62% of retail investor accounts lose money when trading CFDs with this provider
- Experts rate Saxo Singapore highly for its broad market access and advanced trading platforms, noting that it caters well to serious retail and professional traders. The platform is praised for its user-friendly interface and comprehensive educational resources, although higher trading costs for Classic accounts and stringent funding criteria for account upgrades are mentioned as drawbacks.
- Across 137 user reviews on Good Money Guide, averaging 4.2/5, customers frequently commend the platform's user-friendly design, extensive market access, and responsive customer service. However, some users express frustration with payment processing issues and account registration challenges, while many highlight the platform's advanced tools and educational materials as significant advantages.
Expert rating
Our expert rating is the average of the areas listed here, each scored out of 5 by our team.Our experts have rated Saxo Singapore across five key areas of our review framework.
- Pricing4.5
- Market Access5.0
- App & Platform5.0
- Customer Service4.5
- Research & Analysis4.0
Pros
- Broad market access backed by investment bank roots
- User-friendly and feature-rich platform
- Comprehensive education resources
Cons
- Higher trading cost for Classic trading accounts
- High funding or trading criteria for account upgrades
See full expert review
Our verdict
Saxo Singapore is best suited for serious retail and professional traders who want institutional-grade tools, broad global access, and premium service, though some features remain reserved for high-net-worth clients. Saxo Markets Singapore is a subsidiary of Danish investment bank Saxo Bank, a global brokerage firm founded in 1992. The Singapore branch was established in 2006, serving as the APAC regional headquarter. The company is regulated by the Monetary Authority of Singapore (MAS).
Who are Saxo, and what do they do in Singapore?
Saxo positions itself as a leading capital markets service provider backed by its advanced financial technology. Its trading platform offers access to a wide range of asset classes, including stocks, ETFs, bonds, derivatives and more.
Market access
Compared to other brokers in Singapore, Saxo Markets offers broader market access, owing to its investment bank roots. Clients can trade across multiple asset classes, including stocks, ETFs, commodities, bonds, cryptocurrencies, bonds, and derivatives - such as options, forex, and CFDs, totalling more than 71,000 instruments.
Pricing
Saxo’s trading costs differ depending on account types- Classic, Platinum, and VIP accounts - the higher the account tier, the lower the fees. Spreads on major FX pairs can be as low as 0.4 pips for VIP accounts, compared to 0.6 pips for Classic accounts. Cash interests apply to the VIP accounts as well.
However, there is funding criteria to be qualified as a higher-tier account. If clients want to be in a higher tier account upon account open, a Platinum account requires funding of SGD 300,000, and SGD 1,500,000 for a VIP account. Alternatively, clients can also be upgraded based on trading volume, which accumulates points towards higher-tier status.
Platforms
There are three trading platforms available for retail clients – SaxoInvestor, SaxoTraderGO, and SaxoTraderPRO. The SaxoInvestor platform is a web platform with basic functionality.
The most popular platform is the SaxoTraderGO, suitable for all levels of clients. The platform offers access to all asset classes, with product categories on top. It is clean, user-friendly interface with a default dark theme. It offers comprehensive charting tools, news & analysis section, an in-built economic calendar, dedicated client education content and access to live webinars.
What is the SaxoTraderGo trading platform like?
For advanced traders, the SaxoTraderPro provides high-performance tools with in-depth market analysis features. This is particularly for full-time and professional traders who require fast execution, more real-time market data. The platform supports Algorithmic orders and allow editing orders on charts. It also offers one-click switching for options trading across FX and stocks.
SaxoTraderPro’s order ticket
Research & Education
Saxo Markets Singapore offers regular webinars featuring CFDs, FX, futures, commodities, ESG investing and more to clients. I have to say the educational support is among the most systematic and well-structured available in the brokerage industry.
Additionally, there are timely market news and analysis, a podcast series for “Money Matters,” and basics for an investor/trader, such as platform guide, margin and leverage, and risk management.
Customer Service
Client services are available 24/5 on its trading platforms through live chat, a phone call or messages. However, most common queries can be also resolved quickly using the search function within the platform, which offers self-help options.
No wealth management services
Saxo Singapore has discontinued its SaxoWealthCare and SaxoSelect 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.
Following the discontinuation of the products, Saxo Singapore has also extended different alternatives to clients. These include both options within and outside of Saxo’s offerings.
“Saxo Singapore regularly reviews our product offering and has come to the difficult but necessary decision to discontinue our wealth management offering,” the statement added.
“In this transitional period, our top priority is to ensure clients receive the support they require."
The update comes as 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 earlier this month.
Other parties interested in acquiring the firm include a consortium of Altor Equity Partners and Centerbridge Partners, which have submitted a non-binding bid.
On 2 October the bank rolled out its SaxoInvestor service for UK clients, providing access to more than 70,000 global instruments including stocks, ETFs, bonds and mutual funds.
Saxo also launched a US election trading hub in October, providing new clients access to commission-free trading of the most 100 popular US stocks.
Saxo Bank currently oversees around $120 billion of client assets globally, with its UK branch growing assets to around £2 billion last year.
Customer reviews for Saxo
Customer ratings come from reviews left on this site. Every review is read and approved before it is published.Based on 137 reviews
- Excellent54%
- Very good19%
- Basic18%
- Poor7%
- Bad2%
Read customer reviews
Amazing
Has good options for building funds
Comprehensive
Saxo offers something for everyone. Their platforms are easy to use, give you plenty of data and some great knowledge resources. They make investing straightforward and as not-scary as possible
Sleek
Broad access to markets and asset classes, useful toolkit and low fx exchange fees when trading international shares regularly
After IB experience it is like day and night bad
My german bank decided to discontinue doing business with me as I am resident in the UAE and I want to transfer the commerzbank account to Saxo so that it is EU regulations. transfer took 8 weeks and multiple calls, account opening takes similarly very time consuming and several problems moreover the platform offers much less ETFs and bonds to compare to IB and prices are higher.
Four Stars
Very efficient trading in world wide Shares, Funds and ETF's
More compelted platfomr but more...
More compelted platfomr but more asset/ivestment options
4/5
Good experience so far
Good experience so far
Sound
Sound
Easy to trade with provision...
Easy to trade with provision for options with stops and security features
Basic trading platform, with a...
Basic trading platform, with a wide range of stocks.
No comment
No comment
Easy to use with excellent...
Easy to use with excellent pricing and range of equities across multiple markets
2/5
3/5
I find the website difficult...
I find the website difficult manage and customer service substandard.
x
x
too big
too big
no thoughts
no thoughts
uk
uk
Tina was a Market Analyst at CMC Markets from 2015 to 2024, providing client education, market commentary, and media presentations. She specializes in technical analysis and market fundamentals. Tina believes financial markets comprise a vast area reflecting economies, politics, history, psychology, and philosophy. As a result, her analysis is based on her interpretation of a specific country’s economic and historical background, alongside investor sentiment and behaviour.
Tina’s expertise has garnered recognition, with her commentary frequently quoted by reputable sources like Bloomberg, CNBC, Routers, WSJ, and AFR. Her insights span a diverse spectrum, covering various financial domains, including stock markets, foreign exchange, commodities, and cryptocurrencies. Previously, she also spent significant time with China Central Television. This experience allowed her to develop a deep understanding and insight into China’s economics and business.
