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Saxo Bank Review

Saxo Bank is an international investment bank that focuses on providing its clients access to online trading across a variety of financial markets in a variety of countries. Included, of course, is the mother of all markets - spot forex. Saxo Bank is a fully regulated European Bank, based in Copenhagen, Denmark, and as such, provides a level of service that few other forex dealers can claim, as well as one of the best online trading platforms in the world.

Over and above being very tightly regulated, Saxo Bank is truly a driving force for innovation in the industry. This is done through technology, and Saxo Bank offers up some of the best trading platform technology in the business. While many forex brokers these days license their platform from Metaquotes, Saxo Bank develops and maintains its own impressive (and multiple award-winning) array of platforms, including the no-download SaxoWebTrader, downloadable SaxoTrader and SaxoMobileTrader for mobile devices. All three platforms are (arguably) the best in their category. You are welcome to check them all out for free by opening a demo account. The feature-rich-yet-simple-to-use environment is sure to impress you at first glance, but perhaps the most impressive trait is something it takes a little while to discover, and that is the platforms' stability which, without question, deserves a full 5-star rating.

Adding to Saxo Bank's appeal is the almost limitless number of tradable instruments. From a large array of exotic spot currency pairs, to forex options, commodities, CFD stocks, futures, ETFs and even bonds, the choice is really quite impressive.

The only negatives are that commissions are paid on trades that fall below a certain threshold, which depends on the currency pair traded, but is usually 50,000-100,000 units. When you add this to a mediocre spread cost, it can add up, or alternately it can encourage traders to over-leverage. Of course this is usually not a big worry to large account holders, which is the majority of traders at Saxo Bank, since the minimum deposit for a Saxo Account is $10,000 (or $100,000 for a Saxo Premium Account).

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Subjective Ratings

Charting: Five star Charting Rating
Execution: Four and Half star Execution Rating
User-friendliness: Five star User-friendliness Rating
Customer support: Five star Customer Support Rating
Transaction costs (spreads): Four star Transaction Costs (spreads) Rating
Rollover interest rates: Four star Rollover interest rates Rating
Withdrawal processing: Three and Half star Withdrawal processing Rating
Platform Functionality: Five star Platform Functionality Rating
Platform Reliability: Five star Platform Reliability Rating
Average rating: Four and Half star Average Rating

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Business Details

Broker Headquarters: Copenhagen, Denmark
Regulated By: Saxo Bank is a fully regulated bank in Denmark.
Client Account Segregation: No
Collect Taxes on Earnings: No
Accept US traders?:
Main liquidity providers: Top tier-1 banks
Broker Capital as of 02-2010 Unknown
Also has offices in: London, Singapore, Tokyo
Registered Business Name: Saxo Bank
In business since year: 1992
Deposit/Withdrawal methods:
MethodDeposit FeeWithdrawal Fee
Credit Card 1.8% - 2.5% 1.8% - 2.5%
Debit Card $0 $0
Wire Transfer Bank Fees Bank Fees

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Trading Conditions

Browser platform: Saxo WebTrader
Downloadable platform: Saxo Trader
Mobile platform: Saxo WebTrader
Phone dealing: Yes
No Dealing Desk Execution: Not available
Fixed spreads: No
Guaranteed stop losses? All orders are executed at best available price.
Hedging capability: Yes - used margin is cleverly cancelled on hedged positions
Trading Hours:
Timezone
Scalping allowed: Yes
Account currencies available: AUD, CAD, CHF, DKK, EUR, GBP, HKD, JPY, NOK, NZD, SEK, SGD, USD
Platform languages: English
Support languages: English
Demo account: 20 days
Live chat support: Available to real account holders.
Promotions & tournaments: None
Swap-free accounts  No swap-free accounts available
Typical spread on EUR/USD: 2 pips (0.0002)
Order processing: Market Maker
OCO orders available: Yes
Trailing Stops: Server-side
If/then orders available: Yes
Account Types
Account Maximum
Leverage
Minimum/Maximum
deposit:
Minimum/Maximum
trade size:
Notes
Saxo 200:1* $10,000/unlimited 1,000/unlimited
Saxo Premium 200:1* $100,000/unlimited 1,000/unlimited
Tradeable Instruments: 6000   
Automated Trading: No
Depth of market view (Liquidity):
Interest on Margin: No, On Net Free Equity
Pending Orders Away from Market:

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* The high degree of leverage available in foreign exchange trading can work against you as well as for you. Investors should ensure they are fully aware of the benefits and risks before putting any money on the line.

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