Saxo Markets Review – Should You Use It in 2023?

	Name	Score	Visit	Disclaimer
	Saxo Markets	8.8	Visithome.saxo					CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. Losses can exceed deposits on some products.

Investment Products – 10/10

With over 71,000 investment instruments available, Saxo offers one of the broadest ranges of trading and investment products on the market.

Assets Available

The Saxo Markets platform allows investors to deal with all types of asset classes under the sun. This includes non-leveraged investment instruments, including stocks, mutual funds, bonds, ETFs, and a variety of leveraged, derivative products, like Forex, CFDs, futures and options, and commodities.

Additionally, for investors who prefer a hands-off approach, Saxo offers a list of ready-made, managed portfolios for different risk appetites and investment goals.

• Stocks – Saxo investors have the opportunity to invest in more than 23,500 stocks from the LSE, NYSE, HKEX, and over 50 other global markets.

• Bonds – For bond investing, the Saxo platform provides investors access to over 5,900 digitally tradeable corporate and government bonds.

• ETFs – Saxo also offers more than 7,000 ETFs from various major sectors, including tech, healthcare, environment, etc.

• Forex – Investors have access to 185 FX pairs, including majors, minors, and exotics, plus spot metals. Additionally, Saxo investors can trade with FX options and FX swaps.

Managed Portfolios

For investors that prefer to leave the leg work to professionals, Saxo also provides access to seven ready-made portfolios:

Derivative Products

Investors willing to take the extra risk can also use the Saxo Markets platform to deal with a broad range of derivatives, leveraged products, and other complex investment instruments.

• Futures – Future trading is also an option with the Saxo Markets platform, where investors can find over 320 futures from 25 global exchanges, covering equity indices, energy, metals, agriculture, rates, and FX.

• Options – As for options, Saxo gives investors access to 45 FX vanilla options with various maturities, ranging from one day to 12 months.

• Commodities – Finally, Saxo investors can use the platform to trade in a wide range of commodities such as CFDs, futures, options, spot pairs, or exchange-traded commodities (ETCs).

CFDs

Saxo is a well known broker of CFDs in the UK, with in excess of 8,800 instruments, including:

• CFDs on more than 7,600 single stocks and 1,100 ETFs trading on major exchanges

• Tight spreads on over 35 index-tracking CFDs, including Germany 40, US 500, UK 100, and others

• CFDs on seven FX pairs, including EUR/USD, EUR/GBP, GBP/USD, and AUD/USD

• CFDs on eight government bonds, including the German 10-year bund and French 10-year OAT

• 20 commodity CFDs covering energy, agriculture, metals, softs, and emissions

• 15 index option CFDs, including the SPX, DJX, ESX, and OESX

Market Reach

Saxo Markets has a very broad geographical reach and it gives investors access to stocks from more than 50 global markets beyond the London Stock Exchange, including the US, China, Hong Kong, Japan, Europe, and Australia.

The list of available exchanges on the platform is extensive and diverse, and it allows investors to diversify their portfolios with investments in both developed economies and emerging markets.

Account Types

Depending on their personal circumstances and investing needs, investors can open any type of account from the multiple available options. From general investment accounts to accounts with tax advantages, as well as specialised accounts for corporations and professionals, there are plenty of options.

General Investment Account

On the Saxo platform, the most standard GIA is known as a Saxo account and it allows investors to access more than 71,000 investment products in more than 50 global markets. The account offers no tax advantages and it’s commonly used by investors who have already used up their yearly ISA allowance.

The Saxo account comes in one of the following three tiers:

• Classic – Minimum funding of £500

• Platinum – Minimum funding of £200,000

• VIP – Minimum funding of £1,000,000

Each tier comes with different costs and benefits that will be discussed in the fees section below. Naturally, investors with greater funding and are able to invest in platinum and VIP accounts pay smaller fees and commissions.

Saxo Bank offers Negative Balance Protection, which prevents account holders from being indebted to the platform, to all of its accounts.

Stocks and Shares ISA

Saxo’s stocks and shares ISA is a tax-efficient account that allows investors to invest in over 11,000 global stocks, ETFs, and bonds, without having their profits subject to capital gains tax and income tax from dividends. It’s worth noting that all ISAs, not just Saxo’s, can’t be used to invest in leveraged investment products.

The maximum amount investors can invest using the Saxo ISA is decided by the yearly ISA allowance, which is decided by the UK government. For the 2023/2024 tax year, the ISA allowance is £20,000.

There are no minimum investment requirements related to the Saxo ISA, and there are also no withdrawal, entry, or exit fees.

SIPP

Besides the stocks and shares ISA, Saxo’s self-invested personal pension is another investment account that comes with tax advantages. Like with the ISA, the Saxo SIPP can only be used to invest in non-leveraged products, which is still a respectable pool of over 11,000 stocks.

