Saxo Customer Reviews
Leave a review and tell us what you think of this company to help others make more informed financial decisions.
5/5
3/5
Pros:
Good interface
Cons:
Currency conversion is too expensive
4/5
Pros:
Breadth of investments
3/5
Pros:
OTC products
Cons:
lower fee
2/5
2/5
3/5
Pros:
No favorite
Cons:
Support
5/5
Pros:
flexible charts
Cons:
enable trading automation
5/5
Pros:
Brilliant website
Cons:
Nothing
5/5
Pros:
Concise trade costing & variety of markets
Cons:
More companies in covered markets
3/5
Pros:
platform
Cons:
fees
4/5
Pros:
Breadth of investments available and platform
Cons:
single login for all accounts (ISA/SIPP/Trading)
3/5
3/5
3/5
2/5
Pros:
Nothing
Cons:
Simplyfy everything and make communication much easier
4/5
Pros:
Good research information
Cons:
Give a far better customer service experience
3/5
Pros:
Offer options calls
4/5
Pros:
Good choice of research tools
5/5
Pros:
Spreadbet and options trading
65% of retail investor accounts lose money when trading CFDs with this provider
Expert Saxo Review
Over the last 15 years I’ve traded with Saxo Markets as a retail client, I’ve been a competitor as a broker at Man Financial, and I’ve been an institutional customer when I had a white label of their trading platform when I was at Investors Intelligence. I’ve also interviewed two of the Saxo UK CEOs and been to their offices a few times, so I know a fair bit about them. In this review, I tell you what I think of Saxo from a trader’s perspective and what sort of client will get the most from their brokerage services.
Saxo Review
Name: Saxo
Description: Saxo is one of the largest CFD brokers worldwide and provides direct market access to equities, bonds, forex, futures and options as well as being a major liquidity and infrastructure provider to wealth managers, banks and smaller brokers.
65% of retail investor accounts lose money when trading CFDs with this provider
Is Saxo Markets a good broker?
Yes, Saxo is a good choice for more sophisticated traders. The platform, analysis, and direct market access may be too complicated for beginners. But, for experienced traders its coverage, commissions and research are unrivalled.
Pros
- Direct market access
- Low commissions
- Robust trading platform
Cons
- Seen as a trading platform for professionals
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Pricing
(4.5)
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Market Access
(4.5)
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Online Platform
(5)
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Customer Service
(4.5)
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Research & Analysis
(4.5)
Overall
4.6Our Saxo Ratings Explained
- Pricing: Commissions have just been reduced further making Saxo one of the cheapest brokers
- Market Access: Saxo offers a huge range of markets for both derivatives trading and physical investing
- Platform & Apps: Saxo has an industry-leading robust workhorse of a platform
- Customer Service: Experienced dealers for active larger customers
- Research & Analysis: Some of the best opinions on the markets around.
The thing about trading is that it is completely misunderstood. People still think they can beat the market with little or no knowledge about how global macroeconomics or a company’s balance sheet works. Trading is no different to any other skill, hobby or career, it requires experience.
There are some great quotes in a book called Reminiscences of a Stock Operator, it’s a ripping yarn and was written 100 years ago, but some of the lines are still particularly relevant. One, for example, is, “If it takes 5 years to get a bachelor’s and master’s in a subject and 10,000 hours in other skills, why should it be different for stocks?”
I bring it up because when I interviewed the UK CEO of Saxo Markets, Charlie White-Thomson before writing this review, he said that was one of his favourite books on investing.
It’s true, trading is hard, you have to know what you are doing, study, learn, and develop. It’s not for everyone. People think it’s easy. It’s not, it’s very high risk.
If you are going to trade you have to understand it. What it is, why you’re doing it and what the risks are.
My point here is that there are many different trading platforms and brokers to choose from, and all cater to slightly different audiences. Some cater to absolute beginners, some are more focussed on FX, others on stocks, some on automated trading strategies, and some for people that just want to tap away during the day scalping the markets.
But Saxo Markets, in my view anyway, has always catered to the more experienced traders, ones who may have already spent five years cutting their teeth as a risk warning statistic.
Saxo were in fact one of the earliest brokers to offer multi-asset trading from a single platform with direct market access, which puts them at the most sophisticated end of the spectrum.
