Saxotrader stands out with its extensive offers that go beyond most other competitors’ out there. It offers all sorts of derivatives: forex, ETFs, stocks, CDFs, options and so much more. But FX enthusiasts will undoubtedly focus on the 160+ currency pairs on offer, with extremely tight spreads, gargantuan leverage and unparalleled liquidity. And to top it off, there are more than 40 different forex options, vanilla or binary – take your pick. Every Saxotrader can rely on one of its numerous offices spread all across the world, including London, Madrid, Tokyo, Singapore and Paris.
Saxotrader Account types
Want to find out more about Saxotrader possibilities? Good. Read the rest of this Saxo Bank review. And you should, as it will delve deeper into this Denmark-based broker and most of its services, including Saxo Bank demo accounts, white label solution and the fact they focus almost exclusively on the international traders. The Saxo Bank login screen is just a stepping stone to greatness!
Discussing different types of Saxotrader accounts being offered would be a perfect place to start this review on Saxo Bank. The three basic types of accounts, in addition to the Saxo Bank demo account, are: Classic, Premium and Platinum. The main differences between them concern minimum deposits required in order to qualify, as well as spreads and the level of customer service available. Once a trader gets on the website of Saxo Bank login is only a matter of time.
The Saxo Bank demo account involves a 20-day trial period with a $100,000 “demo” fund (not real money!) which you can use as you learn the ropes of FX trading and Saxotrader. Otherwise, it offers an experience that is as clo9se to actual trading as possible – without actually trading, of course.
The Classic Account, however, requires a $2,000 deposit. It gets you access to Saxo Bank’s trading platforms, including the Saxotrader. This is a beginner’s account, and is meant exclusively for small traders, if there is such a thing in FX. The features may be rudimentary, but sheer unrestricted access to a large number of currency pair ought to be enough to any FX trader worth his salt.
Premium Account, however, is meant for a more experienced Saxotrader, who can appreciate the additional perks that come with the territory, including their own account manager as well as subaccounts that will allow them access to several markets without having to give up their favorite currency. The price? Paltry $100,000.
Of course, those who are committed all the way, and are able to dish out $500,000 or more, can acquire a Platinum account for Saxotrader – the highest tier entry point, with perks including flexible pricing and interbank spreads. Naturally, the level of customer service is the highest that Saxo Bank can provide.
Furthermore, none of these accounts is limited to currencies only; any and all derivatives made available by Saxo Bank are on offer to all of its clients, regardless of other issues. And yes, forex mobile has been taken into account for those who prefer to ‘trade in mobile’. Even the lowest tier account holders get full access to a wide array of Saxo Bank’s trading platforms: SaxoWebTrader, SaxoTrader, SaxoMobileTrader, SaxoTraderApp – these are all on the list of any shrewd FX trader’s favorite tools. Plus, Saxo Trader’s White Label solution allows extensive trading infrastructure, spread across several platforms, as well as OPEN API – none of these can be overlooked.
Saxotrader Fees & Commission
All FX brokers need to make some money – usually through commission paid on each transaction – and Saxotrader is no different in this regard. However, Saxo Bank prides itself on some of the tightest spreads on the market. Furthermore, FX traders that do not meet a certain threshold are liable to pay a ticket fee meant to cover administrative expenses – these are usually covered automatically, although some low-value trades do not yield enough money to cover them, so it has to be done in this manner. This is of little concern to Platinum members, as they trade huge and enjoy flexible pricing, but Classic traders may need to take this into account. Saxo Bank’s platforms include current rollover rates, enabling all traders an insight into just how much can be gained (or lost) from interest rate debit or credit – on each and every currency pair. Saxotrader margin rate requirements are also quite low – the first 50,000 EUR can be leveraged up to 200 times, plus another 100 for additional collateral, although these are for majors only. More exotic currencies can (and do) enjoy different margin rates.
Saxotrader Platform & Customer Service
From all Saxo Bank trading platforms mentioned, the most important one has to be SaxoTrader. They all allow access to numerous markets and features, including a stock screener, economic calendars, charting and market analysis. SaxoTrader is the basic platform, and can be integrated with several others in order to allow web trading and forex mobile. While SaxoTrader is downloadable, SaxoWebTrader will offer full market access, no matter where you are, as long as you have web access. Otherwise, SaxoMobileTrader application will enable you to trade in mobile. By downloading and installing this app, traders can keep in touch even on the go. But SaxoTrader and related platforms would not be possible without TradeMaker, a unique piece of software that enabled Saxo Bank to get on top of things in FX markets as well as stay there to this day.
As for customer service, Saxo Bank clients can rely on trained professionals at all times, reachable via several phone numbers, in addition to email support and personal managers for higher tier members – all available 24/7. Enjoy Saxotrader!
For more information, visit Saxo’s official website.