Saxo is excellent for forex trading, especially for sophisticated traders. For smaller FX traders, there are better forex trading platforms.
Saxo Forex Trading Review
Product Name: Saxo Forex Trading Platform
Product Description: Saxo is an excellent forex broker suitable for experienced traders who want a robust forex trading platform with an institutional pedigree. The ability to trade on exchange forex futures or on-exchange FX options gives Saxo the edge over most forex brokers who just offer CFDs or spot FX.
65% of retail investor accounts lose money when trading CFDs with this provider
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, if you are an advanced forex trader and want DMA access to currency futures contracts or want to trade forex options (either DMA or OTC) Saxo is one of the best forex brokers around.
The only downside is that compared to discount brokers like Interactive Brokers, Saxo can be a little more expensive. You can use our trading costs calculators to compare Forex trading fees.
Saxo offers traders a choice of their own proprietary forex trading platform SaxoTraderGo, as well as MT4, although SaxoTraderGo, is in my view by far the better platform. You can view major forex pairs and rank them by performance, change of various timescales, volume on the bid/offer, market spreads.
Forex Trading Ideas
If you need trading ideas, in the standard FX watchlist you can also see emerging, bullist and bearish forex trading signals. Once you click on a signal (which is displayed based on the time scale, 1D, 4h, 30 mins etc.) an order ticket is created that gives the expected direction, the technical pattern name and type as well as the success probability, the quality of the signal and the option to add a stop loss or take profit limit. You can also filter Forex pairs, by percentage returns sub-categorising major, minor and exotic markets.
Research
Saxo Markets forex trading research tab on the platform also provides insights from their analysts, about which markets are in focus and what economic indicators may have an upcoming affect on prices. They have also have good educational articles, videos and podcasts for those that want to learn more about forex trading risk management.
Forex Trading Platform
Despite being an institutional grade forex trading platform, I actually fine it one of the easiest to use, with the ability to drag and drop a forex pair between charting, options chains, research and your positions tab.
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Pricing
(4.5)
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Market Access
(5)
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App & Platform
(5)
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Customer Service
(4.5)
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Research & Analysis
(4)
Overall
4.6
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.
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