Saxo – Ideal For Experienced Traders
For more experienced traders Saxo Markets offers CFD trading with direct market access. This means that instead of trading at prices set by the broker (usually slightly widened from the underlying bid/offer) you trade at the price you see on the exchange. By trading DMA CFDs your orders are placed directly on the order book letting you work limits inside the best bid/offer, meaning if you don’t want to deal at the market you’ll get better pricing than anywhere else if filled. Because you are trading DMA, your commission is charged afterwards and not included in the spread. This type of trading is particularly suited to larger and more professional traders, which is Saxo Markets ideal customer.
Futures, Options & DMA
Saxo are also one of the few trading platforms in the UK that offer retail traders (private clients) access to futures and options. Again an indication that Saxo goes after and caters to more experienced customers, because trading futures is for higher value accounts.
FTSE futures for example are traded on ICE, and 1 lot is valued at £10 per index point. So, if for example the FTSE is trading at 7723 (as they are today) the smallest trade you can put on gives you £77,230 of exposure to the 100 biggest companies in on the LSE. Which is an initial margin of £4,890.
Other brokers like IG who (as well as looking after larger customers and funds) cater to smaller more inexperienced traders will let you trade the FTSE at 50p a point (£3,861.50 exposure).
Limiting Risk
Saxo are also quite risk averse for a margin trading business, as they do not offer excessive margins. Compared to Interactive Brokers (probably their closest competitor for product range and accounts types in the UK) their margin rates are quite high for CFDs as they don’t want their customer blowing up. Instead, as they’ve told me on many occasions, they are more interested in building long-term mutually beneficial and profitable relationships with their customers.
Saxo – Robust Trading Platform
As far as the trading platform is concerned, it’s excellent and well laid out. Markets are easy to find and you get the choice with each asset if you want to trade it as a future or CFD if it’s an index, commodity or currency pair. If you’re trading stocks you can either deal as a CFD or a physical equity for longer-term investing.
You can drag and drop instruments from watchlist to the charting screen, then bring up options boards, and product overviews which give you all the pertinent details and market depth with level-2 pricing. Some markets though (like FTSE futures) you need a subscription to see live exchange data.
Research & Analysis
In the research tab you get access to trading signals from Autochartist, which is probably worth taking with a pinch of salt because most platforms have this. But they are really well integrated into the platform where you can deal straight from the signal and add pre-determined stops and limits.
There is also a high selection of curated webinars, educational article and news feeds which you can filter by instrument, and an overview of which markets are trending by asset class. There’s no client sentiment though, but that’s to be expected because they have some very large accounts which would skew the data and hedgies are notoriously secretive about their positions.
Saxo – Our Conclusion
Overall, I’ve always enjoyed trading on the Saxo Market’s platform, but then I’ve been doing this for twenty years. For new traders, it might be a bit much, but if you want to get started with a platform you can continue to use as you become more experienced, you can also invest in ETFs, bonds and shares instead of trading. However, if you’ve got the experience and treat trading with the respect and dedication it deserves, then Saxo Markets could be the broker for you.
65% of retail investor accounts lose money when trading CFDs with this provider
Saxo – Good Money Guide Award Winners
In our 2023 awards, Saxo won ‘Best CFD Broker’, and ‘Best DMA & Professional Trading Account’. In 2022 Saxo also scooped ‘Best Bond Broker’. You can see Saxo collecting their award at our ceremony at Plasterers’ Hall in the City of London in the video below.
65% of retail investor accounts lose money when trading CFDs with this provider
Saxo Trading Platform Video Demo
In this video we live trade on the SaxoTraderGo platform. We buy some physical BP shares, then demonstrate hedging the position with put options and CFDs.
