Founded in 1992 as Midas, Saxo Bank is among the most popular European Forex brokers right now, and it’s well-known far beyond Denmark: the broker is favored by traders from Asia, Middle East, and Australia as well. In this article, we’re with Traders Union experts going to provide you with all the basic information about this broker, explain its trading conditions, and tell you about its security and legal status.
Basic information
Headquartered in Copenhagen, Denmark, Saxo Bank is a reputable multi-asset broker that features a wide variety of tradable assets, including Forex pairs, all kinds of CFDs, stocks, ETFs, futures, bonds, and options. All in all, this broker offers you about 60,000 securities to choose from. That explains why the broker has many different clients: prop traders, banks, other brokers, fintech startups, and so on. It supports just about any trading strategy, but algorithmic trading is prohibited for foreigners.
Trading conditions
While this broker is definitely a convenient and user-friendly one, it may not be that well-suited for any novice trader. There are no cent accounts that can be used for practice, but you can still open a demo account and improve your skills in a safe yet realistic market environment. The minimum deposit limits are also pretty high, especially for beginners: for example, you need €2,000 to start trading in France or the Netherlands, and the lowest limit for most other countries is $2,000. Only traders from Denmark or Norway can trade with small deposits starting from $1 according to the Saxo Bank profile details.
Security and regulation
Saxo Bank is known as a major trader with advanced security measures that guarantee your money is protected from any external threats. If anything goes wrong, you are entitled to receive up to €100,000 as compensation. The company is licensed and regulated by the Danish Financial Conduct Authority (DFSA), and it complies with all the strict rules imposed by the regulator. Moreover, its offices operate in 14 other jurisdictions where the broker also follows local legal requirements.
Additional features
Saxo Bank has an educational section, but it’s not too extensive: it mostly includes basic trading terms and covers the features of the trading platform. However, you can find lots of video lessons explaining the basics of trading here. There are also investment portfolios that can be used for passive income.
