ISA Transfer Rules 2026: How to Move Your ISA
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Saxo Review 2026
Overview, highlights & more!
What will you find in this review:
Overview of Saxo
Saxo, which trades in the UK as Saxo Capital Markets UK Ltd, is a well established name in online investing. Founded in Denmark in 1992, it acquired BinckBank in 2019 and rebranded those operations under the Saxo name across several European markets.
It is best known for giving retail investors access to an unusually wide range of markets through one account: more than 23,000 shares across 50 exchanges, over 7,400 ETFs, more than 5,200 bonds, plus funds, listed options, futures, forex and CFDs.
Saxo sits at the professional end of the UK market. It is not the cheapest platform for a small, simple portfolio, but few competitors match its breadth or its research.
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:
Saxo now serves more than 1.5 million clients worldwide. The Saxo Bank Group is designated a Systemically Important Financial Institution and holds an investment grade A minus credit rating, and Saxo Capital Markets UK Ltd is a wholly owned subsidiary of a licensed Danish bank.
The platform has evolved from its trading roots into a broad investment platform, covering shares, bonds, ETFs, mutual funds and sustainable investment options alongside its leveraged products.
Platform Highlights
| 🗺️ Supported Countries | UK, Europe, and multiple countries globally |
| 📊 Custody fee | 0.12%/yr on shares, ETFs and bonds (0.08% VIP), 0.05%/yr on funds |
| 💲 Share and ETF commission | 0.08% Classic, 0.05% Platinum, 0.03% VIP |
| ⏳ Inactivity fee | No inactivity fees |
| 🏧 Withdrawal fee | £0. Currency conversion costs 0.60% Classic, 0.40% Platinum, 0.20% VIP |
| 💵 Minimum Deposit | None. £200,000 or £1,000,000 qualifies you for Platinum or VIP pricing |
| 💡 Products offered | GIA, Flexible ISA, SIPP, Joint, Corporate and Trust accounts |
| 🎮 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 personalised investment plans that cater to your specific goals and risk tolerance.
Here’s a breakdown of Saxo’s key features:
User-Friendly Platform
Saxo runs two platforms rather than three. SaxoInvestor is the simpler of the pair, covering shares, ETFs, funds and bonds with the essential research and portfolio tools, and it is the sensible starting point for most investors. SaxoTrader is the advanced platform, carrying the full product range including margin trading, complex order types and deeper charting.
Both run in the browser and as mobile apps, so you can move between desktop and phone without losing functionality, and Saxo also supports TradingView integration for anyone who prefers to chart there.
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.
Saxo also connects to a set of third party tools, which is where it pulls ahead of most UK platforms. You can link your account to TradingView for charting and its trading community, to MultiCharts for backtesting and strategy development, or to Excel through Saxo's OpenAPI add-in to monitor a portfolio and automate orders. Connecting costs nothing and you trade on the same terms and pricing as on Saxo's own platforms, although you need a funded account, and platforms such as MultiCharts require a licence bought from the software vendor. For anyone who wants to build their own setup, Saxo also exposes an OpenAPI and a FIX API.
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 maximise 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 Journey 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.
Custody fee applies on top of commission
Saxo charges an annual custody fee of 0.12% on shares, ETFs and bonds, which sits on top of dealing commission. Platforms that cap or waive account fees can work out cheaper for a simple buy and hold portfolio.
Currency conversion is expensive on Classic
At 0.60% per conversion, buying overseas shares from a sterling account costs noticeably more than at brokers charging 0.15% or less. The rate only improves at Platinum and VIP tiers.
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.
Saxo ISA and SIPP Accounts
Saxo Flexible Stocks and Shares ISA
Saxo offers a Flexible Stocks and Shares ISA, which is the account most UK investors will want. You can contribute up to £20,000 a tax year, and because it is flexible you can withdraw money and put it back within the same tax year without using up any more of your allowance. One condition matters: replacement money has to go back into the same flexible ISA, not a different one.
Inside the ISA you can hold more than 18,000 shares, ETFs, funds, bonds and investment trusts across 25 global exchanges. There is no separate ISA platform fee, but the standard charges still apply: 0.08% dealing commission on shares and ETFs at Classic tier, the 0.12% annual custody fee, and 0.60% currency conversion on anything priced outside sterling.
