Saxo Bank
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Saxo Bank is an online investment bank that has been successfully providing online trading and investment services worldwide since 1992.
Forex broker
Social media
Date of foundation
Head Office
Philip Heymans Alle, 15 2900 Hellerup, Denmark
The owner of the company
Saxo Bank A/S
Types of support
Support by phone
+7 (499) 705-61-77Opening hours of all departments: Mon-Fri from 09:00 to 17:00
Russian, English, French, Italian, German, Portuguese, Korean, Polish, Turkish, Chinese, Vietnamese, Arabic, Swedish, Japanese, Spanish, Iranian
SaxoTraderGO, SaxoTraderPRO
Min. first deposit
From 10000 USD
Broker fee
To 1:100
from 0 points
Free Demo Account
FCA№ 551422
Types of accounts
Transaction volume
0.05 lot
Features of trade
Buying trading strategies, platforms to connect the best brokers and traders
Methods of replenishment
Bank transfer, Securities, Bank card (Visa/MC)
Withdrawal methods
Bank transfer, Securities, Bank card (Visa/MC)
Number of assets
Types of assets
CFD9,000 instruments with tight spreads and low commissions
Stocksaccess to more than 19,000 stocks representing major and emerging markets on 36 exchanges worldwide
FuturesAccess to more than 200 futures on 23 global exchanges with links to stock indices, energy, metal and agricultural commodity prices, as well as rates and exchange rates
Productsmetals, agricultural goods
Bonds5,000 (online) and 33,000 (offline) government and corporate bonds from 26 countries in 21 currencies
Forex InstrumentsTransactions in 140 forward contracts on major, minor and exotic currency pairs
Currency pairs182 currency pairs
Account currencies
18 currencies
Mobile Trading
Has mobile apps (iOS / Android)
Weekend trading
Tournaments / contests
Trader training
Contract Difference Commission
PAMM trading
SaxoSelect stock portfolios make it easy to invest in actively managed portfolios that are built on the expertise of the best investment strategists and independent analytical data providers
Technical analysis
Margin Trading
Affiliate Program
RegistrationRewards up to $3000 for attracted referrals
Company requisites
Date of update
Overall assessment

    Saxo Bank is it a scam? Reviews and description

    9 August 2017

    Saxo Bank is a largest Dan investment online-bank that since 1992 successfully provides services over the range of online trading and investments all over the world. The company has worldwide offices (France, UK, Cyprus, etc.), offering advanced capabilities for working with Forex, CFD, ETF, stocks, futures, options. And yet, Saxo Bank is a scam or worthy platform for trading? Let’s answer this question in a detailed review of the Broker.


    Initially, the Bank was called Midas Broker, then, in 2001, when the company received a European license, its name has been changed. Customers’ support is operated from the H.Q. in Copenhagen, work with Russian traders is conducted in Russian, and the terminal is fully in Russian.

    Saxo Bank is one of the first companies that independently developed a high-quality trading platform, which is easy and simple to work in. The terminal allowed ordinary traders to access 30,000 world markets previously used only by professional traders and fund managers.

    Today, the Broker’s clients have access to investments in international capital markets, the opportunity to trade a wide range of financial tools through the own platform of SaxoTrader Broker (the platform has a version for browsers — SaxoWebTrader, App for mobile trading — Saxo Mobile Trader). Traders can work not only in the web version, but also with a mobile phone. The Trading Floor social trading platform is also available. In addition, for productive work the company provides professional analytics, support of company experts, as well as high-quality training in trading.


    Deposit & Withdrawal Methods

    The following available options of withdrawal to deposit account are specified on Saxo Bank’s official website:

    • Bank card (credit, debit),
    • Bank transfer (3-5 working days),
    • Transfer of financial credit documents.

    To submit deposit for trading in the financial market, you should pass the Broker’s registration; deposit by selecting a convenient transfer method. At the same time, the registration procedure here differs from other platforms: first, you need to apply from the official Broker’s website and prepare documents for the verification procedure. The account can be opened in any currency of your choice; the money is available for trading immediately after the transferring. Withdrawal is only possible for authorized and verified traders.


    Complaints about Saxo Bank

    The Broker can be confidently considered a professional who has been successfully working in the financial market for more than 20 years. The professionalism of the company is largely evidenced by the fact that it has a wide coverage, a large base of Traders. Today, you can find a variety of reviews about this Broker on the web where most Traders note the positive aspects of working with a Broker: a clear and convenient platform, favorable working conditions, providing analytics and support.

    And yet, there are negative reviews which often relate to interruptions in the operation of the terminal when proceeding withdrawal, etc. To avoid problems with Broker, you should try to clarify in advance the terms of bonus using, especially deposit and withdrawal. To do this, you can contact your Personal Manager. In general, Saxo Bank successfully operates at market, developing and providing high-quality service to its customers. It is no coincidence that it has such distribution around the world, which in many ways speaks of trust to the company’s business.

