Saxo Bank Demo Account: Opening & Key Information (2023)
In this article, you will be guided into everything useful info you better know about opening a Saxo Bank demo account.
The InvestinGoal team checked out the Saxo Bank demo account and checked all the main features, trading platforms, asset selection, and account opening process to provide insight to traders.
Main features of the Saxo Bank demo account:
- 20-days trial
- Free to open
- Easy to open
- Two proprietary trading platforms to try
- Try professional features for free
Table of Content
Round-up
| Saxo Bank demo account | Characteristics |
|---|---|
| Demo available | Yes |
| Trial duration | 20 days |
| Demo platforms | SaxoTraderGO, SaxoTraderPRO |
| Virtual money amount | $100.000 |
| Customizable features | Yes |
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Saxo Bank demo account opening tutorial: step by step procedure
The following section is a step by step guide on how to open a demo account with Saxo Bank.
Step 1: visit the Saxo Bank’s website
To open a demo account with Saxo bank, you need to visit the broker’s dedicated page from your smartphone or PC.
From here, click on the ‘Try Free Demo’ button to start the registration process.
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72% of retail CFD accounts lose money
Step 2: fill the registration form
The next step is to complete a short registration form by supplying your full name, a valid email address and your country of residence. A phone number and a secure password are also needed.
Step 3: verify your profile
Once you submit the form you will get an email with your account details which you need to confirm before operating the account.
Step 4: customize the demo account
The next step is to choose a trading platform between SaxoTraderGO and SaxoTraderPRO. If you want to login to SaxoTraderGO, you have to click on the link and head to the browser platform. SaxoTraderPRO must be downloaded and installed.
Step 5: login into the demo account
Use the login details sent by the broker to access your demo account.
Saxo Bank’s demo account features
Opening a demo with Saxo Bank is fast and easy. A valid phone number and email address is all you need.
The account has a 20-day duration and multiple demo accounts cannot be opened with the same email. There are more than 40,000 assets to trade with a $100,000 virtual balance.
SaxoTraderGO and SaxoTraderPRO platforms are both available to be used with the demo account. Educational materials, including video tutorials to speed up your learning are also made available.
Differences between live and demo Saxo Bank accounts
Saxo Bank offers a good range of account types to choose from, however the only account available for demo traders is the Saxo Bank Classic account. Both platforms are available with the demo account.
The main difference you’ll meet between a demo and a live account is Slippage. This term refers to the difference between your price’s initial order request and the actual order’s execution price. This happens in live accounts due to the nature of the volatility of prices, but it won’t happen in a demo since it’s filled with virtual money.
The demo account will be available to you for 20 days, after that, it will expire. Regarding live accounts, there is a $100 fee after 6 months of inactivity.
How to switch to a live account
When switching to a live account, the demo will still be available until its expiration date.
To open a live account you will have to provide proof of your identity (Passport, ID, or Driver’s License) and proof of your residence (Bill utility or bank statement) on the broker’s website. Depending on the country, Saxo Bank may want you to fill out a questionnaire about your trading experience.
As soon as your account gets verified, just proceed with the funding of your account. Saxo bank minimum deposit starts from 500 GBP for UK traders.
How to best use your Saxo Bank demo account
Here are a few points on how to get the most out of your Saxo Bank demo account.
- Set up your Saxo Bank demo account as you would set up a real account
- Do not open large positions if you are not planning to trade with large amounts of money, so calculate your risks in a safer way
- Treat money as if it were real
- Practice daily
- Saxo Bank provides a very equipped material to educate and train traders. Utilize this material
Pros and cons of the Saxo Bank demo account
Pros
- Easy to open
- Professional environment
Cons
- Only 20-day trial period
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