Saxo Bank Review: What You Need to Know Before Opening an Account
A Danish bank that doubles as a multi-asset broker, with 71,000+ instruments including real stocks, ETFs, bonds, options and futures. It isn’t the cheapest, and it isn’t built for beginners or for tiny portfolios. Here’s what it does well, what it costs, and who it suits.
Saxo Bank was founded in Copenhagen in 1992. It says it serves more than 1.5 million clients and about €150 billion in client assets. Unlike most online brokers, it holds a full banking licence. Its pitch is breadth: real stocks, ETFs, bonds, options, futures, forex and CFDs in one account, on a platform designed for investors who want one login for everything.
Saxo isn’t a budget broker. It charges a percentage commission on most trades plus an annual custody fee, and it isn’t built around a simple app for newcomers. We have a personal account with Saxo and have used it across equities, ETFs, bonds and options, so this review draws on that experience, on Saxo’s own published fee and regulatory pages, and on third-party tests and user reviews. We don’t earn anything from Saxo, and the links on this page are plain links.
In This Review
Our Verdict
Saxo is an excellent all-in-one platform for investors and traders who want real stocks, ETFs, bonds, options and futures, plus CFDs if they want them, from a single account. It’s a licensed bank, the platform is one of the best-designed we’ve used, and the choice of markets is hard to match at a retail broker. We keep using it for that reason.
It’s the wrong pick if you want the lowest possible costs, a simple app for a few ETFs, or fractional shares, which Saxo has so far launched only in Singapore, as far as we can find. Commissions are percentage-based and there’s an annual custody fee, so frequent traders and small passive investors can find cheaper options. It also isn’t available to US residents, according to third-party reviewers. Support on a standard account is functional rather than personal.
Best for investors and traders who want real stocks, ETFs, bonds and options from one regulated bank.
Visit Saxo → Try Free DemoCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider.
Is Saxo Safe? Regulation and Client Protection
Saxo’s main advantage on safety is structural: Saxo Bank A/S is a licensed Danish bank, regulated by the Danish Financial Supervisory Authority, and not only a broker. Saxo says it is rated A- by S&P Global and was designated a systemically important financial institution in Denmark in June 2023. Saxo says it is part of J. Safra Sarasin Group, a Swiss private banking group, and it operates in 12 countries.
Which Saxo company holds your account depends on where you live. UK clients are served by Saxo Capital Markets UK Ltd, authorised by the FCA (firm reference number 551422), and Saxo also operates regulated entities in Switzerland, Singapore, Australia, Japan and Hong Kong. Saxo says UK client money is kept separate from its own at external banks.
Compensation schemes differ too. Under the Danish scheme, cash is covered up to €100,000 and financial instruments up to €20,000. For UK clients the FSCS covers up to £85,000 for investments and £120,000 for deposits only, so the higher figure doesn’t apply to your investments. BrokerChooser reports Swiss cover of CHF 100,000 and no scheme at all for clients in Singapore, the UAE or Japan. Check the entity named in your account agreement before you deposit.
Being a bank with a long track record is a real strength, and few brokers can say it. But the compensation limits are modest next to a large portfolio, and a safe institution doesn’t make a safe product: Saxo UK’s own risk warning says 60% of retail CFD accounts lose money.
Account Tiers
Saxo prices by tier, and most new clients start on Classic, which has no minimum deposit. The higher tiers pay lower commission rates. On the UK pages, Platinum starts at £200,000 or a qualifying amount of trading volume, VIP at £1,000,000, and Elite is for clients with over £5 million in assets or £200 million in annual trading volume. The custody fee falls only at the top: Saxo UK lists 0.12% a year for Classic and Platinum and 0.08% for VIP.
UK clients can also hold investments in an ISA or SIPP, according to stockbrokers.com. If you plan to trade a lot, ask Saxo how the volume route to Platinum works for your entity before you commit £200,000 to qualify.
