What can I do with Saxobank?
Saxobank’s platform enables users to trade and invest in financial assets. The company provides access to a wide range of assets, including equities, ETFs, mutual funds, cryptocurrencies, forex, and more. However, Saxobank has high fees for its trading and investment services, along with a lofty minimum deposit of $10,000.
The services offered by Saxobank aren’t limited simply to trading and investing. As a fintech company, Saxobank offers other services to its users, such as managed portfolios.
Which assets can I trade?
You can trade the following assets on Saxobank:
Saxobank supports two major forms of payment at the moment: credit/debit cards and bank transfers. Saxobank is yet to support electronic wallets on its platform.
Saxobank has both withdrawal and deposit limits. You can deposit a minimum of $10,000 and a maximum of $100,000. The maximum withdrawal limit for a month is $160,000.
What devices can I use Saxo on?
The Saxobank trading platform is available on multiple devices. They have a web-based platform that can be used on both computer and mobile phone browsers, along with apps for both desktops and mobile devices to make it easier to access their trading platform.
You can use Saxobank on the following devices:
- Computers: desktops and laptops
- Android Phones
How easy is it to use Saxo Markets?
Saxo Markets has one of the best web trading platforms among online brokers. The brokerage is easy to use, and they provide features favoured by professionals, such as an advanced order panel. A visit to the Saxo dashboard gives users easy access to all the financial products available to buy or trade, and the Saxo mobile app also has an intuitive interface to help users access their accounts on the go.
Their desktop app is highly customisable, allowing traders to organise their charts, news, watchlist, and research according to their strategies. Charting and technical indicators are available and easy to navigate, with Saxo also providing time management and linking between platform windows. Their buy, sell and stop orders are carried out in real-time.
For their iOS and Android apps, Saxo has impressive features that can be easily synced across the other platforms. While the indicator list on the mobile apps is shorter, they are still comprehensive, and traders have access to real-time news and research on mobile apps. However, Saxo lacks 2 factor-authentication, which is hard to justify considering the threats of identity theft and hacking.
Saxobank is a global trading and investment platform. While it is based in Denmark, their services are available to people in all parts of the world. According to the information on their website, Saxobank can be accessed in any country in the world except the ones where local regulations deny access. Saxobank is regulated and authorised in numerous countries around the world, including Denmark, the USA, the UK, India, Japan, the Netherlands, and Switzerland.
Saxobank is a global platform that is regulated in various countries around the world. In the UK, they are regulated by the Financial Conduct Authority (FCA). They are also regulated by the Danish Financial Services Agency (FSA), and the Swiss Federal Banking Commission. In addition to those three, Saxobank is regulated by authorities in the UAE, Japan, the Netherlands, Czech Republic, and Italy.
The regulation by numerous financial agencies across the globe gives Saxobank a strong reputation and allows them to provide services to millions of traders around the world.
Various financial agencies around the world regulate Saxobank, so the company requires people to verify their accounts before starting to trade. To verify your account on Saxobank, you will need the following:
- ID Verification: Saxobank demands documents such as passport, driver’s license, and national ID for verifying the identities of users. The documents must be current and valid and have to be issued by an official government authority.
- Proof of residency: for proof of residency, Saxobank accepts tax bills or bank statements, government-issued insurance or medical card, national ID, utility bill, or address Confirmation/Statement from the local Mayor office/Municipality. None of the above-listed documents should be older than six months.
- Credit card: Saxobank needs to verify your source of funds. Hence, they ask for proof that the card is in your possession by sending a picture of the front of your card. Only the first six digits and last 4 have to be visible, so you should cover the other numbers.
Saxobank has good customer support but has no live chat option. Unlike some other brokers, Saxobank offers cryptocurrency trading services but does not have 24/7 support available.vYou can reach the support team via:
The first impression about the Saxobank platform is that it is primarily designed as a trading platform rather than an investment hub. As a stockbroker, they provide access to a wide range of trading assets, including forex, CFDs, options, futures, and cryptocurrencies.
Their website, desktop, and mobile app platforms have similar features and are easy to use. This means you can trade at home or while on the move. Saxobank has a wide array of research tools available to users, and they have an expansive learning center to help you hone your trading skills. However, the platform does have high trading fees, so you pay for these additional benefits.
