SAXO BANK review

Saxo Bank

Saxo Bank is a Danish investment bank specializing in online trading and investment. It was founded as a brokerage firm in 1992, under the name Midas Fondsmæglerselskab, by Lars Seier Christensen, Kim Fournais and Marc Hauschildt. The name was changed to Saxo when the company obtained a banking license in 2001. Saxo offers trading through its online platforms in ForexstocksCFDsfuturesfundsbonds and futures spreads. The company functions as an online broker with a bank license, without offering traditional banking products. According to Saxo, roughly half of its activities are derived from partnerships with institutional trading partners. More than 100 financial institutions globally service their end clients with Saxo Bank’s platforms on White Label basis. Saxo Bank is headquartered in Copenhagen, but also has offices in financial centres such as LondonParisZurichDubaiSingapore and Tokyo. According to the bank, it has clients in 180 countries and has a daily average turnover of approximately USD 12 billion. Saxo Bank is known for its success in online trading and investment and has received a number of awards. Domestically the bank is also known for its two founders who are often outspoken on Danish politics. Revenue reached DKK 3,006 million in 2014 delivering a net income of DKK 381.2 million. It has a staff of 1600. Saxo Bank has launched several White Label partnerships with banks such as Standard Bank, Old Mutual Wealth, Banco Carregosa and Banco Best.


Saxo Bank wins Best Margin Sector Platform in Profit & Loss FoXy Awards: The win recognizes Saxo’s continued use of technology and innovation to deliver fair outcomes to its clients and was determined by reader votes. The win is further evidence of our continued commitment to democratize trading and investing for clients, by harnessing technology and innovation to provide the highest quality services and execution to our clients.

Saxo Bank wins Best Prime Broker – Technology at HFM Week European Hedge Fund Services Awards: The annual HFM Week Awards recognise and reward hedge fund service providers that have demonstrated exceptional customer service and innovative product development. The award recognises Saxo’s ongoing investment in technology to deliver multi-asset prime brokerage solutions and a truly integrated experience for its hedge fund clients.

Saxo Bank wins best mobile trading initiative at Sell Side Technology Awards: The Sell Side Technology Awards recognise the leading technologies and third party vendors in their areas of expertise through an auditable and transparent methodology developed by the publication’s senior journalists. Saxo’s transformative fixed income offering, available on mobile via SaxoTraderGO, won the Best Mobile Trading Initiative at the 2018 Sell Side Technology Awards.


Saxo wins ‘Best Platform for Active Traders’ in 3rd annual ADVFN International Financial Awards: The panel-judged ADVFN awards, which recognise and celebrate the best of breed products and services from across the global financial industry, have honoured Saxo with the 2017 award for Best Platform for Active Traders.

Saxo Bank named Prime of Prime House of the year at FX Week Best Banks Awards: The awards which are voted for by both buy-side and sell-side market participants confirm Saxo’s position as the winner of the prime of prime of choice in the post crisis prime brokerage landscape. The Best FX Prime of Prime House award was introduced in 2016 where Saxo Bank also secured the award.

Saxo Trader named Best Multi-Asset Trading Platform and Best FX Broker at 2017 Finance Magnates Awards: Every year, Finance Magnates recognizes the industry’s top-performing companies, bestowing a range of honors across twelve different categories. The awards reflect both trends and shifts that the FX and broader financial industry has undergone in the most recent year, and are decided based on votes from industry peers and attendees.

Saxo Bank’s fully digital fixed income trading solution won The Banker’s Best Trading Platform Project Award: Saxo’s Fixed Income trading platform wins The Banker’s Best Trading Platform Project Award. The fixed income platform enables electronic trading in government and corporate bonds for institutional and retail investors. The service, launched at the end of 2016, offers transformative digital fixed income trading in over 5,000 investment grade and high yield corporate and government bonds on Saxo’s multi-asset trading platform, SaxoTraderGO.

