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Trading CFDs with Saxo Bank

4

4/5

452 User Reviews

Website Country Regulation Established Spreads
www.home.saxo Denmark FCA 2006 from 0.1 pip

Saxo is a recommended company for people who want to invest in stocks, derivatives, and the Forex market all from a single and well-designed platform. Even as a beginner their platform is very simple to use. This Danish company focuses on retail clients throughout the European Union. Their services provided by different brokers as white label derivative platforms. They provide proprietary research teams responsible for continually feeding trade ideas to their consumers. In addition to this a habit well-designed trading platform that is perfect even for a beginner. Their customer service is unique in so far as it places clients as the most important component to their business operation. More importantly, they also offer their customer service in a variety of local languages. Opening an account is seamless and their product portfolio is big enough for beginning traders and heavy traders alike. They are moderately priced but not the cheapest broker on the market. Their product portfolio does miss out on some investment funds which might be important for advanced traders and their sales team can be somewhat pushy. However, these are not reasons enough to look elsewhere. This company is fully licensed and regulated by the Danish financial supervisory authority. They guarantee your cash deposits up to €100,000 and your securities up to €20,000.


 

Opening your account

Trading account Saxo Bank

You can open your accounts with a minimum $2000 from anywhere in the United Kingdom or the European Union but you cannot open an account if you are based in the United States, Iran, or North Korea. When you open the account the process is seamless. You can use a card payment to fund your account and all you have to do to start working with the platform is to provide digital identification using a scanned copy of your ID with of your address. The downside here is that again, the sales team can be rather pushy. You don’t have to add more money to your account on a regular basis but you might believe that you do because of the pushy sales team. Right now there is only a single currency account available and if your investments take place in a different currency will be converted by the broker. In terms of the cost associated with your account there is a zero monthly account fee so you won’t have to pay to use the broker. There is no outbound payment charge either. The fee structure is very transparency don’t have to worry about unexpected surprise charges. They are certainly not the cheapest broker but there these are competitive and they are typically in the top quarter. If you are using this broker to trade on the Forex platform there are the packages available. The downside here is that there are high financing fees, high minimum trading fees, custody fees, and a $100 semiannual inactivity be if you have not used your account for the last six months.


Trading platform

Trading platform Saxo Bank

Their trading platform is a web-based platform that is very easy to use and well-designed. You can customize the desktop platform if you so choose to better fit your personal needs. This particular platform offers advanced orders that are easily executed. They have a product search console and if you prefer automated and ruble advisory style services you can opt for the ruble advisory portfolio. The downside to the trading platform is that the log in the security is done with only a single password so there’s no such thing as the SMS verification or the token verification which would add a heightened level of security to accessing your account. There is also a somewhat complicated historic cost assessment. Their product portfolio includes bonds, certificates, CFD, ETF, Forex, options, futures, and stocks on the Japanese stock market, Hong Kong stock market, German stock market, UK stock market, and the US stock market.


Customer service

Customer support Saxo Bank

The customer service is available in all European Union countries in your local language. When you call the customer service center to provide you with relevant answers and they will speak to you in a kind and polite fashion. There is no full country coverage and very few regional offices of visiting somebody in person is obviously much trickier with this particular broker. In addition to customer service they do have to research and educational tools provided. They have a proprietary research team responsible for publishing trading ideas and investment ideas that you can use to make smart trades. Their research center is available for all of their clients. Additionally, you can use the research center to utilize the social trading features. People who want to check out what other traders are using, what they are investing in, and when they are making their estimates can use the social trading feature to keep track of what other people are doing those traits and executions. There is also a great deal of equity research that uses screening and fundamental data to make your investing process simpler. The downside is that their research tends to cover trade a generation rather than protection for investors. This means that most of the research they provide you with is really done to push you toward making your trade and not necessarily to keep you risk free as the investor. Their research is trading focused and not investment focused meaning it is much more focused on a technical analysis rather than a portfolio allocation.

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