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Saxo Review 2025
Overview, highlights & more!
What will you find in this review:
Overview of Saxo
Saxo, formerly known as BinckBank in some countries, is a well-established name in the world of online investing.
Founded in 1992, Saxo has grown to become a prominent player in the global financial services industry. It is best known for providing access to a wide range of investment options through its online platform, allowing both novice and experienced investors to manage their portfolios with ease.
Over the years, Saxo has expanded its presence in the investment space, solidifying its reputation as a reliable and comprehensive platform for those seeking long-term investment opportunities.
The information provided on this page and throughout the website is for general information purposes only and does not constitute financial advice. It is important that you conduct your own research and consider your own personal circumstances before making any investment decisions.
What you will find in this review:
As of 2024, Saxo manages over £80 billion in client assets, showcasing the trust it has earned from its large user base. Catering to over 800,000 clients worldwide, Saxo has a strong foothold in multiple regions, making it a key choice for investors across different markets.
The platform has evolved significantly, from its roots in trading to becoming a holistic investment platform, offering everything from stocks and bonds to ETFs, mutual funds, and sustainable investment options.
Platform Highlights
| 🗺️ Supported Countries | UK, Europe, and multiple countries globally |
| 📊 Management fees | 0.85%/yr - 0.25%/yr (depending on the account type and product chosen) |
| 💲 Market spread | Typically starts from 0.05% (can vary depending on the asset class, particularly for stocks and ETFs) |
| ⏳ Inactivity fee | No inactivity fees |
| 🏧 Withdrawal fee | £0 for UK accounts (may charge for certain international withdrawals) |
| 💵 Minimum Deposit | £1 for Classic account, £200,000 for Platinum account, £1,000,000 for VIP account |
| 💡 Products offered | GIA, SIPPs, ISA, LISA, JISA, Stocks, ETFs, Bonds, Mutual Funds, etc. |
| 🎮 Demo Account | Yes |
| 📜 Regulatory entities | FCA, FINMA, FSA, CONSOB, AFM, FSMA, AMF, CNB (more worldwide) |
Saxo Investing Offering
Saxo offers a broad and diverse range of investment products tailored to meet the needs of both novice and seasoned investors. Whether you’re interested in stocks, bonds, ETFs, or mutual funds, Saxo provides access to a wide array of global markets, allowing you to build a well-diversified portfolio.
Saxo also focuses on long-term investing rather than short-term trading, offering personalized investment plans that cater to your specific goals and risk tolerance.
Here’s a breakdown of Saxo’s key features:
User-Friendly Platform
Saxo’s platform is designed with simplicity in mind, making it accessible for both mobile and desktop users. The interface is intuitive, sleek, and easy to navigate, ensuring that investors can manage their portfolios efficiently.
The mobile app provides full functionality, allowing users to stay on top of their investments while on the go.
Saxo provides access to 3 different platforms - SaxoInvestor, SaxoTraderGO and SaxoTraderPRO. Keep in mind that platform availability may vary depending on country of residence.
Research and Analytics Tools
One of Saxo’s standout features is its comprehensive suite of research and analytics tools. Investors can access expert market insights, real-time data, and in-depth analysis, helping them make informed decisions.
Whether you’re a beginner looking for basic guidance or an experienced investor in need of advanced market reports, Saxo’s tools provide valuable support.
Competitive Interest on Uninvested Cash
Saxo ensures that even your uninvested cash works for you. The platform offers competitive interest rates on uninvested cash balances in major currencies like GBP, USD, and EUR, allowing you to earn while you plan your next move.
This feature adds an extra layer of value for those looking to maximize returns even when not fully invested.
A downside of this feature, however, is that a minimum of over 10,000 EUR/USD/GBP are required for you to earn interest on your account.
Here’s an example calculation that we made with the Saxo Interest Calculator with a 12,000 GBP / USD / EUR deposit.
| Account Type | GBP Interest | USD Interest | EUR Interest |
|---|---|---|---|
| Classic | 0.227% | 0.038% | 0.023% |
| Platinum | 2.7% | 2.57% | 1.16% |
| VIP | 3.7% | 3.57% | 2.16% |
The exact interest rates will depend on the prevailing market conditions and central bank rates. It’s important to note that Saxo calculates interest daily and settles it monthly.
Higher-tier accounts, such as Platinum and VIP, benefit from more favorable interest rates, making Saxo a competitive option for investors with bigger capital who are looking to earn returns on their uninvested cash while waiting for the right opportunities to invest.
Advantages
Wide range of investment products
Saxo offers access to a vast selection of global investment products, including stocks, bonds, ETFs, mutual funds, and more, allowing investors to build well-diversified portfolios.
Comprehensive research and analytics tools
Investors benefit from Saxo’s advanced research tools, market insights, and expert analytics, enabling more informed decision-making for both beginners and experienced users.
User-friendly platform and mobile app
Saxo’s platform is known for its intuitive design, making it easy to use on both desktop and mobile. This ensures that investors can manage their portfolios and make trades seamlessly from anywhere.
