What is Saxo Bank?
Saxo Bank is a forex and CFD broker based in Denmark, listed with a foundation year of 2010. It offers leverage up to 1:500, spreads from 3.0 and a minimum deposit of $100. Clients trade on MetaTrader 4 (MT4) and on mobile.
Is Saxo Bank safe and regulated?
Saxo Bank is regulated by EU Registered Bank. This is an offshore regulator. It sets capital and reporting rules, but its investor protection is lighter than tier-1 regulators such as the FCA (UK), CySEC (Cyprus) or ASIC (Australia), and there is usually no investor compensation scheme.
Offshore regulation is also the reason the broker can offer leverage up to 1:500 and trading promotions, which tier-1 regulators restrict for retail clients.
Safety checklist before you deposit
- Find the licence number on the broker's website and check it on the regulator's official register.
- Check that client funds are held in segregated bank accounts.
- Make a small first deposit and test a withdrawal before you add more.
- Confirm negative balance protection applies to your account type.
Saxo Bank account types
The broker offers several account options so beginners and experienced traders can choose the right fit. Accounts open from a $100 minimum deposit.
| Account | Best for | Available |
|---|---|---|
| Mini account | Beginners trading small lot sizes | Yes |
| VIP account | High-volume traders wanting raw spreads | Yes |
| Islamic (swap-free) | Traders who need no overnight interest | Yes |
| Managed account | Investors who prefer a money manager | Yes |
Trading platform and conditions
Saxo Bank provides MetaTrader 4 (MT4), so you can trade from any browser without installing software. Mobile trading is supported as well.
- Scalping and hedging are permitted, which suits short-term and EA-style strategies.
- News trading is allowed during high-impact economic releases.
- Spreads from 3.0 on major currency pairs.
- Leverage up to 1:500 gives large position sizes from a small deposit, which also raises the risk of fast losses.
Deposits and withdrawals
Saxo Bank supports 1 funding method, including Moneybookers - WebMoney - Paypal - Cashu - Neteller - MasterCard - VisaCard - Bank Transfer. Accounts can be held in 1 base currency (USD), which helps you avoid conversion fees.
Saxo Bank bonus: Yes
How the promotion works
The current Saxo Bank promotion is Yes. Entry rules, dates and eligible countries are set by the broker. Read the full terms on the Saxo Bank website before you trade for it.
Check the promotionLooking for free trading credit instead? Compare the latest forex no deposit bonus offers and forex deposit bonuses.
Saxo Bank pros and cons
Pros
- High leverage up to 1:500
- Scalping and hedging allowed
- News trading allowed
- Islamic, VIP, Mini and managed accounts
Cons
- Only offshore regulation
- No investor compensation scheme
- $100 minimum deposit is higher than some rivals
How to open a Saxo Bank account
- RegisterVisit the Saxo Bank website and sign up with your name, email and phone number.
- Verify your identityUpload a passport or national ID and a recent proof of address (KYC).
- Choose an accountPick Islamic, VIP, Mini, managed or a standard account, and your base currency.
- Fund the accountDeposit at least $100 with Moneybookers - WebMoney - Paypal - Cashu - Neteller - MasterCard - VisaCard - Bank Transfer.
- Start tradingLog in to MetaTrader 4 (MT4) or the mobile app and set your risk per trade.
Is Saxo Bank a good broker? Our verdict
Saxo Bank suits active traders who want high leverage, freedom to scalp or trade the news. The main trade-off is regulation: an offshore licence gives less protection than a tier-1 regulator. Start small, test a withdrawal, and only trade money you can afford to lose.