Saxo has one of the most trusted brands in the entire industry.
It has been around for over 25 years and continue to go from strength to strength.
Admittedly, it is one that looks after a more premium client due to their minimum account sizes but I believe it is reputation they’ve worked hard for.
Of all the brokers that have their own platform, Saxo is by far my favourite.
Their mobile app especially is second to none!
Unlike the others like CMC and IG (who both only recently got MT4), they refuse to work with MetaTrader 4 anymore which I understand and respect.
If you want to trade all products under the sun and with low costs (I buy my US Shares from them for example)– then Saxo is the place to be both on desktop and mobile.
- Gigantic range of products – Forex, Stocks, Bonds, Futures, etc.
- Good pricing across all products
- Strong reputation with 25 years in the game
- Best self-developed platform reviewed on CTFB. Also, Best mobile app.
Let’s get into our other criteria below.
Pricing, Spreads and Commission – 4 stars
For a big broker, Saxo has very competitive pricing.
I am not comparing them with an IC Markets or AxiTrader, as they play in different arenas. I consider them in the same league as CMC and IG, so that’s how my review will be benchmarked against.
Why? They all have their own platforms, have a large range of products, have been around for a similar time and have offices in the same places. And one final thing…
As you can see from their home page, Saxo does too!
All their pricing is inclusive, meaning what you see is what you get – there are no added commissions. Their gold spreads are very competitive.
Here’s a snapshot of their live spreads in the middle of the European trading session.
While I would like EURUSD a little tighter, these are still great!
You’ve read enough of my reviews hopefully now to know that the price you pay to trade has a tremendous impact on what your end returns are over a long time period.
But if you haven’t – Commissions and Spreads are the be all and end all.
The fact that they have good pricing across most of their products – shares, indices, CFDs, ETFs, Futures etc. speaks volume to their business model and their approach to clients.
On their website they use the term “democratisation” which is a great way to put it.
As far as I know, their pricing is execution only. Meaning they do not take the other side of the trade.
However, this could not be verified by trade tickets like Australian provider Global Prime offers for example.
Service – 3.5 Stars
This is probably where I think Saxo could improve a little bit.
I could not find a live chat! This is always disappointing when a broker does not offer this.
Sometimes you want instant answers and if you’re like me, you probably don’t always like calling.
Their emails are relatively slow to respond to as well. Taking around 4-6 hours to respond.
I understand they have many hundreds of thousands of clients but as I always say, there is plenty of brokers out there who would be happy to take your business.
Account Opening – 4 stars
In recent years, UK and European brokers have made it considerably harder to sign up for accounts due to new regulations around “appropriateness” of these products for retail clients like us.
So, just like in the pricing game, I don’t think it’s fair to compare Saxo’s speed of applying with the Australian brokers who are almost in a race with each other to see who has the fastest application.
In terms of simplicity and design and everything else, it’s lovely though.
It also looks way better than CMC or Plus500 offer.
The only problem with the process is it drags on a bit as you are asked to answer multiple questions around your trading experience, income, occupation and more.
I get that they are necessary so I’m not going to cry about it.
With all that said though, it probably takes around 14 minutes to apply, then another five hours to be verified in my experience being in the UK. Your situation may be different depending on where you live.
Here’s a sample of their application and the last step where it requests you upload your ID.
Execution – 5 stars
Execution is robust across a range of their products. I tested two different products for the purpose of this review. US stocks and an index CFD.
I bought some shares in Apple (only £1500 worth – it’s a long-term investment – don’t laugh!) and the price was executed as requested. That is from my iPhone as well – I was impressed.
(Separate note – my original reason for opening and maintaining an account with Saxo was to trade foreign equities as the commissions are so much better than anyone else in the UK. I did the research for you already).
The second time I bought the FTSE100 CFD and it was filled at two different prices. A message kindly popped up and told me upfront that this was what I was executed at. I thought that was a very nice touch.
MT4 brokers would never tell you upfront that your price/order wasn’t filled exactly as you asked – you must go and check that yourself in the logs or request it from the broker. That’s not to say anything bad about the broker itself, more a pain point with the MT4 platform (and there are many)
I for one appreciate the transparency – it’s truly a breath of fresh air in this industry!
Reliability – 5 stars
Saxo has been in the markets for over 25 years, so to me their reliability is unquestioned.
A quick bit of digging online shows they have over 1500 employees. A third of that is taken up by IT & Development staff.
Based on that, it’s safe to say that Saxo prioritises the stability and reliability of their systems.
I was reading articles about how they handled the SNB Crisis in 2015. For me that also was a big tick.
While I’ve only traded with them in certain asset classes like stocks and ETFs, as mentioned in my execution section, I’ve never had a problem so far after months of experience.
Other Points – 5 Stars.
Saxo has a very large amount of free educational resources for traders.
They also have a team of eight market commentators who are all around the world providing 24-hour updates.
Each day you can consume their morning calls on the market, regular weekly or monthly webinars or daily insights into forex, equities, commodities and bonds. You can even have a bit of a laugh at their “outrageous predictions” for some very left of field calls on the market!
In terms of one provider giving out so much free research, they are second to none and must be spending some serious dollars on research for their clients.
In saying that, it’s not just the quantity of research but the quality is also very high.
I said it before, but for a low price, where else can you easily buy Apple shares, maintain a global stock portfolio and then buy or sell currencies from one account? Not many places. Saxo is one of them.
The whole experience with them in my five months so far has been superb.
The areas that I wished they would change such as the application process are more around UK regulations. I know they can’t do much with that.
However, the service could be improved. While I can call my account manager with questions or email the support team, they should add live chat for when you need something quick.
The platform you get to use is the best I’ve found. The mobile app is especially easy to use. I do most of my trading on there and very rarely need to use the desktop/browser version. They have put a significant amount of time and resources into making the platform what it is today.
I would challenge anyone to name a better platform with so many asset classes.
In saying all this, this is after all a website dedicated to forex traders, if you’re just after trading forex then I would suggest Fusion Markets or IC Markets due to their lower costs and the benefits of MT4.
It’s also much easier to open your account from the UK!
But, if you want to trade everything under the sun, pay less than most other providers’ costs and use a handy mobile app – Saxo is the place to go.
If you’re looking for more than just forex – I consider them the best of the best and it’s why I’ve placed them in my top brokers’ list.
Total Rating – 4.4