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Saxo Markets Review UK

Tobi Opeyemi Amure
Reviewed by:
Saxo Markets review UK

Saxo Markets has a reputation for being one of the best UK trading platforms for advanced traders, with an excellent selection of markets and research tools.

But, is this the case, or is Saxo just another overhyped platform that’s better on paper than in reality?

This review will show you what Saxo Markets is actually like to use in a day-to-day setting. I’ll cover everything you would ever need to know about the platform, from the fee structure to the customer support. 

Throughout this review, I’ll analyse the platform’s core features, rating them on a qualitative points-based scale. These points then translate into star ratings. For more information on how we test view here.

This article was reviewed by Tobi Opeyemi Amure, a trading expert and writer at InvestopediaInvesting.com, and Trading.biz.

Overall Rating – 5 stars

Overall, I give Saxo Markets a rating of 5 Stars, based on an overall score of 83 and an average of 92.2%.

Saxo Markets is an unbelievably good trading platform, with a wide selection of markets, great tools and educational content and excellent functionality.

However, high fees may be a problem for newer and more casual traders.

CategoryPointsStar ratings
Fees8.64.5
Safety9.65
Onboarding9.75
Deposit & withdrawal methods8.64.5
Markets8.84.5
Tools9.65
Investment & trading platform9.85
Education9.65
Customer service8.74.5

Pros

  • The trading platform is near-perfect
  • Excellent selection of markets
  • Great tools and educational content

Cons

  • Fees are pretty high
  • No crypto trading options

Fees – 4.5 stars

Saxo Markets’ fees are on par with the competition. The platform also offers nice perks such as high-interest rates on uninvested cash.

The trading fee structure was recently updated too, making trades easier to calculate and cheaper overall.

Trading Fees

Saxo recently changed its trading fee structure, and it’s now much more attractive for anyone trying to reduce fees.

Users will pay a minimum of $1 (USD) for any US stock trade, a minimum of £3 (GBP) for any UK stock and $3 (USD) for each US Futures trade. The currency conversion fee now sits at a flat rate of 0.25%, and you won’t be charged a custody fee for ETF/Stock trades. 

Furthermore, Saxo also provides a comprehensive fee calculator, which makes it even easier to calculate fees.

Non Trading Fees

Saxo Markets doesn’t charge users a usage or maintenance fee. Furthermore, both deposits and withdrawals are completely free to make, making for a much more attractive fee structure than competitors such as eToro

Another plus is that Saxo offers a very nice interest rate for any uninvested cash. While it varies depending on your account type and cash held, you can expect a return of anywhere from 3.41-3.91%.

The only caveat is that you will need to have at least £10,000 sitting in your account to realise these rates.

However, Saxo Markets does charge a very high inactivity fee of €120 per year on classic accounts.

Pros

  • Trading fees have recently been cut drastically
  • High interest rates for uninvested cash
  • No deposit/withdrawal fees

Cons

  • High inactivity fee
  • Fees can be hard to predict
  • Custody fees for stocks, ETFs and bonds

Safety – 5 stars

Saxo Markets is widely regarded as one of the safest trading platforms in the UK, and it has all the hallmarks of a safe platform, including regulation by the FCA.

However, for UK users, negative bank balance protection isn’t provided. 

Background

Saxo Bank was founded back in 1992. It has since displayed over 30 years of perfect financial behaviour, with barely a hiccup on any financial record.

Saxo Bank also holds a banking license, which requires the company to operate under extremely strict financial regulations.

Virtually no other platform in the UK is subject to these regulations, showing just how good Saxo is from a safety perspective.

The only real thing to look out for is that the company is not public, so you can’t easily access its financial records. However, with such a great track record, this isn’t an issue.

The company voluntarily publishes its financial records to the public, meaning you can still access all the financial data you need. 

Regulation

The UK subsidiary of Saxo Bank is regulated by the Financial Conduct Authority (FCA), which is widely regarded as the best regulatory body in the UK.

The FCA ensures that companies act honestly and fairly, and is great evidence that your money will be safe with Saxo.

But, if anything does go wrong, you will be protected up to the amount of £85,000, which should give you even greater peace of mind.

