When it comes to Forex trading, Saxo Bank is one of the biggest retail brokers there is. It happens to be one of the brokers that is highly regulates in a number of countries. Being among the oldest ECNS, the trading market is basically staggering.
This broker has been there since 1996, but was licensed in 2001. If you are a new trader and you’re not sure whether to join this broker, they have a free trial period that lets you decide whether or not you will become of this trader. The free trial will allow you to determine whether the software and platform is suitable for your needs.
This broker has a standalone platform they refer to as SaxoTrader 2.5 and SaxoWebTrader 2.5 a web based trader. They also have SaxoMobileTrader, a mobile platform for smart phones. The SaxoTrader 2.5 permits the trading of CFDs, Forex, Stocks, EFTs, FX Forward contracts, and futures from a single platform. You can install this platform on your PC and setup before use.
The SaxoWebTrader runs with JAVA which gives traders the trading products on the platform without downloading anything. The mobile trader on the other hand, has two version. One that is browser enabled and can be used without internet connection on any phone. The other version is built specifically for iPad, iPhone, and Android devices.
Saxo bank also has three account types. The free trail also known as the demo account is a practice account suited for beginners. There is also the classic account, the premium account, and the platinum account.
The classic account requires $10,000 minimum deposit, the premium requires $100,000 minimum deposit, and the platinum account requires $500,000 minimum deposit. These three accounts offer access to all platforms, access to all trading platforms. Free access to TradeMaker, free access to Saxo Academy, no service fee, and 24/5 customer service and technical support.
You can use credit cards, bank wires, and securities transfers to make deposits and withdrawals. The bank wires can people used by clients all over the world. Credit cards accepted are those issued by VISA Electron, MasterCard, Carte Bleue, Maestro, and DK. However, for first time deposits, only residents in specific countries can make first deposits.
Depending on the size of your account, Saxo Bank charges a number of commissions for the trading services they offer. They also have customer service available 24 hours for live and phone chat support during the Forex market hours.
- It has variable spreads
- Allows access to different types of products and numerous marked around the globe
- The funds are segregated completely.
- You can fun your account via credit card or bank wire and withdraw the funds the same way
- Has platforms that are reliable and well-known
- $10,000 minimum to open an account
- Not allowed for Americans Traders
This broker will offer you transparency and reliability. It offers markets like options, futures, bonds, stocks, and forwards. They also have cheaper commissions compared to other brokers. Their site is easy to use because its user-friendly. They offer tight spreads and competitive pricing.