Saxo Bank Review: Is this broker legit, safe and trustworthy for UAE citizens and residents?
Saxo Bank - Danish Investment Bank with a long history of catering for premium forex investors. It also provides crypto trading facility.
Yes, this broker's official website and app are legit, safe and trustworthy for UAE citizens and residents.
Saxo Bank UAE has decent reviews on Reddit and Quora, including satisfactory ratings on sites like Trustpilot. Thus, overall this broker is considered reliable for online trading of currencies, cryptocurrencies, CFDs and stocks.
Saxo Bank Group (Saxo Bank), a Danish financial services company created in
1992, describes itself as "a leading Fintech expert focusing on multi-asset
trading and investing as well as offering 'Banking-as-a-Service' to wholesale
customers." In 1998, the firm took advantage of technology breakthroughs that
had occurred in the late 1990s by developing one of the first online trading
platforms. With the help of its subsidiary Saxo Capital Markets U.K. Ltd (SCML),
Saxo Bank has been operating in the United Kingdom since 2006, and it, like many
other forex brokers, does not allow traders from the United States.
Saxo's main platform is SaxoTraderPRO, a downloadable solution that is best suited for experienced traders and market analysts. SaxoTraderGO, a web-based trading platform with functional trading functions and a user-friendly interface, as well as a functioning mobile application, round out the company's own interfaces. SaxoTraderGO is available in English and Spanish. Additionally, Saxo provides access to third-party tools that may be used to improve the trading experience, as well as APIs that can be used by the customer to develop custom apps. Saxo Capital Markets does not provide the MT4 platform, which is a ubiquitous white-labeled interface that is a component of practically every forex broker's platform package. This is an important distinction to make.
FX, stocks, commodities, indices (including the Dow Jones), options, bonds, and futures are among the many products available for purchase or sale short via contracts for difference (CFDs), forward contracts, and/or direct ownership. In contrast to several of its rivals, Saxo's spread betting service is only offered to users who qualify as "professional clients." Foreign exchange spreads are exceptionally competitive across all retail account categories at Saxo Bank (Classic, Platinum, VIP).
Saxo Capital Markets was named the Best Forex Broker for Innovative Traders in 2020 by Investopedia's rating system, which took into account the broker's wide product catalogue, advanced user-interfaces, and excellent research services.
Our Best Forex Broker for Advanced Traders has been selected.
Saxo Capital Markets provides traders with a diverse selection of products and services, as well as cutting-edge user interfaces and exceptional research capabilities.
Account minimums are rather expensive, and there are limited support choices, as well as higher-than-average bottom-line trading fees, which make Saxo less than ideal for the smaller, less experienced trader.
Saxo Capital Markets caters to the more experienced trader. In addition to providing a comprehensive range of brokerage services, it also caters to sophisticated active traders, investors, professionals, and financial institutions. The account holders with smaller balances will face a number of unexpected challenges, including increased account minimums, a variety of fees, and fewer customer service alternatives. Tiered accounts cut trading expenses and provide additional advantages as equity rises, but the majority of retail traders will have difficulty reaching the highest customer levels, which begin at £200,000 (Platinum) and rise to £1,000,000 (Diamond) for accounts headquartered in the United Kingdom (VIP).
Saxo Capital Markets provides customers with access to a diverse selection of products, including both leveraged and investment products, that cover a wide range of asset classes and are available in several currencies. Clients have access to a variety of financial instruments, including currencies, stocks, exchange-traded funds, commodities, indexes, options, bonds, forwards, and futures. It may be simpler to just list the services that Saxo does not provide.
Financial Conduct Authority (FCA #551422) regulates Saxo Capital Markets. The Financial Conduct Authority (FCA #551422) is one of the most important regulatory agencies in the United Kingdom, and it is well-known throughout the world for being strict in ensuring that market practises are fair for both individuals and businesses. A company's reputation may be enhanced significantly by the fact that the corporation is overseen by a respectable, government-backed regulatory organisation. Trades embrace the inherent dangers of the markets, but they would prefer the peace of mind that comes with knowing that their funds are not vulnerable to risks other than those they are now incurring, such as counter-party risk, while they are trading. Additionally, customer monies are maintained in segregated accounts at Tier 1 institutions.
Saxo's commitment to providing customers with top-notch research should be applauded for its efforts. It is considered to be the gold standard in the online forex brokerage industry.
