Online trading and investment services are offered by Saxo Bank, a Danish investment bank established in 1992. The corporation is governed by several financial regulatory bodies worldwide, including the UK’s Financial Conduct Authority and the Danish Financial Services Agency (FSA) (FCA).
Saxo Bank is a global service provider and runs various distinct legal companies in different parts of the world. The services the various entities provide may vary slightly, particularly in terms of costs and product selection. In this assessment, Saxo Markets UK was put to the test.
Saxo Bank Trading Company’s Executive Summary
The Midas brokerage firm was established in 1992 and later changed its name to SaxoBank. The broker received a license from the FSA, a Danish financial supervisory authority, in 2001. The business after that adopted the name SaxoBank. Customers from 170 nations can now access the broker’s online financial markets. In 2017, the e-FX Awards presented by FX Week and the ADVFN International Financial Awards named the SaxoTraderGO terminal the most advanced trading platform for active trading.
Pros and cons of Saxo Bank
An excellent and well-designed trading platform serves as the foundation of the Saxo trading experience. Additionally, Saxo’s research team consistently provides trading suggestions as part of its superb research offerings. Saxo’s extensive product portfolio can accommodate even the needs of big traders.
The fees for trading bonds, options, and futures on Saxo are high, which is a drawback. Depending on where you live, the minimum deposit might be anywhere from $600-$2,000. Additionally, there is no 24/7 accessibility or live chat customer care.
Pros
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- Excellent trading platform.
- Excellent research.
- Wide range of goods
Cons
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- High costs for bonds, options, and futures.
- high required down payment.
- No live chat or 24/7 accessibility.
Saxo Bank Trading Fees
Trading fees at Saxo Bank are generally average. Although the price structure varies depending on the type of account, it is transparent, and you can readily figure out your costs. Pricing is more palatable for Saxo’s Platinum and VIP clients. If you’re looking for high-quality service and are prepared to spend a little bit more, we suggest Saxo. Discount brokers are most likely better if you’re looking for a deal.
What exactly is a Forex managed account?
First and foremost, a brief description of a forex managed account. As you might have guessed, a forex-managed account type is one that another trader works, a professional trader, also known as a fund manager.
Clients typically pay commissions to these fund managers to take care of the running of these accounts, which may be separate from any fees charged by the forex brokers who typically host these accounts. This person manages the budget and executes trades in that account on behalf of other clients.
Pros and Cons of Managed Forex Accounts
Managed forex account trading has benefits and cons, as with other forms of trading. To assist you in making the best decision for yourself, below are a few examples from either side:
Pros
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- You can invest passively with a forex managed account because the fund manager will typically handle all of the work.
- This also means that since traders will trade for you, you don’t need any trading experience.
- You have the freedom to take money out whenever you choose.
- Selecting one or more account managers and managing account investments is a fantastic method to diversify your investments.
Cons
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- The fund manager’s investment choices won’t be subject to your influence.
- The broker’s and the fund manager’s fees can differ.
Is it risky to use managed accounts?
It’s dangerous to trade currencies in any way. Market conditions here are exceedingly uncertain and challenging. Significant gains and losses are possible, which could be pretty detrimental. Their hazards are fewer than those of individual trading, nevertheless, when it comes to managed accounts. Profits in the financial markets, however, are impossible to guarantee.
Examples include subscribing to various traders and establishing a maximum loss amount; you can change the top risk level in copy trading. With your investment account manager, you can set a similar agreement. You won’t just hand a professional your account and leave them to it. You can decide on your level of risk and the methods you want your account manager to employ.
Conclusion
Saxo Bank is a fantastic broker that offers a sophisticated and helpful service. It provides a user-friendly trading platform that is appropriately designed and supported by solid research. The product line includes a wide range of assets and global markets. However, it has some shortcomings. Bonds, options, and futures have expensive fees. For other nations, the minimum deposit requirement is also high. Finally, there is no live chat or round-the-clock customer service.
