Saxo Bank reduces minimum deposits to make account opening easier

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Saxo Markets has reduced its minimum deposit requirements in more than 9 different markets. Traders in the UK, France, Singapore, Switzerland, Poland, Czechia, Slovakia and Australia, among others, will no longer be subject to a minimum deposit requirement when funding their accounts.

Saxo Bank Markets removes minimum deposit

Saxo may have removed its minimum deposit requirement, however, that doesn’t mean that new Saxo clients can open anything other than a Classic account, with a modest cash balance.

That’s because under Saxo’s tiered system, which is based on activity and account size, you will need to deposit £200,000 to qualify for a Platinum account, and £1,000,000 or more to make the jump up to VIP account status at the broker.

Platinum and VIP accounts enjoy perks such as tighter spreads, smaller commissions, dedicated support lines and relationship managers.

For example, Classic account holders pay a minimum ticket charge of $10 on US equity trades while their Platinum and VIP colleagues pay minimum charges of $7.0 and $3.0 respectively.

Fast growing client base

The tiered account system and variable charges do not seem to have deterred new clients from joining the broker.

In its 2022 results, Saxo acknowledged that it had opened 157,000 new accounts, that year. Taking the total number of clients at the broker to 876,000, with client assets of DKK 584 billion or almost US $83.0 billion.

Saxo also recently announced a new open banking partnership with Mastercard which will allow customers to easily move money into their trading accounts.

The new payment feature has been successfully trialled in Denmark and will now be rolled out across Europe.

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