Saxo Markets review

Saxo is well known and respected in the industry. Find out what we thought of its platform.

Posted

Fact checked
Picture not described
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 72%-80.5% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Saxo Markets Share Dealing Account

Trade your money with Saxo Markets

  • Invest using award-winning trading platforms
  • Open a VIP account and enjoy best prices, priority support and exclusive event invitations
  • Access 19,000+ stocks
  • 24-hour customer service
Promoted

Established in 1992, Saxo Markets provides an online platform to trade stocks, shares, contracts for difference (CFDs) and foreign exchange (forex). It’s designed for both new and experienced traders

By providing access to global financial markets, cutting edge technology and industry-leading expertise Saxo aims to equip ordinary investors with the same tools as professional traders and fund managers.

What does Saxo Markets do?

Saxo’s aim is to provide everyday investors with the necessary tools, transparency and information to make educated, reliable and quick trades and investments online. It currently provides two award-winning online platforms to help you do so; SaxoTraderGO and SaxoTraderPro.

Both platforms have risk management tools, the ability to make trades quickly and a 24/5 support centre to help deal with your problems and enquiries.

What are the benefits of the SaxoTraderGO account?

  • Ideal for investors on the go
  • Cross-device use – use your mobile, tablet and laptop
  • Stay up to date with access to a news feed, market data, economic releases and live charting
  • A fast, reliable and intuitive interface that allows for simple and quick trades

What are the benefits of the SaxoTraderPro account?

  • Ideal for serious and professional investors
  • Turns your desktop into a sophisticated trading environment
  • Customise your trading environment to make it right for your needs
  • Advanced charts, technical indicators, instrument views and in chart annotations

What can I invest in?

Is Saxo safe?

Saxo Markets has grown a reputation as one of the most respected names in online trading and investment.

Saxo Markets UK Limited is authorised by the Financial Conduct Authority (FCA) and is bound by its rules and regulations in the conduct of investment business.

Your investments are also covered by the Financial Services Compensation Scheme, so if Saxo Markets were to go into liquidation, you could claim up to £85,000 in compensation.

Compare share trading options

Table: sorted by promoted deals first
Data indicated here is updated regularly
Name Product Price per trade Frequent trader rate Platform fees Brand description
Fineco
£2.95
£2.95
Zero platform fee
Fineco Bank is good for share traders and investors looking for a complete platform and wide offer. Your first 50 trades are free with Fineco, until 30/09/2020. T&Cs apply. Capital at risk.
IG
0% commission on US shares, and £3 on UK shares
From £5
£0 - £24 per quarter
IG is good for experienced traders, and offers learning resources for beginners, all with wide access to shares, ETFs and funds. Capital at risk.
Hargreaves Lansdown Fund & Share Account
£11.95
£5.95
Transfer out fee
Hargreaves Lansdown is the UK's biggest wealth manager, with the depth of features you'd expect from an established platform. Capital at risk.
eToro Free Stocks
0% commission, no markup, no ticket fee, no management fee
N/A
Withdrawal fee & GDP to USD deposit conversion
eToro is good for social trading - letting you mirror the portfolios of other traders. Capital at risk. 0% commission but other fees may apply.
Interactive Investor
From £7.99 on the Investor Service Plan
From £7.99 on the Investor Service Plan
No transfer fees or exit fees. £9.99 a month on the Investor Service Plan
Capital at risk.
loading

Compare up to 4 providers

Data indicated here is updated regularly
Name Product Minimum deposit Maximum annual fee Price per trade Brand description
Hargreaves Lansdown stocks and shares ISA
£100
0.45%
£11.95
Hargreaves Lansdown is the UK's biggest wealth manager. It's got everything you'll need, from beginners to experienced investors. Capital at risk.
Interactive Investor stocks and shares ISA
£100 or £25 a month
£119.88
£7.99
Interactive Investor offers everything most investors need. Its flat fees makes it pricey for small portfolios, but cheap for big ones. Capital at risk.
Saxo Markets stocks and shares ISA
No minimum deposit requirement
0.12%
£8.00
Saxo Markets offers a wide access to a range of stocks, ETFs and funds. Capital at risk.
AJ Bell stocks and shares ISA
£500
0.25%
£9.95
AJ Bell is a good all-rounder for people who to choose between shares, funds, ISAs and pensions. Capital at risk.
Fidelity stocks and shares ISA
£1000 or a regular savings plan from £50
0.35%
£10.00
Fidelity is another good all-rounder, offering a good package at a decent price. Not suited for trading shares. Capital at risk.
Nutmeg stocks and shares ISA
£100
0.75%
£0
Nutmeg offers three types of portfolios. Choose the one that goes with your investment style. Capital at risk.
loading

Compare up to 4 providers

Data indicated here is updated regularly
Name Product Minimum investment Choose from Annual fee Brand description
PensionBee Pension
No minimum
7 funds
0.5% - 0.95%
Pension Bee is a newbie in the pension market. It helps consolidate your pension plans into one place. Capital at risk.
Hargreaves Lansdown Pension
£100
2,500 funds
0-0.45%
Hargreaves Lansdown is the UK's biggest wealth manager. It's got three different retirement options. Capital at risk.
Interactive Investor Pension
£25/month
Over 2,500 funds
£10/month
interactive investor is a flat-fee platform, which makes it cost effective for larger portfolios. Capital at risk.
Saxo Markets Pension
Saxo Markets Pension
£10
Over 11,000 funds
No annual fee
Saxo Markets gives flexibility and control over your investment strategy. Capital at risk.
AJ Bell Pension
£1,000
Over 2,000 funds
0.05-0.25%
AJ Bell has two different pension options, a self managed pension and one that is managed for you. Capital at risk.
Moneybox Pension
£1
3 funds
0.15% - 0.45% charged monthly
Manage your money with an easy-to-use Moneybox app. Capital at risk.
Moneyfarm Pension
Moneyfarm Pension
0.35%-0.75%
7 funds
£1,500 (initial investment)
Moneyfarm has pensions that are matched against your risk appetite, goals and planned retirement date. Capital at risk.
loading

Compare up to 4 providers

All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Capital is at risk.