65% of retail investor accounts lose money when trading CFDs with this provider
Saxo Facts & Figures
Saxo Markets Total Markets | 60,000+ |
| ➡️Forex Pairs | 190 |
| ➡️Commodities | 20+ |
| ➡️Indices | 29 |
| ➡️UK Stocks | Over 5,000 |
| ➡️US Stocks | 2,000+ |
| ➡️ETFs | Over 6,400 |
Saxo Markets Key Info | |
| 👉Number Active Clients | 850,000 |
| 💰Minimum Deposit | £1 |
| ❔Inactivity Fee | ❌ |
| 📅 Founded | 1992 |
| ℹ️ Public Company | ❌ |
Saxo Markets Account Types | |
| ➡️CFD Trading | ✔️ |
| ➡️Forex Trading | ✔️ |
| ➡️Spread Betting | ❌ |
| ➡️DMA (Direct Market Access) | ✔️ |
| ➡️Futures Trading | ✔️ |
| ➡️Options Trading | ✔️ |
| ➡️Investing Account | ✔️ |
Saxo Markets Average Fees | |
| ➡️FTSE 100 | 1 |
| ➡️DAX 30 | 1 |
| ➡️DJIA | 3 |
| ➡️NASDAQ | 1 |
| ➡️S&P 500 | 0.5 |
| ➡️EURUSD | 0.7 |
| ➡️GBPUSD | 0.8 |
| ➡️USDJPY | 0.7 |
| ➡️Gold | 0.5 |
| ➡️Crude Oil | 0.3 |
| ➡️UK Stocks | 0.0005 |
| ➡️US Stocks | $0.01 per share |
65% of retail investor accounts lose money when trading CFDs with this provider
Saxo Singapore discontinues wealth management SaxoWealthCare and SaxoSelect products
Saxo Singapore has discontinued its wealth management products for clients in the country. The bank and trading platform will no longer offer its SaxoWealthCare and SaxoSelect solutions in Singapore from 10 December onwards. According to a statement on the firm’s website, clients of the wealth management services were notified of the change through multiple channels
Saxo Bank circled by bidders including Interactive Brokers
Saxo Bank has reportedly attracted acquisition bids from investors and rival platforms, including Interactive Brokers. Denmark-headquartered Saxo has seen interest from bidders such as Interactive Brokers Group, Bloomberg reported yesterday, citing sources with knowledge of the matter. Other parties interested in acquiring the firm include a consor… To read this article, please register or sign
Saxo’s US election trading hub rolls-out commission-free US stocks
The launch of the Saxo US election trading hub also provides new clients access to commission-free trading of the most 100 popular US stocks. The hub also provides hand-picked investment shortlists for likely election scenarios. It also links to relevant US market news. The Saxo US election trading service has provided commission-free execution of …
SaxoInvestor UK First Look – Is it good for beginner investors?
To answer your question straight away, as I know that is probably all you want to know, yes, I think SaxoInvestor is good for beginner investors. If you’re interested in knowing why, read on. If you don’t care why, just click here to open an account (capital at risk, I have to say that in
Andrew Bresler, the new UK CEO of Saxo, on the importance of diversified investing
In our latest CEO interview, I talk to Andrew Bresler, the new UK CEO of Saxo. We discuss the company’s transition from a trading-focused platform to one that caters to investors, explore the launch of a new investor platform, and the changing demographics of Saxo’s client base. Plus we highlight the importance of education and
Is Saxo’s investing app good for longer term investors?
Yes, even though Saxo is traditionally a trading platform for short-term speculation on the markets going up or down. It is also an excellent choice for longer-term investors as Saxo is a very well-capitalised company, heavily regulated in the UK and all the regions they operates in, and has excellent customer service for small and
Is Saxo good for investing?
Yes, as well as being one of the best trading platforms, Saxo also have very good investment accounts for long-term investments. Saxo has recently introduced mutual funds for investors who want to quickly build a diversified portfolio. For income investors, you can access a huge range of retail and institutional-grade bonds. But, I would say
Is Saxo good for futures trading?
Yes, Saxo is one of the best futures brokers we compare. I would say their major competitor for futures tradering is Interactive Brokers, which is much cheaper, but Saxo offers a better personal service. Smaller retail brokers like Plus 500 are moving into the futures trading industry (as opposed to CFDs) but that is only
Is Saxo a good forex broker?
Yes, Saxo is excellent for forex trading, especially for sophisticated traders. I would say that if you are a small FX trader or just getting started you are better off with a broker like City Index or forex.com where you also get trading signals and post-trade analysis (which can “maybe” help improve your profitability). But,
Does Saxo have an ISA and is it better than IBKR’s?
Yes, Saxo does have an ISA and it is better than Interactive Brokers’ ISA (for some things but not everything). For instance, Saxo’s ISA is cheap, but IBKR’s is free. But, Saxo has better customer service, which in my mind is very important. It’s a close call between IBKR and Saxo, but overall I’d say
Can you buy ETFs on Saxo and how do charges compare?
Saxo is one of the best brokers for buying ETFs, especially compared to other retail platforms like eToro. With Saxo you can buy ETFs in local currencies like GBP, EUR and USD, whereas with eToro you are forced to buy GBP and EUR ETFs in USD (which includes FX conversion fees). When you trade ETFs
Is Saxo’s trading app any good?
Is Saxo’s trading app any good? Yes, Saxo does have an app, and it is excellent, but compared to another institutional-grade platform like Interactive Brokers, it’s not quite as good. Saxo’s app is excellent for professional and institutional traders who want to trade DMA, and is essentially a mobile version of Saxo’s excellent TraderGo platform.
