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Broker Review: Saxo Bank

Saxo Bank is a Danish investment bank that specialises in on-line trading and investments. It's headquarters are in Copenhagen, Denmark but Saxo Bank has offices across the globe, including an office in London, Paris, Singapore and Tokyo. It is one of the most trusted trading providers available and is one of the very few retail brokers that also has a banking license.

Below is my review of Saxo Bank...


What I like about Saxo Bank

They are highly trusted and well-regulated

Just like Oanda, Saxo Bank has a global presence so require global regulation and registration with a name of financial regulators. Saxo Bank has a huge clientele, some of their clients being trading institutions and investment firms. There is no need to worry about the security of your funds or the broker actively seeking to scam you. Saxo Bank is one of the most professional and established retail brokers available.

They offer every financial product imaginable

Saxo Bank offers Forex, Forex Options, Forex CFD's, other Forex derivatives, Commodity CFD's, Commodity Futures, Stock CFD's, Stocks and shares, Bonds, Indices, a variety of Vanilla Options and more. If you need to access a number of markets from a single platform or have the ability to trade ETP's as well as CFD's, Saxo Bank is ideal.

Their customer service is great

I have had experience with their customer service team by phone and email. They were very professional and very helpful.

What I don't like about Saxo Bank

Their platform is slow and old-fashioned

I have used their platform on a number of computers (including my high-speed trading station with fast and reliable broadband). Each time their trading platform has been slow. Their platform has also crashed on me a few times. The platform is also very 'clunky' and looks very outdated. If you are a day trader or need access to a trading platform daily, you are going to find their trading platform very frustrating.

Some of their products are over-priced

There are tighter spreads, better priced options and lower commissions available with other retail brokers.

Summary

If you need a broker that you can trust and who will provide a professional service, Saxo Bank could be the broker you are looking for. If you trade a number of markets and want access to all sorts of hedging and investment products, Saxo Bank is one of the best retail brokers for this. Their platform is not reliable though and not suitable for anyone that frequently trades or actively studies price charts.

To open an account with Saxo Bank, please use this link.

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