Saxo Bank Review
Singaporeans can benefit from Saxo Bank’s all-around offering of over 71,000 instruments. Saxo Bank offers robust and feature-rich trading platforms with unique features. Singaporeans can access a comprehensive suite of educational materials with Saxo Bank.
- Louis Schoeman
Updated : May 22, 2024
Jump to:
Overall Rating
- 4.9/5
Min Deposit
0 SGD / 0 USD
Regulators
FSA
Trading Desk
SaxoTraderGO, SaxoTraderPRO,
Crypto
Yes
Total Pairs
185+
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Overview
This comprehensive review thoroughly examines Saxo Bank, which has emerged globally as a large and reputable bank and CFD and forex trading provider.
Our goal is to find a trading platform that seamlessly combines traditional elements with innovative features, allowing it to provide ideal trading solutions to Singaporean traders.
With its origins in Denmark in 1992, Saxo Bank has become a prominent player in the global financial industry.
Through our research, we were fascinated to witness the successful expansion of this European institution, which now has a strong presence in the global financial landscape, including Singapore.
The story of Saxo Bank is a unique account of adaptability and foresight. Their decision in 1998 to embrace the internet’s potential and pioneer one of the earliest online trading platforms in Europe is truly impressive.
For traders in Singapore, Saxo Bank can be more than just a foreign financial entity; it could serve as a gateway to international markets.
The bank’s expansion has been characterized by a customized approach to address international and regional needs, guaranteeing that most global market receives the attention it deserves.
Saxo Bank supports traders by providing valuable insights and in-depth tutorials tailored to meet the needs of all trading communities. This tailored approach showcases their dedication to welcoming many investors, from beginners to experienced institutional clients.
Saxo Bank’s commitment to regulatory compliance is impressive, as they consistently adhere to the regulations set by various financial authorities around the globe.
Therefore, it’s comforting to know that they adhere to regulations worldwide, including MAS, locally, assuring Singaporean traders that their investments are safeguarded within a strong legal structure.
Our initial thoughts are that Saxo Bank has earned its popularity globally. Their achievements stem from a well-planned growth strategy, unwavering commitment to customer satisfaction, and the exchange of financial knowledge on a global scale.
How long has Saxo Bank been serving traders in Singapore?
Saxo Bank has served Singaporean traders for many years, providing a reliable platform with worldwide market access.
Does Saxo Bank provide services that are specially targeted to Singaporean market conditions?
Yes, Saxo Bank provides materials and tools tailored precisely to the interests and preferences of Singaporean traders.
At a Glance
| 🔍Broker | 🥇Saxo Bank |
| 🔢Established Year | 1992 |
| ⌛Regulation and Licenses | Danish FSA, Danish FSA in UAE, Danish FSA in Brazil, Danish FSA in Czech, FCA, MAS, FINMA, CONSOB, Japan JFSA, Hong Kong FSC, ASIC, Dutch Central Bank and Authority for Financial Markets in the Netherlands, National Bank of Belgium and Financial Services and Market Authority, Banque de France and Autorite Marche Financial |
| 4️⃣Ease of Use Rating | 4/5 |
| 🎁Bonuses | ✅ Yes, Saxo Rewards, Referral Program |
| ⏰Support Hours | 24/5 |
| 📊Trading Platforms | SaxoTraderGO, SaxoTraderPRO, |
| 🗂️Account Types | Classic, Platinum, VIP |
| 💷Base Currencies | 18 currencies |
| 📝Spreads | From 0.4 pips |
| 📈Leverage | 1:30 |
| 💶Currency Pairs | 185+; major, minor, and exotic pairs |
| 💵Minimum Deposit | 0 SGD / 0 USD |
| 💴Inactivity Fee | None |
| 🗣️Website Languages | English, Danish, French, Thai, Chinese, Italian, Polish, Russian, Japanese, etc. |
| 💸Fees and Commissions | Spreads from 0.4 pips; commissions from $0 on Mutual Funds |
| 🤝Affiliate Program | ✅ Yes |
| ❌Banned Countries | United States |
| 🌟Scalping | ✅ Yes |
| ➡️Hedging | ✅ Yes |
| 🛢️Trading Instruments | Forex, CFDs, stocks, commodities, futures, FX options, listed options, ETFs, bonds, mutual funds |
| 🚀Open an Account | 👉 Click Here |
Regulation and Safety of Funds
Regulation in Singapore
Saxo Bank is regulated in Singapore by the Monetary Authority of Singapore (MAS). Furthermore, Saxo Bank’s global regulations are listed in the table below.