Is Saxo good for CFD trading?
Saxo Markets won the “best CFD broker” in our 2023 and 2022 Awards as it offers the widest range of account types, market access and tradable assets. Overall, Saxo Markets is the best CFD trading platform suitable for traders with experience who need access to a wide range of markets and order types. When I
Is Saxo good for DMA trading?
Yes, Saxo provides DMA access to a wide range, but they may not be the best broker for direct market access. I would say that Saxo is the best DMA CFD broker for trading equities for the majority of retail traders. But, if you are a very advanced trader Interactive Brokers offer more execution functionality
Is Saxo’s demo trading account any good?
Saxo does have a demo version of its trading platform, but there are actually quite a few limitations and it is nowhere near as good as their industry-leading live account. So, I’ve tested the Saxo Trader GO demo and here I’ll highlight what I like and dislike about it. Saxo’s demo account lets you trade
Is Saxo good for indices trading?
Yes, Saxo is one of the best indices brokers in our matrix as they offer DMA access to index futures, as well as OTC CFDs, and direct market access index options. If you are an investor rather than a trader you can buy index ETFs for longer-term exposure to all the stocks in major indices
Is Saxo a good commodities broker?
Saxo customers can trade a wide range of commodities as CFDs, futures, options, spot pairs or exchange-traded commodities (ETCs) with tight spreads, integrated Trade Signals, news feeds and innovative risk-management features. As a commodities broker Saxo offers one of the best trading platforms for retail and professional traders. For professional… To read this article, please
Saxo cuts trading and investing fees
Saxo Markets has cut the fees it charges clients when they trade. A move that Saxo says is designed to empower investors, allowing them to make more of their returns. Commission reductions The broker has introduced what it called “substantial price reductions” cutting commission charges on UK shares US stocks ETPs ETFs Futures Options Saxo
Saxo launches fund investing in the UK
Saxo is introducing dealing in mutual funds to its UK retail investors, who will now have the opportunity to invest in any of the thousands of funds that Saxo has selected, from leading money managers, such as Vanguard, Fidelity, BlackRock and JP Morgan. Saxo fund investing This new fund universe includes more than 500 equity
Is Saxo a good options trading platform?
Yes, Saxo is one of the better value brokers for larger traders where you can trade stock options from USD 0.85, EUR 1 or GBP 1. Saxo Markets provides access to 1,200+ listed options from 23 exchanges worldwide, across equities, indices, interest rates, energy, and metals. Saxo options trading is one of the best things
Is Saxo Markets regulated for forex trading in the UAE?
Yes, you can trade forex with Saxo in the UAE as they are regulated for FX CFDs and DMA currency futures trading. Saxo has a local forex trading office in Dubai and is regulated by the DFSA. What makes Saxo Markets one of the best forex trading platforms in the UAE is the ability to
Is Saxo regulated for CFD trading in the UAE?
Yes, you can trade CFDs with Saxo in the UAE as they are regulated by the DFSA and have a physical office in Dubai. In fact, Saxo markets offer one of the best CFD trading platforms in Dubai for small and large customers on their robust SaxoTradeGo trading platform. the key advantage of trading CFDs
Saxo Bank reduces minimum deposits to make account opening easier
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
Is Saxo’s trading platform any good?
Is Saxo’s trading platform any good? Yes, I’ve been using Saxo’s online trading platform for around ten years now and it’s evolved nicely over the years. The core functionality remains consistently high-end, whilst the front end is given a facelift every few years. Whilst Saxo Markets does offer MT4, it’s own proprietary trading platform (SaxoTrade… To read
Is Saxo good for share dealing?
