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Saxo Bank Review

Saxo Bank is a well-established, multi-regulated financial services company that was founded in 1992. Saxo Bank provides retail and institutional traders access to over 40 000 financial assets through its award-winning proprietary platforms, SaxoTraderGo for retail traders and SaxoTraderPro for professional traders. Saxo is regulated in 15 jurisdictions across Europe, Asia, the United Kingdom, Australia and the UAE. The brokerage is renowned for its excellent trading experience, extensive research and education resources, and competitive pricing. Saxo complies with strict trading regulations and is a safe and reliable broker for forex and CFDs traders in Africa.

Overall Rating


Rated #60 of 
Recommended FX Brokers

💰Minimum Deposit

USD 10 000

🌐 Regulators


📱 Trading Desk

No Trading Desk



📈 Total Pairs


☪️ Islamic Account


📊 Trading Fees


🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

Is Saxo Bank regulated?

Yes, Saxo Bank is licensed and regulated in 15 jurisdictions across Europe, United Kingdom, Asia, Australia and the United Arab Emirates. Five Top-tier authorities regulate Saxo; the FCA in the United Kingdom, ASIC in Australia, FSC in Mauritius and FSA(JP) in Japan.

Is Saxo Bank regulated in South Africa?

No, Saxo Bank is not regulated by the Financial Sector Conduct Authority (FSCA) in South Africa.

SCM DMA (Pty) Ltd is Saxo Bank’s partner in Africa, providing online trading solutions to the African region. SCM DMA was previously Saxo Capital Markets South Africa.

Is Saxo Bank legit?

Yes, Saxo Bank is a legitimate banking institution and forex and CFDs brokerage and electronic trading platform. Saxo Bank is a fully licensed and multi-regulated European bank in Denmark. The bank is privately held with Geely Financials A/S, a subsidiary of Zhejiang Geely Holding Group Limited.

Kim Fournais, founder and CEO of Saxo, is a 27.53% shareholder. Sampo Group owns 19.43% of the company. The brokerage was founded in 1992 as Midas Fondsmæglerselskab and was the first broker firm in Denmark to be approved by the European Investment Directive.

The company name changed to Saxo Bank in 2001 after it obtained a banking license. Saxo is an award-winning, multi-regulated banking entity and brokerage. Through its proprietary trading platforms for retail and institutional brokers, it offers online trading in forex, cryptocurrency, CFDs, stocks, commodities, futures, ETFs, bonds, and mutual funds.

What type of broker is Saxo Bank?

Saxo Bank is a Market Maker (MM) and Dealing Desk (DD) broker. The brokerage buys and sells financial assets for its private account at prices it publishes on its trading platforms. The brokerage makes money from the bid-ask spread. Saxo Bank’s pricing is automated to reduce potential conflict, and its Dealing Desk (DD) is the primary counter-party for all CFDs transactions.

Is Saxo Bank a good broker?

Yes, Saxo Bank is a safe and reliable broker for all types of forex and CFDs brokers. Saxo has a solid reputation for delivering an exceptional trading experience in terms of its award-winning proprietary trading platform, security, and research and educational resources. Saxo is regulated in multiple jurisdictions, including the strictest regulatory authorities in the world. Saxo was established almost three decades ago, has received many prestigious awards, and is a flagship financial institution in Denmark.

Saxo Bank security

Saxo Bank is regulatory compliant and regarded as safe to use by forex traders in Africa. Saxo follows strict regulatory guidelines for trader and investor protection and has implemented industry protocol to secure their clients’ money and information.

Regulated broker

Saxo Bank is licensed and regulated in multiple jurisdictions. The leading Top-tier authorities regulate it in Europe, the United Kingdom, Australia and Asia.

Segregated accounts

Saxo Bank keeps client funds in a separate account which a leading bank holds. The brokerage cannot access clients’ funds to pay for company expenses or liabilities. The funds are held in ring-fenced accounts separate from Saxo Bank’ financial accounts.


Saxo is a member of the Danish Guarantee Fund for Depositors and Investors. In the unlikely event Saxo suspends its payments or goes into bankruptcy, the Fund guarantees client deposits up to EUR 100 000 for cash deposits.

SSL-protected personal area

Saxo Bank uses highly secure technology to protect its clients’ data and financial transactions. SSL-secured Personal Area is protected with 128-bit encryption, making browsing safe and data inaccessible to any third parties.

Negative Balance Protection

Saxo Bank provides Negative Balance Protection for its clients. Saxo Bank will automatically top up the balance to 0, and clients don’t pay anything if market volatility prevents them from keeping a positive balance on their trading account.

Two-step authentication

Saxo Bank requires two-step authentication to enhance your trading platform’s security and protect your deposits and personal information from hackers using SMS and backup codes. Saxo Bank uses 3D secure technology when processing credit and debit cards. This technology makes all Visa transactions transparent and safe.