Competitive interest on uninvested cash
Saxo provides the opportunity to earn interest on uninvested cash balances in major currencies (GBP, USD, EUR), offering additional value for investors while they wait for their next investment move.
Start your investing jorney with Saxo today!
Disadvantages
Higher fees compared to low-cost brokers
While Saxo provides a premium service, its fees are higher than those of newer, low-cost brokers, which might not appeal to cost-sensitive investors.
Minimum deposit requirements
Saxo’s minimum deposit of £500 for general accounts and higher for premium accounts could be a barrier for those with smaller investment budgets.
No relief on fees for increasing investment account size
Unlike some competitors, Saxo does not offer a demo account for beginners to practice and get familiar with the platform without committing real money.
Complex fees structure
Saxo’s fee structure can be complicated, especially for new users. Fees may vary based on the asset class, account type, and transaction, requiring careful consideration by investors.
Fee Structure at a Glance
Saxo fees
Saxo’s fee structure is generally on the premium side, with various fees based on the type of assets traded. Here’s a breakdown:
- Stocks and ETFs
Saxo charges a commission starting from 0.05% per trade. This is higher compared to newer brokers like Trading 212 or Freetrade, which offer commission-free trading. - Bonds
A 0.05% commission applies for bond trades. - Options and Futures
Fees start at €1 per lot, depending on the market. - Mutual Funds
Fees vary depending on the specific fund and market conditions, so it’s important to check these details before investing.
In addition to transaction fees, Saxo applies an annual platform fee for portfolios in stocks and ETFs. This fee typically ranges from 0.25% to 0.85%, depending on the type of account and assets.
While these platform fees are higher than those charged by newer, low-cost platforms, they come with access to advanced research tools and a wider selection of global markets.
Account minimums also differ across Saxo’s offerings
- Classic accounts do not require a minimum deposit.
- Platinum accounts (which offer more personalized services) often require a minimum of £200,000 or more.
- VIP accounts (which offer more personalized services) often require a minimum of £1,000,000 or more.
For comparison, many other brokers, such as eToro and Freetrade, have minimal or no deposit requirements, making them more accessible for beginners or those with limited capital.
One plus with Saxo is the absence of inactivity fees or withdrawal fees for UK clients. This contrasts with some brokers that charge to keep inactive accounts or for making withdrawals. However, you should be aware of Saxo’s currency conversion fees, which can be up to 0.75% on foreign trades. This fee is something to consider if you plan to trade frequently in different currencies.
While Saxo’s fees are on the higher side compared to low-cost brokers, the platform justifies this with its professional tools, expert research, and access to global markets. If you’re looking for a platform with more advanced features and are willing to pay for premium services, Saxo is a solid choice. However, for investors solely focused on keeping costs low, there may be better options available.
Saxo's Customer Support
Saxo provides a variety of customer support options to ensure that investors can access help whenever needed
The platform offers phone support, email assistance and live chat, which makes it easy for users to get in touch with support representatives through their preferred method. Whether investors have technical questions, need guidance on trading, or require help with account management, these multiple channels ensure that their issues can be resolved promptly.
In terms of quality, Saxo is known for its efficient and professional customer service. Support is available in multiple languages, reflecting the platform’s global reach, and users can expect helpful, knowledgeable staff to assist with both basic queries and more complex issues. Live chat is particularly popular for quick responses, while phone support is ideal for more detailed inquiries.
Additionally, Saxo offers a comprehensive help center with extensive FAQs, guides, and tutorials for self-service, which can be useful for solving common issues without needing to contact support directly.
Saxo has garnered positive feedback for its customer service, though some users have noted that response times can vary depending on the time zone and the specific issue being addressed. However, in general, Saxo’s customer support is well-regarded for its accessibility and professionalism, providing reliable assistance to both new and experienced investors.
Account Setup Process
Opening an account with Saxo is designed to be a smooth and efficient process that you can complete entirely online. The platform offers a user-friendly setup, making it accessible for both new and experienced investors.
Here’s a step-by-step guide on how to get started:
1. Personal Information
- You’ll start by providing your basic personal details, including:
- Full Name
- Email Address
- Home Address
- National Identification Number (such as your National Insurance number in the UK or another valid ID number depending on your location)
Saxo uses this information to verify your identity and ensure compliance with regulatory standards.
2. Financial Information and Suitability
- Saxo also requires you to fill out a short questionnaire about your financial background and investment experience. This is standard for regulated brokers, ensuring that the services and products provided align with your knowledge and risk tolerance.
3. Document upload
- To complete your registration, you’ll need to upload the following documents:
- Proof of Identity: A valid passport or driver’s license.
- Proof of Address: A recent utility bill, bank statement, or official correspondence showing your name and address.
The platform allows you to upload these documents directly during the registration process, which is typically quick and straightforward. The verification process usually takes a few hours to a couple of days, depending on how fast the documents are reviewed.
