Established in 1992, Saxo Bank is a fully licensed and an officially registered European Bank.It is headquartered in Copenhagen, Denmark, with operating offices in London, Geneva, Zurich, Singapore, Tokyo, Marabelle and Beijing. Saxo Bank is also registered with the Danish Financial Supervisory Authority.
Saxo Bank has a formidable presence in forex markets with more than 120 White label partners and clients in more than 180 countries. Another great feature of Saxo Bank is that it employs staff from more than 72 countries which is in close proportion to the composition of its client base.
Saxo Bank has probably the biggest number of currency pairs traded in its platforms. It offers the individual retail trader access to over 155 + Forex crosses (including Gold and Silver) and more than 6000 CFDs. In addition it also provides portfolios and fund management solutions to the professional investor. Spot gold and spot silver can also be traded in this platform.
A demo account is easily available for a twenty day trial period.
For investment below Euro 50,000 the account can be leveraged up to 100 times i.e. 1% margin. For investment above Euro 50,000 the account can be leveraged up to 50 times i.e. 2% margin.
The Mini account can be opened with US $500 and permits leverage up to 200:1. But it requires US $5000 to open a standard account and leverage offered is 100:1.
Saxo Bank has the best possible spreads in normal market conditions and it is usually 2 pips on EUR/USD.The spreads may however widen during periods of volatile market conditions.
This broker also offers a dealing desk option.
One of the best things about Saxo Bank is the fact that all their trading platforms have been developed in-house. This underlines the technological excellence that Saxo Bank possesses.
Saxo Bank has three specialized and integrated trading platforms. They are, the browser-based Saxo Web Trader, the downloadable Saxo Trader and the Saxo Mobile Trader. These platforms are available for use in over 20 languages.
From the usage point of view, for any account below 10,000 K the Saxo Mini Trader could be used which allows trading in 16 currencies.
For accounts above 10,000 K the Saxo Trader is to be used which allows trading in 160 currency pairs and crosses.
Apart from the usual email facility there is also an online chat facility and toll free numbers for 30 different countries are given in the website.
Trader Support is also available in the following languages namely Arabic, Chinese, English, German, Spanish, Portuguese, Russian, Japanese, French, Polish and Turkish.
It is a site that is designed for the professional trader. To that extent it is technically solid and user friendly.
Saxo Bank is a great company from the financial point of view.
It has unique trading software with an unparallel range of tradable forex products.
Streaming newsfeeds from Dow Jones, Newswire and Market News International are supporting features that any trader would find useful.
Most traders would be enthused by the fact that in 2008 Saxo Bank received the Best Retail Platform award from Profit & Loss magazine.
That apart, Saxo Bank has also consistently won high accolade from leading Forex publications such as FX Week, Euromoney and so on.
Saxo Bank has high margin requirements. Also opening an account is a complicated process.