you draw trend lines and add indicators in the web version, they will appear in the mobile app (and vice versa).

Trading tools: Nearly all features found in the web version of the platform are available in the SaxoTraderGO mobile app, including the trade ticket window, watch list and screener features, and all research tabs. The platform’s economic calendar, educational videos, market news from top-tier sources such as Dow Jones Newswire, and pattern recognition analysis from Autochartist are all accessible on the mobile app – just as they are on the web version. Finally, the options strategy finder comes with 13 predefined strategies that let you easily create related orders for a given instrument.


Feature Saxo Bank logo
Android App Yes
Apple iOS App Yes
Mobile Alerts – Basic Fields Yes
Watchlists – Total Fields 62
Watchlist Syncing Yes
Charting – Indicators / Studies (Total) 62
Charting – Drawing Tools (Total) 20
Mobile Charting – Draw Trendlines Yes
Charting – Multiple Time Frames No
Forex Calendar Yes

Other trading platforms

There’s no question; Saxo Bank’s proprietary trading platforms are terrific, thanks to their streamlined designs and robust trading tools. Saxo Bank sets a high benchmark that is not easily beat.

Platforms overview: Saxo Bank’s flagship trading suite includes SaxoTraderGO (web) and SaxoTraderPRO (desktop), alongside third-party platforms such as TradingView, MultiCharts, and trading connectivity via API. Saxo Bank’s proprietary platform suite boasted new features in 2021, including the addition of crypto trading, its new Hot Topics tab, and integrated webinars – among other more subtle improvements.

Charting: For this review I focused on Saxo Bank’s proprietary platform suite. While the SaxoTraderGO web-based app is designed for ease of use, it also delivers advanced trading and charting capabilities. The watch-list, screener, and alerts work together in unison, and the platform is designed to bring tools and features within reach without making the experience cluttered or confusing. I truly experienced a zen-like serenity while immersed in the platform, enjoying its near-perfect balance of ease of use and advanced features. Like the platform itself, charts are versatile and powerful, with 62 indicators, 20 drawing tools, and nine selectable chart types – all of which sync across devices. Swapping between instruments is a breeze, and I really like the product overview section, which shows related news and trade signals from Autochartist.

SaxoTraderPRO desktop: Saxo Bank’s flagship desktop platform is SaxoTraderPRO, which resembles SaxoTraderGO in both look and feel. Functionality is similar; however, the PRO platform offers a larger selection of professional trading features. For example, PRO supports up to six monitors, streaming Level 2 order books, streaming time and sales, and algorithmic orders. Note, additional data subscriptions are required to use tools like the streaming Level 2 order book, which is a standard industry practice. Charting on SaxoTraderPRO is equally powerful as the web version. Subtle touches are seamlessly incorporated, such as the count-down timers which display the time remaining in each candle.

The only minor drawback I found when comparing PRO to GO is that many of the research features that load by default in GO must be added manually by using the “add module” tab. It’s also worth noting that additional data subscriptions are required to use tools like the streaming Level 2 order book – though this is a standard industry practice. Still, the desktop version of SaxoTraderPRO is so immersive and so massive that it felt as though I was in an IMAX theater, especially when going full-screen on a large monitor.

Ease of use: As noted earlier, Saxo Bank provides a universal platform experience across devices, and is again my favorite for the Ease of Use category. The user experience across platforms and devices is consistent, and customized charts and watch lists automatically save and sync with the mobile app.

All in all, Saxo Bank’s close attention to detail can be seen throughout its proprietary platforms. For example, in SaxoTraderGO, the trade ticket comes with advanced options such as the ability to switch between forex CFDs, futures, forwards, or forex options. Also, the Quick Trade option allows you to set price tolerance for slippage when you need immediate fills.

Innovative tools: For risk-management purposes, there is an Account Value Shield feature that lets you specify the maximum risk across your account balance. If triggered, this feature will attempt to close all open positions (except for bonds and mutual funds). There are also at least thirteen advanced algorithmic order types available for various supported markets.

Third-party platforms: Saxo Bank supports a variety of third-party platforms, including TradingView, MultiCharts, Updata, Dynamic Trend, and the OpenAPI for Excel.

Feature Saxo Bank logo
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy Trading Yes
MetaTrader 4 (MT4) No
MetaTrader 5 (MT5) No
DupliTrade No
ZuluTrade No
Charting – Indicators / Studies (Total) 62
Charting – Drawing Tools (Total) 20
Charting – Trade From Chart Yes
Watchlists – Total Fields 62

Market research

Saxo Bank appears to be obsessed with helping its clients make money. That’s the feeling I get when perusing the state-of-the-art research from Saxo Bank’s in-house team, or browsing the extensive trading ideas that are available on its website and various platforms, or when I’m engaging with the content available from Saxo Bank’s various top-tier third-party providers. Saxo Bank remains a top choice for forex research in 2022.

Research overview: Saxo Bank offers a diverse research offering across its websites and platforms, in a variety of formats (video, articles, podcasts and headlines). It provides in-house content, such as the daily updates published by its own analysts in Saxo Bank’s Market Analysis section, as well as third-party content such as the news headlines that stream from sources like Dow Jones, NewsEdge, and RanSquawk.

Market news and analysis: Saxo Bank does an outstanding job of centralizing its research within the SaxoTraderGO and SaxoTraderPRO platforms. Third-party trading signals and analysis are provided by Autochartist, which is nicely integrated into the software. I found it easy to discover relevant content, as its research articles are categorized by asset class or geopolitical themes. When viewing the EUR/USD pair, for example, you’ll see related news and trading ideas. To find flaws in Saxo Bank’s offering, I had to get picky. For example, there is an integrated economic calendar, yet it is not interactive.

