The online brokerage firm Saxo (former Saxo Bank) requires a capital deposit from the trader owning the brokerage account to activate the CFD and Retail foreign exchange (Forex) trading platform.
The minimum amount required with Saxo is $0, which can be deposited via various methods, including wire transfer and credit/debit cards. It should be noted that the minimum deposit with Saxo may vary depending on the type of trading account chosen.
Saxo generally does not charge commissions on deposits, but conversion fees may apply if depositing in a currency different from the account base currency.
What is the Saxo minimum deposit?
The Saxo minimum deposit is $0 for Saxo Classic account type.
However, a minimum deposit can be required depending on the account type chosen.
The payment methods and account currencies available to you depend again on your residence.
The Saxo minimum deposit features are listed in this table below:
| SAXO DEPOSIT FEATURES | CHARACTERISTICS |
|---|---|
| Saxo Classic account | $0 minimum deposit |
| Saxo Platinum account | $200,000 minimum deposit |
| Saxo VIP account | $1,000.000 minimum deposit |
| Deposit fees | None |
| Withdrawal fees | None |
| Base currencies | USD, EUR, GBP, AUD, CAD, CHF |
65% of retail CFD accounts lose money
After an overview of minimum deposits you can also read our guide to Saxo account types before opening a live account.
What are the Saxo account base currencies?
The Saxo account base currencies include USD, EUR, GBP, AUD, CAD, CHF.
As a trader, you should take note of the specific currency of your account. This is because initiating a deposit transaction with a currency outside the one used by your trading account will attract conversion fees.
For example, if your trading account was opened with a USD currency and you try depositing AUD funds into it, it will automatically attract a conversion fee. In order to eliminate any conversion fees, set your account balance to a currency that matches your deposit method.
What are the Saxo funding and deposit methods?
The Saxo deposit methods features and fees are listed below.
- Wire transfer
- Credit/debit cards
- No eWallets methods
Saxo deposit fees
Saxo provides free deposit charges on a user-friendly interface. This means that the broker does not charge anything or extra fees for deposits.
However, there are two basic exceptions:
- As a trader, your current bank may incur deposit charges depending on the deposit method being used. For example, banks may apply extra charges for transactions conducted via wire transfer.
- Secondly, conversion rates might apply if you deposit in a currency that is not supported by your trading account. The broker provides certain deposit currencies that are available. Once you try to deposit funds in another currency, conversion fees will be applied and deducted from your account.
Saxo withdrawals
Just like that of deposits, Saxo provides free withdrawals through a user-friendly interface.
Once a withdrawal is initiated Saxo takes about three working days to process the payments. This means that withdrawals are not automatic and instantaneous however, as a trader, you are free to withdraw your money at any time.
Due to regulations, you are not allowed to withdraw funds into someone else’s account. Another person cannot initiate a withdrawal on your behalf.
What are the steps to fund your Saxo account?
1. Create a Saxo account.
Before you can deposit funds into a trading account on Saxo, you need to apply and open a demo trading account.
As a beginner, a demo account will become a practice ground. A demo account gives beginners the ability to sharpen their skill, and generally get to know the broker and industry. The Saxo demo account is available for a 20-day trial period for you to test out.
2. Login into the Saxo client area:
As an experienced trader, you can skip the step of a demo account and dive straight into opening a live trading account.
To open a live trading account at Saxo, you need to fill out a form and provide your personal information, identification documents, proof of residence/address, and in some cases your tax ID.
3. Verify the Saxo account:
Before depositing funds into your account, the brokerage firm will have to verify this information though the process should not take long at all.
4. Fund your Saxo account:
With an emphasis on the broker’s minimum deposits per country, you can go ahead and make bank payments using any of the deposit options made available.
5. Wait for the Saxo approval:
As soon as your deposit has cleared into your account you will be ready to start trading.
How does the Saxo minimum deposit compare with other major brokers?
The comparison between Saxo’s minimum deposit and those of other brokers can be found in this table below:
Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
| FEATURES | Saxo | VANTAGE | FP MARKETS |
|---|---|---|---|
| Minimum deposit | $0 | $200 | $100 |
| Wire transfer | Yes | Yes | Yes |
| Credit card | Yes | Yes | Yes |
| PayPal | No | No | Yes |
| Number of deposit methods | 7 | 13 | 17 |
| Base Currencies | USD, EUR, GBP, AUD, CAD, CHF | EUR, USD, GBP, AUD, SGD, CAD | EUR, USD, GBP, AUD, CAD, SGD, CHF, HKD, JPY, NZD |
Does Saxo offer deposit bonuses?
Saxo doesn’t offer deposit bonuses at the moment.
Saxo minimum deposit Malaysia
Aside from being based in various countries, Saxo is also an established forex broker in Malaysia where it provides online trading and investing facilities to traders, investors, and users in general.
It caters to individuals here giving them the ability to trade various financial instruments and makes global markets available for trading in Malaysia. With that in mind, you will want to know more about the Saxo minimum deposit in Malaysia.
The Saxo minimum deposit in Malaysia is set at 3,000 SGD. This minimum deposit applies to all Saxo account types available in Malaysia. Saxo Capital Markets Singapore is regulated by the MAS regulatory body.
If you are a trader based in Malaysia, and you’re looking for the perfect forex broker for you, you may want to have a look at our article where we show which is the best forex broker in Malaysia.