It was with the end user (trader) in mind that Saxo developed its trading platforms, SaxoTraderPRO (for download) and SaxoTraderGO (for web-based access), which provide significant enhancements over the industry standard MT4 and rival solutions. Furthermore, smooth interaction with third-party tools opens the door to a plethora of opportunities for the more experienced trader.
In addition, Saxo provides "negative balance protection," which has become a very crucial feature that most online brokers are now including in their product offerings. The SNB incident on January 15, 2015, which roiled the markets, particularly in the highly leveraged retail foreign exchange market, was most likely the cause.
The most significant shortcoming of Saxo Capital Markets' online brokerage offering is the lack of emphasis placed on customer service. The ability to communicate with a broker quickly and easily is essential for everyone who is involved in the world of online trading. Its website does not have a live chat feature, and online chat is only accessible to customers who have financed their accounts. Although "chat-bot" capability is accessible, it is possible that Saxo would be better served if it were not. It is customary for prospective customers to try out a broker's products via a sample account, and the lack of access to live chat is an obvious oversight.
It is difficult to determine bottom-line prices because of a bewildering assortment of charge schedules and other hidden expenditures. Commission and spread disclosures are sometimes in conflict with one another, with different prices published for the same or comparable instruments and locations on various days.
Because of legal restrictions, Saxo Capital Markets is unable to accept customers from the United States. As a result, the company cannot be regarded a true global broker, however it would be difficult to find any broker with a more extensive worldwide presence. This would be cause for concern if the corporation were not governed by the FCA, which, together with the National Futures Association and the Commodity Futures Trading Commission, is generally regarded as the world's top regulatory agency.
It should be noted that Saxo Capital Markets does not provide MT4, the ubiquitous white-labeled interface that is a component of practically every forex broker's platform package.
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Trade-related expenses at Saxo Capital Markets are either included in the spread, which is the primary source of income for the broker; alternatively, they are added as commissions, which are in line with industry norms. 0.6 pip is the minimal bid/ask spread for a "classic" account, according to the company's website. Although the average spreads for higher-tiered "platinum" and "VIP" accounts are decreasing and advantages are increasing, the need of a £200,000 minimum deposit to move tiers would dissuade the ordinary retail customer from taking advantage of the savings. When trading other instruments, commission costs that are added to the mentioned spread are taken into consideration.
Overnight holding charges are average to competitive, and a £25/quarter inactivity fee is charged if a customer "only retains cash money" in their account for a period of three months or more. The normal retail dealer faces a slew of additional expenses that are collectively referred to as "general charges." When taken together, these expenses may be rather burdensome. Account holders, on the other hand, will like the fact that withdrawals are completely free.
The differences in fees and prices between CFDs, contracts, and direct sales of similar products are inadequately communicated, contributing to a lack of transparency that can be seen across the website and trading platforms as a result. This is not to argue that Saxo is intentionally attempting to be deceptive; rather, it is to state that the sheer complexity of fees involved with everything that the broker provides may be extremely difficult to explain to someone who is unfamiliar with the financial markets. Having said that, Saxo Capital Markets strives to be as open as possible in its operations.
Detailed documentation for Saxo Capital Markets' operations in other countries, as well as documentation for the United Kingdom, was frequently in conflict with the information provided on the latter's website, outlining conflicting fees (even after factoring in currency conversions) and trading conditions for identical products and position sizes. Fine print that imposes a separate fee on modest deals is also easy to overlook, increasing the likelihood of misunderstanding.
The Saxo user interface is a proprietary system. Trading platforms SaxoTraderPRO (download) and SaxoTraderGO (web-based) were developed with the end user (trader) in mind, and they represent significant improvements over the industry standard MT4, which can only be accessed via an API interface, as well as the newer cTrader platform. Furthermore, smooth interaction with third-party tools opens the door to a plethora of opportunities for the more experienced trader.
SaxoTraderPRO is a desktop interface that is entirely customisable and can be downloaded for use on both Windows and Mac operating systems. The user has the option of employing up to six displays in order to benefit from the extensive workspace management capabilities that this platform provides. Multi-channel connection across modules, as well as a complex charting package that includes "a full suite of annotations, drawing tools, and over 50 technical indicators," may be very beneficial to traders in their market analysis. Order tickets are designed to maximise efficiency while also providing all relevant information on a single screen. Additionally, once activated, algorithmic trading orders may be completely incorporated into the system. It is possible to subscribe to tools that provide valuable value-added features, such as "depth of market" data or "time and sales" data.
