Saxo Review
Saxo is a Copenhagen-based, fully licensed bank that gives traders and investors access to more than 71,000 instruments through its SaxoTrader platforms.
Updated
In this guide 9 sections
Most forex brokers are investment firms. Saxo is a bank, and that difference shapes almost everything in this Saxo review, from how client money is held to the sheer range of markets on offer. It also changed hands in 2026, which makes now a good time to look again at what the Copenhagen group offers retail traders.
A Bank, Not Just a Broker
Saxo was founded in 1992 and received a Danish banking licence (number 1149) in 2001. Saxo Bank A/S is supervised by the Danish Financial Supervisory Authority, which designated it a systemically important financial institution in 2023, and S&P Global rates it A-. The group also has a Swiss bank under FINMA, a UK firm authorised by the FCA (551422), and licensed subsidiaries in Singapore, Japan and other markets. It serves more than 1.5 million clients and reports client assets above one trillion Danish kroner.
The 2027 Ownership Change
In early 2026, J. Safra Sarasin Group completed its purchase of about 71% of Saxo, buying out Geely Financials Denmark, Mandatum and other minority holders. Founder Kim Fournais kept roughly 28% and moved from chief executive to chairman, with Daniel Belfer, previously head of Bank J. Safra Sarasin, taking over as CEO. Both the Danish FSA and FINMA approved the deal. The new owner is a long-established Swiss private banking group, which, if anything, strengthens Saxo’s conservative profile.
Markets: Breadth Few Can Match
Saxo lists around 71,000 instruments. Forex traders get 192 currency pairs including metal crosses, plus FX options. Beyond currencies, clients can buy stocks on about 25 exchanges, ETFs, bonds and mutual funds, and trade roughly 3,100 listed options, more than 250 futures contracts and about 10,000 CFDs. Crypto exposure is thin, though: just six crypto CFD pairs and no spot coins, and none for UK retail clients.
Pricing Tiers and the Ticket Fee
Saxo prices forex through spreads rather than commission, with three tiers:
- Classic: no minimum deposit in 2026, EUR/USD from 1.0 pip.
- Platinum: $200,000, EUR/USD from 0.9 pip.
- VIP: $1,000,000, EUR/USD from 0.8 pip.
The catch for smaller traders is a $3 ticket fee on forex orders below the equivalent of 50,000 euros, and there are no micro lots. A trader placing lots of small trades will pay noticeably more than at a raw-spread broker. Other costs include a 0.25% currency conversion charge and an annual custody fee of 0.15% on Classic, falling to 0.09% on VIP, which is waived for clients who opt into securities lending. There is no inactivity fee and no charge for international wires.
Platforms and Research
SaxoTrader runs on web, Windows, Mac and mobile with synchronised layouts, 64 indicators and 19 timeframes, while SaxoInvestor provides a simpler, unleveraged investing interface. TradingView integration is available, and developers can use Saxo’s OpenAPI with REST and FIX specifications. Algorithmic order types such as iceberg and implementation shortfall are offered on some products. MetaTrader, cTrader and copy trading are not.
Research is a strength, led by the in-house SaxoStrats team, a near-daily podcast with more than 1,300 episodes, Dow Jones and Newsquawk feeds and Autochartist signals. Education consists of seven video courses and more than 60 articles, without quizzes or progress tracking.
Funding and Account Setup
Deposits are restricted to bank wire and cards; PayPal, Skrill, Neteller and crypto are not accepted. Accounts can be held in a wide range of base currencies, including major and Nordic currencies. Retail leverage in the UK and EU is capped at 30:1, and Saxo does not offer Islamic swap-free accounts.
Is Saxo Right for You?
Saxo is a natural fit for well-capitalised traders and investors who want forex alongside equities, bonds and derivatives under a single banking relationship. Small-ticket forex traders and MetaTrader users will find better-suited and cheaper options elsewhere.
Leveraged products at any broker, including a bank, can lose money rapidly, so keep risk proportionate to your capital.
Saxo FAQ
Is Saxo a bank?
Who owns Saxo Bank?
What is the minimum deposit at Saxo?
Does Saxo offer MetaTrader?
Does Saxo charge commission on forex?
Live chart & technical indicators
Summary
Saxo Bank is a Danish bank founded in 1992 and designated a systemically important financial institution by the Danish FSA. Since early 2026 it has been about 71% owned by J. Safra Sarasin Group, with founder Kim Fournais retaining roughly 28%.
Account Types
| Name | Notes |
|---|---|
| Classic | Entry tier, EUR/USD spreads from 1.0 pip |
| Platinum | Lower spreads and commissions, EUR/USD from 0.9 pip |
| VIP | Best pricing, EUR/USD from 0.8 pip, priority service |
Regulation & Licences
| Regulator | Licence No. | Country |
|---|---|---|
| Danish FSA (Finanstilsynet) | 1149 | Denmark |
| FCA | 551422 | United Kingdom |
| FINMA | Switzerland | |
| MAS | Singapore | |
| JFSA | Japan | |
| ASIC | Australia | |
| SFC | Hong Kong |
Pros
- Fully licensed Danish bank designated a SIFI and rated A- by S&P
- About 71,000 instruments including 192 FX pairs, bonds, futures and listed options
- Powerful SaxoTrader platforms with strong research and an OpenAPI
- No inactivity fee and no minimum deposit on Classic
Cons
- $3 ticket fee makes small forex trades expensive and there are no micro lots
- No MetaTrader, cTrader, copy trading or Islamic accounts
- Limited funding methods: bank wire and cards only
- Custody fee on held securities unless securities lending is enabled
Risk warning: Trading forex and CFDs on margin carries a high level of risk. Bonus terms are set by each broker and may change; always check the broker's official terms before claiming.