Know Your Customer (KYC) checks

Saxo Bank is required by law to collect and verify certain personal information and execute Know Your Customer (KYC) checks.

Saxo Bank trading platforms

Saxo offers an award-winning, state-of-the-art proprietary platform; SaxoTraderGo for retail traders and investors and SaxoTraderPro for institutional clients and professional traders.


SaxoTraderGo is an award-winning proprietary trading platform designed to support online retail traders and investor clients. Saxo’s trading platform provides access to multiple financial assets, including currency pairs, cryptocurrencies, stocks, CFDs, ETFs, bonds, mutual funds, options, futures and managed portfolios. SaxoTraderGo has an easy-to-use interface with a one-screen setup, and charts can be swiped to a second screen.


SaxoTraderPro is a fully customisable trading platform for professional traders and investors. It is an award-winning platform and features rich. Key features include algorithmic orders, one-click trading, charting packages and options chains. SaxoTraderPro has an easy-to-use interface with six customisable screens, advanced workspace management and multi-channel linking between modules.

Saxo Bank research and education

Saxo publishes an extensive range of trader research through its in-house strategy team called SaxoStrats. Saxo also publishes a wide range of high-quality, in-depth trader education material.

Market analysis

Market Call podcast

Macro and Quarterly Outlook

Outrageous Predictions

Recession Watch


Seminars and webinars

Trading guides

Video tutorials

Trading courses for beginner and advanced traders

What products does Saxo Bank offer?

Saxo Bank is a multi-asset forex and CFDs broker. Clients use Saxo’s proprietary trading platforms to trade currency pairs, cryptocurrencies, commodities, futures, ETFs, bonds, and mutual funds.

Forex 182 forex spot pairs and 140 forwards
Forex Options 44 forex vanilla options
CFDs 9 000 plus inc. stocks, commodities, indexes, bonds
Stocks 19 000 plus from 37 exchanges worldwide
Options 1 200 plus from 23 exchanges worldwide
ETFs 3 000 plus from 30 exchanges worldwide
Commodities Inc. spot metals, commodity futures, options and ETCs
Futures 300 plus from 23 global exchanges inc. equity indices, energy, metals, agriculture, rates
Bonds From 26 countries in 21 currencies inc. EU and US gov, emerging markets
Mutual Funds Axa, Blackrock, Goldman Sachs, Franklin Templeton

Does Saxo Bank offer copy trading?

Saxo Bank offers TradingFloor, a social trading community that traders link to their trading accounts to make their performance, current and past positions, and risk calculations public. Traders appear on TradingFloor under a pseudonym or their real name. Saxo clients can copy the traders and receive alerts of orders placed by them.

What are Saxo Managed Portfolios?

Saxo offers Managed Portfolios, a collection of investments selected by experts and automatically adjusted to your trading needs based on market opportunities. World-leading asset managers build the portfolios to provide a low-cost, institutional-quality offering categorised by risk appetite (low to high) based on your profile and financial goals.

Does Saxo Bank have Nasdaq?

Yes, Saxo Bank offers NASDAQ-100 (US100). US100 is traded as a futures CFD on the MT4 trading platform. The US100 assigns a capitalisation-weighted index containing 100 of the largest publicly traded non-financial businesses on the Nasdaq composite index. The US100 is one of the most significant large-cap growth indexes in the world.

How to trade forex with Saxo Bank

Traders and investors cannot directly access the global financial market. They must trade through a trading platform hosted by a regulated forex and CFDs broker.

To start trading the financial markets with Saxo Bank, you must register with the broker and follow the easy steps to verify your identity and set up a trading account. Deposit funds when your trading account has been approved and start trading.

How to open a Saxo Bank trading account

  1. Open the official website for Saxo Bank
  2. Select Open Account
  3. Complete registration; provide personal information to verify your identity
  4. Select a trading platform
  5. Deposit funds into your trading account
  6. Start trading with Saxo Bank when your account has been verified and opened

What trading accounts does Saxo Bank offer?

Saxo Bank has three account tiers for individual traders and investors: Classic, Platinum and VIP.

Saxo Bank also offers a Corporate account and Professional account with value-added services for institutional and professional traders.

Classic account

Min deposit




Inactivity fee

USD 2 000

Up to 0.6 pips on forex


From $3 on US stock CFDs


Platinum account

Min deposit




Inactivity fee

USD 200 000

Up to 0.5 pips on forex


From $3 on US stock CFDs


Platinum account

Min deposit




Inactivity fee

USD 1 million

Up to 0.4 pips on forex


From $3 on US stock CFDs


Does Saxo Bank offer a free demo account?

Yes, Saxo Bank offers a free demo account on the MT4 and New Generation trading platforms. Saxo Bank clients can register and sign up for a free demo account which is instantly available to start trading virtual (fake) money. You can trade forex in real-time under actual market conditions but with zero risks of losing real money. Once beginner traders learn how to trade on a free demo account, they are ready to open a live trading account.