Saxo Markets account types

Saxo Markets has loads of different accounts available, depending on what you’re looking for in an investment account. We go into more details about what each account offers below.

  • Saxo personal account
  • Corporate account
  • ISA account
  • Joint account
  • Professional account
  • SIPP account

Saxo personal account

This account is Saxo’s general investment account. You can use it to access both platforms. Most people choose to go with a general investing account if they have used up their ISA allowance for the year, which enables them to trade up to the annual allowance (£20,000 for the 2020/2021 tax year) without paying tax on any profits. Once you’ve hit your allowance, you can’t invest any more money into an ISA in that tax year. You can read about Saxo’s ISA below.

Corporate account

Saxo’s corporate account gives you access to the same instruments as the personal account, but you also get dedicated one-on-one support from one of its expert account managers.

Saxo Markets ISA Account

Individual savings accounts (ISAs) are a great way to invest, as you don’t pay tax on any profits you make on investments up to your annual allowance (£20,000 for the 2020/2021 tax year).

ISAs with Saxo host a wide range of benefits that include:

  • 24/7 online access to 25 global exchanges
  • Deal in eligible shares, ETFs, investment trusts and bonds
  • Currency conversion charge of 1%
  • View all your ISA investments with one login
  • Fund your ISA account with either new cash or cash from an existing Saxo trading account
  • Ability to withdraw cash at any time without being subject to penalty fees
  • Zero administration fees

Is it easy to set up a stock and shares ISA?

Setting up a stock and shares ISA with Saxo Markets is simple and easy to do. You must:

  • Be aged 18 or over at the time of your application
  • Be a resident in the United Kingdom for tax purposes or, if not so resident, either perform duties which, by virtue of Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or married to, or in a civil partnership with, a person who performs such duties

    After this simply visit the Saxo Markets website or apply by phone and set up your ISA.

    Joint account

    Saxo’s joint account lets you create an account with a family member. You can invest together, having the same access to the product ranges as you would with an individual account.

    Your family member must be first-line, such as spouses, siblings, parents and children and all applicants need to be at least 18 years old.

    Professional account

    If you’ve got appropriate experience, then you might be able to classify yourself as an elective professional to waive regulatory protections that are on the standard account.
    To qualify, you must meet at least two of the following criteria:

    • Have a financial portfolio that exceeds €500,000
    • Have placed at least 10 relevant trades in significant sizes over the last four quarters
    • Work, or have worked, in the financial sector for at least one year

    Protections which are waived

    There are protections applied to your Saxo account automatically that are in place to protect those with less experience in investing. By applying for elective professional status, you waive these protections.

    • Leverage restrictions. You are able to trade with increased leverage.
    • Negative balance protection. Should your account fall into a negative balance, you are obliged to make additional payments. This means that your losses can exceed your deposits.
    • Product restrictions. You have no product restrictions imposed on you, as you understand the risks associated with trading complex financial products.
    • Standardised risk warnings. As you already understand the risks, you may not be provided with any standardised risk warnings.

    Self-invested personal pension (SIPP) account

    The SIPP allows you to invest in your future. It is approved by HM Revenue and Customs and is designed for investors who want full control over their investment strategy. You have the flexibility to choose which asset classes your pension is invested in.
    Benefits of Saxo’s SIPP include:

    • Access to a large product range
    • Pay a 1% currency conversion fee
    • Direct access to a personal account manager
    • Equity research model allows you to find detailed company information
    • Access to both platforms

    Saxo account tiers

    There are three account tiers, each with benefits. You are placed into a tier based on how much funding is in your account.

    Classic

    Minimum funding: £500

    • Tight entry prices
    • Digital service and support
    • 24/5 technical and account support

    Platinum

    Minimum funding: £200,000

    • Up to 30% lower prices
    • Digital service and support
    • 24/5 technical and account support
    • Priority local language customer support

    VIP

    Minimum funding: £1,000,000

    • Saxo’s best prices
    • Digital service and support
    • 24/5 technical and account support
    • Personal relationship manager
    • Access to trading experts
    • 1:1 SaxoStrats access
    • Event invitations

    Saxo fees and charges

    ProductCost
    StocksFrom £5
    CommoditiesFrom $1 per lot
    ETFsFrom $3 on US listed ETFs
    FuturesFrom $1 per lot
    BondsFrom 0.05% on government bonds
    Listed optionsFrom 0.85% per lot

    Saxo Markets pros and cons

    Pros

    • Comprehensive platform with great charts and research
    • Negative balance protection
    • Lots of educational tools
    • Huge range of products and instruments available

    Cons

    • Charges differ between products and instruments, difficult to keep track of
    • Minimum investment is £500
    • No guaranteed stoploss feature

    Our verdict

    Saxo Markets is a pretty nice all-rounder. It’s got every product under the sun and is widely respected in its field, which gives you a bit of peace of mind when investing. It has a wealth of information to help you invest, such as market analysis, webinars and latest news.

    The minimum investment is £500, which is quite high for beginners, and unless you’ve got a great deal available to invest (we’re talking more than £200,000) then you don’t have access to the higher tiers, which offer a reduced price.

    All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Capital is at risk.

    Ask an Expert

    You are about to post a question on finder.com:

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

    By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

    Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
    Go to site