Global Regulations
| 🫴🏻Registered Entity | 🌎Country of Registration | 🌟Company Reg. | ⌛Regulatory Entity | 📊Tier | 🔢License Number/Ref |
| 🥇Saxo Bank A/S | Denmark | 15731249 | Danish FSA | 1 | 1149 |
| 🥈Saxo Capital Markets UK Limited | United Kingdom | 551422 | FCA | 1 | 551422 |
| 🥉Saxo Capital Markets Pte. Ltd. | Singapore | 200601141M | MAS | 1 | N/A |
| 🏅BG SAXO Società di Intermediazione | Italy | 296 | CONSOB | 1 | N/A |
| 🎖️Saxo Bank Securities Ltd. | Japan | 0104 – 01 – 082810 | JFSA | 1 | N/A |
| 🏆Saxo Capital Markets HK Limited | Hong Kong | 1395901 | SFC Hong Kong | 1 | ADV061 |
| 🥇Saxo Bank (Schweiz) AG | Switzerland | CHE-106.787.764 | FINMA | 1 | N/A |
| 🥈Saxo Capital Markets (Australia) Limited | Australia | 32 110 128 | ASIC | 1 | AFSL |
| 🥉BinckBank N.V. | Netherlands | 33162223 | Dutch Central Bank and Authority for the Financial Markets | 1 | BO341 |
Protection of Client Funds
| 🔍 Security Measure | ℹ️ Information |
| 🗂️ Segregated Accounts | ✅ Yes |
| 👤 Compensation Fund Member | ✅ Yes |
| 💵 Compensation Amount | 100,000 EUR |
| 🎓 SSL Certificate | ✅ Yes |
| 2️⃣ 2FA (Where Applicable) | ✅ Yes |
| ⛔ Privacy Policy in Place | ✅ Yes |
| ⚠️ Risk Warning Provided | ✅ Yes |
| ❌ Negative Balance Protection | ✅ Yes |
| 🛑 Guaranteed Stop-Loss Orders | None |
How does Saxo Bank comply with Singapore’s regulatory standards?
Yes. Saxo Bank maintains strict adherence to regulatory standards set by top-tier global authorities such as the Monetary Authority of Singapore (MAS), guaranteeing a secure trading environment for traders in Singapore.
How does Saxo Bank comply with Singapore’s banking regulations?
Saxo Bank maintains compliance with Singapore’s financial regulations through regular updates to its policies and systems, aligning with local regulatory changes.
Awards and Recognition
Saxo Bank’s official website displays several awards that demonstrate their industry leadership:
✅BrokerChooser awarded Saxo Bank the “Best Trading Platform” title for 2024.
✅BrokerChooser named Saxo Bank the “Best Forex Broker” for 2024.
✅ForexBrokers.com awarded Saxo Bank the title of “#1 Desktop Platform” in 2024.
✅Good Money Guide named Saxo Bank the “Best CFD Broker 2023” and “Best DMA/Professional Trading Account 2023.”
Account Types
| 🔍Live Account | 💵Minimum Deposit | 🚀Open an Account | 📈Platforms | ⬆️Leverage |
| 🥇Classic | 0 SGD | 👉 Click Here | All | 1:30 |
| 🥈Platinum | 271,000 SGD | 👉 Click Here | All | 1:30 |
| 🥉VIP | 1.3 million SGD | 👉 Click Here | All | 1:30 |
Classic Account
According to our evaluation, we discovered that Saxo Bank’s Classic Account can provide Singaporean traders with a solid base and access to a multitude of financial products.
Investing in a diversified portfolio with more than 71,000 stock, ETF, and bond alternatives is a breeze. Furthermore, the fact that new traders don’t have to worry about meeting minimum deposit requirements is very appealing.
On top of that, you get access to the highly regarded and intuitive trading platforms SaxoTraderGO and SaxoTraderPRO.
The first-rate customer service is another bonus; they’re available around the clock and can answer any issues you may have about your account or website. In addition, we’ve come across numerous positive client comments praising Saxo’s customer support.
According to this account’s features and benefits, Singaporean traders looking for performance and accessibility should go with the Classic Account.
Platinum Account
This account offers Singaporean traders access to more advanced features and is the middle-ground between the retail and professional trading tiers at Saxo Bank.
This account’s 30% cheaper spreads and costs might make a big difference to the bottom line for high-volume traders.
In our testing, we discovered that priority customer service is more than just lip service with Saxo Bank; we truly had faster response times and more educated, individualized assistance while testing this account type.
Apart from greater exclusivity, narrower spreads, and reduced commissions, the Platinum Account still keeps all the characteristics of the Classic Account.
We noticed the larger investment amount, and the enhanced trading conditions serve to justify this, making it a viable option for professional Singaporean traders.
VIP Account
The Saxo Bank VIP Account is tailored for high-net-worth Singaporean traders who value exclusivity and want individualized service from the broker.
Our research shows that this account receives the best service and a personalized trading experience.
Furthermore, according to reliable sources and user comments, the personal relationship manager assigned to this account is available around the clock and has years of experience in their role.
Members of the VIP Account are also the first to hear about exclusive networking events. Every facet of the VIP Account exudes an air of luxury, from tailored insights to first-rate support.
Furthermore, Singaporeans who can satisfy the high initial financing requirement have exclusive access to the bank’s skilled strategists and market knowledge.
Demo Account
The Saxo Bank Demo Account is the best way for traders from Singapore to test out the platform without putting their own money on the line. We experimented with the demo account for 20 days with a virtual account balance of $100,000 and learned a lot.
With this demo account, as you try your methods, you can familiarize yourself with SaxoTraderGO and SaxoTraderPRO in a risk-free setting. In addition, it is also great for practicing trade executions since it mimics real market conditions.
While the 20-day trial period seems short, it can be the perfect way to test Saxo Bank’s offer and decide whether the broker is ideal for your trading objectives. Once the trial period ends, you can decide whether to register an account or try another broker.