SaxoTraderGO does not have all of the bells and whistles that SaxoTraderPRO does, but it is nonetheless an excellent trading platform. The most significant benefit it has over its "big brother" is that it is far more easily available to the public. Although customization options are restricted, this does not detract from the functioning of the programme. This web-based version enables traders to organise charts, news, research, and watchlists according to their own preferences and requirements. The charting and technical indicators are fully functional, and the platform includes custom time management and connecting across platform windows. An astonishing selection of market and pending orders easily outperforms the competition, demonstrating Saxo's focus to luring the expert trader in the first place.
Both platforms' order tickets have five basic order types, each of which may be supplemented by "take profit" and/or "stop loss" orders. In addition, the trader has the option of making the stop loss order a trailing stop loss or a stop-limit order, if desired. The absence of a guaranteed stop loss order is the one missing from an otherwise amazing selection of order types. An inexperienced trader would be put off by this, but an experienced trader would see that guaranteeing a stop loss order is incompatible with market dynamics. Excess losses may occur under certain market situations, and brokers that provide this service are effectively acknowledging that they will absorb these losses.
Market - The most basic kind of order, in which a trader indicates that their trade request should be completed at the current market exchange rate. In addition, the platform provides a version of this known as "fast trade," which enables the trader to "hit the bid" or "pay the offer" in order to conduct a transaction without having to worry about whether or not a stop loss or take profit is in place. This is in place to meet the needs of traders who need rapid response times.
Limit order - A pending order in which the entry is at a predefined point below or above the current market rate, depending on whether it is a buy or sell order. Limit order - The trader also has the option of specifying the time at which the order will be executed.
For buy or sell orders, the entry point is a predefined point above or below the current market pricing, depending on whether the order is a stop order. The trader also has the option of specifying the time at which the order will be executed.
An order with an entry point that is either above or below the current market rate, depending on whether it is a buy or sell, but where the trader has the ability to specify the tolerance range for execution. Stop-Limit orders are used in a variety of financial markets. For example, if the market moves in the opposite direction of the set rate and the tolerance period, this order is cancelled instantly. The trader also has the option of specifying the time at which the order will be executed.
If one of two pending orders (one is an entrance halt and the other is an entry limit) is executed, the other order is immediately cancelled, resulting in an OCO. The trader also has the option of specifying the time at which the order will be executed.
SaxoTraderGo applications for iOS, Android, and tablets allow quick and simple access to the powerful capabilities available on the desktop and online versions of the software, with complete synchronisation across platforms. A small but comprehensive range of indicators is provided, and traders may access real-time news and research with a few swipes. Although the applications support fingerprint identification, this important feature is not included in the two-tier authentication procedure.
One important aspect to emphasise is that Saxo Capital Markets does not provide access to MT4, the ubiquitous white-labeled interface that is a component of practically every forex broker's platform suite. Saxo Capital Markets does not provide access to the MT4 interface.
Additionally, Saxo provides customers with the option of developing customised apps using APIs, both its own OpenAPI and third-party APIs (such as Excel) that can access Saxo's data feeds, as well as custom programming interfaces. Apart from that, customers may also use third-party software to aid them in their trading. Examples of these include TradingView, Dynamic Trend, and MultiCharts, to name a few. Back-testing methods are possible with MultiCharts, whereas TradingView promotes itself as a social trading platform on its website, among other things. Saxo does not provide VPS hosting on a local server.
Saxo Capital Markets provides customers with access to a comprehensive catalogue of products that includes both leveraged and investment products and encompasses a wide range of asset classes, according to the company. It may be simpler to just list the services that Saxo does not provide. According to the company's websites in the United Kingdom and other countries.
Many instruments may be traded across a variety of venues and order routing systems, offering an incredible level of diversification. However, certain venues will have higher-than-average transaction costs than others. Nonetheless, the product suite is extremely good, and it is certain to gratify anybody who is interested in worldwide markets.
When it comes to Saxo Capital Markets' online brokerage service, the only thing that might be considered a shortcoming is the company's customer service. There is no live chat capability available on the website. Embedded online chat is offered inside the trading platforms, although it is only accessible to funded accounts, and local language assistance is only available to higher-tiered accounts. Although "chat-bot" capability is accessible, it is possible that Saxo would be better served if it were not. Although the broker is active on social media platforms such as Twitter and Facebook, it does not accept service requests via such channels.