4. Funding your account
- Once your account is verified, the next step is funding. Saxo offers several convenient funding methods:
- Bank Transfer: Ideal for larger deposits, this may take a couple of business days to reflect in your account.
- Debit or Credit Card: Faster option, but certain limitations on deposit amounts may apply.
The minimum deposit requirement for a general Saxo account is £0, but this amount can increase for higher-tier accounts, such as premium or VIP levels, which offer additional features and benefits. These may require deposits of up to £1,000,000.
5. Start investing
- Once your account is funded, you can start exploring Saxo’s broad range of investment products, including stocks, bonds, ETFs, and more. The platform’s intuitive design makes it easy to navigate through investment options, place trades, and monitor your portfolio.
Start your investing jorney with Saxo today!
The entire process, from initial signup to being able to invest, typically takes 2-3 business days, depending on how quickly your documents are verified and the method used to fund the account.
For most users, the online interface is seamless, and the steps are clearly outlined, reducing the complexity of the account-opening process.
For those who need any help during the setup, Saxo offers customer support that can guide you through each step, ensuring a hassle-free experience. Overall, Saxo’s account-opening process is quick, secure, and tailored to investors looking to start trading or investing with minimal friction.
Regulatory Safeguards
Saxo is one of the most well-regulated brokers in the world, holding licenses from top-tier regulatory bodies across various regions. In the UK, it is regulated by the Financial Conduct Authority (FCA), one of the most respected regulators globally, ensuring that Saxo adheres to strict financial and operational standards. Other key regulatory bodies include the Monetary Authority of Singapore (MAS), Swiss Financial Market Supervisory Authority (FINMA), and the Australian Securities and Investments Commission (ASIC), among many others. These regulators ensure that Saxo operates transparently, keeps client funds separate from its own, and provides adequate investor protection.
Furthermore, Saxo is a member of the Danish Guarantee Fund, which offers additional protection to investors by insuring individual accounts up to EUR 100,000 in the event of insolvency. This comprehensive global regulatory coverage enhances Saxo’s reputation as a safe and reliable platform for investors.
Security Features
Saxo takes the security of its users’ data and investments seriously. The platform employs industry-standard encryption to ensure that all user data, including sensitive personal and financial information, is securely transmitted. Additionally, Saxo offers two-factor authentication (2FA), which adds an extra layer of security by requiring users to verify their identity through a second device or method when logging in or making transactions.
To protect investments, Saxo uses strict account segregation practices, meaning client funds are held in separate accounts from the broker’s operational funds. This ensures that even in the unlikely event of Saxo’s financial difficulties, client money remains secure. The platform also continuously monitors for any unauthorized access or suspicious activities, making sure investors can trade with confidence.
With a combination of top-tier regulation, robust security measures, and adherence to the highest financial safety standards, Saxo provides a safe and secure environment for its users to invest.
Saxo Alternatives
In our search for alternative investment platforms, we thoroughly examined various factors such as business model, licensing & operations, cost of trading, target audience, and available financial markets.
Here are the key features we considered when identifying the top Saxo alternatives and the respective picks for each one:
Best low-fee alternative
We analyzed the overall cost of platforms, including trading fees, commissions, inactivity fees, spreads, and conversion fees.
Best alternatives for beginners
Beginner-friendly platforms offer intuitive apps and trading experiences, essential for those new to trading. Free demo accounts are crucial, while features like copy or social trading add value.
Best competitors with similar products
We prioritized platforms offering markets and assets similar to Saxo, emphasizing a diverse range of financial products.
Most secure alternative
Regulatory compliance is paramount, so we focused on platforms regulated by top-tier financial authorities. Transparency regarding finances and customer fund storage was also a crucial factor.
Best competitors with highest user reviews & customer ratings
Real user experiences matter. We identified platforms with the best average ratings and positive reviews, ensuring reliability and user satisfaction.
By considering these aspects, we aimed to provide readers with viable alternatives tailored to their investment needs and preferences.
Each alternative was assessed based on these criteria, considering user reviews from platforms like TrustPilot to ensure comparability with Saxo’s offerings.
Frequently Asked Questions
Closing Thoughts and Conclusion
Saxo proves to be a solid platform for long-term investing, offering a robust range of investment products, expert insights, and advanced tools tailored to both beginners and experienced investors.
Its user-friendly interface, whether accessed through desktop or mobile, ensures a seamless experience when managing investments or building portfolios. Additionally, Saxo’s provision of competitive interest on uninvested cash is a great advantage for those looking to maximize returns beyond typical investment growth.
With its comprehensive features, deep market research, and the backing of a well-regulated global network, Saxo offers a combination of flexibility, security, and powerful investment tools. For investors seeking a long-term strategy with access to diversified assets and professional insights, Saxo is a platform that stands out in the market.
Considering these aspects, Saxo presents a comprehensive and supportive investing experience, empowering investors to navigate the wealth management landscape with confidence.