Does Saxo Bank provide portfolio management services to traders in Singapore?
Yes, Saxo Bank offers portfolio management services, including SaxoWealthCare, to Singapore traders.
Is there a Saxo Bank account type that includes a personal relationship manager?
Singaporean traders looking for a more customized service might choose the Saxo Bank VIP account, which includes a dedicated personal relationship manager.
How To Open an Account Step-by-Step
Here’s how Singaporeans can sign up for an account with Saxo Bank:
Step 1: Go to the official website and click on the “Open Account” Banner
Saxo Bank asks all potential customers to complete an electronic application form that includes their personal information, contact data, and tax resident status. Complete the required fields with accurate and updated information to ensure the application process goes smoothly.
Step 2: Complete the Online Application Form
Submit identifying papers such as a national ID or passport and evidence of your residential address such as a current utility bill or bank statement. Ensure the documents are legible to prevent delays in verification from Saxo Bank’s side.
Step 3: Wait for Approval from Saxo Bank
Saxo Bank might require a few working days to review your application and conduct due diligence investigations.
Your account will be fully set up, and you can start trading once Saxo Bank gives you the login information for their trading platforms and client dashboard.
What information must Singaporean candidates supply at Saxo Bank during the Know Your Customer (KYC) process?
Applicants from Singapore must supply personal information, financial information, and trading experience to meet Saxo Bank’s KYC standards.
How long does the Saxo Bank account verification procedure take for Singaporean traders?
The verification procedure varies but is normally completed within a few business days of receiving all relevant papers.
Saxo Bank vs XTB vs Tickmill – Broker Comparison
| 🔍 Broker | 🥇 Saxo Bank | 🥈 XTB | 🥉 Tickmill |
| ⌛ Regulation | Danish FSA, Danish FSA in UAE, Danish FSA in Brazil, Danish FSA in Czech, FCA, MAS, FINMA, CONSOB, Japan JFSA, Hong Kong FSC, ASIC, Dutch Central Bank and Authority for Financial Markets in the Netherlands, National Bank of Belgium and Financial Services and Market Authority, Banque de France and Autorite Marche Financial | FCA, ACPR, BaFin, DFSA, KNP, FSCA, CySEC, IFSC | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA, DFSA |
| 📊 Trading Platform | SaxoTraderGO SaxoTraderPRO | xStation 5 xStation Mobile | MetaTrader 4 MetaTrader 5 Tickmill App |
| 💷 Withdrawal Fee | None | ✅ Yes, <$50 withdrawals | None |
| 🗂️ Demo Account | ✅ Yes | ✅ Yes | ✅ Yes |
| 💵 Min Deposit | 0 SGD ($0) | 0 SGD ($0) | 136 SGD ($100) |
| ⬆️ Leverage | 1:30 | 1:500 | 1:1000 |
| 📝 Spread | From 0.4 pips | From 0.5 pips | Variable, from 0.0 pips |
| 💶 Commissions | From $0 on Mutual Funds | None on most instruments | $3 per side per side |
| 🛑 Margin Call/Stop-Out | Flexible | 100%/50% | 100%/30% |
| 🧑⚖️ Order Execution | Market | Market | Market |
| ❌ No-Deposit Bonus | None | None | ✅ Yes |
| 🪙 Cent Accounts | None | None | None |
| 🗂️ Account Types | Classic Account Platinum Account VIP Account | Standard Account Swap-Free Account | Classic Account Raw Account |
| 🌟 MAS Regulation | ✅ Yes | None | None |
| 💶 SGD Deposits | None | None | None |
| ➡️ SGD Account | None | None | None |
| 🕰️ Customer Service Hours | 24/5 | 24/5 | 24/5 |
| ⚙️ Retail Investor Accounts | 3 | 2 | 3 |
| ☪️ Islamic Account | None | ✅ Yes | ✅ Yes |
| ⬇️ Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
| ⬆️ Maximum Trade Size | Flexible | Not indicated | 100 lots |
| ⏱️ Minimum Withdrawal Time | Instant | 1 Working Day | 1 Business Day |
| ⏰ Maximum Estimated Withdrawal Time | Up to 5 days | 7 Working Days | 2 to 7 Business Days |
| ✔️ Instant Deposits and Instant Withdrawals? | ✅ Yes, deposits | None | Instant Deposits |
| 🚀 Open an Account | 👉 Click Here | 👉 Click Here | 👉 Click Here |
Trading Platforms and Software
This broker offers Singaporean Traders the following Trading Platforms:
➡️SaxoInvestor
➡️SaxoTaderGO
➡️SaxoTraderPRO
➡️Connectivity and API’s
➡️Third-Party Tools
SaxoInvestor
While exploring the SaxoInvestor platform using a 20-day demo account, we immediately noticed its user-friendly interface, ideal for Singaporean traders looking for simplicity in their trading activities.
The platform provides convenient access to Saxo Bank’s massive selection of over 71,000 instruments, with something for every type of trading and investment strategy.
SaxoInvestor stands out with its investment theme section, offering users a curated selection of investment ideas that cater to Singapore’s dynamic market. These ideas cover numerous areas, including tech innovations and green energy.
