Saxobank is a Danish bank that provides customers forex trading platforms and online investment. They are believed to be the leaders in forex platforms in Europe, if not the world. They have excellent services as well as a strong research team. Saxobank is privately owned. It was founded in 1992 and places its headquarters in Copenhagen, Netherlands.
Why you should open Saxobank accounts
Saxobank is a very reliable forex broker as it has acquired up to 6 different forex regulations from various countries. They include the FCA of the United Kingdom, the ASIC of Australia, the FINMA of Switzerland, the JFSA of Japan, the MAS of Singapore, and the SFC of Hongkong.
The reason why traders are drawn to Saxobank is undoubtedly its exclusive trading platforms. Saxobank has designed and developed their own forex platforms, SaxoTraderGO and SaxoTraderPRO. These two platforms have been the example for other brokers if they want to strike for excellence and class.
SaxoTraderGO is a web trading platform. It was designed with the aim at simplicity and user friendliness. Although it is simple, it doesn’t miss any tools or features that traders love. Saxobank’s charting program is exceptionally powerful with more than 55 indicators and 20 chart drawing tools.
The most advanced platform of this broker is the SaxoTraderPRO. Although SaxoTraderPRO has the same feels and features as SaxoTraderGo, it actually provides traders with more trading tools and features. For example, you can trade on 6 different screen at a time with SaxoTraderPro.
In terms of trading app, Saxobank did a really great job in combining all the top notch trading and researching tools in only one application. Traders can feel like they are trading with SaxoTraderGO.
Saxobank has 3 types of account. They all have the same features. The only difference is the price. Saxobank aim at making spreads their only trading cost. Therefore, they don’t charge anything else like hidden fees or commission. The differences between the accounts are the minimum deposit required and spreads.
Saxobank Classic account requires minimum initial deposit of ten thousand dollars. This account is for beginners. But with that price, we must say: rich beginners.
The Saxobank Platinum account requires at least two hundred thousand dollars. The spreads of this account is lower than Classic account.
Finally, to open the Saxobank VIP account, traders have to deposit at least one million dollars. This is for the top investors only. The spreads of this account is extremely tight, only 0.6 pip. As you can see, Saxobank is truly the broker for big traders.
Since Saxobank is a bank, all transactions must be made through Saxobank itself. They only allow traders to deposit or withdraw through their credit cards or debit cards. They don’t work with any other e-wallets. As a result, the deposit/withdrawal process at Saxobank is often time-consuming and expensive.
Moreover, the only way to contact Saxobank when you have problems is through phone call. They work 24/5 and only support in English. If you want to use the feature live chat on their website, you must open a VIP account. Saxobank deals with clients’ problems by showing a list of questions and answers on the site.
As you can see, Saxobank’s low spreads can help traders earn really big profits. However, to win big, you have to start big as the minimum deposit of Saxobank accounts is very high. For traders who can afford this rate, Saxobank is the top choice thanks to its exclusive platforms and low spreads.