Saxo Bank Saxo Bank  

Saxo Bank is a Danish investment bank specializing in online trading and investment. It was founded as a brokerage firm in 1992, under the name Midas Fondsmæglerselskab, by Lars Seier Christensen, Kim Fournais and Marc Hauschildt. The name was changed to Saxo when the company obtained a banking license in 2001. Saxo offers trading through its online platforms in Forex, stocks, CFDs, futures, funds, bonds and futures spreads. The company functions as an online broker with a bank license, without offering traditional banking products. According to Saxo, roughly half of its activities are derived from partnerships with institutional trading partners. More than 100 financial institutions globally service their end clients with Saxo Bank's platforms on White Label basis.

Saxo Bank is headquartered in Copenhagen, but also has offices in financial centres such as London, Paris, Zurich, Dubai, Singapore and Tokyo. According to the bank, it has clients in 180 countries and has a daily average turnover of approximately USD 12 billion.

Saxo Bank is known for its success in online trading and investment and has received a number of awards. Domestically the bank is also known for its two founders who are often outspoken on Danish politics. Revenue reached DKK 3,006 million in 2014 delivering a net income of DKK 381.2 million.

Saxo Bank has launched several White Label partnerships with banks such as Standard Bank, Old Mutual Wealth, Banco Carregosa and Banco Best.

Ownership

Saxo Bank is privately held with co-founders Kim Fournais and Lars Seier Christensen holding majority stakes. Global growth equity firm General Atlantic bought a minority stake in June 2005, for which the CEOs received more than $30 million each. This minority stake was later bought by TPG Capital in 2011, valuing the bank at around DKK 9.6 billion. According to the Bank's website, the co-founders Kim Fournais and Lars Seier Christensen each own 25.71% of the Bank’s shares, while TPG Capital owns 29.26% of the shares. The remaining shares are held by minority shareholders including Sinar Mas Group with 9.9% ownership and a number of current and former employees of the Bank.

Business model

Saxo Bank describes itself as a facilator in financial markets. For trading in listed equities, liquidity is provided through connectivity to the world’s major stock exchanges. For online margin trading in non-listed products, the bank obtains liquidity from more than 15 large banks. Through its trading platforms both retail and institutional clients have access to a range of financial instruments: 215 FX crosses (126 tradable as FX Forwards) 45 FX Options 11 NDFs 7,600 CFD Stocks, 24 CFD Indices and 34 CFD Commodities 18,400 Stocks, ETFs and ETCs 230 Contract Futures 640 Stock Options 167 Contract Options.

Saxo Bank services both retail clients and institutional clients such as banks, brokers, fund managers, money managers, family offices and private banks.

Licensed and regulated banking

Secure online trading

Saxo Bank A/S is a fully licensed European bank under the supervision of Danish FSA. Saxo Bank A/S is subject to stringent financial reporting requirements under EU directives and specific regulations regarding client handling.

The European Investment Directive was introduced in 1996, and on 2 May that year, Saxo Bank A/S (then known as Midas) became the first broker in Denmark to gain approval under this directive. In June 2001, the Danish Financial Supervisory Authority approved a banking licence and the company officially became Saxo Bank A/S.

Saxo Bank ownership

Saxo Bank A/S is a privately owned company. The co-founders Kim Fournais and Lars Seier Christensen each own 25.71% of the Bank’s shares, while TPG Capital owns 29.26% of the shares. The remaining shares are held by minority shareholders including Sinar Mas Group with 9.9% ownership and a number of current and former employees of the Bank.

License and regulation details

Saxo Bank A/S (company registration no. 15731249) is incorporated in Denmark as a licensed bank (license no. 1149) and is regulated – along with Saxo Bank A/S Italy, Saxo Bank A/S Czech Republic, Saxo Bank A/S Netherlands, Saxo Bank A/S Cyprus – by the Danish Financial Supervisory Authority (FSA) - Finanstilsynet, Århusgade 110, 2100, København Ø. Further details regarding the Danish FSA and the license of Saxo Bank A/S may be viewed at https://www.finanstilsynet.dk. As a member of the European Union, Denmark has incorporated the EU Banking and Investment Directives into Danish law.

Saxo Capital Markets UK Limited is authorised and regulated by the Financial Conduct Authority (Firm reference number 551422).

Saxo Bank A/S Italy is registered by the Bank of Italy (Registration Number: 5720).

Saxo Bank A/S Czech Republic is registered by the Czech National Bank (Registration Number: 28949587).

Saxo Bank A/S Netherlands is registered by the Bank of the Netherlands (Registration Number: 34357130).

Saxo Bank A/S Cyprus is registered by the Bank of Cyprus (Registration Number: AE2674).

Saxo Capital Markets Pte. Ltd. Singapore is licensed as a Capital Market Services provider and an Exempt Financial Advisor, and is supervised by the Monetary Authority of Singapore. Co. (Registration Number: 200601141M).

Saxo Bank (Switzerland) AG is a licensed bank regulated by the Swiss Federal Banking Commission (Registration Number CH-660-0511991-1).

Saxo Banque (France) SAS is licensed as a Credit Institution by the Bank of France (Registration Number: 483632501 R.C.S. Paris).