Furthermore, the ‘SaxoWealthCare’ feature is perfect for busy Singaporeans constantly balancing trading with their urban lifestyles. It offers a comprehensive portfolio overview and provides helpful suggestions for adjustments.
Overall, our final thoughts on this innovative platform are that its emphasis on simplicity and long-term investment and its lack of complex trading features make it a great choice for complete beginners or individuals who prefer a more hands-off approach.
SaxoTraderGO
Our experience with SaxoTraderGO showcased its impressive versatility. With its user-friendly interface, we could effortlessly explore many powerful tools and types of analyses.
The platform seamlessly integrates with Saxo’s pricing and execution infrastructure, providing real-time data essential for making timely decisions in Singapore’s fast-paced trading environment.
In addition, we found that Trading Central’s ‘Trade Signals’ feature is unique, offering Singaporeans actionable trade ideas based on technical analysis, which is highly valuable for traders looking to capitalize on market movements.
Another feature stood out, namely the ‘Performance Analysis’ tool. It provides extensive insights into profit and loss, helping Singaporeans make more informed trading decisions.
With cross-device compatibility, Singaporean traders can effortlessly switch between desktop and mobile devices, perfectly suited to the city’s fast-paced lifestyle.
SaxoTraderPRO
Using SaxoTraderPRO gave us the impression of working with a high-level platform while still retaining the freedom that comes with customization.
We could see that SaxoTraderPRO’s advanced charting capabilities and comprehensive toolset specifically target the needs of experienced traders.
The ‘Algorithmic Orders’ feature especially intrigued more experienced team members. This unique feature lets traders execute intricate trading patterns, a highly advantageous feature for those engaging in high-frequency trading or those with complex market strategies.
The depth trader tool provides a clear view of market liquidity, essential for comprehending market dynamics. In addition, this platform lets us easily customize the workspaces to create a personalized trading experience.
Connectivity and APIs
Reviewing Saxo Bank’s Connectivity and APIs uncovered a gateway to advanced trading. With direct access to Saxo’s infrastructure we could easily implement automated trading strategies well-suited to several dynamic markets.
Furthermore, the OpenAPI for Excel feature will let Singaporeans create custom trading applications within Microsoft Excel, ideal for traders skilled in spreadsheet models.
In addition, the API’s functionality seamlessly integrates trading algorithms, ensuring efficient and accurate execution of high-frequency trading.
Third-Party Tools
Saxo Bank’s integration with various third-party tools and services provides a very flexible and accommodating ecosystem and can enhance analytical capabilities.
By having compatibility with platforms such as TradingView, which offers additional charting solutions, Saxo Bank offers Singaporeans the ability to perform technical analysis with advanced indicators.
Overall, we believe that this adaptability can cater to Singapore’s diverse trading community, where personalization and sophisticated data analysis are becoming increasingly crucial elements of the trading experience.
How does SaxoTraderPRO enhance the trading experience for professional Singaporean traders?
SaxoTraderPRO provides advanced charting capabilities, complex order types, and algorithmic orders, making it suitable for high-volume traders who require detailed analytical tools.
Can Singaporean clients access international markets through Saxo Bank’s platforms?
Yes, clients can trade on over 60 global exchanges using Saxo Bank’s platforms, which include real-time market data and cross-border trading capabilities.
Range of Markets
Saxo Bank offers Singaporean Traders the following Trading Instruments:
➡️FX Options
➡️Stocks
➡️Commodities
➡️Forex
➡️Mutual Funds
➡️Futures
➡️CFD’s
➡️Bonds
➡️Listed Options
➡️ETFs
FX Options
Saxo Bank provides Singaporean traders with 45 vanilla FX options, each featuring various strike prices and expiration times.
With the help of leverage, Singaporeans can amplify potential gains in the frequently volatile currency markets.
Furthermore, keeping a close eye on global economic trends can offer significant financial gains, allowing for hedging against risks and speculating on currency movements.
Stocks
Saxo Bank offers Singaporean investors access to a wide range of around 23,500 stocks from more than 50 global exchanges.
Furthermore, using the allowed leverage provides the opportunity to gain greater market exposure, allowing investors to take advantage of the growth potential of global companies and expand their portfolios beyond local SGX listings.
Commodities
Commodities trading options offered by Saxo Bank cater to Singaporean traders, providing a diverse range of choices such as CFDs, futures, options, and spot pairs.
With such vast investment options, Singaporeans can speculate or hedge in various markets, including oil, gold, and agricultural products.
Forex
With Saxo Bank, Singaporean traders have access to over 185 currency pairs in the forex market, including majors, minors, and exotics. With leverage of up to 1:30, there is a significant advantage in effectively managing currency risk in Singapore’s trade-dependent economy.
Mutual Funds
Traders can experience the benefits of Saxo Bank’s commission-free mutual funds, tailored for all types of traders regardless of their experience level.
Furthermore, in our experience, investing in mutual funds can be a valuable strategy for constructing a well-rounded investment portfolio. These funds offer the advantage of professional asset management, making them accessible to a wider range of investors.
Futures
With over 250 futures contracts available, Saxo Bank offers Singaporean traders the opportunity to hedge or speculate on future market prices in commodities and indices.