What You Can Trade
This is where Saxo stands out. Saxo lists more than 71,000 instruments, and most of the investing products are real ownership rather than CFDs. When you buy a share or ETF, you own it, with dividends paid to you. That’s different from a CFD-only broker, where you hold a derivative contract.
| Market | What you get | Notes |
|---|---|---|
| Stocks | London, New York, Hong Kong + more | Real shares across 50+ markets, with dividends and ownership. |
| ETFs | Wide range, including UCITS | Useful if you’re a European investor who needs UCITS funds. |
| Bonds | 5,200+ bonds | Government and corporate bonds, a rare choice at a retail broker. |
| Forex | Spot forex pairs | Spreads vary by pair and by account tier. |
| Options | Listed options | Stock, ETF and index options, priced per contract. |
| Futures | Index, commodity and financial futures | Margin products, so losses can be large. |
| CFDs | Shares, indices, commodities | Available alongside real instruments, not instead of them. |
Saxo’s total of 71,000+ includes all product types. Availability depends on your country and Saxo entity, and some products are open only to eligible clients.
The bond selection is the clearest advantage. Bonds are often awkward to buy at a retail broker, and Saxo lists more than 5,200 of them. Combined with ETFs, stocks and options, it means a UCITS ETF, a US stock, a bond and an options contract can all sit in one account. The trade-off is that most of this is aimed at people who already know what they want to buy.
Saxo Fees and Costs
Saxo earns from commission, an annual custody fee, currency conversion and the spread on forex and CFDs. There’s no inactivity fee and no fee from Saxo for deposits or withdrawals. The figures below are for Saxo’s UK entity on a Classic account. Other entities have different pricing, and the custody fee in particular varies by country.
| Fee | What you pay (UK, Classic) |
|---|---|
| UK stocks and ETFs | 0.08% |
| Bonds | 0.20% (0.10% Platinum, 0.05% VIP) |
| Listed options | Sample rate of $2.00 on Classic, $1.00 on Platinum and $0.75 on VIP. See Saxo’s options pricing page for the unit. |
| Custody fee | 0.12% a year on stocks, ETFs and bonds (0.08% for VIP) |
| Currency conversion | FX mid-price, plus or minus 0.25% |
| Deposits and withdrawals | No fee from Saxo. Your bank may charge. |
| Inactivity fee | None |
| Transferring assets out | Saxo’s Swiss and Singapore pages list 50 per position. We didn’t find the UK figure. |
The 0.08% stock and ETF rate is Saxo’s sample rate for UK stocks and ETFs. It steps down with tier (0.05% Platinum, 0.03% VIP) and varies by exchange, so check the rate for the market you’ll use. StockBrokers.com reports a minimum of €20 per bond trade. Figures are from Saxo’s own pricing pages in October 2026 and can change.
To see what that means in practice, take a UK Classic account holding ETFs. A £20,000 portfolio would pay about £24 a year in custody at 0.12%, and buying that £20,000 of ETFs would cost about £16 at 0.08%. A £100,000 portfolio would pay about £120 a year in custody. These are illustrations that leave out currency conversion, spreads and fund charges. We didn’t find a minimum custody charge on the UK page, but check your own entity’s fee schedule, because other entities may differ. StockBrokers.com also notes that currency conversion can cost more than expected on Classic accounts, so check the rate on your first trade.
- Trade and hold in the same currency where you can, so the 0.25% conversion charge doesn’t apply
- Make fewer, larger trades, because commission is a percentage of the trade
- Check custody rules for your country, as some have no custody fee
- Look at the exit cost before you build a large portfolio of separate holdings
Deposits and Withdrawals
Saxo doesn’t charge for deposits or withdrawals, and it has no minimum deposit on a Classic account. For UK clients, your first deposit has to be a bank transfer. After that you can add a debit card, up to three cards, with a limit of USD 100,000 per transaction. Payments must come from an account in your own name, as at any regulated broker.
The practical point is that the first deposit isn’t instant. If you want to fund an account in minutes to catch a market move, plan ahead. In our experience, bank transfers have arrived without problems and we haven’t had one rejected. Withdrawing cash is free. Moving your holdings to another broker is a different matter, because Saxo charges per position on the pages we checked, so selling before you leave can be cheaper than transferring.
Platforms and Apps
Saxo has two main platforms, and offers web, desktop and mobile versions of them. SaxoInvestor is the simplified version, built for long-term investors who mostly buy and hold. SaxoTrader is the advanced platform. Its desktop app runs on Windows and Mac, supports up to six screens and includes algorithmic order types and multi-leg options tickets. A Saxo account gives you access to both platforms.
Two extras matter for active users. You can trade straight from TradingView’s charts with your Saxo account, which is free but needs a funded account. And Saxo offers API access for developers, with OpenAPI and FIX connections. A few data features cost extra, such as Level 2 market data and proxy voting, which are subscriptions.
