Saxo bank offers a demo account that provides an insight into its various types of live account as this helps traders to determine the kind of Saxo bank live account they will like to operate. Sometimes though, it’s still possible that people are unsure of which Saxo bank account to operate even after using the demo account and if that is you, do not worry, we have got you covered with our in-depth Saxo Bank Account Types guide which you will do well to check as each of the accounts is well-discussed. Furthermore, if you need a broader overview of the broker’s security features and more, check out our Saxo Bank Review.
Saxo Bank Demo Account Opening Tutorial
We will be looking at a step by step guide on how to open a Demo Account with Saxo Bank as well as the best way to use it so that you can obtain optimal results.
Step 1 – Getting Started With Your Saxo Bank Demo Account
To operate a demo account with Saxo bank, you need to register and sign up which is simple and direct. Just log on to the Saxo bank homepage from your smartphone or PC and you will find a top menu bar where you will see accounts and from there, click on the “Try Free Demo” button from the top right corner. Once you do that, you will be asked for some information which you will provide to complete the registration.
Step 2 – Saxo Bank Demo Account – What Documents/Information do you need?
The Demo Account requires very little information since it is just for knowledge acquisition and finessing of trading skills and techniques. As such you will need to provide only:
- A valid email address which is where the mail for confirmation of your account will be sent to.
- A valid phone number which will be linked to the account and accentuate that you are a real person and not a robot.
Whenever you feel ready to open a real account either due to continuous practice and test of trading strategies or accumulation of enough knowledge about the financial market and its various factors, then you will need some additional documents:
- A national identity card (such as a driver’s license) or a passport; just something to prove your identity although most times, a passport is preferred.
- A bank statement or something to prove your address; a utility bill could work as well as long as your place of residence is showing.
Step 3 – Fill in the registration form
The next step is to complete a short registration form by supplying information like your full name, valid email address, country of residence, phone number, and then you create a password.
Whenever you feel ready to go Live you are free to upgrade your account to any of the types available after which you can start live trading.
Step 4 – Confirm the account via email/telephone
Once you submit the form you will get an email with your account details which you can then confirm before operating the account.
Step 5 – Logging into the demo account
Once confirmation is completed, the next step is to open the trading platform you selected and then input the account details provided via the mail that was sent to you.
Step 6 – Choosing Your Saxo Bank Demo Account Platform
Saxo Bank allows you to use the trading platform of your preference. There are two major trading platforms that you can choose from:
- SaxoTraderGO available on desktop, iOS, and Android App.
- SaxoTraderPRO available only on desktop
The two platforms contain multiple charts with advanced market analysis along with charting tools and stock and options analysis to help the trader with seamless execution of trades.
Saxo Bank Demo Account Review
The Saxo bank demo account is essentially a ‘training ground’ where traders can acquire knowledge about financial markets while at the same time honing their skills before going into the real market.
Types of Saxo Bank Demo account that are available
For all their major accounts, there is a corresponding demo account which traders can choose from:
- ISA (only under FCA regulation)
Saxo Bank Demo Account Features, Restrictions, and Differences with Live Account
Since the Demo account is something of a training account, it operates with virtual funds to help traders get the feel of trading with money even if the money is not real. They are thus able to master the timing of trade decisions while also having an understanding of the skills and techniques needed to maximize profit from the trading options available to them.
The Demo account is risk-free since the money being traded with is not actual money which means the trader does not have to worry about losing their money. Operating a demo account is essentially trading without the risks associated with having a live account. This is further made true by the fact that the real-time market conditions found while trading with a live account are also present in a demo account. Therefore, the trader gets a real feel of how the market works before venturing into it properly.
Slippage won’t occur in a Demo Account which will occur in a live account. Slippage is simply the difference between the expected price of a trade and the actual price at which it gets executed which can occur due to fluctuating market conditions. And slippage can either increase or reduce the cost of executing a trade depending on its value at a particular period.
Advantages of Trading with a Saxo Bank Demo Account
When trading with a Saxo Bank Demo Account you are going to benefit from various features:
- A simulated Live Trading environment, without risking real money
- Free paper trading with one of the most Important and institutional brokers in the industry
- Professional trading tools to build your understanding
Saxo Bank Demo Account Management
Once you have a Saxo bank demo account, it is imperative that you know how to manage it and understand the pros and cons that come with it.
Saxo Bank Demo Account Expiring time
The demo account is not unlimited as you only have 20 days to try it and utilize it. So whether you are a novice trying to find your feet when it comes to trading or you’re an experienced trader just trying out new trading strategies, you have just under three weeks to get it right after which you can then decide to upgrade to a live account.
Saxo Bank Demo account reactivation
It may be possible for you to extend your Demo account access beyond 20 days but you will have to contact customer support for that to be effected. Another thing you can do is, once you go Live, you can continue using your Demo or even create one if you haven’t already done so. And should you run into any problems, you can contact customer support which supports almost thirty languages. So, you do not have to worry about whether you will be understood once you make your complaint.
Saxo Bank Demo Account FAQs
Does Saxo offer a demo account?
A Saxo Bank demo account is available. The account is free, easy to open, and can be used for a 20-day trial period.
Is Saxo Trader free?
All live trading Saxo Bank account types require a minimum deposit. Saxo Bank demo accounts are free to open and use.
How much do you need to open a Saxo account?
Opening a Saxo Bank demo account is free. The most basic live account type has a $500 minimum deposit for UK traders. This can be as much as $3,000 depending on where you’re based.