Saxo Bank is an online broker with well-established trade structures and tools that enable traders to participate in the forex market and carry out forex transactions.
Saxo Bank offers multiple account types with a bank-oriented vision, so it’s no surprise that this online broker is well-trusted. For a comprehensive overview of the Saxo Bank products and security features, check out our Saxo Bank review.
Saxo Bank Account Types
Just like most online brokers Saxo bank offers prospective traders several types of accounts to choose from which can be determined by factors ranging from experience with trading to available capital, location of residence, just to mention a few.
Before going into the topic, if you read our Saxo Bank Minimum Deposit guide, you should know that it is not a broker for all pockets since in some areas the minimum deposit for a basic account is about $10000, while for the most advanced account types it can raise up to $1.000.000! But these high amounts secure extremely high service quality, making Saxo Bank one of the best brokers for professional traders, and one of the best forex brokers for large accounts.
But now, without further ado, here’s how Saxo Bank structures its account offering in detail:
Demo Account
The Saxo demo account provides new traders with the opportunity of ‘finding their feet’ in the forex market without having to worry about the risks associated with trading in a forex market. In fact the demo account, though it replicates a real trading environment, provides virtual money the trader can freely use to practice his skills.
Opening a demo account does not mean you will be committed to opening a live account with Saxo Bank but the demo account will only last for 20 days.
For additional insight into how the Saxo bank demo account works, check out our Saxo Bank demo account review.
Saxo Bank Classic Account
This is one of the live accounts offered by Saxo Bank and it is available on both of their trading platforms namely SaxoTraderGo and SaxoTraderPro..
Traders also have access to over 40,000 assets with spreads starting from 0.8 pips, as well as a great digital service and support which is available 24 hours a day for 5 days a week. The minimum deposit here starts from $500 for UK traders up to $10.000 depending on the country you live in.
Saxo Bank Platinum Account
The minimum deposit here starts to be quite significant as it is $200.000, but it comes with 30% lower trading costs overall. Additionally, traders can also enjoy a premium first-class customer service offered in their preferred language.
Saxo Bank VIP Account
This account is like a step-up to the platinum account as the minimum deposit is way beyond that of the platinum account and as such the services that come with this type of account are of premium quality. Of course, the minimum deposit here is higher than the previous one, and that is $1.000.000.
Trading costs are even lower, traders will also be assigned a personal relationship manager, and will be offered the SaxoStrats service, which is a direct contact with market experts who lend their knowledge and enable traders to make better trading decisions.
Saxo Bank VIP Account holders will also be given the opportunity to gain access to exclusive event invitations.
Saxo Bank ISA
This kind of account is regulated only by the FCA which is a financial regulating body that is based in the United Kingdom. It is not subject to an inactivity fee, something that is not found in other accounts as traders are usually charged 25 pounds in the UK after a quarter of inactivity but never on this account.
This is a stockbroking account with more than 11,000 assets or instruments that a trader can earn from and add to their investment portfolio depending on their knowledge, skill, and expertise. There are commissions available on this account which are as follows:
- UK exchanges at 8 GBP
- US at 10 USD
- EU at 10 EUR
- AU at 8 AUD
Saxo Bank Joint Account
This is designed for those traders who wish to trade alongside someone else especially if their goal is to share the investment capital and risk which means they must be willing to share the profit as well. It also enables the trading decisions to not rest with one single person thus ensuring that a lot of the time, decisions are not made based on emotions alone.
This type of account can only involve two physical people and they must be direct family members. So, friends, co-workers, or even neighbors cannot be eligible for this type of account no matter how professional or experienced they might be as forex traders.
Saxo Bank Professional Account
This is exclusive for traders who have extended experience in trading several assets and instruments. There are three major requirements but a trader needs to meet just two of them to be eligible for a Saxo bank professional account:
- Average of 10 transactions of significant size per quarter in the past year
- Financial instrument portfolio of over €500,000 (in your bank or trading account)
- Experience in the financial services sector
For the Saxo Bank professional account, leverage is raised to a max of 1:66 on Forex major assets and instruments and traders with this account are eligible for protection from the Guarantee Fund for up to EUR 100,000.