As the name suggests, Saxo’s SIPP is an investment account geared towards investing for retirement. It allows investors to invest up to £60,000 per year (2023/2024 SIPP allowance) while receiving tax relief from the UK government. Every time the investor contributes to their SIPP, the government tops it with a 20% bonus.

However, since it’s a pension, the investors are restricted from making early withdrawals and are only allowed to access the funds in their SIPP after they reach the age of 57.

Joint Account

Saxo Markets also offers joint accounts that allow co-ownership of a single account. However, the rules say that only direct family members, like spouses, siblings, and parents with their children, can open a joint account with Saxo.

This means that a joint Saxo account between close friends or business partners is out of the question. Additionally, the maximum number of owners of a joint Saxo account is only two, and all participants must be over the age of 18.

Once the account is opened, both owners have equal rights and can make deposits and withdrawals. Apart from co-ownership, the Saxo joint account is very similar to the Saxo personal account. It provides access to the same investment products and markets, and it’s subject to the same tiers, restrictions, costs, and taxes.

Corporate Account

Saxo Markets also offers an account type specially tailored for businesses. It provides investors with access to the same 71,000 investing instruments that the personal account does, but it also provides 1:1 support from an expert account manager.

In addition to the various documents required to start a corporate account with Saxo, the platform also demands a £100,000 minimum deposit and ownership of a corporate bank account. Corporate accounts are subject to the same costs and fees as the personal Saxo account.

Professional Account

For experienced investors who need a little bit more investment freedom than the average person, Saxo Markets also offer a professional account. With it, investors can trade with greater flexibility and won’t be shackled by some restrictions designed to protect inexperienced investors.

Some of its compelling features are:

• More lenient leverage restrictions

• Access to professional client margin rates

• Ability to carry a negative balance

• The removal of product restrictions

Moreover, Saxo employees may start communicating in a more sophisticated language with professional account owners. This removes the standardised risk warnings expecting that the investor is already aware of the risks they are getting involved with.

To qualify for a professional account, the investor must meet at least two of the following criteria:

• Have a financial portfolio larger than €500,000 (£430K)

• Have placed 10 or more relevant trades in significant sizes in the previous four quarters

• Have worked or is currently in the financial sector for more than a year

Features – 9/10

The Saxo Markets investing platform is simply packed with features and has a lot to offer in terms of tools, research, and educational materials for beginner investors.

Trading Tools

Saxo Markets has an impressively diverse array of trading tools, designed to cater to traders of all levels. One standout feature is the availability of multiple workspaces which allow users to customise their trading environment based on preferences and strategies.

Investors can also make use of Saxo’s advanced yet user-friendly charting tools that provide market insights with 50 technical indicators. In addition to the charts, investors can use an array of editing tools and a trade signalling tool, to stay informed about potential opportunities.

The platform also gives investors access to other useful tools like:

• Asset screener

• Advanced trade tickets

• Algorithmic trading

• Real-time price data (paid feature)

• Open API

Overall, there are more than enough tools to satisfy the needs of traders from all levels, from novices to professionals.

Market Research

To stay ahead of market trends, Saxo investors get access to press releases, financial events, as well as, stock-specific news on the platform’s newsfeed.

Combined with Saxo’s expert-curated market analysis, they can get the perspectives of seasoned professionals that can help them understand current market conditions.

The platform also offers trade ideas and recommendations for investors who need inspiration and are open to new investment opportunities.

On the other hand, investors who rely on technical analysis can use the platform’s tools and the list of winners and losers to identify top-performing assets and make informed decisions.

Educational Materials

Finally, besides its intermediate tools and research offerings, Saxo Markets can be a good place to learn about investing and trading. The platform offers plenty of educational content, including videos, webinars, podcasts, market explainers, and a trading academy, that beginners can use to enhance their skills and knowledge.

All new Saxo users can interact with the platform tutorial to learn how to navigate through it, and see its functionalities in action.

Moreover, Saxo Markets offers a demo account which is a risk-free way for beginners to have a hands-on experience

In summary, Saxo Markets provides learning resources that cover everything, from basic concepts to advanced trading strategies, allowing traders to develop and refine their expertise.

Fees – 7.7/10

In certain aspects, Saxo is a relatively affordable platform, though, in others, it can be costlier than the competition. However, given the sheer amount of investment options and products the platform is offering, it can be more than worth for investors who need the extra diversity.

Saxo Markets Trading Fees

The Saxo Markets fees structure is a bit complicated as commission costs change depending on the investor’s account tier, the exchange they’re trading on, and other factors. Here’s a quick overview of the commissions charged by Saxo for trading stocks and ETFs on some of the world’s most popular markets.

For trading bonds, the commissions are:

• 0.20% on the Classic Account

• 0.10% on the Platinum Account

• 0.05% on the VIP Account

These commissions apply to all types of bonds, including US and European government & corporate bonds, as well as bonds from emerging markets.

Here’s another list indicating Saxo commissions for trading futures and contract options.

