If you've not used Saxo's award-winning platform here is our Saxo TraderGo review on desktop, iPhone and iPad.
So you can see the details, best viewed in full screen...
Okay, good afternoon. Richard Berry here from the Good Money Guide. Today, we’re going to do a quick run-through of the Saxo TraderGo platform from Saxo Capital Markets. If you’re not familiar with Saxo, they were formed in the early 90s. Their capital markets division has generally historically dealt with institutional and professional traders, but over the last couple of years, they’ve opened it up to smaller retail customers. So you can now open a trading account with £1,500 and still get access to the same assets, tools, analysis, research and so on, as bigger traders.
Today, we’ll just do a quick run-through. We’ll go through the assets you can trade on the platform, some of the charting options, what you can trade, how you can trade it. The news and research that’s on offer, as well as some of the key account features. We’ll go into slightly greater depth on some of the individual features on follow-up videos, but for this one, it’ll just be a nice overview.
If you’re not familiar with the Good Money Guide, just go to GoodMoneyGuide.com – we’re based in London. We review and compare brokers; only decent, FCA-regulated brokers.
If you’re a Saxo customer or you go on to use them, do come back to the site and leave them a review on the trading platform, customer service, spreads and pricing. It’ll be helpful for other traders to mark informed decisions about who to trade with.
And if you’re interested in what’s going on in the brokerage world in general, we cover all the key feature releases. There’s some CEO interviews on there as well, and just general sort of news and views on the industry.
Okay, so back to Saxo TraderGo. This is the sort of screen you’re presented with when you first open the platform. You’ve got some of the popular assets pre-set for you. Some Forex pairs, some big US and UK stocks, as well as some of the key European and US industries, and gold as well. It’s a very versatile platform. You can trade plenty of foreign exchange pairs, CFDs, lots of regional equity CFDs. You’ve got CFDs on commodities. Obviously the major softs, metals, energies and so on. You’ve got CFDs on indices so you can pretty much get exposure to any region you want through CFD products there.
Oh actually, sorry, just on that point, CFDs, complex instrument. Lot of risk when trading them. Most people lose money so it’s important that you understand the risks before you get going. Be educated, have a strategy, and never ever trade with money you can’t afford to lose. So we’ll just highlight that there for the purposes of compliance.
CFD indices, mutual funds, so you’ve got cash mutual funds, cash stocks as well. If you are an investor as well as a [inter] trader, you can buy cash stocks as well. If you’ve got nice level two pricing, if you’re putting a particularly big order through.
You’ve got on exchange futures, so commodities, you’ve got all the general softs. Where were the commodities? Yeah, on exchange commodities, if you don’t fancy trading CFDs. You’ve got bonds as well, which you can trade as either a fixed income future or derivative, or you can hold them in your portfolio and just collect the coupons if you’ve got a fixed income trading strategy.
We’ll just quickly go through one of the nice features for equities. As with all the major brokers, you can get the top 100 FTSE shares. People tend to call it UK CFDs or FTSE 100s, rather than FTSE 100, because of the FTSE licensing fees.
You can sort by daily move, which is always quite nice. So you can flick through the shares that are on the up, either on a daily basis, monthly basis, through monthly basis. It’s always nice to look who’s on the way down, for example.
We’ll put a trade on here so I’ll just give you an example of stocks that are going down. We were playing about with this earlier. But for the purposes of the review, we’ll put Barclays trade on. So if you look at Barclays, you’ve got the chart up on the side. Level two market pricing as well for big orders. You’ve got intraday market data, if you move your positions tab a little bit lower. You’ve got trading signals, courtesy of Autochartist; we’ll have a quick look at those later. Consensus Buy – that’s from FactSet Research, big research provider. And also, the news where Barclays features as well.
So I mean just looking at Barclays, not doing too well today. Not doing too well over the month. Not doing too well over six months. So for the purposes of this, we’ll put a short on. So you’ve got Barclays last trade, bid offer. Order types, you’ve got market, limit stop, stop limits, so we’re not going to do a big trade, so we’ll just put a small one on, for the purposes of this. How much is 10,000? So 10,000, that’s £17,000 worth of Barclays shares. Initial margin available – that’s what we’ve got. That’s going to eat up 3,500 in the initial margin. And to put the trade on, we need an extra 1,700 in the account for maintenance margin. That’s the sort of P&L that you have to cover.
Also, another important thing worth looking at that they highlight, which a lot of other brokers don’t do, is overnight financing. You’ll get charged £1.76 a day if you hold the position overnight, and intraday. Even on a short position, where you historically received interest, because LIBOR’s so low, you’ll get charged. So if you want to sell 1,000 at market, we can see there’s plenty of size there. So we’ll just hit sell. Gives us all the pertinent info. And there we go, we’re done. So we can see that we’ve sold 10,000 at 1.72, and been charged £17.25 commission.
Important point here actually, Saxo charge commission rather than widen the spreads. So you do get the bid offer spreads with level two as well. I mean it obviously actually is pretty tight, but if you’re working orders, you can actually get on the order book. So you get raw pricing but you do get charged commission.
Charts – pretty decent charts. Fairly standard. Most brokers have the same sort of thing. Lots of different types of charts, different indicators. You know, you can draw bits and bobs on it. If you’re that way inclined, you can separate the chart out. If you’re trading on multiple screens, I think you can have up to four screens on the go.
Another interesting feature of Saxo of course is the option chain, so if you’re predominantly long Barclays shares, for example, you want to buy a bit of protection below the market, they go all the way out, I think to 2023. So you can buy [inaudible-07:38] all the way out if there’s a price on exchange; you can trade it.
Onto news and research. They’ve got a lot of added value on this platform. It’s a workhorse. It’s not changed much over 10 years or so, but it has had a nice facelift so you’ve now got this nice like Bloomberg feel. You can obviously, if you want, change it to white, but traders historically, it feels a bit nicer in dark.