Prospective clients typically evaluate a broker's offering through a demo account, and the lack of access to live chat is an obvious omission in this case. Prospective customers are compelled to contact the sales department by phone or email as a result of this. Although the broker offers a comprehensive help website with a wide range of subjects, the search tool may be improved. In spite of the fact that Saxo advertises industry-standard 24/5 customer support, the company's contact page only includes office reception and sales numbers, not a local or toll-free support number, and the small print indicates that departments are only open between 9:00 am and 5:30 pm, local time. Additionally, there is no direct phone number to the dealing desk.
Platform and product tutorials, as well as beginning coverage of fundamental and technical analytical themes, are the primary educational tools, with limited resources to help students develop their skills. But, on the other hand, it looks to be in line with Saxo's underlying objective of recruiting sophisticated, well-funded traders. In the commonly recognised meaning of the phrase, there is no glossary, which creates still another barrier for less-skilled traders to navigate the market. There is, however, a FAQ page that is both informative and useful.
Portfolio analysis, which includes performance statistics, risk assessment, and portfolio breakdowns, is available on all of Saxo's platforms and is accessible from any device. It is possible to export all historical position, transaction, and performance data from the platform reporting suite in PDF or Excel format using the platform reporting suite. It is possible to combine holdings in an external spreadsheet or third-party reporting programme using the reporting capabilities provided by this feature.
Trade tickets feature important information such as margin requirements, as well as the ability for the user to choose the unit (percent, pips, price, or value) in which to make stop loss and take profit orders, among other things. All information is available in real time, allowing the trader to make an educated choice.
A third-party portfolio tool (eXimius) is available via Saxo Capital Markets, and external tax reporting and reclaim services from third-party supplier GlobeTax may be ordered. All clients have direct access to a comprehensive reporting suite that is accessible through the trading platforms. The offered reports make tax reporting easier by providing performance, profitability, dividend, interest income, and fee data in both PDF and Excel format, making it easier to prepare and file tax returns.
Clients should be applauded for Saxo Capital Markets' commitment to provide them with a multitude of timely and useful research. A serious trader may be enticed to create a real account with this broker only on the basis of access to this part. Researchers may obtain research resources via the website or directly from the platforms. Saxo has a strong team of in-house analysts that give frequent market updates, ratings, and timely comments on a variety of financial markets.
The availability of multiple real-time, streaming news services (Dow Jones Global News, NewsEdge Equities, NewsEdge Macro, Ransquawk), a variety of market reports in varying time formats, trading idea generators (Trade Signals by Autochartist and trade ideas from Sales Traders and SaxoStrats), and access to analyst rating reports (TipRanks) should satisfy even the most seasoned trader on the market.
To put it another way, Saxo Capital Markets is likely to provide whatever research that a customer would need in order to make an educated trading choice.
Because Saxo Capital Markets takes security very seriously, they have obtained licences from several regulatory authorities throughout the globe. Complete licence information may be obtained on this website.
According to the Financial Conduct Authority's (FCA) client money guidelines, Saxo additionally takes efforts to guarantee that client monies are not mixed with business funds while in transit. If Saxo goes bankrupt, this safeguards client assets by ensuring that they are held in segregated accounts at regulated banks in the unlikely event of a bankruptcy. Customers also have further asset protection under the Financial Services Compensation Scheme (FSCS), which provides up to £85,000 in liability protection for financial institutions.
The negative balance protection rules mandated by the European Securities and Markets Authority (ESMA) and implemented in 2018 provide clients with the assurance that they will never lose more money than they have in their accounts. Although guaranteed stop-loss protection is not available, accounts are exposed to potentially catastrophic losses in extreme market conditions, such as the currency shock that occurred in the Swiss franc in 2015.
Saxo's software security is on par with the finest that the industry has to offer in terms of protection. The user will be automatically logged out of both the web-based and mobile apps if they are not used for a certain period of time, in addition to two-factor and biometric authentication.
A broad range of direct market access (DMA), aggregated market access (AGA), and in-house liquidity providers are supported by a broad range of web disclosures, including company procedures to ensure the best executions possible.
Saxo Capital Markets is a fantastic alternative for experienced traders and professionals that have a substantial amount of money in their accounts. Trader education is lacking, and customer service is below par. Extensive and thorough research tools, an API interface, and subsidised fees (for high-tier accounts) all have the potential to increase account profitability. The strategy used by Saxo leads one to believe that the company's commercial goals are primarily focused on larger-scale and professional account holders.
It is difficult to determine bottom-line prices because of a bewildering assortment of charge schedules and other hidden expenditures. Commission and spread disclosures are sometimes in conflict with one another, with different prices published for the same or comparable instruments and locations on various days.
