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Let’s Talk About How to Buy/Sell on Saxo Bank with Traders Union’s Analysts

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In order to start trading with Saxo Bank, you must first make a deposit of $2,000. Residents of the Middle East or South Africa will be able to access the platform only after making a deposit of $10,000, while for residents of Turkey, this figure will start from $250,000. 

The broker has 3 classic account types in total: 

  • Classic with a minimum deposit of $2,000. 
  • Platinum — starts at $200,000. Guarantees a 30% drop in prices. Provides priority support in the client’s language.
  • VIP — with a minimum deposit of $1,000,000. Provides invitations to events, access to SaxoStrats expert analysts and a personal 24/5 manager.

Once you have funded your deposit, you have the opportunity to work with more than 40,000 instruments. These include currencies, CFDs, stocks, options, commodities, futures, bonds and mutual funds. A total of 9 asset classes.

Can I buy cryptocurrency in Saxo Bank?

No, technically you cannot buy cryptocurrency on Saxo Bank’s platform. Their broker only offers 15 cryptocurrency ETNs (exchange-traded notes), which are contracts that track the price of the underlying coin. This means that investors cannot withdraw coins bought from Saxo Bank to their personal wallet or to an alternative income platform. So, how to buy/sell on Saxo Bank?

Trading conditions and instruments

Although Saxobank’s trading toolkit is generally able to satisfy most investors, some instruments with high volatility are inaccessible to non-professional clients. An example of such an instrument is the Euro Stoxx 50 Index mini-futures (VSTOXX). At the same time, in order to become a regular client, you will have to fulfil conditions such as building up a deposit up to 500,000 euros, passing an exam on the basics of trading and investing, etc.

CFDs are very diverse, with a list of over 9,000 positions, predominantly ETF derivatives. Commissions are also very high: at least $20 on US equities and at least £8 on UK equities. Overall, Saxobank is the leader in terms of trading commissions among brokers.

If no trades have been executed on the account for 180 days, an inactivity fee of $100 is charged. On this parameter Saksobank, perhaps, the most “unfriendly” broker in relation to conservative investors.

For “lazy” investors there is a money management service: SaxoSelect. The main strategy, Saxo Morningstar Moat, is developed in cooperation with Morningstar and involves investing an amount starting at €30k to form a portfolio of 30 stocks. The portfolio is managed by specialists at Saxobank and Morningstar. Even a cursory glance at the yield graph is enough to notice the unacceptably high risk and very conservative profitability.

But Saxobank’s main specialisation is forex. Along with 182 currency pairs (at the time of writing), Saxobank Broker allows you to enter into forward contracts with maturities between 1 and 12 months for more than 100 pairs. Another unique feature is the extensive statistics on order execution. As you know, there is a protocol where a part of the order can be executed at one price and the rest at another if there is not enough liquidity in the market. This protocol is called Immediate Or Cancel (IOC). This results in an execution price slippage. Saxobank gives a detailed slippage history for a number of currency pairs over several years, statistics on order execution speed and other valuable information.