Yes, you can deal shares directly on exchange with Saxo. In fact, Saxo is one of the best DMA brokers for trading shares inside the bid/offer price as you can place your orders directly on the order book. Saxo’s platform has share dealing on more than 50 stock exchanges around the world with 22,000 shares
Saxo Bank receives a BBB investment grade rating from S&P
Danish-based broker Saxo Bank has received a coveted BBB credit rating from S&P. The bank which can trace its roots back more than 25 years, is also on the cusp of being recognised as a Systematically Important Financial Institution, or SIFI, in its home state, by the Danish Financial Supervisory Authority, the FSA. S&P BBB
M&G Wealth &me to offer mutual funds in collaboration with Saxo UK & Moneyfarm
In conjunction with Moneyfarm, Saxo Markets will provide access to mutual funds for M&G Wealth &me customers. Saxo is the custodian bank for Moneyfarm and has been working with the online wealth manager for the last eight years. M&G Wealth &me mutual funds The new service will offer M&G Wealth &me clients access to some
Saxo Markets ups cash interest to 2.64% but stops paying on balances below £10k
Saxo Markets will stop paying interest on free cash balances below £10,000 but is not capping higher interest rates for larger customers. Free cash is classified as the excess cash on an account that’s not invested or being used as margin. How does Saxo Markest compare to other brokers? Read our expert Saxo Markets review
Saxo markets partners with Guotai Junan Securities in China
Saxo Bank has entered China via a strategic partnership with Guotai Junan Securities, one of the country’s largest investment banks and securities traders. The deal was structured by Saxo’s Singaporean division, Saxo Markets Singapore, which is run by CEO Adam Reynolds. Under the deal, Guotai Junan’s Chinese clients will gain access to Saxo’s global markets
Charlie White-Thomson, UK CEO of Saxo Markets on what’s in store for the next 30 years
In our latest CEO interview, I sit down with Charlie White-Thompson the CEO of Saxo Markets UK. We discuss where Saxo sits within in the brokerage landscape and what type of clients they can best service. We also talk about, whether free investing is sustainable, the biggest mistakes traders make, the best thing about working
No dry January for Denmark’s Saxo Bank
Denmark’s Saxo Bank started the New Year on the front foot and had one of its best months over the last two years. Significant growth in margin trading The margin trading and multi-asset broker saw client activity levels grow by +21.0% month over month to $438.0 billion, a figure that eclipsed the previous high, posted
Saxo Capital Markets launches “Rewards” program for loyal traders
The UK arm of Denmark’s Saxo Bank, CFD & Forex broker Saxo Markets UK, has announced a new customer loyalty scheme under which clients will earn and collect points based on their level of trading activity. Existing customers of Saxo Capital Markets will automatically be enrolled in the scheme and Saxo will email its clients
Saxo introduces negative interest rates on certain larger balances
Danish CFD trading and investment house Saxo Capital markets announced it was to introduce negative interest rates on positive free equity balances in selected currencies from the April 1st and don’ts this wasn’t an early April fools. Negative interest rates have been a fact of life in parts of Europe for several years and in
SaxoSelect: Saxo launches a range of seven funds managed by experts
Denmark’s Saxo bank has a history of innovation when it comes to the products and services it offers to its clients. This week Saxo Capital Markets has launched a series of managed portfolios which it calls SaxoSelect. There are seven funds to choose from and Saxo has collaborated with the likes of Morning Star, Nasdaq
Andrew Edwards, Saxo Capital Markets UK CEO on how and why, they serve such a broad range of clients
‘Saxo’, has always been one of those brokers that sit there and get on with it. They have that sort of Scandinavian approach that just seems to work. A bit like Ikea, it just does an excellent job of what it does without fuss or fanfare. In the 20 or so years I’ve worked in
A tough September for both Gain Capital and Saxo Bank
We got a chance to look under the bonnet of two of the leading margin trading providers this week as both Gain Capital and Saxo Bank published their monthly volume figures for September. Gain Capital, of course, is the owner of City Index here in the UK, but the parent company is listed in New
Saxo Capital Markets backs ASICs plans to reduce leverage available to inexperienced investors
Saxo Capital Markets, one of the proper CFD brokers that generally caters to a more sophisticated trader base has backed ASICs plans to follow the FCA and ESMA to reduce the leverage available to retail traders. Everyone else, of course, is in an absolute uproar about how appalling it is that regulators are sticking their
Saxo offering the chance to win £5,000 towards your ISA allowance
Saxo are giving new and existing clients the chance to win £5,000 towards their ISA allowance. If you’ve not already filled up your investment ISA this year, then Saxo is offering a nice incentive if you go with them. One randomly selected client who invests a minimum of £1,000 in a Saxo investment stocks and
SaxoInvestor: Saxo goes mainstream and offers investment accounts
Saxo Bank, just announced it’s moving into the mainstream with SaxoInvestor. SaxoInvestor will focus on longer-term investment products like physical stocks, bonds, mutual funds, ETFs and SaxoSelect portfolios. Saxo Bank (or Saxo Capital Markets as they are known in the UK) have been gradually expanding from the professional and institutional client base that it is