A certain arrogance pervades Saxo's approach, which may be warranted given the company's track record, but which might be off-putting to a rookie trader who is interested in gaining access to its service. The fact that Saxo Bank charges surcharges for small trades, provides few educational resources, requires high account minimums, provides limited support options, and has higher-than-average bottom-line trading costs means that small and less skilled traders will be able to find better deals elsewhere.
Saxo's wide product catalogue, modern user interfaces, and better research services, on the other hand, would be highly appealing to a smart, well-funded market expert.
Market participants may trade on a high-performing platform with access to more than 40,000 financial products. Saxo Bank also provides traders with all of the information they need to make an educated choice about putting plans into action. At Saxo Bank, you can navigate market turns through the use of curated investment themes, expert market commentary, alerts sent to your phone, charting tools, and educational webinars.
Additionally, Saxo Bank provides a high-level platform for trading leveraged products such as forex, CFDs, futures, commodities, forex options, listed options, and other derivatives, in addition to its traditional stock trading, bond trading, ETF trading, mutual fund trading, and mutual fund trading. As a result of its innovative forex trading platform, Saxo Bank enables traders to trade key currency pairs from spreads as low as 0.4 pips with no fee and even lower spreads for active traders. Trade up to 182 Forex pairs spanning majors, minors, and exotics, as well as cryptocurrencies and spot metals, starting with as little as 0.6 pips.
In today's market, smart traders are chasing Contracts for Difference (CFDs), which are agreements between two parties in which they speculate on the movement of the price of a financial instrument. The Securities and Exchange Commission (SEC) of the United States now restricts CFD trading for citizens and residents of the United States; however, if your place of residence permits CFD trading, you may participate in this trading trend at Saxo Bank.
In addition to the United Kingdom, Saxo Bank services a number of other European countries including the Czech Republic and Denmark, as well as France, Italy, the Netherlands, and Switzerland. From its facilities in key financial centres, the company's customer care staff provides assistance to customers in more than 180 different countries. To contact Saxo Bank, you may use the email address, contact form, or phone number shown below. Frequently Asked Inquiries (FAQ) area, where the sensitive search bar interprets your search phrases widely and professionally provides you with a selection of appropriate solutions, contains the answers to many of your questions.
At Saxo Bank, you can rely on competitive pricing in the industry. Saxo Bank's costs are cheap, thanks to ultra-competitive spreads and commissions across all asset classes, as well as increasingly better prices as your trading volume grows. According to your account tier, it provides three different levels of pricing, with narrow, all-inclusive FX spreads available across all tiers.
You may download the visually appealing and lightning-fast Saxo Bank app (SaxoTraderGO) from the Apple App Store or Google Play Store. It is possible to do the same tasks on the app at the same pace as you can on your desktop computer.
As a SaxoTraderPro member, you can trade on the desktop or mobile app, where you can rely on high-performance tools designed to manage and execute orders, as well as in-depth market analysis features. Toolkits include a depth trader with time and sales data, algorithmic orders and a charting package, as well as enhanced trade tickets that are designed for speed and productivity, with order insertion conveniently clickable for quick execution.
In order to benefit from the managed portfolios offered by Saxo Bank, investors must first open an account with the bank. They will then obtain world-class industry experience while only paying a fraction of the cost of typical wealth managers. No lock-in period exists with Saxo Bank, and if your circumstances change, you may withdraw your funds at any moment. Once you have opened an account, you will be able to examine your investment holdings on your computer or via an app.
Investors and traders may benefit from Saxo Bank's proactive staff, which is dedicated to providing action in an ever-evolving investing and trading environment. Being at the vanguard of this business means that Saxo Bank is continually thinking forward and challenging the existing quo, which provides you, the client, with a significant competitive edge over the competition. In a competitive marketplace, features such as worldwide market access, robust trading platforms, industry-leading pricing, narrow spreads, and professional support help traders make more money. A daily trading volume of 12 billion USD or more, 200 million OpenAPI queries every day, and 120+ Partner institutions and brokers combine to provide a level of scale that instils the greatest amount of trust in the market.
The online instructional courses that Saxo provides to its traders are comprised of information that genuinely shows you what to do, step by step, rather than just slapping on fluff without substance to the screen. The little post-course exams demonstrate that it is serious; few of us really learn until we are under the pressure of a test to prove that we have grasped the content. When it comes to customers, Saxo Bank wants them to succeed, which includes understanding the jargon and making educated choices while also being aware of the dangers.
