Saxo Bank’s minimum deposit for a Classic account ranges from $500 to $1000 depending on your country of residence, and the amount changes further with different account types.
The payment methods and account currencies available to you depend again on your residence.
We’re going through each detail in this guide.
|Saxo Bank Classic account||$500|
|Saxo Bank Platinum account||$200,000|
|Saxo Bank VIP account||$1,000.000|
|Base currencies||AED, AUD, CAD, CHF, CNH, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, RUB, SEK, SGD, ZAR, TRY, USD|
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After an overview of minimum deposits you can also read our guide to Saxo Bank account types before opening a live account.
Saxo Bank accepted deposit currencies
Saxo Bank gives traders the ability to deposit a wide range of currencies. This forex broker offers 24 base currencies like:
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.
Saxo Bank funding methods (+ withdrawals)
Unlike other online brokers, Saxo Bank has a limited number of payment methods. However, these payment methods are fast, easy, and effective and most of us use them daily.
Some deposit methods are processed instantaneously while others take up to two business days.
The main deposit methods include:
- Credit/debit cards
- Wire transfer
No e-payment methods are offered.
Saxo Bank deposit fees
Saxo Bank 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 Bank withdrawals
Just like that of deposits, Saxo Bank provides free withdrawals through a user-friendly interface.
Once a withdrawal is initiated Saxo Bank 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.
How to deposit funds into your Saxo Bank account: steps to follow.
- Forex trading turns out to be a disaster if you know nothing on how to trade. Therefore, before you can deposit funds into a trading account on Saxo Bank, 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 Bank demo account is available for a 20-day trial period for you to test out.
- 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 Bank, 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.
- Before depositing funds into your account, the brokerage firm will have to verify this information though the process should not take long at all.
- 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.
- As soon as your deposit has cleared into your account you will be ready to start trading.
Saxo Bank minimum deposit vs other brokers
|FEATURES||SAXO BANK||VANTAGE||FP MARKETS|
|Number of deposit methods||7||13||17|
|Base Currencies||AED, AUD, CAD, CHF, CNH, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, RUB, SEK, SGD, ZAR, TRY, USD||EUR, USD, GBP, AUD, SGD, CAD||EUR, USD, GBP, AUD, CAD, SGD, CHF, HKD, JPY, NZD|
Saxo Bank minimum deposit Malaysia
Aside from being based in various countries, Saxo Bank 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 Bank minimum deposit in Malaysia.
The Saxo Bank minimum deposit in Malaysia is set at 3,000 SGD. This minimum deposit applies to all Saxo Bank 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.
Saxo Bank minimum deposit: pros and cons
Here is a closer look at some of the advantages and disadvantages we have found with the Saxo Bank minimum deposit and funding process.
- Good number of accepted currencies.
- Very high-quality broker.
- Good range of choice when it comes to account base currencies.
- Saxo Bank has no fee charges for deposits.
- Deposit requests can take up to two business days.
- Saxo Bank is a forex broker for big accounts with large minimum deposit fees.
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