Saxo Bank Abu Dhabi A/S is licensed by the Central Bank of the United Arab Emirates (License number is CN-1747174)

Saxo Bank Dubai Ltd is licensed by the Dubai Financial Services Authority as a Category 4 financial services firm (Registration number: CL0820).

Saxo Bank FX K.K. is licensed by the Japanese Financial Services Agency (Registration Number: 239).

Saxo Capital Markets South Africa (PTY) Ltd. is registered by the Financial Services Board (Registration Number 40983).

Saxo Capital Markets Hong Kong Ltd. is registered by the Securities and Futures Commission in Hong Kong (Registration Number 1395901).

Saxo Privatbank A/S is licensed as a Bank by the Danish Financial Supervisory Authority (FSA) (Registration Number: 9695).

Saxo Bank Panama, representative office in Panama is licensed by the SBP, SuperIntendencia de Bancos de Panama (Resolution Number SBP-01362014).

Saxo Capital Markets (Australia) Pty. Ltd is registered by the Australian Securities and Investments Commission (ASIC) (Registration Number: 126 373 859).

Saxo Capital Markets Menkul Değerler A.S. is a fully authorized and licensed brokerage house regulated by the Capital Markets Board of Turkey (CMBT). License No: G-042(405) (Trade Registration Number: 228474).

Start Trading

Details

Status
Foundation Year 1992
License 1149
Trading Platforms SaxoTrader, SaxoTrader GO, Free Platform Demo, Saxo Bank, Saxo WebTrader, Saxo MobileTrader
Reliability Rate AAA
Authorised Capital
Brocker Fee
Exchange Fee
Withdrawal Fee
Minimum Deposit 20000
Mobile Trading
Seminars, Education
Forex
Phone +45 3977 4000
Address Saxo Bank A/S (Headquarters) Philip Heymans Allé 15 2900 Hellerup Denmark
Website http://www.saxobank.com/

User Reviews

   Greg    2016/9/16 14:57   

I trade the markets full time and have been using the Saxo Trader now to try our different strategies. The platform itself is OK for something that has been created in-house, but I have experienced the following problems which are really very significant if you want to make money and not lose money. 1. There is often very big slippage on STOP orders. 2. During fast market moves in the FX market you will not get your order filled! 3. The charts are not accurate. For example, if you see a Doji on a Chart from a Chart Service, the Doji on the Saxo will not be a Doji but a normal candle!!! 4. Slippage on CFDS is also a problem anything up to 5 points!!! Generally I had the feeling that they (Saxo Bank), were on the other side of my orders. Obviously if you are right in placing your trade and it moves into profit, they (saxo), will offset the order at some point soon after you have made the trade into the real market! But only if the market is moving in your direction. They have their own FX pool so they will know before hand what the market is expected to do, they can also see the orders etc.. Anyhow, if you are wrong you should be getting out pretty sharpish anyhow. Remember, if you trade from a plan and keep your losses short you will remain in business!! The platform offers access to many exchanges and there is also live news etc. But on the whole I would not trust these old Vikings at all....


   LL_PP    2016/9/16 14:57   

Ive been using them for about 2 years now, and I like this broker. It works good for my style of trading. Spreads are generally higher than on other brokers (anything up to 5 pips on gbp usd even during non volatile times), but I have not been cheated by them (so far). One of the things is also there is a minimaln distance from the market to put stops (20 pips on eur usd, and 30 on gbp usd), so if your relying on stops near the current market price a lot of times, this is maybe not the best one to choose. Also, once it happened to me that a limit order wasnst filled in a very questionable way (it missed by 0.1 pip, and then it turned out that it was exactly the extreme of the day, and the postition, if it was filled, would be very much profitable), but it might be just coincidance. Charts are non-usable, at least for my standards, day trading from their charts can be a real pain. Sometimes you will also see the (in)famous yellow price - when spot orders are not accepted, this can be a pain (read: especially if you are caught on the wrong side of the market). It generally lasts for a second or two, but those 2 seconds can drain your capital if cought on the wrong side of the move. But otherwise, disregarding what I just said, and if you accept those shortcomings (I am sure most wont) all works ok, at least for me. Fills are good, support is very good, and if you like to trade real fx options (not box options), you can - you can use options instead of stop orders if you want actually, its just a bit more complicated and not useful for all scenarios. As always, it depends on your style of trading and your expectations, some people will like it, some wont.


   Bibi    2016/9/16 14:57   

Got in trade at Canadian employment. Got delayed fill for 30 seconds and I was unable to cancel pending order. Was filled in short position at the exact bottom. Saxo = scam


   ashok_sagar    2016/9/16 14:57   

Saxobank has been good for me since I am not basically a news trader. I have never had any complaints against their execution and the spreads are not that bad considering the commissions that you pay to other brokers who offer tighter spreads. Never had any trouble withdrawing money from them so far. The only complaint I have against them is that almost always you get negative slippage on stop orders, so I have been using mental stops. My account size is < 100K with them as I believe in diversification.