SaxoTraderGO named Best Retail FX Platform at FX Week e-FX Awards: SaxoTraderGO was awarded Best Retail FX Platform at FX Week e-FX Awards placing emphasis on criteria such as transparency, customer service, abundant information and fair trading conditions.

Saxo named Best Prime of Prime Provider at FX Week e-FX Awards: Saxo Markets, the winner of Best Prime-of-Prime Provider at the 2017 FX Week e-FX Awards, is clear its PoP clients will gain a service that is as close to the standard PB model as possible.

Saxo wins Best Platform for the Active Trader at ADVFN International Financial Awards: The panel-judged ADVFN awards, which celebrate the best of breed products and services from across the global financial industry, recognise SaxoTraderGO as the Best Platform for Active Traders.

Saxo named “Best Prime Broker” at HFM Week European Hedge Fund Services Awards: This award is further recognition of Saxo’s growing reputation and credibility within the Hedge Fund industry, and testament to the relevance of our offering. The hedge funds we engage indicate their need for an institutional counterparty delivering high levels of customer service and sophisticated technology.

Saxo won Profit & Loss FoXYs Best FX Broker-Dealer award: Saxo won the category ‘Best FX Broker Dealer’ in the annual P&L Readers’ Choice Awards, the FoXys.

Saxo named Best prime broker at HFM Week Asia Hedge Fund Forum Services Awards:For the second year in a row, HFM Asia rewarded Saxo the ‘Best Prime Broker – Technology’ award. The “Best Prime Broker – Technology” award demonstrates the significance and relevance of Saxo’s ‘Technology Driven Prime Brokerage’ model in today’s Hedge Fund landscape.


Saxo Bank A/S is a fully licensed European bank under the supervision of Danish FSA. Saxo Bank A/S is subject to stringent financial reporting requirements under EU directives and specific regulations regarding client handling. The European Investment Directive was introduced in 1996, and on 2 May that year, Saxo Bank A/S (then known as Midas) became the first broker in Denmark to gain approval under this directive. In June 2001, the Danish Financial Supervisory Authority approved a banking licence and the company officially became Saxo Bank A/S. Saxo Bank A/S (company registration no. 15731249) is incorporated in Denmark as a licensed bank (license no. 1149) and is regulated – along with Saxo Bank A/S Italy, Saxo Bank A/S Czech Republic, Saxo Bank A/S Netherlands, Saxo Bank A/S Cyprus – by the Danish Financial Supervisory Authority (FSA) – Finanstilsynet, Århusgade 110, 2100, København Ø. Further details regarding the Danish FSA and the license of Saxo Bank A/S may be viewed at As a member of the European Union, Denmark has incorporated the EU Banking and Investment Directives into Danish law.


  • Competitive and transparent pricing from as low as 0.1 pip, plus commission
  • Increasing commission discounts for larger cumulative trading volume*
  • Start each month at the commission discount level earned on average monthly volumes
  • Consistency in spread across notional trade sizes
  • No minimum monthly commission fee
  • Designed for pricing simplicity


Trust Score

Trading with a forex broker that traders can trust is crucial to success. Forex fraud and scams are, unfortunately, common in the industry.

Here at, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (higher the better) of overall trustworthiness, which we call, Trust Score. Is Saxo Bank safe? Here’s our trust summary.


As a plus

Saxo has a great research service; its proprietary research team constantly feeds trade ideas. The Saxo trading experience is driven by a great, and well-designed Saxo trading platform to execute the traders. Saxo’s product portfolio is wide, can serve even heavy traders. The customer service is great, available in multiple local languages.

On the flip side

Saxo requires a minimum $2,000 USD funding requirement, that can be a burden for some customers. Its high minimum trading fees could weigh into the returns of smaller trades and its financing cost is one of the highest in the market. In most cases, Saxo does not provide negative balance protection, meaning your balance can go negative if Saxo cannot close your losing position.

Recommended for investors aiming for a great research and trading platform with a broad access to the international markets.

In our Saxo Bank review, we tested the Classic investment account.



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