Does Saxo Bank offer an Islamic account?

No, Saxo Bank does not offer an Islamic swap-free live account to clients of the Muslim faith under Shariah Law. Muslim clients need to ensure their positions are closed before the end of the trading day.

Deposits and withdrawals

How to deposit money into a Saxo Bank trading account

  • Log in to your trading portal
  • Select Deposits and Transfers
  • Choose the payment system; banking cards, bank transfer or portfolio transfer
  • Enter the amount you want to deposit
  • Click Continue
  • Fill in other information if required and click Confirm

Does Saxo Bank charge a deposit fee?

No, Saxo Bank does not charge a deposit fee for bank transfers and credit/debit cards. Your bank may charge you additional fees for bank transfers. Saxo Bank does not cover any fees charged if you deposit funds in a currency different from the base currency of your account.

How to withdraw money from a Saxo Bank account

  • Log in to your trading portal
  • Select Deposits or Transfers
  • Select Withdrawals
  • Select the account you want to withdraw funds from
  • Select the currency
  • Select your External account (where the money will be sent)
  • Select Transfer once you’ve checked the details are correct

How many days do Saxo Bank withdrawals take?

Withdrawals from Saxo accounts are processed the following business day (T+1) if requested before 14h00 CET and T+2 otherwise.

Does Saxo Bank charge a withdrawal fee?

No, Saxo Bank does not charge a withdrawal fee. Your bank may charge you additional fees for monetary transfers.

Saxo Bank commission and spreads

Saxo Bank commission and spreads depend on the type of account you choose. Saxo Bank is a Market Maker broker with commission-free STP retail accounts. The brokerage makes money on the bid-ask spreads. Saxo Bank charges an Overnight Holding fee but no Inactivity fee.

Forex trading Spreads low as 0.4 pips Commission-free trading (except on shares); mark up on spreads
Stock trading Commission-based trading only on shares; low as 0.01 USD per share and USD 3 minimum.

Refer to website for more detail on Saxo commissions and spreads.

What awards has Saxo Bank received?

Saxo Bank is an award-winning forex and CFDs broker and trading platform. Its most recent accolades include:

  • Voted Best Prime of Prime House in the 2020 FX Markets Best Bank survey
  • Best Forex Broker 2023
  • #1 Platform & Tools 2023, Forexbrokers.com
  • Best CFD Broker and Best DMA Broker 2020, Good Money Guide
  • Best Retail FX Broker 2020 at Finance Magnates Awards, Finance Magnates
  • Best prime-of-prime provider 2020, Finance Week
  • Best retail FX platform 2020, Finance Week

FAQs: Saxo Bank

Does Saxo Bank have a Welcome Bonus?

No, Saxo Bank does not offer a Welcome Bonus. It does have a Loyalty Programme where you can earn points every time you place a qualifying trade. Points earned depend on the asset class and size of the transactions. You also earn points for adding funds to your account, attending seminars or webinars or referring friends to trade with Saxo Bank.

Can I start trading with no money in my live Saxo Bank account?

No, you are required to make an initial deposit to open and start trading a live Saxo Account. The minimum deposit for Saxo trading accounts is much higher than most online brokers; US$2 000 for the Classic account, US$200 000 for the Platinum account and US$1 million for the VIP account.

What leverage does Saxo Bank offer?

Saxo offers maximum leverage of 30:1 on retail trading accounts. This leverage is the European norm.

Does Saxo Bank have a mobile app for forex trading?

Yes, Saxo Bank offers an easy-to-use mobile app for the SaxoTraderGo and SaxoTraderPro trading platforms.

Does Saxo Bank publish an Economic Calendar?

Yes, Saxo Bank publishes an Economic Calendar (called a Financial Calendar).

Where is Saxo Bank based?

Saxo Bank is based in Hellerup, Denmark.

Saxo Bank has representative offices in the major financial centres; London, Paris, Zurich, Dubai, Singapore, India, and Tokyo.

Who is the CEO of Saxo Bank?

The CEO of Saxo Bank is Kim Fournais (1992–).

Does Saxo Bank offer online support?

Yes, Saxo Bank offers online Customer Support via Live Chat on their website. You can also contact Saxo Bank Customer Services via email or telephone.

Who can I speak to at Saxo Bank for help?

Saxo Bank provides dedicated Customer Service supported by Live Chat, email or telephone.

Live Chat Saxo Bank

Head Office +45 3977 4000

Email [email protected]


Forex and CFDs are complex instruments and involve a high risk of losing money rapidly due to leverage and margin. You need to understand how forex trading works and decide whether you can afford to take the risk of losing money on trade orders that do not go your way.

Forex Trading Africa annually reviews brokers and financial assets and provides information to help online retail traders better understand the global financial markets. The information provided is meant to grow your knowledge and expertise in financial trading and must not be construed as personal advice.

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