CFDs
Saxo Bank offers a wide range of CFDs on indices, commodities, and single stocks, allowing Singaporean traders to profit from price fluctuations without owning the assets.
In addition, CFDs offer a great deal of flexibility and leverage, which can benefit portfolio diversification and risk management strategies.
Bonds
With Saxo Bank, Singaporean traders can enjoy a diverse selection of government and corporate bonds from 26 countries and in 21 currencies.
Investors often find that bonds provide stability and the potential for higher returns, making them a valuable addition to a well-rounded investment strategy.
Listed Options
Saxo Bank offers a wide range of listed options across multiple international exchanges, allowing Singaporean traders to take advantage of market fluctuations in various sectors. This optimizes portfolios by utilizing risk-managed instruments.
ETFs
Saxo Bank offers Singaporean traders access to a wide range of over 7,000 ETFs on 30 global exchanges. This allows investors to diversify their portfolios and invest in different sectors, commodities, or strategies.
The wide variety of ETFs provides flexibility and the potential for risk management through diversification, which resonates with the growth-focused mindset of Singaporean investors.
What forex trading options are available to Singaporean traders at Saxo Bank?
Saxo Bank offers Singaporean traders access to over 180 currency pairs, including major, minor, and exotic, with competitive leverage options up to 1:30.
Can Singaporean traders engage in stock trading on global exchanges with Saxo Bank?
Yes, traders can buy and sell stocks on over 60 global exchanges, allowing direct exposure to international markets such as the US, Europe, and Asia.
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Fees, Spreads and Commissions
Spreads
Because Saxo Bank is transparent about its fees, we had no issue evaluating the spreads charged across markets. Furthermore, we were highly impressed by Saxo’s Spreads, which start from a mere 0.4 pips for major currency pairs such as EUR/USD.
Tight spreads like these tend to hold significant value in Singapore, given the pivotal role of trading and foreign exchange in the economy.
Furthermore, these narrow spreads can easily enhance the trading profitability of various market participants, particularly for individuals handling substantial volumes or engaging in frequent trades.
In addition, the narrow spreads we noticed demonstrate Saxo Bank’s direct access to liquidity providers, guaranteeing that Singaporean traders receive real-time pricing, which is crucial in fast-paced forex markets.
Commissions
Saxo Bank is designed to accommodate traders of all levels in Singapore, as evident from our findings thus far.
This can also be seen while evaluating Saxo Bank’s competitive commission fees, which start from $1 for stocks, ETFs, and select instruments.
Saxo Bank offers a competitive tiered commission structure that can be particularly advantageous for Singaporean traders, as it incentivizes more active trading by offering lower commissions for higher trade volumes.
Overnight Fees
Saxo Bank follows the industry standard by applying overnight fees (or swaps) based on interbank rates with a markup.
Traders who hold positions overnight or over multiple days must know that these fees can impact the overall trading costs.
In our experience, due to Saxo Bank’s transparent calculation and communication of fees, Singaporean traders can strategically plan and execute their trades, especially because they are aware of, and can consider these fees’ impact on profitability long-term.
Deposit and Withdrawal Fees
Singaporean traders are not subject to any deposit or withdrawal fees charged internally by Saxo Bank. This is particularly advantageous for traders who must transfer funds frequently to manage their portfolios effectively.
However, despite the lack of internal fees, Singaporeans might still be liable to pay processing fees charged by payment providers, credit/debit card providers, and their banks.
Inactivity Fees
Saxo Bank’s approach to inactivity fees is impressive, especially since most other brokers charge them. Instead, Saxo Bank has a fair and inclusive approach towards Singaporean traders in which inactivity fees do not apply, which makes Saxo ideal for long-term trading strategies.
Currency Conversion Fees
When it comes to transactions that are not in a trader’s base currency, Saxo Bank applies a slight markup to the interbank rate that will serve as a currency conversion fee that Singaporeans must pay. This fee applies because Saxo Bank does not provide SGD-denominated accounts.
What fees should Singaporean traders expect when trading CFDs on Saxo Bank?
Trading CFDs involves low commissions and finance charges for overnight positions, which are clearly detailed in the trading conditions on Saxo Bank’s website.
Does Saxo Bank charge an inactivity fee for Singaporean accounts?
No, Saxo Bank does not charge an inactivity fee, which benefits traders who may not trade frequently.
Deposit & Withdrawal Options
| 🔍Payment Method | 🌎Country | 💵Currencies Accepted | ⏰Processing Time |
| 🌟TT Wire Transfer | All | Multi-currency | Instant – 5 days |
| 🛎️Onshore inter-bank transfer | All | Multi-currency | Instant – 5 days |
| 💳Credit/Debit Card | All | Multi-currency | Instant – 5 days |
| 🏦Bank Transfers | All | Multi-currency | Instant – 5 days |
Deposits
Bank Wire
✅Log into your Saxo Bank account and go to the ‘Deposit and Transfer’ area.
✅Select the ‘Bank Transfer’ option, then select the Saxo Bank account you want to fund.
✅Retrieve the complete bank information supplied for Saxo Bank, including the account number and any required reference numbers.
✅To ensure compliance, initiate a bank wire transfer with your bank using the data given by Saxo Bank, ensuring that the name on your bank account matches the name on the Saxo Bank account.