Balance Protection

Negative bank balance protection is offered to clients from certain regions, such as the EU.

However, UK users unfortunately won’t benefit from this protection since leaving the EU. 

Pros

  • Holds a banking license
  • Over three decades of perfect conduct
  • Regulated by the FCA

Cons

  • Negative bank balance protection is not offered to UK users
  • Not publicly listed

Onboarding – 5 stars

Saxo’s onboarding process is crisp, clean, and extremely easy.

There are also plenty of different account types to choose from, and an ISA option for UK users. 

Account Types

UK users have access to a total of four different account types. The most basic account is called the Classic account, which gives you access to the core features of Saxo Markets. There’s also no associated deposit fee.

If you’re a more advanced trader, the Platinum account option may be more attractive to you. This account comes with the advantage of better pricing but does have a minimum deposit of £200,000.

The third option is the VIP account, which comes with the most competitive fees, as well as exclusive invitations and other perks like a dedicated contact agent. However, the entry for this account is extremely steep, with a minimum deposit of £1,000,000.

The final option is exclusive to UK users and comes in the form of an ISA holding. An ISA allows you to invest up to £20,000 each year, and any gains that you make on that money will be tax-free. 

Opening an Account

As it’s the best option for most people, I chose to open the ‘Classic’ account. 

Opening this account was a very simple process. After heading over to the website, I was asked to fill in my basic information, such as my legal name, email address, etc. 

Opening a Saxo trading account.

After this, I had to fill in a short appropriateness test, to ensure that I had adequate trading knowledge. At this stage, I was also asked to verify my identity and residency, via the normal methods like a driver’s license and bank statement. 

My account was verified within a few moments, and the last step was to fund my account. Depending on your payment method, this can take anywhere from 1-5 business days.

Pros

  • Plenty of accounts to choose from
  • Extremely user-friendly process
  • Quick verification

Cons

  • Initial account funding can be slow

Deposit & Withdrawal Methods – 4.5 stars

On the whole, Saxo’s deposit and withdrawal methods are excellent. The only real flaw is that you cannot fund your account via Ewallet methods. 

Currencies

In total, Saxo offers 26 base currencies to choose from. Your default currency will be selected as that of your home country but can be changed very easily. Changing your base currency can help you to circumvent conversion fees.

Another unique feature of Saxo is that you can open up sub-accounts that use different currencies, meaning you don’t have to constantly switch between currencies.

Direct competition such as Interactive Brokers doesn’t offer anything similar.

Deposits

Deposits are completely free to make with Saxo Markets.

You can deposit money into your account via direct bank wire/transfer, as well as credit or debit card payment.

However, Ewallet payments are not available for UK users.

Deposit and Withdrawal Methods on Saxo.

It’s recommended that you use a debit or credit card where you can, as bank transfers tend to take quite a while.

Luckily, deposits are also completely free to make, and there is no minimum deposit fee, meaning you can trade with as much, or as little as you like. 

Withdrawals

Withdrawals are likewise free to make and can be made at any time. However, you can only withdraw via a bank transfer, to an account that’s in your name.

Withdrawals are generally much quicker, and withdrawn funds will likely hit your account within a day or two. 

Pros

  • Free deposits and withdrawals
  • Plenty of base currencies offered
  • Deposits and withdrawals are easy to make

Cons

  • Ewallet payments are not accepted
  • Bank transfers can take a while 

Markets – 4.5 stars

Saxo Markets offers virtually every asset class you could think of.

Furthermore, there is generally a wide selection of assets within each class available.

However, some asset classes, such as bonds, do fall behind competitors like Interactive Brokers.

Funds and Crypto trading aren’t offered to UK users either. 

Markets available on Saxo.

Real Stocks

You can trade real stocks and ETFs through Saxo Markets.

Currently, users have a total of 50 stock markets to choose from, as well as 7,000 ETFs.

However, this is a lot lower than competitors. Trading 212, for instance, offers over 12,000 ETFs. 

CFDs

Saxo’s selection of CFDs, on the other hand, is extremely impressive.

You can trade a variety of different assets such as 7,800 Stock CFDs, 1,100 ETF CFDs, 20 Commodity fees as well as others.