Video content: Video research is seamlessly integrated into the Saxo Bank website and its proprietary platforms. I found the video content itself to be of high quality, like Saxo Bank’s Fintech Unfiltered series, for example. Saxo Bank also includes playlists on YouTube, data-namehough it’s worth mentioning that many of Saxo Bank’s videos are unlisted, and thus not easy to find or identify. Saxo Bank’s focus seems to be on its websites and trading platforms, rather than its YouTube channel. This approach provides a much cleaner customer experience, and prevents the need to bounce between YouTube and a trading platform. That said, bringing all of its video content into one place would help highlight Saxo Bank’s video content, and make it easier for traders to discover.

Reports: Saxo Bank’s research team delivers quarterly outlooks and yearly forecast reports, available in PDF and including accompanying videos. These reports are excellent for traders and investors seeking to take a theme-based position based on quality research. Being proprietary, the reports are also engaging. For example, I personally enjoy reading the annual “Outrageous Predictions” forecast each year.


Feature Saxo Bank logo
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Autochartist Yes
Trading Central (Recognia) No
Social Sentiment – Currency Pairs Yes


Saxo Bank provides a diverse selection of quality educational materials in both written and video format. The scope of educational resources available at Saxo Bank rises above the industry average, yet falls slightly behind category leaders.

Learning center: Under its Insights section, Saxo Bank provides market analysis articles produced by the firm’s in-house Saxo Strategy (Saxo Strats) team, which can be filtered by analyst or asset class. These articles are updated multiple times a day, and feature client sentiment data and market movers. The Insights section also contains 20 videos for beginners, which range in length from 5 to 20 minutes. I also found the Thought Starters series to be helpful, featuring short articles that cover concepts such as using indicators for technical analysis or risk management strategies.

Room for improvement: Aside from 41 platform video tutorials available in Saxo Bank’s flagship platform suite, I counted at least eleven for risk-management, eight for fundamental analysis, and six for fundamental analysis. Some of Saxo Bank’s videos are produced by in-house staff, while CME Group powers the rest of the courses.

There is a lot to like about Saxo Bank’s video content, and there’s a lot of it – there are 41 platform tutorials alone, alongside educational videos covering subjects like risk management and fundamental analysis. That said, bringing all of the educational video content into one easily-accessible location, and then organizing it by experience level or category would make the content easier to find and navigate. Lastly, Saxo Bank’s YouTube channel is simply not very active, and falls short when it comes to financial markets education.


Feature Saxo Bank logo
Has Education – Forex or CFDs Yes
Client Webinars Yes
Client Webinars (Archived) Yes
Videos – Beginner Trading Videos Yes
Videos – Advanced Trading Videos Yes
Investor Dictionary (Glossary) Yes

Final thoughts

Saxo Bank is a highly trusted, global brand that delivers just about everything that traders need. The client experience is seamless, and is rich with advanced tools and quality market research.

Saxo Bank also does an excellent job of unifying its desktop, web, and mobile platforms. Saxo Bank was Best in Class across nine categories for 2022, including first place for Platform & Tools, Offering of Investments, and Research.

If you can afford the minimum deposit (which was reduced from $10,000 down to just €2,000 in 2021), Saxo Bank provides the complete package for discerning traders. If the $2,000 deposit requirement is a deal-breaker, I recommend checking out IG or CMC Markets.

Is Saxo Bank a good trading platform?

Whether you are an experienced investor or you’re just getting started as a trader, Saxo Bank’s trading platform is an excellent choice. Each year, Saxo Bank ranks at the top of nearly every category in our annual review. It’s best known for its innovative SaxoTraderGO trading platform suite, which includes its mobile and web trading app, as well as its SaxoTraderPRO platform desktop software.In addition to robust educational content, you gain access to excellent research, a wide range of over 60,000 symbols to trade across global markets, and a variety of asset classes – all within an easy-to-use trading platform.

Is Saxo Bank reliable?

Saxo Bank is highly reliable thanks to its numerous banking and financial services licenses. It has been in operation for nearly 30 years, and has had an impeccable regulatory track record since 1992. Saxo Bank is trusted by hundreds of thousands of clients from all over the world, and has over $90 billion in client assets under its custody.

Is my money safe in Saxo Bank?

In addition to operating three banks (in Denmark, Luxembourg, and Switzerland), Saxo Bank is well-capitalized with $92 billion in client assets as of H1 2021. Saxo Bank has an excellent regulatory track record and holds numerous licenses in Tier 1 and Tier 2 jurisdictions, making it a low-risk broker for investing and trading in financial markets. These factors make Saxo Bank a trusted and reliable broker to hold your money when it comes to trading CFDs, forex, shares, options, and exchange-traded and over-the-counter (OTC) derivatives.

About Saxo Bank

Established in 1992, Saxo Bank is one of the leading retail forex and multi-asset brokerages, servicing over 790,000 clients from its regulated entities across 15 international jurisdictions, including the U.K., Denmark, and Singapore. Saxo Bank employs over 2,490 staff and is majority-owned by China-based Geely Holding Group. Catering to both retail and institutional clients, Saxo Bank has processed over 67 million transactions in 2021 alone holding over $92 billion (converted from Danish krone to U.S. dollars) in client assets as of its first half report for 2021, following its integration of BinckBank.

2022 Review Methodology

For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.

Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read about Trust Score here.

As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.


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