Traders also retain the right to request a different categorization but will not have negative balance protection which means there isn’t an automatic system in place to help prevent the account from going into negative balance.
Saxo Bank Account Opening
To own an account with Saxo Bank as a trader, you will have to open an account by supplying the necessary information after which confirmation of the account by the broker leads to ownership of the account.
Live Account Opening
Opening a live account with Saxo Bank is quite easy and straightforward with traders having a variety of options to pick from in terms of different types of account which they can open. The requirements for each type of account differ which is something traders should bear in mind when choosing the live account, they want to open.
Account Verification
Account verification is the process of verifying and confirming your account to be sure the email used is a valid one. The process is usually fast, and depending on the country you are residing in, you may need the following documents:
- Proof of Identity (ID, Passport): this is to confirm your basic information such as name, gender, and date of birth, just to mention a few.
- Proof of residence (Bank statement): this is to confirm your registered address as stated on your bank statement.
Account Funding
Funding your live account is done through two main payment methods:
- Bank Transfer
- Major Credit and Debit Cards
A variety of currencies are accepted by this broker some of which include: AUD, CAD, CHF, DKK, EUR, GBP, HKD, JPY, NOK, NZD, SEK, SGD, USD. It should be noted that some cards may be locked or not accepted for payment due to a specific geographical area.
Minimum Deposit
The minimum deposit varies with each account and for the Classic account, it is the lowest but then it is dependent on your location:
- 500 GBP for those in the United Kingdom.
- 2000 USD in Hong Kong.
- 2000 CHF for those located in Switzerland.
- 3000 AUD for Australians.
- 3000 SGD for Singapore.
- 10000 USD for those located in countries within the European Union and those located in Dubai.
For further information, we suggest checking our Saxo Bank minimum deposit guide.
Account Currency
When it comes to account currencies, Saxo Bank offers the following as base currencies:
Euros (EUR), United States dollars (USD), Great British pounds (GBP), Australian dollars (AUD), Canadian dollars (CAD), Singaporean dollars (SGD), Japanese yen (JPY), Swiss francs (CHF), and Chinese yuan (CNY).
Saxo Bank Account Deposit & Withdrawal
There are no fees charged when you deposit funds either through bank transfer or credit/debit cards. You can also avoid a conversion fee by making your deposits in the same currency selected as the base currency otherwise you will be charged a conversion fee.
Your bank may charge you a fee when you are carrying out a transfer to deposit funds into your Saxo Bank account; there is nothing the broker can do about this as it is normal bank procedures for money transfer.
The period for a deposit to reflect takes up to 2 business days while for withdrawal, it takes up to 3 business days. Saxo Bank does not charge you any fee for withdrawal either just like when you make a deposit.
Saxo Bank Account Management
When you open a Saxo bank account, it is important that you know how to manage it and understand certain pitfalls that you need to avoid so you don’t end up paying unnecessary fines.
Saxo Bank Account Inactivity
In a situation whereby a trader is inactive, he or she might end up losing that account or paying fees as a consequence. If you are operating a demo account, then you cannot afford inactivity as the account only lasts for 20 days which means that is the only window you have to test and adjust your trading strategies to the best of your ability.
By the time you now have a Saxo bank live account and for some reason, you happen to be inactive on the account, then expect to be slapped with an inactivity fee of $100 after 6 consecutive months of no trading.
Saxo Bank Account reactivation
To reactivate your account, you will need to place a trade or maintain an open position to show your seriousness in using the account rather than having a situation in which the account will be reactivated only to be left dormant.
Closing a Saxo Bank account
First thing is to withdraw your funds which will be reflected within three business days after which you are then to close any open trades you might have left. The next step is to contact the broker support team by raising a Support Ticket from where you requested to close your account. Finally, print Account Statements and other relevant reports for submission and references.
Saxo Bank Account Types FAQs
What is the difference between SaxoTraderGO and SaxoInvestor?
SaxoInvestor is built with the same technology as SaxoTraderGo but has a more user-friendly design catered towards more casual traders.
How much do you need to open a Saxo account?
The Saxo Bank minimum deposit starts from $500. This may vary depending on where you’re based.
Can I open 2 Saxo accounts?
It is possible to open two accounts with Saxo’s brokerage account.