Credit or Debit Card
✅Log into your Saxo Bank platform and navigate to the ‘Deposit and Transfer’ section.
✅Select ‘Credit/Debit Card’ and correctly enter the deposit amount and card information.
✅Confirm that your billing address matches the one on file with your Saxo Bank account.
✅Review the transaction information to ensure correctness before submitting your deposit request for processing.
Withdrawals
Bank Wire
✅Access the ‘Withdrawal’ portion of your Saxo Bank platform interface.
✅Select the account from which you wish to withdraw funds and select the amount and currency.
✅Select a validated external bank account that has already been linked to your Saxo account for the transfer.
✅Complete the procedure by following the instructions, including entering any needed SMS codes for security verification.
What credit or debit cards are accepted by Saxo Bank for depositing funds?
Saxo Bank accepts major credit or debit cards for fund deposits, subject to verification and security checks.
Is there a deposit fee charged by Saxo Bank for Singaporean traders?
No. Saxo Bank generally does not charge a deposit fee, but traders should verify as policies may vary depending on the transaction method.
Leverage and Margin
While viewing the tailor-made services that Saxo Bank offers Singaporean traders, we focussed on gathering information regarding leverage and margin, two crucial considerations for market participants who want to add a competitive edge to their trading and boost their profits.
Because Saxo Bank is regulated by so many Tier-1 entities, including FCA, Saxo Bank’s leverage is capped at 1:30 for major forex pairs and much lower for other financial markets.
According to our research, Saxo Bank’s margin requirements are tiered, meaning they change based on the position size of the transaction and the current market volatility.
This tiered method can be useful for Singaporean traders because it allows for more leeway in allocating funds. This is because the system finds the optimal leverage for their trading operations, considering both risk and reward.
Furthermore, Saxo Bank has a proactive risk management program and clear communication regarding leverage and margin, ensuring that all traders understand these components’ risks.
How does leverage vary across different instruments like commodities and indices at Saxo Bank for Singaporeans?
Leverage for commodities and indices can vary, generally lower than forex due to the differences in market volatility and liquidity, detailed specifically in each instrument’s trading conditions on Saxo Bank’s platform.
What is the initial margin requirement for trading major indices on Saxo Bank from Singapore?
Initial margin requirements for major indices are set according to the volatility and market conditions of the specific index, typically starting around 5% for most major indices.
Educational Resources
Here’s what Singaporeans can expect from Saxo Bank in terms of education:
➡️Trade Inspiration
➡️Podcasts
➡️Events and Webinars
➡️Platform Video Guides
➡️Money Matters
➡️Market Call Podcast
➡️Saxo Strats
➡️Intrduction to Trading (Courses)
➡️Risk Management Rules
➡️Thought Starters
➡️Become a Better Trader
Trade Inspiration
Exploring Saxo Bank’s Trade Inspiration shows a multitude of tools designed to spark unique trading ideas in Singaporean traders.
It provides a mix of market updates, articles, and videos, all laced with Saxo Bank’s trading terms and features. We were particularly pleased with its insights into Asia-Pacific markets, critical for Singaporean traders looking to utilize regional economic patterns for worldwide trading tactics.
Podcasts
Saxo Bank’s podcast series makes it easy for Singaporean traders to keep up with the latest financial news and events. These podcasts provide professional insights on a variety of topics, from market updates to in-depth analysis, while on the move.
This material is especially useful for Singaporean traders, who can listen and study while they travel, easily incorporating continual learning into their hectic schedule.
Events and Webinars
Attending Saxo Bank seminars and events will give Singaporean traders access to various market expertise from seasoned trading professionals.
These lectures address macroeconomic evaluations and asset class strategies, providing both global and local perspectives. Aside from being instructional hubs, these conferences also serve as networking opportunities, connecting traders with colleagues and industry leaders.
Platform Video Guides
Saxo Bank’s Platform Video Guides are instructive goldmines for Singaporean traders. These step-by-step instructions assist traders in easily using Saxo’s platforms.
Comprehensive but digestible, these instructions make complicated tools accessible to traders of all skill levels, allowing them to properly trade Saxo Bank’s entire suite of trading instruments to the best of their ability.
Money Matters
‘Money Matters’ by Saxo Bank is a well-curated area dedicated to financial education and literacy.
From investment methods to market analysis, its extensive material enhances Singaporean traders’ awareness of the domestic and international financial markets, offering them the ability to build the skills they need to manage their assets more efficiently.
Market Call Podcast
The ‘Market Call’ podcasts from Saxo Bank provide daily updates on market movements and outlooks.
This is extremely valuable to Singaporean traders in many ways because it gives timely worldwide market insights that are critical for traders in different time zones and frequently contain research of Southeast Asian markets, aligning closely with the interests of the local trading community.
SaxoStrats
We enjoyed SaxoStrats from Saxo Bank because it provides practical trading ideas and strategies. Furthermore, SaxoStrats can guide Singaporean traders through the market’s complexity and provide expert analysis incorporating Saxo Bank’s trading capabilities.
Introduction to Trading (Courses)
Saxo Bank’s ‘Introduction to Trading’ classes provide a structured learning route for Singapore traders.
