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 most commonly known for catering to.
A while ago, Saxo reduced the minimum amount required to open an account with a view to attracting a larger retail client base. However, as regulatory changes have made it harder to offer leveraged products to new traders it’s a sensible move to offer growth investment.
IG, made a similar move as it becomes a more rounded stockbroker.
Saxo, has always had excellent product coverage, from cryptos to cannabis they offer access to markets through physical stocks, ETNs, Once upon a time they did offer spread betting. But as it was a white label provided by LCG (back when they were a decent broker) they no longer do.
Afterall Saxo is a white label provider itself, so it would make sense that if they were going to offer the tax-efficient means of trading through spread betting, they would develop their own product.
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I can sort of understand why they don’t offer spread betting as some view it as more of a gamble. But the truth is, it’s no different to CFD trading. Except, you don’t have to pay tax on profits. So, if you are a trading and trading on your own account (i.e. not through a company or offshore entity) why would you not structure your trades as a spread bet.
However, Saxo is one of the few providers that allows you to trade CFDs in a SIPP.
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Anyway, SaxoInvestor, has launched in Denmark and will be offered to UK investors in Q1 2019.
The SaxoInvestor platform will be based on the existing and established Saxo trading platform SaxoTraderGo. But, will be simple to use – which means there probably won’t be as much flashiness as growth investors are generally more relaxed.
This relaxed attitude was quite nicely summed up by a new marketing campaign on the “Drain”, or the Waterloo and City line by Baillie Gifford. I assume this attitude is what the new SaxoInvestor platform will try and encapsulate.
I know they are completed different companies, but I liked the advert so here it is:
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Richard started the 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.