|Withdrawal fee amount:||None|
|Inactivity fee charged (Y/N):||Y|
|Number of instruments:||60,000+|
|Time to open account:||1-2 business days|
|Demo account provided (Y/N):||Y|
|Countries of regulation:||United Kingdom|
The Saxo group of companies form one of the premium broker services in the market. Established in 1992 the group includes Saxo Bank which is licensed and regulated in Denmark and Saxo Markets which is authorised and regulated by the UK FCA.
These and other entities form a global network that provides traders with a hard to rival service. One demonstration of the groups success being the approximately $2bn of assets under management, as of 2017.
Saxo Markets offers trading in a hard to beat range of instruments and markets. Share trading alone sees 19,000 single name stocks being offered. The list of other instruments available includes: indices, bonds, CFDs, ETFs, ETNs, Options, commodities, futures, forex and crypto. Overall there are in excess of 35,000 instruments available to trade.
Market access is offered via a state of the art platform and accompanied by competitive pricing. Whilst in the background the group continues to bolster its regulatory and compliance standards and has a clear focus on mitigating operational risks.
One of the most interesting features of the Saxo Markets offering is that the service offered is incredibly user-friendly and the full potential of the product can be accessed by all types of traders. It would readily support and inspire a new trader and yet is also favoured by institutional grade investors.
Saxo Markets fees and commissions are competitive and applied in a transparent manner.
Saxo Markets offer a variety of proprietary trading platforms. Each has their respective strong points but the two that we’d suggest choosing from are SaxoTrader GO or SaxoTrader Pro. Not only do these offer the best functionality but they look like being the focus of attention in terms of future product development projects.
The SaxoTrader Go mobile app is free to set up and offers a nearly seamless continuation of the desktop platform. In line with the rest of the Saxo Markets service, using the app is a means to accessing a wealth of reports, indicators and data.
The charting tools were particularly impressive and offered a range of functionality almost identical to the standard platform. Synching watch lists with the web-based version of the platform meant annotation on a particular desk-top chart could be seen on the mobile version, and vice versa. This would likely prove to be particularly useful for those that trade off more than one mobile device .
The execution function has been built for speed and efficiency and the point-of-trade screens include everything you need but nothing that you don’t. A wide range of risk management features are available including: take profits, trailing stop loss and fee information. In addition, there are ‘cancel all orders’, ‘account shield’ and ‘quick-close positions’ tools in case the market conditions are such that you want to quickly scale back on risk.
Saxo Markets has long been recognised in the market as providing the highest grade research and learning tools. As well as providing powerful analytical apparatus the site also provides appropriate background information to facilitate traders who want to get the most out the tools.
News monitors that form part of the SaxoTrader Go platform put interesting and pertinent articles right in front of users.
The way news and calendars are presented can be chopped and changed and whilst some layouts might look a bit like a shopping list we liked this and recognised it as sometimes being the best means for traders to gain quick access to the information they want and need.
A lot of brokers focus their attention on beginner and novice traders. The materials Saxo Markets provides to support this group is exemplary but where they stand out from the crowd is by following up with reports and analysis that is worthy of being described as ‘Advanced’.
The materials are thought provoking and informative. They are at least a means of improving general market understanding and very likely a source of future trading ideas.
Social trading and research ideas are offered on a stand-alone platform called tradingfloor which although away from the main trading area is made up of Saxo Markets users and includes a very useful range of information sources. It’s much more than a chat room and come equipped with research tools, sentiment reports, correlation tables and a whole lot more.
Accessible in a variety of languages it provides an opportunity for traders to liaise with and even follow other traders and the Saxo Strats in-house analytical team.
The telephone based customer support teams we contacted were very knowledgeable and addressed all our issues with confident ease. It was particularly reassuring that they answered our questions without having to put us on hold and themselves research the answer. The Saxo Markets promise is that support with technical matters and account queries is available whenever markets are open and that is back up by the 24/5 level of service.
Saxo Markets are in the process of rolling out a Live Chat function but until then the only options available to users are the telephone help desks, written messages or a chat bot. Using a chat bot is typically a frustrating experience and with Saxo Markets that is unfortunately the case. Questions aren’t really addressed but instead the bot brings the conversation back to an inconclusive FAQ menu. In our testing there was a disclosure made that 40 out of 363 users had found a particular article helpful, statistics that in themselves are a sure sign that the pending upgrade to Live Chat will be welcomed by many users.
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