Saxo saw a 132% rise in trading clients in the UK last year, with the bank attributing the rise to wide-ranging reductions in its fees.
According to the unaudited report, this came as the proportion of new clients under the age of 25 on the UK platform rose to 15% in 2024 from 9% in 2023. The proportion of new clients who are female trebled year-on-year to 18%.
The increase comes after he Danish bank and trading platform made significant pricing changes across the markets it operates in.
In the UK, this included reduced fees on the trading of US and London-listed stocks, as well as on products such as ETFs, ETPs, Listed Options and Futures.
Currently, Saxo clients pay a minimum of $1 commission on US trades, and £3 commission on UK trades.
Other changes included the removal of the custody and platform fees, while currency conversion fees were also slashed to 0.25% across all accounts.
In 2023, Saxo introduced dealing in mutual funds to its UK retail clients, including products from leading money managers, such as Vanguard, Fidelity, BlackRock and JP Morgan.
Saxo Bank currently oversees around $120 billion of client assets globally, with the UK decision growing assets to around £2 billion as of that year.
In another recent move to expand its presence in the UK, Saxo recently announced it is offering up between £100 and £1,000 cashback for clients who transfer an Individual Savings Account (ISA) to the platform. The deal is open to both new and existing customers until 30 April.
In October it was reported the bank has been attracting acquisition bids from investors and rival platforms, including Interactive Brokers, after it revealed in July it had hired Goldman Sachs to help it identify new owners.
Other parties interested in acquiring the firm include a consortium of Altor Equity Partners and Centerbridge Partners, which have submitted a non-binding bid.
Saxo Share Dealing Review: Lower fees and professional grade tech
Account: Saxo Share Dealing
Description: Saxo’s platform has share dealing on more than 50 stock exchanges around the world with 22,000 shares available for investors. Making it one of the most diverse investment platforms for share dealing in the UK. Its forte is on the trading side for traders that need direct market access and are more price-sensitive to bid/offer spreads.
Capital at risk.
Is Saxo any 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 available for investors. Making it one of the most diverse investment platforms for share dealing in the UK. Its forte is on the trading side for traders that need direct market access and are more price-sensitive to bid/offer spreads.
Saxo is a good share dealing platform for sophisticated and advanced investors who also need direct access to capital markets.
Fees: Saxo Markets charges a share dealing commission based on a percentage of transaction size. They are very competitive though, and UK share dealing commission starts at 0.1% (£100 if you buy £100,000 worth of stock) and drops to 0.05% for more active traders.
As Saxo is a prime broker with a retail and institutional client base, they are one of the best share dealing platforms for larger customers.
However, there are some downsides. Firstly they do not offer acesss to smaller cap shares on their trading platform like brokers Spreadex and IG, who have a much braoder range of shares to trade online.
Secondly, you cannot trade shares as financial spread bets (where profits are free of capital gains tax).
Finally, the cost of dealing shares with Saxo is higher than with a broker like Interactive Brokers. But Saxo wins hands down when it comes to customer services, research and analysis.
Pros
- Wide market access
- Excellent platform
- Low commissions of 0.10% or £8*
Cons
- More suited to high-risk share dealing
-
Pricing
(4.5)
-
Market Access
(4.5)
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Online Platform
(4.5)
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Customer Service
(4)
-
Research & Analysis
(4)
Overall
4.3Compare Saxo to other share dealing platforms below:
| Investment ISA | ISA Annual Fees | DIY or Managed | Customer Rating | More Info |
|---|---|---|---|---|
 | £96 | Both | (Based on 678 reviews)
| See Offer* Capital at risk |
 | 0.25% - 0% | Both | (Based on 1,616 reviews)
| See Offers Capital at risk |
 | 0% | DIY | (Based on 275 reviews)
| See Offer Capital at risk |
 | 0.6% | Managed | (Based on 2,564 reviews)
| See Offer Capital at risk |
 | £0 | Both | (Based on 934 reviews)
| See Offer Capital at risk |
 | 0.75% - 0% | Both | (Based on 235 reviews)
| See Offer Capital at risk |
 | £59.88 | Both | (Based on 1,119 reviews)
| See Offer Capital at risk |
 | 0.25% - 0% | DIY | (Based on 1,094 reviews)
| See Offer Capital at risk |
 | 0.45%- 0% | DIY | (Based on 1,758 reviews)
| See Offer Capital at risk |
 | 0.12% | DIY | (Based on 73 reviews)
| See Offer Capital at risk |
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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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.
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