So you can look at the major indices, what’s going on, major risers, major fallers. You’ve got all the trade signals, news, economic calendar, which is always handy. You need to know what’s going on in the market when figures are being released, especially if you’ve got foreign exchange positions going on.
Nice news flow. There’s three providers coming through at the moment, NewsEdge and RanSquawk, but you of course can add providers.
Saxo as well, they’ve got their own website, TradingFloor.com, where their analysts witter on about the markets all day. So they produce a lot of stimulus. Obviously, it’s an execution-only broker that can’t tell you what to buy or what to sell, but they can kind of highlight potential trading opportunities. They have a few videos on here as well.
Let’s see if we can find one. Morning Call, that looks like it. So there you go, so you’ve got nice videos where their analysts have a witter if you want to see what’s going on.
Again, you’ve got the economic calendar. If you double-click on one, that should… it’s not at the moment, but it should go through to their trading floor. Oh here we go. You click on that; it goes through to their trading floor. So a little bit of information about that particular economic indicator and what could happen.
And also, trading signals as well, which is sort of buying when the last one was identified. Euro-sterling, for example. What’s this? Channel down identified. So there you go; if you think it’s going down, you can put a little sale order on. For the purposes of this review, we’ll put a trade on. Obviously, you’ve got limit, stop limit. We’ll just put 100,000 at market. So there we go. 2,900 we need, 1,400 makes sense, that’s fine. So we’ll just put a little forex order on. And let’s do an index one as well. Let’s buy that, just for the purposes of the account section, which I’ll show you in a minute.
Another nice feature, stock screener as well. Obviously, there’s lots of third party stock screeners out there. Company REFS, for example, from the late, great Jim Slater, an old client of mine when I was at Man, a true gent. In fact, when I was at Man, we had a lot of mutual clients with Saxo, so it’s a broker that does cater for slightly more sophisticated traders. You can sort of filter by market cap, dividend, yield and so on, which is a nice bit of kit to have included for free.
Moving on to the accounts section. You’ve obviously got lots of subscriptions so you can get level one, level two data, and so on for all the various exchanges, if you trade a particular exchange regularly. Corporate actions, for example. You’ve got lots of interesting features.
Moving on to the portfolio section, this is quite interesting. So this gives you a nice visual overview of what’s happening in your account. So you can see where your overall exposure is. For example, foreign exchange, CFDs, and obviously, where we’re making and losing money. We’re losing money on everything, which is fine. That’s just the nature of trading. But it does give you a good visual representation of where your positions are.
Historic reports as well. Lots of audit trail tools here that you can go back and review your account. You’ve also, as I mentioned earlier, you’ve got fixed income products, so you can see where your fixed income is coming from. You can check out your CFD financing and so on. A lot of brokers don’t show you this, so it’s quite nice to have it all on one screen. Deposits and transfers, for example. You can put money in your account by debit card and wire transfer.
I don’t think they take credit cards. You’ll have to check that with them. Sometimes they do, sometimes they don’t.
So there you go. That’s a quick, little overview of the Saxo TraderGo platform. If you do give it a go, do go onto Good Money Guide and leave them a review. You can also compare Saxo against other brokers as well. If you have any questions for us, do just ask. We’ll answer them on the website. And feel free to just browse the website and go through any of the sections you want.
Before we go, let’s just bring up our open positions. So let’s just close those off because we don’t want to lose any more money than we already are. There we go. Okay. Right, well, thanks for watching. Any comments, questions, just come to the website, ask. We’re here to help. Many thanks, bye.
One thing, sorry, I did actually forget to mention is the research. We touched on it briefly but let’s just go back to Barclays, for example. So here with Barclays, you’ve got the option chain, charts, overview. Let’s just hide that market depth, bring this down a bit. And over here, open equity research. So as well as technical analysis, you’ve also got a fair amount of fundamental analysis that’s produced. We’ll just give that a while to load up. Which is quite interesting actually. As I said, a lot of this stuff is available elsewhere. This is sourced from FactSet, but it’s just nice to have it consolidated into your account. So when you are trading, you don’t have to have multiple browsers open. Lots of pertinent, fundamental information. You’ve got broker referrals, broker recommendations, of course there as well. And then general information, financials. And you can sort of delve quite deeply into the fundamentals of the company. In particular, this is quite interesting. Barclays relative to its competitors within the industry. It’s quite handy for pairs trading. So there you go, comparable companies, be it BNP, Citigroup. It’s nice if you want to put some pair charts up.
Right, many thanks again. Bye.
You can view all three of the videos as well as our full Saxo review on their review page, but for your convenience, we've added all of them below for your viewing pleasure.
In the Saxo Trader Go review we look at the main functionality of the key platform features. This includes asset coverage, research and analysis, and account tools. You can see all of our broker platform reviews and compare CFD brokers here.
The main review is on the desktop versions. But as more and more trading volume goes through on mobile these days. We've also added an overview of how the platform performs on iPad and iPhone.
The desktop version in this Saxo TraderGo review has the narrative and is the most in-depth at around 15 minutes where we go into the most detail.
We think we've covered the salient points. But if there is a specific aspect of the platform like equity stock options (which we only touched on briefly) that you would like covered just let us know.
Finally, the iPad version has slightly fewer features and the mobile Saxo TraderGo version is pretty thin. So for both iPad and iPhone Saxo Trade Go reviews we've just gone through the motions. There is no sound or narrative (just to give you an idea of the look and feel).
If you have used the Saxo TraderGo platform let us know what you think. Most traders don't fully utilise the features of most trading platforms.
So, if you've come across a random feature or a tool that you think would benefit other traders let them know in the comments below...
Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.