These courses were specifically designed to assist beginners in building a sound trading foundation. The resource also features e-learning modules and quizzes seamlessly interacting with Saxo Bank’s trading principles and platform functionalities.
Risk Management Rules
The ‘Risk Management Rules’ available on the official Saxo Bank website is an essential guidance for Singaporean traders.
Furthermore, it focuses on establishing stop-loss orders and limiting leverage, highlighting Saxo Bank’s dedication to promoting sustainable trading practices.
Thought Starters
‘Thought Starters’ provides fascinating information that promotes critical thinking and inventive trading strategies. The insights that form part of this resource supplement the range of instruments accessible to Singaporean traders via Saxo Bank, improving their strategic planning.
Become a Better Trader
Saxo Bank’s ‘Become a Better Trader’ program encourages Singaporean traders to develop continuously.
This book goes beyond fundamental trading ideas, concentrating on advanced tactics and analytical approaches in Saxo Bank’s trading environment. It allows traders to hone their skills and improve while teaching them to safeguard their capital in volatile markets.
What types of educational resources does Saxo Bank offer to Singaporean traders?
Saxo Bank provides a comprehensive range of educational resources, including webinars, e-courses, articles, and tutorials tailored to traders at all levels of expertise.
Does Saxo Bank have specific training on forex trading for beginners in Singapore?
Yes, Saxo Bank offers forex trading courses that cover basics to advanced strategies, specifically designed for beginners to help them understand market dynamics and trading techniques.
Bonuses and Promotions
Saxo Bank has two separate award programs to show appreciation for Singaporean traders’ efforts and platform ties.
With the Saxo Rewards program, traders earn rewards according to their trading volume, designed to improve the trading experience.
When you register an account, you’re automatically enrolled and your initial deposit determines your beginning tier. As you trade, you earn points that may be used to enhance your tier.
If you trade 10,000 EUR worth of stocks, ETFs, or ETNs, you’ll receive 250 points, but if you trade the same amount of bonds, you’ll gain 320 points.
In the first 30 days, you’ll get 0.6 points for every Euro of net money or securities moved, which will help you advance faster to higher levels. After this time, the focus moves to the average AuM, where points are given according to the monthly average, promoting ongoing investment and trade.
With the next bonus, Singaporeans who bring in new traders through Saxo Bank’s referral program can earn extra perks.
The process is easy: if a referrer brings in a new customer, makes a deposit, and starts trading, the referrer can get 750 SGD. The referrer will receive SGD 250; their referral will receive SGD 100 if they deposit at least SGD 3,000 and make three trades.
The benefits for the referrer and the referred friend increase to SGD 750 and SGD 250, respectively, for greater contributions of SGD 100,000.
In addition to giving prospective traders a leg up in the industry, we believe this initiative rewards current customers for helping grow Saxo Bank’s community.
Are there any special promotions for Singaporean traders at Saxo Bank?
Yes. At Saxo Bank, Singaporean traders can benefit from special promotions such as a referral program and Saxo Rewards.
Is Saxo Bank offering any referral benefits to Singaporean traders?
Yes. Saxo Bank provides referral bonuses, allowing Singaporean traders to earn rewards by referring new clients who meet the qualifying criteria.
Affiliate Programs
Features
The affiliate program offered by Saxo Bank provides a lucrative chance for influencers and content creators in Singapore to earn generous commissions by promoting a trusted broker.
Per our findings, this program offers compensation to affiliates who bring in new clients, with commission rates that depend on the account level of the referred client.
With the support of a skilled affiliate marketing team and access to powerful reporting tools, Singaporean affiliates can optimize their promotional strategies with precision.
However, Singaporeans must note that the program requires a strong online presence and content that aligns with Saxo’s offerings, appealing to individuals with an active audience interested in the financial industry.
How to Register an Affiliate Account Step-by-Step
Step 1: Go to the official website and click on the “Apply as an Affiliate” Banner
Step 2: Complete the Application Form
Saxo Bank provides a range of options for affiliates to receive their commissions. Choose your desired pay-out method while you complete the application.
Once complete, review the information and submit it for review by Saxo Bank’s affiliate team. Note that the approval process may take some time, and Saxo Bank will be in touch once approved.
How do Singaporean bloggers and influencers join Saxo Bank’s affiliate program?
Bloggers and influencers based in Singapore have the opportunity to become part of Saxo Bank’s affiliate program. To apply, simply visit the bank’s website and ensure that you meet the eligibility criteria, which include having a relevant audience and content.
How does Saxo Bank track referrals made by Singaporean affiliates?
Saxo Bank uses some of the most robust tools to monitor referrals, ensuring they receive appropriate compensation for trades made.
Customer Support
| 🫴🏻 Customer Support | 👥 Saxo Bank Customer Support |
| ⏰ Operating Hours | 24/5 |
| ➡️ Support Languages | Multilingual |
| 🗣️ Live Chat | None |
| 💻 Email Address | ✅ Yes |
| ☎️ Telephonic Support | ✅ Yes |
| 4️⃣ The overall quality of Saxo Bank Support | 4/5 |
| 🚀 Open an Account | 👉 Click Here |
Response Time
| 🫴🏻 Support Channel | ⏰ Average Response Time | 🕰️ User-based Response Time |
| ☎️ Phone | 5 – 8 minutes | 6 minutes |
| 24 – 48 hours | 24 – 48 hours | |
| 🗣️ Live Chat | No live chat | No Live chat |
| 📱 Social Media | 6 minutes | 4 – 6 minutes |
| 🤝 Affiliate | 24 – 48 hours | 24 – 48 hours |
How soon does Saxo Bank reply to requests from customers in Singapore?