Here’s a quick run down of Saxo’s Awards at Finance Magnates mean if you’re a trader
If you are a CFD trader, you may not have noticed that there was a conference called Finance Magnates earlier in the week. To be fair though, for retail CFD traders, it’s not really relevant as it’s an industry conference. If you want to know what conferences are worth going to if you are a
Saxo expands it’s tradeable CFD & Options universe with CFD Index Options
Saxo has launched CFD index options on 15 of the major global indices. It’s a nice addition to Saxo’s already excellent options offering. You can already trade on exchange index options, forex options, equity options on SaxoTraderGo (compare options brokers here). The options are European style and settle as cash (as opposed to American style
Here’s what Saxo thinks is going to happen to the markets in Q4: #SaxoStrats
Saxo, one of the few brokers out there who deal with private clients and produce research that is informative, applicable and sometimes outrageous have released their Q4 outlook. Most other spread betting and CFD platforms shy away from giving market outlooks, advice or even implied advice. However, Saxo, deal with more of an institutional client base
Saxo Bank valued at EUR 1.325 billion following regulatory approval of share sale to Geely
Saxo Bank, the owner of leading CFD broker Saxo Capital Markets, today received regulatory approval for China’s Zhejiang Geely Holding Group Co. Ltd (Geely Holding Group) and Sampo plc of Finland (Sampo) to buy out (amoung others) Saxo founder Lars Seier Christensen. The deal values Saxo bank at EUR 1.325 billion. If you’ve not used Saxo
Saxo’s Outrageous Predictions for 2018 #SAXOSTRATS
If anyone thought that 2017 was an outrageous year for shock announcements and results, there may be more to come in 2018. Prime broker Saxo, one of the leading Forex and DMA CFD broker, that caters to semi-professional and professional clients have released their “Outrageous Predictions for 2018”. It’s well worth a read if you
Saxo increases currency conversion charges
In a note to clients Saxo Capital Markets one of the more professional CFD brokers has increased the charges for converting one currency to another. One erk about having an account with Saxo is that the account generally automatically does currency conversions to your base currency. So if you make a profit in USD it
Saxo introduces Order Driven Execution
No doubt as part of the “best execution” policy brokers must now adhere to Saxo has introduced order driven execution. In a nutshell, this means that client trades could be crossed up with other Saxo customers as well as secondary markets. Order driven execution will go live on the 15th Nov for SaxotraderGo clients and
Saxo Markets FAQ:
Yes, Saxo Markets does act as a market maker for OTC products like CFDs. But, Saxo Markets does not act as a market maker if you are dealing in exchange products like listed options, futures or DMA stocks and shares.
No. Saxo used to offer a spread betting service through a partnership with London Capital Group. However, Saxo announced back in 2015 that it would be shutting down it’s spread betting service. Clients of Saxo Spread Betting migrated to deal with Capital Spreads directly.
The Saxo spread betting services was a white label of the London Capital Group platform, whose own brand is Capital Spreads.
The news came after there were significant changes at London Capital Group with a reported 75% staff turnover since Charles-Henri Sabet took the reigns and focusses on building the spread betting and forex broker back to profitability.
There is was also a significant amount more competition in the spread betting industry than in 2009 when Saxo launched the service. Increased competition and a decline in active spread betting clients may lead to more consolidation in the sector. This may include more white-label contracts being cancelled (like City Spreads, another LCG white label) or acquisitions (like City Index by Gain Capital or Cantor Index to Spreadex).
It is free to have an account with Saxo Markets. However, there are some monthly fees for accessing live data on certain markets. There is a custody fee for holding physical shares, but there is no inactivity fee if you don’t trade.
For a Classic account there is no minimum deposit, but for Platinum accounts the minimum deposit is £200,000 and for VIP accounts the minimum is £1,000,000.
Beginners may find Saxo Markets a bit complex as they are more suited to experienced traders. However, beginners can still open an account and invest in the stock market without trading derivatives.
No. There is no fee to withdraw funds. However, to avoid delays with requesting funds back make sure your account information is completely up to date as Saxo Markets will have to comply with AML regulations before returning money.
Yes, to switch from limit order to market order on Saxo Trader GO follow these steps:
- Go to the “Orders” tab at the bottom of the trading screen.
- Find the order you want to change
- Click the three dots on the right-hand side that look like this “…”.
- Select “change to market order”
- Approve the change on the confirmation screen.
Your order will be executed at the currency market price and your limit cancelled.
65% of retail investor accounts lose money when trading CFDs with this provider
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
You can contact Richard at richard@goodmoneyguide.com
