If you were able to read through our article on Saxo Bank Review you will know that Saxo Bank is an online provider of financial services where traders and investors trade various complex assets like forex, binary options, CFD’s, stocks, bonds, ETF’s, and more. This Danish investment broker provides traders with top trading platforms and complete transparency with which they have operated since being founded in 1992 in Denmark.
Trading with Saxo Bank, one of the first things you will be considering is the minimum deposit. That, along with more information on funding methods and account currencies is exactly what we will look at here.
Table of contents
What is the Saxo Bank Minimum Deposit?
The Saxo Bank minimum deposit is $500, though it isn’t always the case since it varies depending on the trader’s country of residence and account type; while this is the deposit for the Classic account, other accounts with more benefits have much higher minimum deposits, as this broker is meant for high volume traders.
AUD, USD, EUR, GBP, JPY, CAD, SGD, CHF, CNY
Now that you know the minimum deposit amount, did you know that Saxo Bank is one of the best brokers for professional investors thanks to the quality of their service? Visit the Saxo Bank website and have a look yourself! (72% of retail CFD accounts lose money)
Saxo Bank Classic Account
The Saxo Classic account is one with the lowest cost. It has a minimum deposit that ranges between $500 and $10,000. This entirely depends on your country. For example, the UK classic account’s minimum deposit is $500. Other countries can vary.
Saxo Bank Platinum Account
Saxo Bank provides its clients with another account type called the Saxo Bank Platinum. This account type has a minimum deposit of $200,000. With this deposit, a client has full-time access to 30% lower prices, effective digital service and support, and the availability of a customer care support system in their local language.
Saxo Bank VIP Account
The Saxo Bank VIP account has the highest minimum deposit of $1,000,000.
Overall, this makes Saxo Bank one of the best forex broker for big accounts to open an account with if you have huge amounts of money to invest. They are widely trusted and used by many of the largest volume traders in the industry.
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 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.
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 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, Visa or MasterCard, Maestro, Dankort, Carte Bleue, and 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, they 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.
Saxo Bank Accepted Deposit Currencies
Saxo Bank gives traders the ability to deposit a wide range of currencies. This forex broker offers currencies like AUD, USD, EUR, GBP, JPY, CAD, SGD, CHF, and CNY. These deposit currencies also match the available base currencies. 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 other to eliminate any conversion fees, set your account balance to a currency that matches your deposit method.
Saxo Bank Minimum Deposit vs Other Brokers
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
Anthony is a financial journalist and business advisor with several years’ experience writing for some of the most well-known sites in the Forex world.
A trader turned industry writer, he is currently based in Shanghai with a finger on the pulse of Asia’s biggest markets.
He is a keen golfer with a very high handicap so when not helping you find the best broker for your needs, you may find him on the course or just as likely following any number of sports from the comfort of his sofa.
Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
ADVERTISER DISCLOSURE: InvestinGoal is completely free to use for all. Though we may receive a commission from brokers we feature, this does not impact the results of our reviews or rankings which are conducted with complete independence and objectivity, following our own impartial methodology. Help us continue to provide the best free broker reviews by opening your account with our links. Please read our Advertiser Disclosure to learn more.