The technology provided by Saxo Bank enables businesses of all sizes to connect to global exchanges. Our capital markets solutions are used by financial institutions such as banks, brokers, financial advisers, fintechs, and other partners to deliver trading and investing services to their customers.
Take advantage of Saxo Bank's award-winning forex trading platform, whether you are just getting started or want to make a move. A doughnut may be purchased at Walmart (NYSE: WMT), but wouldn't it be better to work with the donut pros (NASDAQ: DNKN) instead? Your trading platform is much more important, and Saxo Bank is your go-to source for FX trading expertise.
Saxo Bank, without a doubt, distinguishes itself by providing news, analytics, and research that may be used to make profitable trades. The "Outrageous Predictions" option on its website is a particularly ingenious feature, since it allows you to read, download, and vote on the predictions that appeal to you the most. The 2021 publication, edited by Steen Jakobsen, is a light-hearted read, veering from hunches like "Amazon 'buys' Cyprus" to "Blockchain tech kills fake news" and everything in between. The cartoon artwork is also a source of enjoyment. You may follow them on Twitter at @SaxoStrats for trading ideas and economic news that may have an impact on your trading decisions.
Imagine living in Denmark, where I could eat rabarberhorns and trade foreign exchange on my Saxo Bank FX account. That move would have to be considered an outlandish forecast for my staid American existence, but the possibility of having a Saxo Bank account for people of the United States may not be that far-fetched. When it comes to traders that like solid analytics and hard-nosed research, Saxo is the greatest option available. "The markets never stop moving," says Saxo Bank, which lives up to its motto. "Neither do we," says the author.
Beyond offering affordable fees and fee transparency, Saxo Bank distinguishes itself from its rivals by providing educational and thought leadership material that is delivered in conjunction with the bank's powerful and efficient trading platform. The equipment and tools necessary to purchase and sell in the market are provided by all trading platforms; but only a handful supply the educational courses and thought leadership insights that Saxo Bank provides. It just takes a brief amount of time to get valuable knowledge from Saxo Bank's courses, blogs, white papers, and other online resources, which will provide you with the edge you need to take your trading to a higher, more lucrative level of success.
Is Saxo Bank a secure institution? Saxo Bank is governed by a number of different government entities. Several regulatory agencies, such as the Danish Financial Services Agency, the Financial Conduct Authority, and the Swiss Federal Banking Commission, are involved in keeping Saxo Bank secure and on the straight and narrow. Saxe Bank is an industry leader that is completely regulated and licenced in 15 countries, including Denmark, the United Kingdom, and Singapore. The bank also possesses banking licences in Denmark, Switzerland, and the United States.
Is Saxo Bank a financial institution? In addition to trading and access to worldwide markets, Saxo Bank is a full-service, licenced Danish bank that provides a comprehensive variety of financial services. You can be certain that your money is secure when you put it into a Saxo Bank account, since it is held in at least one segregated account and is covered by the Financial Services Compensation Scheme.
Saxo Bank (formerly known as Saxo Capital Markets) was founded in 1992 and is a Danish investment bank located in Copenhagen. Retail and institutional investors may choose from a variety of online trading platforms that are tailored to their specific needs. Saxo Bank is fully regulated, and it adheres to stringent regulatory compliance standards in a number of jurisdictions, including Denmark, the United Kingdom, Australia, and Singapore, among others. We can also say that Saxo capital markets is a global service provider with customers in more than 170 countries and a portfolio of more than 35,000 tradable assets, amongst other things. This company provides services such as typical share brokerage services, as well as foreign exchange trading, contracts for difference (CFDs), futures trading, and mutual funds.
Saxo Bank is one of the most well-known and respected investment banks in the world. It specialises in online trading services and investing, with more than 35,000 trading instruments available on the platform, and it has a large number of customers. It consists of several thousand conventional stocks traded on a variety of stock exchanges throughout the world.
Additionally, this broker provides its services to short-term traders, who may purchase and sell thousands of Forex and CFD contracts via the use of the broker's trading platform. Furthermore, Saxo Bank provides a wide range of trading assets, including futures and options, equities, commodities, and a variety of others. This demonstrates that the platform can accommodate a wide range of customers with varying degrees of expertise.
Securing the bank's reputation is the responsibility of top-tier licencing authorities. Saxo Markets UK is regulated by the Financial Conduct Authority (FCA), which also includes regulators from Switzerland, France, Singapore, Italy, Australia, and Japan.