- No fractional shares for most clients. Saxo launched them in Singapore on 10 June 2025, on 1,000+ instruments, and we didn’t find them for the UK
- The AutoInvest savings plan isn’t confirmed for UK clients, and where it runs it has limits (see the FAQ)
- No instant first deposit, because it has to be a bank transfer in the UK
- No access for US residents, according to third-party reviewers
The mobile app is available for iOS and Android, but availability varies by country, so check your app store before you open an account. From our own experience the app is fast and reliable, the charting works well on a small screen, and the portfolio overview gives a clear picture of your positions at a glance.
Research, Education and Demo
Saxo’s research comes from its in-house team, Saxo Strats, which publishes macro commentary and trade ideas. It isn’t a substitute for professional equity research, but it’s good reading if you want a view on markets from a bank’s strategists. Beyond that, the tools you get depend on the platform and on any data subscriptions you add.
Saxo offers a free demo account that runs for 20 days with USD 100,000 of virtual funds, and its demo page presents it as a way to try SaxoInvestor. Use it to find your way around the platform before you fund a live account. Demo results are no guide to how you’d trade with real money at risk, and the 20-day window isn’t long, so have a plan for what you want to test.
Leverage and Margin
Saxo offers leverage on CFDs, forex and futures. For UK and EU retail clients the regulatory limits are 30:1 on major forex pairs, 20:1 on other forex pairs, gold and major indices, 10:1 on other commodities and 5:1 on shares. Professional clients and other entities can be treated differently, often with fewer protections, so check the terms for yours.
Margin deserves care here. Saxo’s margin page says that when your maintenance margin falls below the required level, it may automatically close out your margin positions and cancel open orders on margin products. The page we read doesn’t state the exact trigger point. In our experience, close-outs are real and fast: we have seen positions closed during volatile sessions before there was a meaningful chance to react. The margin utilisation indicator in the platform is worth watching closely if you hold leveraged positions.
UK and EU retail clients get negative balance protection under regulator rules, which means you can’t lose more than your account. That isn’t universal: Saxo’s Swiss margin page warns that losses on margin products can exceed deposits. Check what applies to your entity.
Using Saxo: Our Experience
We have a personal account with Saxo and use it regularly. The asset selection is the main reason we stay. Being able to trade a UCITS ETF, a US stock, a bond and an options contract from the same screen, with the same login, is useful, and not many retail brokers match it. The platform is one of the best-designed trading interfaces we’ve used at any level, and the mobile app doesn’t feel like a cut-down version.
There are downsides. Spreads can be wide on less liquid instruments, such as some bonds, smaller-cap stocks and commodity CFDs. Because commissions are percentage-based, active traders pay more than they would at a low-cost broker, and Interactive Brokers is meaningfully cheaper for high-frequency equity trading. Saxo’s edge is breadth and design, not price. Support on a standard account is impersonal: email and chat resolve issues, but replies can take hours, and there’s no dedicated contact.
Saxo is easy to like if you use its range, and harder to justify if you don’t. Investors who hold several asset types and care about the platform get the most from it. A small portfolio of two or three ETFs is probably cheaper elsewhere.
Pros and Cons
- Licensed Danish bank, supervised by the Danish FSA, with an FCA-authorised UK entity
- 71,000+ instruments, including real stocks, ETFs, options and futures
- 5,200+ bonds, a rarity at a retail broker
- Well-designed platform, with web, desktop and mobile apps
- TradingView integration and API access
- In-house research from Saxo Strats
- No inactivity fee and no deposit or withdrawal fee from Saxo
- No minimum deposit on a Classic account
- Percentage commissions and an annual custody fee, so not cheap for active traders
- 0.25% currency conversion charge
- No fractional shares for most clients
- First deposit has to be a bank transfer in the UK
- Spreads can be wide on less liquid instruments
- Support is impersonal on standard accounts, and reviewers report slow verification
- Protection varies by entity, and compensation limits are modest
- Not available to US residents, according to third-party reviews
Put simply: Saxo suits investors and traders who hold several asset types, want a bank behind the account and value platform quality. Look elsewhere if you want the lowest costs, fractional shares, a very simple app, or if you’re in the US.
Start with the free demo to test the platform, then decide whether to open a live account.
Visit Saxo → Try Free DemoCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider.
What Traders Say About Saxo
Saxo’s Trustpilot score is middling, and the split is wide. Trustpilot shows 3.6 out of 5 across nearly nine thousand reviews for Saxo Group:
Trustpilot figures as of October 2026 for Saxo Group across all countries; scores change daily. 35% of reviews are one-star. Companies can invite customers to review and reply to criticism, so read the score with that in mind.
