Saxo Markets

Saxo Markets review

Find out what we thought of Saxo and why it's respected in the industry.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Established in 1992, Saxo Bank 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. Find out more about what it offers, what you can invest in and some pros and cons of Saxo below.
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Saxo Markets Share Dealing Account

Trade financial instruments 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

What products does Saxo have?

Saxo Markets Share Dealing Account
Stocks and shares ISA
Lifetime ISA (LISA)
Pension
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Saxo Markets has a few different account types available to invest in — you can invest as an individual investor, with someone else or as a professional or corporate investor. We go into more details about the account types that you can invest in with a personal account below.

Saxo ISA

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 2021/2022 tax year).

With a Saxo ISA, you get:

  • 24/7 online access to 25 global exchanges
  • Access to shares, ETFs, investment trusts and bonds
  • Currency conversion charge of 1%
  • View all your ISA investments with one login
  • No withdrawal fees
  • No administration fees

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

Setting up a stocks and shares ISA with Saxo Markets is pretty easy. Before you get started, 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 a 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.

Saxo self-invested personal pension (SIPP)

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 in their pension — you have the flexibility to choose which asset classes your pension is invested in.
Benefits of Saxo’s SIPP include:

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

What stock exchanges are available with Saxo?

Saxo Markets Share Dealing Account
UK - London Stock Exchange
US - NASDAQ
US - New York Stock Exchange
Canada - Toronto Stock Exchange
Euronext
Germany - Deutsche Börse
Keep in mind67% of retail CFD accounts lose money
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Saxo has investments across a huge range of stock exchanges, including UK, US, Canadian and European shares, which covers off most shares that you’d be able to name. There are 25 global exchanges available on Saxo, so this is merely a snippet of what it offers.

What financial instruments can I invest in with Saxo?

Investment typeDescriptionAvailable with Saxo?
SharesA small part of a company.
FundsA collection of stocks and investment types.
ETFsA type of fund that is traded on a stock exchange.
ForexBuying and selling foreign currencies.
BondsAn IOU from a company or government.
OptionsA contract with the option to buy or sell an investment in the future at a set price.
FuturesA contract to buy or sell an investment in the future at a set price.
CommoditiesA material or product, such as gold or corn.

Saxo has a huge range of investment types available to trade, ranging from shares, which are quite simple, to futures and options, which are a little more complex. You can trade contracts for difference (CFDs) on these instruments, which are certainly not for beginners, who may be better off sticking to investing in shares, ETFs and funds.

Saxo fees

ProductCost
UK stocks0.1% (minimum £8)
US stocks0.02 USD (min $10)
UK ETFs0.1% (minimum £8)
US ETFs0.02 USD (min $10)
Foreign exchange fee1%

Saxo charges different fees for different exchanges and investment types, which can be a little complicated at first — you can check out a detailed list of fees on its website, but we’ve provided some of the key ones above.

Saxo review: What else do I need to know?

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

Saxo trading platforms

Saxo is unique in that it has a couple of different platforms to trade with — these offer different tools for different types of investors. The platforms are called Saxo TraderGO and Saxo TraderPro. The former account is for day to day investors, while the Pro account is for professional investors. We’ve detailed some of the features of each account below.

SaxoTraderGO

Saxo TraderGO is suitable for investors on the go. Some features include:

  • 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

SaxoTraderPro

Saxo TraderPro is designed for professional investors. Some benefits include:

  • 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

Account types

You can invest in personal accounts as well as in a joint account, corporate account or professional account, depending on your circumstances.

Personal account

This account is Saxo’s general investment account. You can use it to access both Saxo TraderGO and Saxo TraderPro 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 2021/2022 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.

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, 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 2 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 4 quarters
  • Work, or have worked, in the financial sector for at least 1 year
Which protections are waived with the professional account?

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.

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.

You must already have a corporate bank account and deposit at least £100,000. You’ll also need to provide the following documents:

  • Memorandum and Article of Association
  • Certificate of Incorporation
  • Proof of the company’s business address if different to its registered address (e.g. a company bank statement or utility bill less than three months old and issued in the company’s name)
  • Latest financial statement
  • Group structure diagram (for entities within complex group structures only)

You also need copies of these documents for each beneficial owner with a 25% or greater company holding and each company director:

  • Passport
  • Proof of residency

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

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.

Pros and cons of Saxo

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 Stop Loss feature

Our verdict: Is Saxo any good?

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.

Get started by visiting Saxo and opening an account. Still not sure? Compare other share trading platforms with our comparison table.

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. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.

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