Saxo Bank is a web-based trading platform that provides a variety of functions while maintaining a high level of security. Customers were required to provide certain papers when they created an account with this broker, including a copy of their passport, driver's licence, or other official identification. The login procedure for some of the various account kinds has been improved in order to better safeguard the data of the users.
Saxo Trading operates in the same way as any other online trading broker, and it provides its clients with a wide range of trading products. It also provides a variety of services and managed portfolios to its clients.
Saxo Bank's managed portfolios suggest that a highly skilled team of specialists will make purchases and sales of assets on the customer's behalf. Because there is no lock-in period on these managed accounts, traders have the freedom to withdraw their cash at any moment.
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According to our Saxo Bank review, this broker offers a diverse selection of instructional resources, as well as trading classes that cover a variety of topics such as futures, bonds, CFDs, stocks, FX, and options, among others. Traders of all levels will benefit from this course, which is simple to understand and useful for both new and experienced traders.
Saxo Bank provides its customers with a guarantee that they will not lose more money than they have in their accounts by complying with the negative balance protection requirements established by the European Securities and Markets Authority (ESMA), which became effective in 2018. Despite this, Saxo Bank does not provide guaranteed stop-loss protection, which leaves traders exposed to the risk of incurring losses in particularly turbulent markets.
There are various main currencies accepted by Saxo Bank, and there are no conversion costs if the trader's deposit currency matches the currency of their account location. Additionally, traders who live in the United Kingdom and deposit their funds in GBP will not be subject to exchange rate conversion costs.
Saxo Bank provides approximately 35,000 tradable products, allowing traders to diversify their portfolios across a variety of asset classes.
The trader may also link their Saxo accounts to a third-party platform in order to have access to customised tools that are tailored to their specific needs. When a trader connects to a third-party platform, Saxo does not charge the trader.
Saxo Bank provides its services to short-term customers, who may trade in the foreign exchange market, futures and options, and CFDs.
It also provides mutual funds, which consumers may utilise even if they have no prior trading experience and have no prior knowledge of how to invest in mutual funds.
Saxo Bank is governed by a number of regulatory authorities across the world.
One of the most significant advantages of using this broker is that there are no fees associated with deposits or withdrawals.
According to our findings, Saxo Bank provides its traders with a mobile application that includes a variety of capabilities.
One of the most significant disadvantages of this broker is that it needs a minimum deposit of £500.
There is no live chat feature available with these brokers.
Following our analysis, we can conclude that Saxo Capital Markets is the ideal trading platform for expert traders. An extensive range of services are offered to skilled and active traders as well as professional investors as well as banks and other financial organisations. If you are a small trader, you may experience a number of difficulties, including a high account minimum and limited customer assistance alternatives. For accounts with a physical address in the United Kingdom, the minimum deposit is 200,000 pounds for platinum accounts and 1,000,000 pounds for VIP accounts.
Saxo Bank is a regulated and licenced broker in a number of different countries throughout the globe, including the United States. Listed below are a few examples of them:
The Financial Conduct Authority (FCA) of the United Kingdom regulates and authorises Saxo Capital Markets in the United Kingdom.
Saxo Capital Markets Pte Ltd is a Singapore-based company that is regulated by the Monetary Authority of Singapore (MAS).
As a licenced bank in Switzerland, Saxo Bank is governed by the Swiss Financial Market Supervisory Authority (FINMA), which oversees the financial markets.
The Japanese Financial Service Agency -FSA regulates and licences Saxo Bank Securities Ltd, which is a subsidiary of Saxo Bank.
Saxo Capital Markets Limited is the best forex broker in Australia, and it is regulated by the Australian Securities and Investment Commission – ASIC – as the best forex broker in Australia.
In addition, Saxo Bank maintains a number of licences in various countries, making it one of the most highly regulated brokers in the trading sector at the moment.
In addition to bank transfers, stock transfers, credit and debit cards, Saxo Bank is one of the main brokers that offers three deposit methods, including bank transfers, stock transfers, credit and debit cards. Transaction fees may be decided by the currency in which the transaction is conducted rather than the currency in which the account is maintained. If the transfer is made in cash, there are no fees or charges. When submitting withdrawal requests using an online cash withdrawal module, it does not charge any fees, which is in contrast to other brokers. If the traders choose to use a manual money withdrawal form, Saxo Bank will impose a $40 processing fee for each withdrawal. Aside from that, withdrawals may be done using a bank account that has the same name as the one that is stated on the trading accounts itself.