- Responsive, knowledgeable support staff
- The range of instruments and investment options
- Competitive pricing for the range on offer
- Extensive identity checks, repeated document requests and unclear explanations
- Delays getting money back, in some cases after closing an account
- Complications moving securities to another broker
- Slow replies and difficulty reaching support, plus emails in unexpected languages
It’s a polarised picture: many clients rate the platform and the people they deal with, and a large minority are angry about verification and about getting money out. We can’t verify individual cases, and one-star reviews cover every Saxo country. Read the recent reviews for your own country before you deposit.
How to Open a Saxo Account
The application is online. The part that takes time is verification, because Saxo is a bank and has to check who you are before you can trade or withdraw. Choose your country first: it decides which Saxo entity you’re opened under, and so which rules and protections apply.
- Photo ID — a valid passport or national ID card
- Proof of address — a recent utility bill or bank statement in your name
- A bank account in your own name for the first deposit
- Your tax residency and financial details for the application
- Start with the demo. Try the platform before you commit any money.
- Choose your country. On Saxo’s website, open an account and pick where you live, so you’re sent to the right entity.
- Complete the application. It asks for personal details, nationality, tax residency, employment and financial background.
- Pass the suitability check. Saxo assesses whether its products are appropriate for your experience and finances. Answer honestly.
- Verify and fund. Upload your ID and proof of address, then make your first deposit by bank transfer.
Document and verification rules vary by country and entity. Saxo can decline or restrict an application after review.
Saxo vs Interactive Brokers: Which Is Better?
Interactive Brokers (IBKR) is the broker most often compared with Saxo, because both serve investors who want a wide choice of markets from one account. The difference is where each is strongest. IBKR is the one to look at if cost is your priority, while Saxo is the one that’s easier to use and, to our eye, easier to live with day to day.
*From IBKR UK’s own stock page (October 2026): “IBKR charges no custody fees but custody fees may be charged by third parties”, with fractional shares on eligible US, Canadian and European stocks. Terms differ by entity. Saxo figures are for its UK entity. See our Interactive Brokers review.
On running costs, IBKR is likely to come out cheaper for many portfolios, because it doesn’t charge a custody fee and Saxo does. Commissions differ, so compare them for the trades you’d actually make. Saxo is the more polished experience, with a bank behind the account, a wide bond selection and a platform we enjoy using. If you trade a lot, or you hold a small number of ETFs and want the lowest running costs, IBKR is the one to check first. If platform design and a single bank-grade account matter more to you than the cheapest price, Saxo is worth the premium.
The Bottom Line
Saxo is a good broker with an exceptional range of assets. Real stocks, ETFs, bonds, options and futures sit alongside CFDs, all in one account, with a well-designed platform and a licensed bank behind it. The costs are real: percentage commissions, a custody fee and a currency charge, and cheaper options exist for passive investors and heavy traders. Support is impersonal on a standard account, and some reviewers report slow verification and delays getting money out. It suits investors who want breadth and quality over the lowest price. Try the demo, check which Saxo entity will serve you, and remember that most retail CFD accounts lose money.
Compare Saxo With
Other brokers we’ve reviewed that readers often weigh against Saxo.
Frequently Asked Questions
Is Saxo Bank safe and legit?
Saxo is a legitimate, regulated broker and a licensed Danish bank. Its UK entity is authorised by the FCA. Compensation depends on your entity: for UK clients the FSCS covers up to £85,000 for investments, and the Danish scheme covers cash up to €100,000 and financial instruments up to €20,000. Trading CFDs is still high-risk whichever broker you use.
Is Saxo regulated, and by whom?
Yes. Saxo Bank A/S is regulated by the Danish Financial Supervisory Authority, and Saxo Capital Markets UK Ltd is authorised by the FCA. Saxo also has regulated entities in Switzerland, Singapore, Australia, Japan and Hong Kong. Always check the entity named in your account agreement.
What is Saxo’s minimum deposit?
There’s no minimum deposit on a Classic account. Platinum starts at £200,000 or a qualifying level of trading volume, VIP at £1,000,000, according to Saxo UK. Elite is for clients with over £5 million in assets or £200 million in annual trading volume.
Does Saxo charge fees?