This makes Saxo Marktes a very viable option for any CFD trader. 

Funds

Saxo Markets did recently give the option for some clients to trade funds through the platform. However, as of the time of writing, this hasn’t been made available to UK users. 

Bonds

Unlike many platforms, Saxo Markets offers a modest selection of bonds to users, with just under 6,000 options to choose from.

Bonds are a great way to diversify and reduce risk and are an especially good choice if you prefer a more stable return. 

Options

You can also trade options through Saxo, and with 20 different markets available, it’s one of the best options trading platforms in the UK to do so.

You’ll find the staple markets like Euronext, alongside riskier options such as the Hong Kong Stock Exchange. 

Futures

Saxo is also excellent for futures trading. There are 28 different markets to trade with, and a variety of underlying assets like currencies, stocks and commodities. 

Forex

If you’re looking to trade forex, Saxo Markets is undoubtedly one of the best forex trading platforms in the UK to opt for.

This is because the company offers a near-unmatched selection of 190 currency pairs, which is nearly double the amount offered by competitors such as Interactive Brokers.

Crypto

Saxo Markets does allow some clients to trade cryptocurrencies through the platform.

However, the UK subsidiary was banned from offering this asset class in 2021, meaning UK clients cannot trade cryptos through Saxo Markets. 

Pros

  • Wide selection of asset classes
  • Excellent selection of CFDs
  • Forex currency pairs are unmatched
  • Plenty of options available
  • Lots of futures markets to explore

Cons

  • Funds are not offered to UK users
  • No crypto trading
  • Some asset classes like stocks fall behind the competition

Tools – 5 stars

Saxo Markets offers a near-perfect selection of tools for users of all abilities. The only drawback is that some of these tools are locked behind a paywall.

Charting Tools

Saxo’s charting tools are excellent. There are a total of 50 different technical indicators, as well as a unique signal tool, which gives you signals to buy or sell an asset based on these technical indicators.

Charts can be edited, and saved for later use. You can even overlay multiple stocks on the same chart for even better visualisation. 

The only downside to these charting tools is that they aren’t quite as good on the mobile version, limiting their overall use on the go. 

Fundamental Data

Saxo Markets offers an excellent selection of fundamental data. In fact, out of all the UK trading platforms I’ve reviewed, the data has been some of the most detailed. 

You’ll be provided with literally all of the data that you would ever need to know about a company, from its historical performance to its financial statements to its ownership structure.

Such a wealth of information will help you to make better-informed trades, thereby reducing your risk.

Trade signals on Saxo.

However, all of this information does come at the price of being an Equity Market Data subscriber.

Subscription prices vary between markets, but most cost around £12 per month for the Level One subscription. 

News Feed

To help keep you up to date on the latest market trends, Saxo Markets also offers a handy news feed. This feed is provided by Dow Jones, and overall offers a very good overview of global news.

You can supplement your knowledge further via the economic calendar and Saxo’s ‘inspiration’ tab, which holds everything from more in-depth news articles to videos assessing the week ahead. 

Trading Ideas

Saxo offers trading ideas, which can be found through the ‘Market Analysis’ tab. In addition, you can find out other ideas through the platform’s daily podcast. 

In addition to regular trading ideas, Saxo also provides something called ‘Outrageous Predictions’, which are extremely speculative predictions concerning the state of the market in the next year. 

Pros 

  • Excellent charting tools
  • News provides relevant information
  • Trading ideas provided
  • Extensive fundamental data provided

Cons

  • Charting tools aren’t as good on the mobile app
  • Fundamental data is locked behind a paywall

Investment & Trading Platform – 5 stars 

As an investment and trading platform, Saxo Markets is near perfect.

Both the mobile and web versions are excellent, offering a near-unmatched user experience. 

The trading platform on Saxo.

Web Platform 

Saxo’s Web platform uses a modern, dark-themed design.

Everything is easy to find thanks to well-labeled navigation tabs, and there’s also an excellent search feature to help you find any asset you may be looking for. 

Customisability is also strong, and you’ll have the ability to change the tabs to your liking. 

