What is Saxo Bank floor? Is there a scam?
1. Advantages and disadvantages of Saxo Bank
Saxo Bank is suitable for investors and traders who are looking for a great trading platform and solid research support.
2. Transaction fee
Saxo bank has a medium transaction fee.
2.1. Transaction fee
Saxo has average transaction fees, transparent fee structure, allowing you to easily calculate the total cost. Besides, the fee structure varies depending on the type of account you use.
2.2. Securities fee and ETF
Saxo Bank’s securities fee and ETF fund are also considered to be at average level. The fee structure is based on transaction volume, but also imposes a minimum fee.
2.3. Foreign exchange fee
Saxo Bank’s foreign exchange transaction fee is very high. It applies a spread-only fee structure, that is, you pay only the difference, not the commission.
2.4. Bond fee
Saxo’s bond fee is the highest in the market today. You will pay a commission based on the transaction volume of 0.2% and a minimum fee. The minimum fee is also very high, up to nearly 90 USD.
2.5. Optional and future fees
Optional fees and future fees of Saxo Bank are also very high. The stock option fee depends on the currency of the underlying product.
2.6. CFD fee
Saxo’s Differential Contract Fees (CFDs) are average, calculated based on the amount of transactions and at a minimum prescribed in advance. Trading fees will track indices, commodities, foreign exchange and CFD bonds integrated into the spread.
2.7. Cryptocurrency fee
At Saxo Bank, you can trade cryptocurrencies through exchange notes, such as Bitcoin and Ether ETN.
2.8. SaxoSelect fee
SaxoSelect is a robo consulting service that allows you to select investment topics and Saxo will assist in building a portfolio. Its price varies from strategy to strategy, but usually includes:
+ Annual service fee
+ Implementation fee
+ Transaction fee
+ Conversion fee if your account has a different currency than the portfolio you invested in
+ Financial charge for CFD portfolio
2.9. Financial rate
If you want to trade margin and hold your leverage position for long then you will incur significant financial costs. Saxo Bank’s financial ratio is among the highest in the market.
2.10. Non-transaction fee
The fee for Saxo non-transaction is average, they do not charge account fees or withdrawal fees, but still apply the inactive fee. If you trade with stocks, ETFs or bonds, there is a deposit fee.
3. Open an account
Saxo supports opening accounts for residents in most countries around the world, with a few exceptions such as residents of the US, Iran, Cuba, Sudan, Syria or North Korea. People in Ontario, Newfoundland and Labrador of Canada are also banned due to local regulations.
Opening an account on Saxo Bank is quite simple.
3.1. Minimum deposit
At Saxo Bank, the minimum deposit is £ 500 ($ 556) and may be higher depending on the different countries. In addition, the minimum deposit of Platinum and VIP accounts is also higher than Classic accounts.
3.2. Types of accounts
Saxo offers 3 types of accounts:
+ Classic: Minimum deposit of £ 500
+ Platinum: Minimum deposit of £ 50,000
+ VIP: Minimum deposit of £ 1,000,000
In addition, Saxo Bank also supports opening accounts for both individual and corporate customers.
3.3. How to open an account
Account opening is conducted seamlessly, quickly and automatically. Your account will be provided after 3-4 days.
4. Deposits and withdrawals
Saxo offers many free deposit and withdrawal options on a user-friendly interface.
4.1. Base currency account
Saxo has 32 base currencies.
4.2. Deposit fees and options
Saxo Bank is free of deposit fees, allowing users to transfer via bank or via credit / debit card to deposit. Bank transfer may take from 1 to 5 business days. If you use a credit / debit card, the money will be transferred to your account immediately. You can also transfer stocks and bonds to Saxo. Withdrawal via bank will take about 3 working days
5. Trading web platform
Saxo web trading platform is very easy to use and well designed. However, it does not provide two-step login and limits the ability to customize.
Saxo web trading platform is SaxoTraderGO. Desktop-based trading platform is SaxoTraderPRO. Both are developed by Saxo and are available in 25 languages.
The portfolio and fee reporting are transparent at Saxo. You can view and download reports on the “Accounts” tab. It clearly shows the profit / loss balance in your trading history.
6. Market and products
At Saxo Bank, you can access many markets and deal with many different products, except money. Specifically, you can trade CFDs, stocks, bonds, ETFs, etc.
7. Is Saxo Bank a scam?
Saxo Bank is managed by a number of leading financial institutions, including the UK FCA. It is a licensed bank, but not listed on any stock exchange. Saxo operates globally through more than 10 different entities, providing balanced protection for CFDs.
Saxo was established in 1992, which means a long history of operation, showing that they have sustained and overcome major financial crises. Nearly 30 years of operation have created Saxo Bank a solid foundation. Moreover, Saxo has a bank license so it faces stricter regulations than other brokers. It can be said that the trading floor is quite safe for both private investors and companies.