Saxo Banque Review: Is It a Trustworthy Broker?

Saxo Banque Review: Saxo Banque is a Danish online stockbroker regulated in several countries, including Denmark, the United Kingdom and Singapore. This broker offers its clients a wide range of financial instruments and assets. Is Saxo Banque a trustworthy broker? Read on to find out in our full Saxo Banque review.

Who Is Saxo Banque?

Rather than being a fully independent broker, Saxo Banque is a subsidiary of a well-known bank: Saxo Bank. Classified as an investment bank, Saxo Bank was founded in Denmark in 1992 under the company name “Midas Fondsmæglerselskab”, meaning “Midas Brokerage Company”. Saxo Bank specializes in brokerage, and more specifically online brokerage. In 1998 it launched one of the very first online trading platforms, allowing users to trade many assets from a single place.

History of Saxo Banque

• 1992 – Saxo Bank is founded
• 2001 – Obtains its banking license
• 2008 – Saxo Banque is launched and becomes the first broker to offer Forex trading services in France
• 2009 – Signs a partnership with Cortal Consors and B* Capital
• 2010 – Saxo Banque becomes a partner of the broker Agricote
• 2019 – Acquires BinckBank, a Dutch online trading specialist

Saxo Banque Key Facts

Saxo Banque Review – Which Assets and Financial Instruments Are Available?

Leverage at Saxo Banque

Leverage lets you open larger positions than your own funds would normally allow. At Saxo Banque, maximum leverage is reportedly 1:30 for retail clients, meaning clients who are not verified trading professionals.

What is certain is that leverage at Saxo Banque naturally varies from one financial instrument to another.

Professional clients get much higher leverage, since they are presumed to be better able to handle larger investments and higher levels of risk.

If you are a beginner investor or trader, it is best not to rely heavily on leverage for now. Leverage can increase your gains on a smaller outlay, but it can also lead to heavy losses. You need a solid command of trading to use it properly.

ECN Broker or Market Maker?

Like the Saxo Bank group, Saxo Banque can act as a market maker for services and assets not traded on an exchange, notably CFDs and currencies. For these assets, Saxo can therefore be the counterparty to its clients’ trades.

Saxo may also hold, take, transfer or dispose of positions in currencies and other financial assets covered by its research reports.

In practice, Saxo Banque can act either as an ECN or as a market maker. In the first case, you can be confident that Saxo offers its clients the best prices and commissions. In the second case, liquidity is always ensured with Saxo Banque: the broker works with 15 major banks and 85 financial markets.

Our Review of Deposits and Withdrawals at Saxo Banque

Saxo lets you fund your account with the following payment methods:

• Bank transfer (about 48 hours for the funds to reach the platform);
• Credit card (funds arrive in your account instantly);
• Securities transfer (mainly stocks and bonds).

Withdrawals at Saxo Banque are made exclusively by bank transfer.

With Saxo, you pay NO FEES to deposit or withdraw funds. Deposits and withdrawals are free at Saxo Banque, which is another thing we like about this broker.

Saxo Banque Review – Is It a Regulated Broker?

The parent company of Saxo Banque France, Saxo Bank, is licensed as a bank by the Danish financial supervisory authority and complies with the regulatory requirements of 15 jurisdictions.

Saxo Banque France itself is licensed as a bank by the ACPR (Autorité de Contrôle Prudentiel et de Résolution) and is authorized to:

• Provide dealing and investment services on its own account;
• Receive and transmit stock market orders on behalf of third parties;
• Execute stock market orders on behalf of third parties;
• Provide investment advice;
• Hold (custody) accounts.

Is Saxo Banque Available in France?

Saxo Banque has been present in France, offering its services there, since 2008. The stock market services this online broker offers are the same in every country where it operates. So if you are a trader living in France, you can take full advantage of everything Saxo Banque has to offer.

Saxo Banque Review – Security and Protection of Client Funds and Data

Saxo Banque France places the utmost importance on protecting your funds.

In concrete terms, client deposits at Saxo France are protected by the FGDR (Fonds de Garantie des Dépôts et de Résolution, the French deposit guarantee fund). Saxo Banque France is a member of the FGDR, so as a Saxo Banque France client you benefit from the fund’s guarantees, and your accounts are protected should Saxo ever default. We recommend visiting the FGDR website for an overview of the protection you are entitled to.

In any case, you benefit from the following main coverage:

• Up to €100,000 of protection for your deposits;
• Up to €70,000 of protection for your financial assets.

Our Review of the Trading Accounts Available at Saxo Banque

One of Saxo Banque’s distinctive features is the range of accounts you can open. We were pleasantly surprised to learn that you can open a PEA account with this broker. In short, Saxo offers three categories of live accounts: individual accounts, corporate accounts and joint accounts.

Individual Accounts

Unlike many other brokers, Saxo lets individuals open more than just a standard or professional account. As an individual, you can choose between three accounts at Saxo Banque: a securities account, a PEA account and a professional account.

Securities Account

The name says it all: this account gives you access to many securities at once, and “many” is an understatement! A single Saxo Banque securities account gives you access to more than 40,000 assets. These instruments span different asset classes, giving you huge scope for diversification. You can add all kinds of assets to your portfolio whenever you spot an opportunity.

