Saxo Bank was established in 1992 and is based in Copenhagen, Denmark. It is currently the world’s 3rd largest Forex broker with a daily trading volume of 12.3 billion US Dollars. The brokerage lost its top position after the fall of SNB in 2016, which led to rival firm, Forex.com acquiring FXCM’s client base and XM’s massive growth rate. Then again, Saxo Bank is still the oldest ECNs available for both institutional and retail client trading.
Security of funds
As Saxo Bank is both a banking institution and financial service provider, it is the most regulated Forex broker. Multi-regulators, Danish Financial Supervisory Authority, Banco de España, FSA, Monetary Authority of Singapore, Swiss Federal Banking Commission, and Japanese Financial Services Agency. Bank of Spain, MAS, and SFBC, ensures that Saxo Bank adheres to a high standard of conduct.
In addition, as a member of the Danish Guarantee Fund for Depositors and Investors, Saxo Bank’s clients’ deposits are guaranteed by the fund up to € 100 0000 for cash deposits, if Saxo Bank should suspend payments or go into bankruptcy. Another safe guard for investors is the knowledge that as an EU-regulated bank and investment firm, Saxo Bank is regulated by MiFID’s (the Market in Financial Instruments Directive) and other regulations as defined by the European Commission.
Customer Support
Saxo Bank has offices in 26 countries and with its online presence serves clients in about 180 countries. One country it does not serve is the US, because of trade restrictions. As such, the company offer customer support in 20 languages and offers its service through live chat, email support and phone access on a 24/5 bases.
Training support
Clients, both Classic and Premium account members have access to the Saxo Bank Academy. At this section, traders have access to training programs, and several beginner courses on the different types of resources on offer at the company, like stocks, bonds, Forex, and futures. Plus, the company offers a 20-day free trail of their platforms with a pretend USD 100,000 account to practice with. New clients can then familiarize themselves with the Saxo Bank platforms before they start trading for real.
Accounts
There are 3 trading accounts for each of the Saxo Bank platforms and the minimum deposit required for each is considerably higher than for most Forex brokers. The Classic Account requires a minimum deposit of $10,000; $100,000 is needed to open the Premium Account and the minimum required for the Platinum account is a whopping $500,000.
Conclusion
As one can expected form a well regulated and large banking institution, the company provides reliability and transparency to trader in their Forex division. In addition, their website is user-friendly with clear access to information on their home page. The company, furthermore, provides access to competitive pricing and tight spreads, and offers traders a platform with live streaming prices and with volume-based commissions. This means that the more you trade, the less cost you can incur.