Yes. You pay commission on trades, an annual custody fee (0.12% on UK Classic accounts), and a 0.25% charge when currencies are converted. Saxo charges no inactivity fee and no fee for deposits or withdrawals. See Saxo fees and costs.
Does Saxo have a custody fee?
It depends on where your account is. Saxo UK charges 0.12% a year on stocks, ETFs and bonds for Classic and Platinum clients and 0.08% for VIP. Saxo’s global charges page lists no custody fee in several countries, including Denmark, France, Italy, the Netherlands and Switzerland.
Does Saxo have an inactivity fee?
No. Saxo’s global charges page lists the inactivity fee as EUR 0.
How can I deposit with Saxo?
For UK clients, the first deposit has to be a bank transfer. After that you can add a debit card, up to three cards, with a limit of USD 100,000 per transaction. Payments must come from an account in your own name. Options can differ by country.
Does Saxo offer fractional shares?
Not generally. Saxo launched fractional shares for Singapore clients on 10 June 2025, on 1,000+ instruments, and BrokerChooser says they aren’t generally available. We didn’t find them for UK clients. If fractional shares matter to you, Interactive Brokers offers them on eligible stocks.
Does Saxo have a savings plan like AutoInvest?
Saxo’s AutoInvest ETF savings plan runs in some countries, including Switzerland and the Netherlands, where purchases carry no transaction costs. In Switzerland it’s in CHF only, covers 100+ ETFs, allows up to 10 instruments per sub-account, invests on the 5th of each month and doesn’t support fractional shares. We couldn’t confirm it for UK clients, so ask Saxo.
Does Saxo pay interest on cash?
It depends on your entity and tier. Saxo’s global charges page says VIP clients receive interest on cash, calculated daily and paid monthly, and its Singapore page says Platinum and VIP clients earn interest on balances above SGD 5,000. Check your own entity’s page for rates.
How much does it cost to leave Saxo?
Withdrawing cash is free, but transferring holdings to another broker can cost per position. Saxo’s Swiss and Singapore pages list 50 per position, and we didn’t find the UK figure. Selling before you leave avoids transfer fees, but may trigger tax, and some brokers will cover transfer costs, so ask your new broker.
Does Saxo have a demo account?
Yes. The demo runs for 20 days with USD 100,000 of virtual funds. See research, education and demo.
Does Saxo have TradingView and an API?
Yes to both. You can trade from TradingView’s charts with your Saxo account, which is free but needs a funded account. Saxo also offers OpenAPI and FIX API access for developers.
Is Saxo good for beginners?
It can work, since SaxoInvestor is a simpler platform for long-term investors, but Saxo is built for people who want a wide range of markets. If you only want two or three ETFs and the lowest cost, a simpler, cheaper broker may suit you better. CFDs are complex, leveraged products, and most retail accounts lose money.
Does Saxo offer real shares or only CFDs?
Mainly real shares, ETFs and bonds, plus options, futures and forex. When you buy a share you own it. CFDs are available alongside, but they’re optional and carry a high risk of loss.
Can I hold an ISA or SIPP with Saxo?
UK clients can, according to stockbrokers.com. Check Saxo UK’s current wrapper options and charges before you open one.
Does Saxo handle my taxes?
That depends on your country and Saxo entity, and we haven’t verified tax reporting country by country. Check what Saxo’s local entity handles for you. This isn’t tax advice — ask a qualified accountant.
Saxo vs Interactive Brokers: which is better?
IBKR is cheaper for most portfolios, with no custody fee and fractional shares on eligible stocks. Saxo has the more polished platform and the backing of a licensed bank. See the full comparison.
Is Saxo available in the US?
No, according to third-party reviewers. US residents should look at a broker regulated by the SEC and FINRA.
What percentage of Saxo customers lose money on CFDs?
It depends on the entity. Saxo UK’s website states that 60% of retail investor accounts lose money when trading CFDs with it, and its Swiss site states 67% (as published in October 2026). The percentage changes over time, so check the figure shown for the entity that serves you.
This review is for informational purposes only and isn’t financial or investment advice. Fees and features are accurate as of October 2026 and can change — always confirm current terms with Saxo before opening an account. CFDs are complex instruments carrying a high risk of losing money rapidly due to leverage; 60% of retail investor accounts lose money when trading CFDs with Saxo (figure from its UK website), and the percentage differs by Saxo entity and over time. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. We don’t have an affiliate relationship with Saxo and we don’t earn anything if you open an account through links on this page.