Saxo Bank is committed to providing timely responses to customer inquiries from Singapore. We strive to address simple queries within a few hours and more complex issues within one business day.
What steps does Saxo Bank take to ensure the quality of service it provides to Singaporean customers?
The quality of customer service at Saxo Bank is maintained through extensive training of support staff, implementation of quality control measures, and continuous improvement based on client feedback.
Social Responsibility
According to our thorough investigation into Saxo Bank’s CSR, the extent to which Saxo Bank is dedicated to sustainability is proven by their all-encompassing 2022 Sustainability Strategy.
This approach surpasses simple product provision by systematically incorporating Environmental, Social, and Governance (ESG) principles into every aspect of the bank’s activities.
Saxo Bank’s strategy places a primary emphasis on the expansion of sustainable investment opportunities. This lets investors make well-informed capital decisions consistent with their values.
In addition to offering competitive returns, Singaporean traders can select investments that positively contribute to environmental and social welfare.
Saxo Bank’s comprehensive strategy also emphasizes trader education. Saxo Bank curates tailored educational resources to clarify the complexities of ESG factors and their incorporation into investment strategies.
Saxo Bank’s commitment to sustainability, nevertheless, transcends its customer base. The bank proactively executes measures to reduce its ecological impact.
This entails incorporating renewable energy sources and strategies to minimize energy usage via improved operational efficiency.
According to our findings, through strategies, Saxo Bank demonstrates its dedication to environmental stewardship, a fundamental tenet of its Corporate Social Responsibility (CSR) endeavors.
User Comments and Reviews
Here are some of Saxo Bank clients’ most recent top comments about the broker’s services.
🥇”The trading interfaces of Saxo Bank are exceptionally well-designed. They’re simple to use and browse, particularly the desktop version. Another huge benefit because I can alter things to fit my trading style, which makes me operate more productively.”
🥈”The fee structure of Saxo Bank is a little unclear. Sometimes, it’s difficult to grasp the whole picture, particularly when charges are associated with inactive accounts. Traders like myself who don’t trade frequently may find fees too high due to this lack of transparency. This is not the ideal option for those who want to keep things simple and trade occasionally.”
🥉Saxo Bank’s digital method made it easy and convenient for me to set up my trading account. But the large minimum deposits needed for their premium accounts surprised me a little. They appear to be focusing on traders with larger wallets.”
In Conclusion
Firstly, our research shows that the Monetary Authority of Singapore (MAS) closely checks Saxo Bank’s operations, giving local investors more peace of mind while using its services than they did previously.
Therefore, we can conclude that Saxo Bank is a great option for Singaporean traders who can meet the minimum investment requirements for premium services.
Furthermore, we consider it a notable broker because of its adherence to MAS laws and its modern technology, strong trading platform, and instructional resources.
Our Insight
In my opinion, Saxo Bank is a good option for Indonesian traders. With more than 71,000 financial products available, Saxo Bank establishes itself as a top choice for those seeking broad market access.
Our Recommendations
✅While Saxo Bank has one of the largest product portfolios we’ve ever seen, cryptocurrencies are not supported. Saxo Bank can easily draw more traders to their platform by including these digital assets.
✅Saxo Bank can consider catering to more beginner traders by offering the appropriate account types, platforms, and other solutions to make its offering more inclusive.
✅Consider adding popular payment methods like Skrill, Neteller, and other options.
Pros & Cons
| ✅ Pros | ❌ Cons |
| Singaporeans can access a large range of tools and educational materials to help them on their trading journey with Saxo Bank | There are currency conversion fees that apply |
| Saxo Bank offers 71,000 instruments accessible from all trading accounts and platforms | Banking and withdrawal fees might apply for international transactions |
| The Classic Account does not have a minimum deposit requirement, allowing traders to deposit any amount they’re comfortable with | There are restricted leverage ratios |
| Saxo Bank is multi-regulated and only by Top-Tier entities, including the MAS in Singapore | Saxo Bank’s platforms, accounts, and services are geared more toward experienced traders |
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Frequently Asked Questions
Can Singaporean traders trade SGX-listed stocks using Saxo Bank?
Yes. Singaporeans can trade more than 23,500 stocks listed on stock exchanges in Singapore, the United States, and Hong Kong, with shares starting from $1 per unit.
What trading platforms does Saxo Bank offer?
SaxoTraderGO, SaxoTraderPRO, and SaxoInvestor. These platforms offer various functions and benefits to Singaporean traders.
Can I set up a joint trading account with Saxo Bank?
Yes. However, joint account holders must apply individually for a joint account with Saxo Bank.
Does Saxo Bank provide a demo account for Singapore traders?
Yes, Saxo Bank provides a 20-day demo account. The demo account simulates a live market environment and trading executed using virtual funds, making the account ideal for practice trading.