   Sadam    2016/9/16 14:57   

I made some money with them. Thank you Saxo. until now. Today i got email and they stole me money from my account. They said that my trading style is abusive. and they corrected my entries 45 pips out of real price. They are bucket shop like others. They just play game on people how good they are.


   mark    2016/9/16 14:57   

I have been using the Saxowebtrader for about 4 months now and i did not face any problems so far.
They have a good client support and the platform is stable.
They are Stophunters like probably all Brokers, therefore I try to work with mental stops.
I do classic swingtrading and I would not use them for trading Robs oder Felix´Signals


   E.Ioannou    2016/9/16 14:57   

They are among the best in the market. I am enjoying their services for over a year now.
If you can handle the margin requirements, you will enjoy working with them.


   Anthony    2016/9/16 14:57   

I have used Saxo for almost a year now. The platform is very good and the support has been their when needed. Sometimes the spreads get a bit slack, especially during asian trading. There is also a new feature calle Trade Commander that allows you to define atomated conditions for trading strategies with automated back testing, e-mail and text alerts. This looks qite useful but they could do with a more comprehensive help/maual to advise how to use the functions. All in all I've looked at and tested other platforms but still not found anything I like better so I am sticking with Saxo.


   Pratosh    2016/9/16 14:57   

I have been trading with saxobank and i am satisfied as of now.
The most important thing is their plateform which is traderfriendly.
The software allows you to book your loss to be stopped ( not booked) and allows you to use convert to a profitable trade in future anytime . The trades are done in realtime and i suppose this is just what one wants when one uses trading forex for one of the investment tools which yields comparitively much higher returns than any other asset/instrument.
This is not a get rich quickly option for sure
Its better to buy a lotto than trade forex!!
I wish and hope i keep on enjoying trading forex with saxo bank.


   Ellil    2016/9/16 15:03   

what happened to them suddenly?
they doubled the margin, and raised the spreads and played us like yoyo.


   MJK    2016/9/16 15:03   

I thought I would give them a go as I am living in Copenhagen, however are trying their platform last year, and again today I would not consider opening an account with them. It has crashed 3 times in the past 2 hours. Its user interface is confusing - tabs within tabs. Opening a new chart from the list of instruments just replaces the current chart with the new instrument - doesnt open a new chart, and thereby loses all the chart customization. But that fact that is has crashed so often, when other platforms have never crashed - I cannot risk placing a trade and then having the platform crash. I really recommend Saxo use some other platforms and learn a little about userablity and stability.


   G    2016/9/16 15:03   

Been trading with them for 2 years now.
Excellent platform, the best I've tried, and I've tried many. Takes some getting used to but once you do it's very good to use.
Never been requoted, and never seen any unusual spikes. I've had trades where the market went within 0.5 pips of my stop but they didn't push it that bit futher to take me out.
Slippage is the only minor annoyance as it NEVER works in your favour; only in theirs. I've seen slippage up to 5 pips in a fast market, but usually it's less than 1.5 pips.
You can place stops as you close as you like, there's no "minimum distance" as reported in other posts.
I trade short term technical trades anywhere from 20 minutes to 2-3 days; they don't seem to have any problems with that style of trading.


   SaadAlharbi    2016/9/16 15:03   

Good broker, well regulated. The best they have a wide range of instruments. The worst is their charting system.


   StuartClennell    2016/9/16 15:03   

Iv been trading two years with this bank and find them excellent in all areas, why i come on this site and see bad reviews i cant understand obviously to someones advantage, i wonder who.
They have some of the smallest spreads i have seen anywhere and the platform is fantastic once setup and customised, people complaining about it crashing maybe need to blame their computer and not the platform, in two years iv known it go down once, margins and spreads have been known to be altered in volitile conditions but were restored very soon after to lower than what you usually see.
Those calling it a SCAM are just funny SCAM, SCAM everythings a SCAM I believe this site to be a scam


   Andrew    2016/9/16 15:03   

I am surprised to the wide range of reviws on Saxo Bank!
For me I have found Saxo to be no problem what so ever, and I have used them for about 5 years. I don't news trade maybe thats why?


   GalileoGuerritore    2016/12/12 14:02   

I manage a large industrial account. I find Saxo Bank’s resources aligned with the needs of my corporation’s industrial investment needs. I would strongly recommend Saxo Bank.


   Sopernik    2017/1/13 14:38   

I am very satisfied. Access to all world instruments


   nikole    2017/2/27 10:40   

A serious broker for serious traders.


   Vip-trayd    2017/4/04 17:37   

9 years of loss :-(


News

Near-term Setups in NZD/USD, AUD/USD and EUR/USD
2018/4/23 08:37
Here's an update on a few of the setups we’re tracking into the final full week of April trade.
NZD/USD Technical Analysis: Down Trend Ready to Resume?
2018/4/19 12:36
The New Zealand Dollar is retreating from resistance defining the down move since late January but confirmation of a lasting down move is still absent.
Nikkei 225 Technical Analysis: Index Spikes Higher Following BOJ
2016/9/21 09:24
The Nikkei 225 spiked higher to trade above the 16,500 level following the BOJ monetary policy announcement but resistance looms
All The News>>