A few practical points. The account can only be opened and funded in sterling, and you cannot fund it by debit card. Saxo accepts ISA transfers in at any balance, handled by form rather than by post. There are no fractional shares, so you buy whole shares only. Since April 2024 you can pay into more than one stocks and shares ISA in the same tax year, as long as your total subscriptions stay within the £20,000 allowance.
Saxo SIPP
Saxo also offers a SIPP, but it works differently from most UK platforms and the difference is worth understanding before you commit.
Saxo is not the pension provider, administrator or trustee. It supplies the trading platform only, and the pension itself is administered by a third party, I.P.M. SIPP Administration Limited and I.P.M. Personal Pension Trustees Limited. In practice you open a pension with the administrator first, then open a Saxo SIPP trading account alongside it. That is a two step process rather than the single application you would get at AJ Bell or Hargreaves Lansdown, and the administrator charges its own fees on top of Saxo's.
Within the SIPP you can hold non-leveraged investments only, meaning shares, bonds and eligible ETFs. Leveraged products are not permitted, which rules out CFDs, forex and futures. You can hold and deposit in 18 currencies and use both SaxoTrader and SaxoInvestor.
Saxo charges nothing to set up the SIPP trading account, and transferring an existing pension in is done with a discharge form from your current provider. Tax treatment depends on your individual circumstances and pension rules can change.
Which should you use?
The short version: the Flexible ISA is genuinely competitive and the flexibility is a real advantage if you may need to dip into the money. The SIPP is best suited to someone who specifically wants Saxo's market access inside a pension and will accept a two step setup and a second set of administrator charges. For a straightforward pension, a platform that acts as its own administrator will be simpler and usually cheaper. Our guide to the best SIPP providers compares the alternatives.
Fee Structure at a Glance
Saxo fees
Saxo charges in two places: a commission when you trade, and an annual custody fee on what you hold. Both depend on your account tier. Here is the breakdown for UK clients:
- Shares and ETFs
Commission of 0.08% per trade on a Classic account, falling to 0.05% at Platinum and 0.03% at VIP. Saxo removed minimum commission charges on shares and ETFs for UK retail clients, so the percentage is the whole commission. - Bonds
0.2% on Classic, 0.1% on Platinum and 0.05% on VIP. - Mutual funds
No dealing commission and no platform fee. - Listed options
From USD 2.00 per contract on Classic, USD 1.00 on Platinum and USD 0.75 on VIP.
On top of trading commission, Saxo charges an annual custody fee on the value of what you hold. It is 0.12% a year on shares, ETFs, ETCs and bonds for Classic and Platinum accounts, falling to 0.08% for VIP, and 0.05% a year on funds across all tiers. There is no minimum custody fee.
The fee is calculated daily on end of day values and billed monthly. Saxo does not charge a separate annual platform fee, and there is no inactivity fee and no account closure fee.
For a straightforward buy and hold portfolio the custody fee is the number that matters most, because it applies every year whether you trade or not.
Account minimums also differ across Saxo’s offerings
- There is no minimum funding requirement to open a Saxo account. You can open an account and fund it with whatever amount you choose.
- Platinum pricing is unlocked by funding GBP 200,000 or more, or by reaching a qualifying trading volume.
- VIP pricing is unlocked at GBP 1,000,000 or a qualifying volume. Saxo Elite, which adds a dedicated relationship manager, starts at GBP 5 million in assets.
Those tier thresholds are qualification levels for cheaper pricing, not barriers to entry. That distinction is worth making because it is frequently reported the other way round.
Saxo charges no inactivity fee, no withdrawal fee and no account closure fee. Three charges are worth knowing about before you commit: currency conversion at 0.60% on Classic, 0.40% on Platinum and 0.20% on VIP; a transfer out fee of EUR 50 per line of stock capped at EUR 160; and a manual order fee of EUR 50 if you place a trade by phone, chat or email rather than on the platform.
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 Journey 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 analysed 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 prioritised 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 maximise 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.
