“Saxo Bank” is a forex broker that provides fast access to the modern trading market. There are already more than a thousand satisfied clients using the company’s services today. The feedback about the organization is only the most positive.
Saxo Bank is positioning itself as a platform for the stable operation of its assets, which provides everything that is necessary for this, thereby helping clients to earn even more. In our review, we will take a closer look at this bank and tell you everything you need to know before you get started.
Forex broker Saxo Bank: characteristics and terms!
The broker works only with huge deposits. Therefore, it is initially suitable for professionals in this area. The company was founded by Danish entrepreneurs.
The company specialises in online investments. It is an international capital market. Clients can trade the widest range of all manner of financial instruments:
- Shares and currencies.
- Contracts for Difference.
- Futures, etc.
The whole trading process is only done online. This can be done using a special application that has been developed by the bank itself. In addition, it is also possible to use programs which are designed for making transactions from a mobile device or using an ordinary internet browser. However, there are more than a thousand private investors among the bank’s clients. Numerous traders are not excluded either.
Saxo Bank may seem like a reliable partner with the name of a European bank. In fact, the company actually operates in the market of trading a variety of assets and binary options. On its website, the agent offers lucrative terms of cooperation, which attracts many users. Now a lot of reviews have appeared on the net, concerning the unscrupulous performance of obligations by the broker. Let’s look into the situation in more detail.
How to withdraw
Saxo Bank clients often ask “how to withdraw from Saxo Bank?”. To ensure that your withdrawal is not hindered by the broker, get effective advice in a one-to-one consultation.
The minimum deposit and withdrawal amount at Saxo Bank is 1 USD. But if you are a new customer, you have to deposit at least 10 000 USD (300 000 UAH) to open one of three account types.
To withdraw you need to have an account in your name. Then you have to apply through the Saxo Trader trading terminal and wait 1 to 5 days. In one transaction you can withdraw 100 thousand dollars. In one month you can withdraw up to 160 thousand dollars. A fee of 0.50% to 2.84%, depending on the currency of the transaction, is charged by the card operator. A withdrawal request can be made directly from the trading platform or through a written request. In this case the processing of the request through the terminal is free of charge, and through the form — $40.
Saxo Bank fees
Saxo Bank’s level of commissions can be considered quite favourable. The company charges commissions in different forms, depending on the type of trading instruments. There are commissions in the form of spread as well as fixed commissions per lot. Let’s make a short overview of the mandatory fees at Saxo Bank:
- US equities and ETFs — 1 USD per lot.
- Forex and CFD contracts — spread from 0.5 pip.
- Futures and commodities — 1.25 USD per lot.
- Cryptocurrencies — 0.7 USD per lot.
- Forex options — spread from 3 points.
- Bonds — from 0.05%.
Traders may also get discounts depending on the type of trading account. For example, clients who received Platinum status (accumulated 120,000 points or deposited 200,000 USD) will receive a 30% discount on all commissions. Thus, the commissions at this broker can be considered very favorable.