Being a global service provider, Saxo Bank runs a number of distinct legal entities in various parts of the world. The services provided by various entities may vary slightly, particularly in terms of costs and product selection. Saxo Bank’s safety is enhanced by its long track record, banking background, and regulation from top-tier financial authorities. In this Saxo Bank review, Traders Unions have listed its detailed commissions and fees.
Commissions and fees
Overall, Saxo Bank offers great pricing across the board. In addition, Saxo Bank provides the lowest rates in the market for active traders and those willing to keep sizable account balances.
- Platinum Account Minimums
The Platinum account requires a minimum deposit of $200,000, or $300,000, if you live in Australia. Through Saxo Bank’s loyalty program, traders with Classic accounts can become Platinum by accumulating volume-related Loyalty points. For instance, you could update from Classic to Platinum for a full year by trading more than $40 million in foreign exchange and earning 120,000 points.
- Pricing Summary
The average EUR/USD spreads for the Masterpiece, Platinum, and VIP accounts in August 2020 were 0.8, 0.7, and 0.6 pips, respectively. In conclusion, the Platinum and VIP accounts’ pricing is competitive with the best forex traders, while the Classic account’s pricing is nearer to the industry average.
- Best Execution
Saxo Bank supports the FX Global Code, an evolving interbank standard for improved transparency and best practices in trade execution. As its name suggests, the goal of the FX Global Code is to increase honesty and openness in the international currency exchange market.
- VIP Account Minimums
Our award for 2022’s finest VIP client experience went to Saxo Bank. Only high-rolling investors who deposit at least $1,000,000 or are eligible for an upgrade through Saxo Bank’s Loyalty Program are eligible for a Saxo Bank VIP account, which provides access to the bank’s most attractive pricing tiers. If you want to trade at a VIP level, you’ll need to do $167 million in forex trading volume within a year to qualify for a VIP account upgrade. Along with special events and direct access to Saxo Bank analysts, a VIP account grants you the full VIP treatment.
- Commission-Free
Saxo Bank does not charge any commissions, instead profiting from the spread. Traders who transact less than half a standard lot per month are subject to a $3 ticket-fee per side.
Is Saxo Bank reliable?
Thanks to its innumerable financial and banking licenses, Saxo Bank is very trustworthy. It has been operating for almost 30 years and has a spotless regulatory history back to 1992. As a result, Saxo Bank is entrusted with the custody of over $90 billion in assets and enjoys the trust of tens of thousands of customers worldwide. According to Traders Union, Saxo Bank is a reliable platform.
Which forex apps is best for trading?
Saxo Bank is our top choice in the Mobile category because of the consistent platform experience it provides across devices. This includes a mobile app that synchronizes trend lines with the web platform. Based on our research, IG’s IG Trading app for smartphones is the best option for foreign exchange trading in 2022. IG is subject to global regulation, and the company’s IG Trading app gives users access to a wide range of high-quality trading tools, as well as a number of news sources from which to learn about potential trading opportunities. Furthermore, the IG Trading app’s charting capabilities are feature-packed. The Saxo Bank SaxoTraderGO app and IG Trading from IG are excellent choices for foreign exchange trading.
Which forex app is most profitable?
Due to the fact that the success or failure of your trades is independent of the mobile trading app you use, there is no app that can guarantee you a higher rate of return on your investment. However, having access to cutting-edge trading tools and software may improve your success. Because of this, a lot of the most experienced traders will only work with the most reputable brokers, many of whom also offer superior mobile trading platforms. In 2022, we predict these to be the best forex apps:
- Saxo Bank
- OANDA
- IG
- CMC Markets
- FOREX.com
- City Index
- TD Ameritrade
