Saxo Home is a Danish-based bank that has been operating since 1992. It focuses on the fields of online trading and investment and has a bank license. It is also a global structure with branches in many countries and operates in different locations such as London, Tokyo, Dubai. You can trade with forex, CFD, stocks, funds through Saxo Bank.
This broker is user friendly on online trading. It allows you to make your transactions practical and fast. There is a demo account feature for beginners. It also has informative content that allows you to follow commercial research. However, your account opening process will take 1-3 days.
Pros And Cons Of Saxo Bank
Having a much wider product portfolio compared to other competitors is one of the important advantages. You can trade with 19 base currencies on this platform. Apart from this, it enables you to access products such as stock, ETF, fund, cryptocurrencies, futures, forex, CFDs, bond, options on a single platform.
But Saxo charges high fees from its customers. Minimum deposit, future, option, bond fees are higher than other alternatives. The amount you need to pay for the minimum deposit varies between 600-10,000. And, when you don’t trade for a while, you pay inactivity fee.
In contrast, trading fees are average and you do not pay for withdrawal transactions. However, if you are a platinum or VIP customer, you will generally benefit from much lower fee advantages. Also, it is not possible to use the platform every hour and every day.
Is Saxo Bank Safe?
It can be said that Saxo is one of the reliable alternatives. It has a longer service history than its other competitors and thus has more experience. In addition, there are many reliable authorities that regulate Saxo Bank. Some of these:
- Danish Financial Services Agency (FSA)
- UK Financial Conduct Authority (FCA)
This broker is a successful alternative in its field, it has a known and reliable reputation. It has even won some awards in the field of online trading and investment.