    Saxo Bank: a Scam?

    Saxo Bank is one of the oldest and most professional Brokers on the market, and shows new opportunities for trading work, following the current trends of online trading. Today, the company is successfully represented around the world, having a variety of user reviews. There are enough online positive reviews of Russian-speaking traders, which increase the credibility of the company.

    One of the significant advantages of the company is the provision of its own trading terminal, one of the highest quality and functionality as mentioned by Traders in the network. The development of its own trading platform is a serious step made by the company going to win its place in the market; it is a big waste of time and money, which is not available today to scammers confined only of small web at the best case.

    Users have an opportunity to work with thought-over system of work with account, a set of unique services making process of trading more productive. However, it is disturbing that full information on the web about the terms of trading, the rules of work with the accounts are not provided properly. Saxo Bank is a licensed Broker with certification in several countries, and that fact characterizes it positively.

    Despite the fact that there are enough positive aspects in the Broker’s work, there are also difficulties that hinder the unambiguous positive assessment of the company: limited deposit and withdrawal methods, complex and often long registration procedure, high cost of deposit (from $2000), which does not allow to work in the terminal for most traders, especially beginners. Some of the materials are provided in English; the lacks of references to the existing licenses of the Broker, few bonuses – all these facts also significantly reduce the positive perception of the Broker.

    Can we consider Saxo Bank a scam? At this point, we think it’s wrong. At least more than 20 years of successful work with Traders around the world proves it. This assessment is now influenced by the availability of its own high-quality trading platform, and the availability of a license. And yet, we recommend being careful in working with this Broker, inquiring about the terms of bonus usage and withdrawal methods from your personal manager.


    Broker’s Regulator

    Saxo Bank operates in accordance with the legislation of the Danish Department for supervision over financial activities (FCA, license number 1149). In accordance with European laws, it is under the supervision of the national banks of European countries; have a look at the list of European licenses by visiting the official website of the Broker, section “Saxo Bank License”.

    The broker also is a member of the Danish guarantee Fund for depositors and investors, and also should follow the provisions of the EU Directive “O markets in financial instruments” (MiFID).

    Check Saxo Bank license at FCA web


    Saxo Bank’s Bonuses

    Now every Trader of the company can get a bonus for the Broker’s recommendation: to get a bonus, you need to recommend the Broker to your friends, and the company will give a reward of up to 2000 euros to your trading account. To specify the terms of participation in the promotion, please contact your personal manager.



    Saxo Bank Trade Broker successfully provides services for more than 20 years, the company has a large base of Traders around the world, guaranteeing its users a really high-quality web-product and many unique services. One of the principles of its success — the company develops further, following the modern trends of trading. A lot of positive feedback about working with Broker proves that the company has chosen the right way to work with its trading audience.

    And yet, there are negative reviews which often relate to interruptions in the operation of the terminal when proceeding withdrawal. We hope that the company keeps track of them, making appropriate conclusions. And yet, for Russian Trader it is difficult to respond positively to the Broker due to the negative points: unnecessarily large amount of the initial deposit, absence of bonuses, required material, and references to active license, minimum of deposit and withdrawal methods. Also, we are waiting for Traders’ feedback to this review, cause it could not only change the Broker’s rating on our portal, but also caution against possible problems.

    Trading tools and assets
    Withdrawal speed
    Broker fee
    Technical support


    • Truffa

      Mi janno chiamato oggi e sono stati molto scortesi e maleducati e con l’inganno mi hanno fatto aprire un account che non volevo e che non ho mai richiesto fate attenzione non fatevi fregare

      Reply to this review
    • Analyzing the reviews online about Saxo Bank...

      Analyzing the reviews online about Saxo Bank as a broker, we can conclude that the majority of Russian traders are happy to work with the company. Many of the participants in the discussion decided to trade on this exchange because of the company’s good reputation as a bank, as well as the owner of the FCA license, which is regulated by European law. Nevertheless, there are less positive comments about Saxo Bank. In most cases, the problem concerns the minimum deposit amount, which is focused primarily on Western traders. For Russian users it can be a good reason not to take part in trading on the exchange, because the minimum amount is too large to invest it in a company without a proper reputation and experience. Tell me if you had any experience in trading with Saxo Bank? How did you feel about the minimum deposit amount? Is it a key factor for you when choosing a broker?

      Reply to this review
    • The first impression of trading on a...

      The first impression of trading on a demo account was positive. I even thought of switching to a real account there. Did not go into the cabinet for 2-3 weeks. After came to see how my open trades were and …. Didn’t see them…. My demo account was liquidated without giving me a chance to test my strategy.

      Reply to this review
      • Cptn 15 November 2019 at 16:54

        I think they've had the demo for a month.

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