Final thoughts: Saxo Bank provides traders with simple-to-use trading platforms by providing more than 35,000 trading products, all of which are readily accessible to traders via the company's website. It is worthwhile to mention some of the platform's features, which are beneficial to both new and experienced traders. These features include research, educational offerings, analysis, and excellent customer service, among others. This platform is primarily used by experienced traders, rather than by beginners. If you compare the platform's minimum deposit requirement to other trading platforms, which need a minimum deposit of $250, the platform's requirement is a little excessive. Before beginning to trade forex, a word of investing advice: always study and assess the trading market before putting your hard-earned money at risk.
Learn more about online trading brokers for UAE citizens and residents.
Sites like Saxo Bank in the UAE
Here is a list of top online brokers to open an account for trading Forex, Bitcoin, CFDs and Stocks in the UAE. These brokers have above-average reviews on sites like Reddit, Quora and Trustpilot; and are totally legit, safe and trustworthy for UAE citizens and residents.
The brokers listed on this webpage accept clients from within the United Arab Emirates. Most of these companies provide an online trading platform for fiat currencies (such as Pound Sterling, the Euro, the US dollar, Japanese Yen etc.), buying and selling of cryptocurrencies (for example Bitcoin, Ethereum, Tether, XRP etc.), stocks (this includes listings on Abu Dhabi Securities Exchange, Borse Dubai, Dubai Mercantile Exchange, Dubai Financial Market and NASDAQ Dubai), CFDs (Apple, Microsoft, Amazon, Google, Tesla etc.), UAE government and corporate bonds, and short-term to long-term fixed income securities.
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- Swissquote - It's a Swiss bank that offers an online trading platform for forex and CFD trading. (Swissquote Review)
- easyMarkets - Israeli brand that is big all over. (easyMarkets Review)
- OANDA - American broker that is now spreading its wings. (OANDA Review)
- Forex.com - Google ranks them in the top 10 for the term "forex". (Forex.com Review)
- Plus500 - UK brand that has its own platform, OK for CFDs, with mediocre reviews. (Plus500 Review)
- AvaTrade - Regulated by ADGM's Financial Services Regulatory Authority (FSRA) in Abu Dhabi. (AvaTrade Review)
- FXCM.com - Oldest brand when it comes to retail online forex trading. (FXCM.com Review)
- Mashreq Neo - An online trading platform provided by Mashreq Bank. (Mashreq Neo Review)
- ForexTime (FXTM) - Owned by Andrey Dashin from the Alpari broker fame. (ForexTime FXTM Review)
- Noor Capital - Licensed and Regulated by the UAE Central Bank and SCA. (Noor Capital Review)
- XM.com - XM broker is big in Africa and South East Asia, and now promoting themselves hard in the UAE. (XM.com Review)
- Pepperstone - Originally Australian, but licensed locally by Dubai Financial Services Authority. (Pepperstone Review)
- ADSS - Based out of Abu Dhabi and regulated by the Central Bank of the United Arab Emirates. (ADSS Review)
- CMC Markets - UK-based broker that is popular among CFD traders. (CMC Markets Review)
- Orient Finance - Local online-trading broker that caters to novice traders looking to invest in the foreign exchange markets. (Orient Finance Review)
- Alfa Financial - Their office is located at City Centre Deira on Port Saeed Road; and generally tends to attract investors within Dubai. (Alfa Financial Review)
- One Financial Markets - Local forex broker with an office at Dubai International Financial Centre at Index Tower. (One Financial Markets Review)
- Amana Capital - A broker located at Central Park Towers, Dubai International Financial Center. (Amana Capital Review)
- ETX Capital - UK broker that has a decent reputation among Arab investors. (ETX Capital Review)
- Century Financial - Old online-trading broker with an office at Level 6, Building 4, Emaar Square, Downtown Dubai. (Century Financial Review)
- IFCM UAE - Nothing special about IFC Markets, but it does have a dedicated .AE website for UAE clients. (IFCM UAE Review)
- EARNEX - This one is present at Jumeirah Lakes Towers and is licensed by the SCA. (EARNEX Review)
- Interactive Brokers - American online-trading broker that is expanding into Asian and Arab markets nowadays. (Interactive Brokers Review)
- Rakuten Securities - Japanese broker that usually looks out for large institutional investors. (Rakuten Securities Review)
- Dukascopy Bank SA - Swiss bank that offers online forex trading on its own proprietary platform. (Dukascopy Bank SA Review)
- Gulfbrokers ae - Dubai Multi Commodities Centre (DMCC) regulates this broker, but there nothing extraordinary about this brand. (Gulfbrokers AE Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.