Mobile Platform

The mobile app is much the same story. It’s essentially a sized-down version of the web version, and I was pleasantly surprised with the continuity between each version.

The only critique I had is that some features, such as the charting tools, don’t perform quite as well on the mobile app.

Nevertheless, it’s still one of the best trading apps I’ve tried.

Making a Trade

To make a trade on Saxo, you just need to click the asset that you want to trade, and a well-designed menu will pop up to help you customise the trade. 

You can use a variety of option types, such as market, Stop and OCO, as well as order time limits like GTC and IOC.

Making a trade on Saxo.

User experience

I had a virtually flawless trading experience with Saxo Markets, having used both the web and the mobile app.

Everything was where I wanted it to be, and the search functions made finding any asset a breeze.

Furthermore, the charting tools were easy to use, even if a little worse on the mobile app. 

Another advantage of Saxo is that you can trade through third-party platforms such as MT4 and MultiCharts. This massively increases the overall usability of the platform. 

Because of the awesome layout of the platform, Saxo is also an excellent choice for day traders, and you won’t be limited to a few asset groups.

SaxoSelect

It’s also worth mentioning that Saxo Markets offers a service called ‘SaxoSelect’ to all of its clients.

This is essentially an AI-powered advisory tool, that can help you to manage your investments, and create winning trading strategies. 

This would be a great way for beginners to get into the world of investing. However, the minimum investment for UK users is £10,000. The associated fees are also as high as 1%.

Pros

  • Both mobile and web versions look and feel excellent
  • Third-party platforms supported
  • Roboadvistrory service
  • Making a trade is easy
  • Continuity between web and mobile versions is great

Cons

  • Some features are slightly better on the web version

Education – 5 stars

Saxo’s educational content is sublime, with articles covering all levels of trading knowledge.

You’ll also be able to put this knowledge to the test with a demo account.

Education section on Saxo.

Content

Saxo offers content through a variety of mediums, like videos, webinars and articles.

You’ll even receive a daily article from Saxo’s strategy team, to help you stay up to date on current market affairs.

The content covers everything from the basics to advanced strategies, so whether you’ve been in the game for five minutes or ten years, you’ll find something of value.

Serious learners can also enroll as students in the Saxo Academy, which provides even higher-quality educational resources.

Demo Account

Saxo Markets also offers a demo trading account to help you get a feel for the platform, and practice trades without risking your own money.

This account gives you £100,000 of paper money, and is the same as the real version, just without the risk!

Pros

  • The demo account is a great way to practice strategies
  • Content is offered in a variety of mediums
  • Content is great for both beginners and experienced traders

Cons

  • None

Customer Service – 4.5 stars

On the whole, I found Saxo Markets’ customer service excellent, thanks to quick response times and generally relevant answers.

Though, I did miss 24/7 support. 

Saxo Markets' customer service.

Phone Support

First of all, Saxo Markets offers phone support to its users. I found this to be pretty good on the whole.

The wait times were relatively short, and the agent was particularly knowledgeable. 

Email Support

The email support system was also excellent. You’ll frequently get a reply back within the same day, and once again, the answers are clear, relevant and concise.

Live Chat

Finally, a live chat system is offered. When I tested this out, I connected to an agent in around a minute, and it only took a few messages for the agent to sort my inquiry. 

What’s also great about the live chat feature is that you can chat with an agent in a variety of languages outside of English, making customer support even more accessible.

However, the live chat feature is only available between normal office hours, Monday-Friday, which isn’t quite as impressive as a platform like Trading 212

Final Thoughts

Ultimately, there’s nothing else to say than Saxo Markets is an excellent platform.

The markets are extensive. The research tools are great. The educational content is stellar and onboarding couldn’t be easier.

I would recommend this platform to any serious trader who wants a platform that is ultra-reliable, extensive and user-friendly. 

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Will Fenton is the founder of Sterling Savvy. He is a personal finance expert and writes about trading, investing, budgeting, and other financial topics.

Along with his education in Economics & Finance, he has experience working in the financial services industry in London working for one of the UK’s leading financial companies, “a trustworthy and respected provider of news, education and market analysis for the everyday investor”.

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