PEA Account

Saxo’s PEA account works like a securities account, but with the tax advantages of the French PEA (Plan d’Épargne en Actions, a stock savings plan). Here are some of the key features of this account:

• Gains are tax-exempt after 5 years;
• The date of the first payment is the opening date;
• The linked cash account can receive total contributions of up to €15,000 (the cap). Once contributions to the cash account exceed €15,000, they are simply blocked;
• You can only trade (buy and sell) assets eligible for the PEA, namely French and European equities and trackers;
• You can make withdrawals from the PEA cash account. However, this may close the PEA (if the withdrawal occurs before the plan is 5 years old) or prevent new contributions beyond the cap (if the withdrawal occurs after 5 years).

With this account, your withdrawals are tax-exempt once the plan has reached 5 years of maturity. Before 5 years, withdrawals are taxed at an equally attractive rate of 12.8%. Both this rate and the tax exemption exclude social security contributions.

You cannot hold more than one PEA. However, you can transfer your PEA from one provider to another without affecting the age of the plan.

Professional Account

Like many brokers, Saxo Banque offers an account for trading professionals. If trading is your job, you can open a pro account at Saxo Banque. To qualify for professional status at Saxo, you must first meet 2 of the following criteria:

• Hold a portfolio of financial instruments worth at least €500,000;

• Work, or have worked (with proof), in the financial industry for at least 1 year;

• Have carried out at least 10 large-sized transactions in the last 12 months.

With a Saxo Banque pro account, you are not subject to the regulatory restrictions that apply to non-professional or less experienced traders, and in particular you benefit from lower margin rates. You can also access the SaxoTraderPRO platform designed for professionals, whereas other traders use SaxoTraderGO.

Corporate Accounts

Saxo Banque also lets you open a corporate account for your company as a legal entity. You will need to provide a lot of information about your company and its manager to open this type of account: bank details (RIB), articles of association, a K-bis extract (French company registration certificate), the latest annual report, ownership structure, and so on. Once it is open, though, you can enjoy many benefits, such as dedicated customer service.

Joint Accounts

Saxo Banque also allows two members of the same family to open a joint account. They must be close relatives, such as parents, spouses, children or siblings. Each person can only be part of one joint account at a time.

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Saxo Banque Review – Fees and Pricing

Saxo Banque really won us over with its spreads and commissions, which are very competitive compared with other brokers in the same category.

Forex Spreads

This table gives an overview of the Forex spreads that apply to new Saxo Banque clients.

CFD Pricing

This table gives an overview of the CFD spreads that apply to new Saxo Banque clients (Saxo offers more than 9,000 CFDs).

Futures Commissions

This table gives an overview of the pricing that applies to new Saxo Banque clients for futures contracts.

Commodity Pricing

This table gives an overview of the pricing that applies to new Saxo Banque clients for commodities.

FX Options Spreads

This table gives an overview of the spreads that apply to new Saxo Banque clients for FX options.

Stock Commissions

These tables give an overview of the commissions that apply to new Saxo Banque clients for stocks on different markets.

Euronext (Paris, Brussels, Amsterdam & Lisbon)

North America

Asia-Pacific

Bond Commissions

This table gives an overview of the pricing that applies to new Saxo Banque clients for bonds.

General overview of pricing and commissions

This table gives an overall view of the commissions and pricing Saxo Banque applies across all its instrument categories.

Our Review of Saxo Banque’s Trading Platforms

SaxoTraderGO and SaxoTraderPRO are the two main platforms Saxo has developed for its clients (Saxo also has a SaxoInvestor platform, but we do not cover it here because it is only available in Singapore and Denmark). These are comprehensive, cutting-edge platforms suited to beginners and professionals alike, to traders looking for flexibility and power, and to those who want to trade easily on the go. Both platforms are also available on mobile.

SaxotraderGO

SaxoTraderGO is a multilingual trading platform that runs in your device’s web browser. You can resize the windows to suit your preferences. SaxoTraderGO is designed to meet the needs of traders of every profile, from beginner to expert. The platform is available on PC, Mac and any mobile device (tablet, smartphone).

It is easy to use and offers a large number of modern, powerful features. It also has a search bar that gives you easy access to market assets. Each financial asset you search for is displayed alongside its related derivatives (futures, swaps, options, CFDs, etc.).

Saxo TraderPro

The TraderPro platform is very user-friendly and optimized for professional traders who want to trade in high volumes. It is available on PC and Mac.

SaxoTraderPRO is high-performance software. It helps you organize and place your orders on the market with ease, and offers cutting-edge tools for analyzing market trends.

To trade on SaxoTraderPRO, you need to download the application. The download is free, but some advanced features come at a cost. You can download it from the Saxo Banque website.

Services Available on Mobile

You can also access Saxo Banque’s services from a mobile device. Its software is compatible with Android and iOS and offers modern, cutting-edge features. You can quickly place orders and track how they perform on the market.

Saxo Banque’s mobile platform runs in sync with SaxoTraderGO: every operation you carry out on SaxoTraderGO is accessible from your mobile device. The mobile platform also works almost independently, so you can follow market prices while on the move.

Saxo Banque Review – Customer Service

You can get help from Saxo Banque’s professionals through the following channels:

• Email: [email protected]
• Phone: +33 1 78 94 56 40
• Fax: +33 1 78 94 56 49

These services are available from 8:30 a.m. to 8:00 p.m., Monday to Friday. The website and email services can, of course, be used 24/7.

Saxo Banque Review: Pros & Cons

Saxo Banque Conclusion – Is It a Trustworthy Broker?

The information and client reviews covered in this article show that Saxo Banque is a trustworthy online broker. It is well suited to investors of all levels. In addition, the trading fees Saxo Banque charges are among the most attractive on the stock market. Finally, this online broker protects its users’ funds and data very well and has had no problems in this regard to date.

Have you used Saxo Banque and want to share your experience? Leave us a comment!