Overall, Saxobank is a very good platform for trading or investing in stocks, ETFs, forex, cryptocurrencies, options, and bonds, and futures, but is a little on the expensive side.
What currency pairs can be traded?
Saxobank supports both forex and cryptocurrency trading, but the list of tradeable coins on the platform is not expansive. Here are the major currency pairs you can trade on Saxobank:
The cryptocurrencies you can trade here include Bitcoin and Ethereum, but not the whole selection of hundreds of coins you’ll find on an exchange or dedicated crypto broker.
Are there fees for trading?
Yes, Saxobank charges fees for trading the assets on its platform. Here are the trading fees on Saxobank:
- Stocks and ETFs: $0.02/share with a minimum of $10 (but using VIP pricing the minimum can be as low as $3)
- Forex: The fees are built into the spread, 0.6 pip is the average spread cost. However, when using VIP pricing, the spread can be as low as 0.4 pips.
- Mutual funds: Mutual funds are available only in certain countries. Saxobank doesn’t charge any fee for mutual fund trading.
- Inactivity: In the U., £25 after one-quarter of inactivity. SIPP and ISA accounts on Saxobabnk are exempt from this fee. In non-UK countries, $100 after 6 months of inactivity.
- Commodities: $1.25 commission per lot
- Futures: $1.25 commission per lot
- Bonds: $0.05 commission
What is the minimum Spread?
Saxobank trades forex and the minimum spread on this platform is 0.4 pips.
Can I trade assets with leverage?
Yes, you can. Saxobank supports the trading of forex, cryptocurrencies, options, futures, and CFDs with leverage. The maximum leverage allowed on Saxobank is 200:1, so traders can place trades worth 200 times their initial stake. This can make a lot of money fast if the market moves in the way the trader is anticipating.
We advise inexperienced traders not to trade with leverage, however, as it comes with very high risk. Just as you can make a lot of money if the market goes up, you can lose a lot of money in a short space of time if you’re wrong.
What are the margins required?
The margin requirement on Saxobank depends on the investor and the assets they are trading. The margin requirements for most forex pairs is 5%, with a minimum trade size of 1,000 for the major currencies, while CFD stock trading has a minimum margin requirement of 20%. The margin requirement is based primarily on an asset’s volatility.
Can I open long and short positions?
Yes, Saxobank allows traders to adopt both short and long positions. In trading, having a long or short position means betting on an asset to either go up in value (long) or drop value (short) over time.
Are there withdrawal and deposit limits?
The withdrawal and deposit limits with Saxobank are:
- Withdrawal limit: There is no withdrawal limit on Saxobank
- Deposit limit: minimum 10,000 USD and maximum 100,000 USD per transaction and max. 160,000 USD per 30 days
Summary of Saxo Markets Broker
Saxobank is an excellent trading platform that allows millions of people to trade stocks, ETFs, forex, cryptos, options, bonds, and futures – however, the trading fees are a little higher than you’ll find on some competitors. The desktop app, mobile apps, and trading website of Saxobank are all easy to use and intuitive, making it a great platform for new traders, and the platform offers a good range of tradable assets while accepting both bank and credit/debit card payments.
Saxobank is a trading platform that is most popular in the UK and across Europe. The broker is best known for providing users access to both local and international stocks, cryptocurrencies, forex pairs, and other investment vehicles, while also having an easy-to-use platform which can be accessed online, through a desktop application, and through a mobile app on both iOS and Android devices.
You can reach Saxobank’s customer support via email and phone calls, but they don’t support live chatting at the moment and aren’t available 24/7. Saxobank is regulated by UK’s FCA, Australia’s ASIC, Denmark’s FSA, and regulators in Japan, the Netherlands, Switzerland, Czech Republic, and Italy.
If you wish to get an account with Saxobank, follow these steps:
- Visit the Saxobank platform
- Click on ‘OPEN ACCOUNT’ tab on the top right corner of the site
- Enter your details such as names, email address, country of residence, phone number, and password
- After completing the online application, proceed to the approval stage.
- Fund your Saxobank trading account
- Verify your identity and residency by providing the necessary documents
- Once that is done, you are ready to start trading with Saxobank