Investors who trade over 5,000 contracts per month can arrange an alternative pricing model with Saxo.

Finally, for stock options, Saxo charges the following commissions.

Currency conversions on the Saxo Markets platform are charged at the mid FX Spot rate, plus/minus 1% on Classic, 0.75% on Platinum, and 0.5% on VIP accounts.

For more information on pricing, like commissions on trading spot metals and commodity CFDs, we encourage you to visit the Saxo Markets website to find the right information for your needs.

Saxo Markets Spreads

Check out the tables below to learn about Saxo Markets spreads.

FX Spreads

The Saxo Markets website has more detailed information on FX options spreads and spreads on CFDs.

Saxo Markets Non-trading Fees

In addition to the trading fees above, Saxo charges an annual custody fee on accounts with open stock, bond, or ETF/ETC positions. The custody fee is 0.12% of the account’s value on Classic and Platinum tier accounts, and 0.08% on VIP tier accounts, capped at €10, or a GBP equivalent (£8).

On the other hand, on accounts that only hold cash, Saxo charges a quarterly fee of £50. This charge is commonly known as an inactivity fee on other trading platforms.

Usability – 8/10

The Saxo Markets investment platform is a safe and user-friendly place to invest and make trades, available on both desktop and mobile.

Saxo Markets Web Trading Platform Review

Saxo Markets offers a user-friendly web trading platform suitable for traders of varying experience levels. For beginners, the platform may require a slight learning curve due to its comprehensive features, but the intuitive design and navigation aid in easing this process.

The Saxo website is filled with useful information about various investment products and users can use the search functionality to quickly find what they are looking for. Moreover, they can set alerts and notifications, manage their portfolios, access earning reports and fee breakdowns, etc., directly from the website.

In terms of safety and privacy, Saxo’s login process incorporates robust security features, ensuring the protection of user accounts and sensitive information.

Saxo Markets App Review

The Saxo Markets mobile app offers a user-friendly interface, providing traders with, more or less, the same comprehensive features as the website. It’s available on Android and iOS, allowing for convenience and flexibility for traders on the move.

Customer Satisfaction & Reputation – 7.8/10

The general sentiment about Saxo Markets among customers is predominantly positive, though, like any service, Saxo has its areas for improvement.

Safety & Regulations

Founded in 1992, Saxo Markets has emerged as a prominent player in the field of online trading and the financial services industry. Over the years, the company has expanded its reach globally and serves clients in multiple countries.

It’s an FCA-regulated and FSCS-protected financial institution, that adheres to strict regulatory guidelines and regulations by various financial authorities around the world.

Saxo Markets prioritises the safety and security of its clients' assets and personal information, by implementing robust security measures to safeguard against cyber threats and unauthorised access to user accounts.

Customer Reviews

The majority of customer reviews on three separate platforms are mainly positive, though Saxo users definitely feel that there is still room for improvement.

Saxo Markets Reviews from Trustpilot

On Trustpilot, Saxo Markets is rated ‘Average’ with 3.6 stars from around 4,500 reviews. The largest portions of the customer reviews are either five stars or one star, which means customers are either very happy or very disappointed with the service.

Saxo Markets Google Play Reviews

Saxo Markets has a considerably better reputation among Android users, with 4.3 stars rating on Google Play from over 6,100 reviews. Customers are generally satisfied with most aspects of the Saxo app, apart from a few users complaining of isolated issues.

Saxo Markets App Store Reviews

Apple users seem to be the most satisfied Saxo Market investors, as the app has an excellent 4.5 stars rating, from 2,500 reviews on the App Store. Even though such a small number of reviews can’t be taken for granted, the initial impressions indicate that the Saxo app works fine on Apple devices.

Customer Service

Customers with questions or complaints can visit the Saxo Support Centre on the website and find answers in the numerous articles, guides, and FAQ pages. To get support from an agent, they can use the following:

• New client enquiries – [email protected], or +44 (0)207 151 2100;

• Institutional and partner enquiries – [email protected], or +44 (0)207 151 2030

• General enquiries – [email protected]

Saxo Markets Alternatives to Consider

If, for some reason, you are unhappy with a certain aspect of the Saxo Markets platform, you can consider the following alternatives:

• Degiro – Significantly more affordable and more suitable for beginner investors

• IG – Very similar to Saxo in terms of investing product offerings

• Interactive Brokers – Offers even more in terms of investment options and trading tools for professional-level traders

There are tons of different investment platforms available online and each comes with their separate sets of pros and cons. It’s up to the investor to find the best fit for their needs.

Should You Invest With Saxo Markets?

Saxo Markets is a well-established investment platform with a wide range of financial products and services. It offers access to global markets and various investment options, which can be a reason for some of the more experienced traders.

However, potential investors should be aware of the fees, terms, and conditions associated with the platform. It’s by no means an affordable platform, and if you don’t have the necessary skills to make the most of its tools and complex investment instruments, you might be better off looking for a cheaper and simpler solution.

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