Saxo Bank Review 2026
A bank for serious traders. High minimum, massive range.
A proper bank, not just a broker. 65,000 instruments including real stocks and bonds. $2,000 minimum deposit filters out beginners. Built for serious portfolios.
The basics
Saxo Bank was founded in 1992 and is headquartered in Copenhagen, Denmark. It is privately owned. The broker offers CFDs on 65,000 instruments across forex, indices, commodities, and crypto. Real stock ownership is available in addition to CFDs.
MetaTrader is available on all account types. Copy trading is not offered.
| Founded | 1992 |
| Headquarters | Copenhagen, Denmark |
| Instruments | 65,000+ |
| Platforms | SaxoTraderGO, SaxoTraderPRO, MT4 |
| MetaTrader | Yes — MT4 and MT5 |
| Copy trading | No |
| Real stocks | Yes |
Is Saxo Bank safe?
The Seychelles FSA is an offshore regulator. It requires broker registration and basic conduct rules, but does not offer the same client protections as the FCA, CySEC, or ASIC. There is no compensation scheme and leverage limits are not imposed.
| Regulator | Licence | Entity |
|---|---|---|
| DFSA | DF000029 ✓ | Saxo Bank A/S (DIFC) |
| FSA-DK | 1149 ✓ | Saxo Bank A/S |
| ASIC | 280372 ✓ | Saxo Capital Markets (Australia) Pty Ltd |
| MAS | 200601141M ✓ | Saxo Capital Markets Pte Ltd |
| SFC | AXF613 ✓ | Saxo Capital Markets HK Ltd |
| JFSA | 関東財務局長(金商)第239号 ✓ | Saxo Bank Securities Ltd |
You can verify the FSA licence at www.finanstilsynet.dk. The registration shows the entity name, authorisation status, and full permissions list. It takes under a minute.
Saxo Bank spreads
These are the typical spreads on Saxo Bank's standard account. Spreads vary by market conditions and account type. ECN or raw-spread accounts offer lower spreads in exchange for a per-trade commission.
| EUR/USD | 0.4 (classic) / 0.1 (platinum) pips |
| GBP/USD | 0.5 pips |
| USD/JPY | 0.4 pips |
| Gold (XAU/USD) | 25c/oz |
| S&P 500 | 0.4pt |
Saxo Bank's EUR/USD spread of 0.4 (classic) / 0.1 (platinum) pips is among the tightest available, competitive with ECN brokers.
Saxo Bank withdrawal fee and processing time
Fee: None for standard withdrawals. Saxo may apply fees for international transfers depending on currency.
Processing time: 1 to 3 business days. Saxo processes to bank account only, which means 1 to 3 business days in most cases.
Withdrawal requests must pass identity verification before processing. If your account is not yet fully verified (proof of identity and address submitted), expect additional delays. Verified accounts follow the standard processing times above.
Saxo Bank minimum deposit by entity
The minimum deposit depends on which Saxo Bank entity serves your country. Offshore entities often allow lower minimums but with less regulatory protection.
| Entity | Regulator | Min deposit | Max leverage (forex) |
|---|---|---|---|
| Saxo Bank A/S (DIFC) | DFSA DF000029 | $2000 | 1:200 |
| Saxo Bank A/S | FSA-DK 1149 | $2000 | 1:30 |
| Saxo Capital Markets (Australia) Pty Ltd | ASIC 280372 | $2000 | 1:30 |
| Saxo Capital Markets Pte Ltd | MAS 200601141M | $2000 | 1:20 |
| Saxo Capital Markets HK Ltd | SFC AXF613 | $2000 | 1:20 |
| Saxo Bank Securities Ltd | JFSA 関東財務局長(金商)第239号 | $2000 | 1:25 |
Saxo Bank vs IG Group
| Saxo Bank | IG Group | |
|---|---|---|
| Primary regulator | FSA 1149 | FCA 195355 |
| Min deposit | $2000 | None |
| EUR/USD spread | 0.4 (classic) / 0.1 (platinum) pips | 0.6 pips |
| MetaTrader | Yes | Yes |
| Instruments | 65,000+ | 17,000+ |
| Copy trading | No | No |
| Withdrawal fee | None for standard withdrawals | None |
Both brokers are regulated and legitimate. Saxo Bank suits traders who value MetaTrader and algorithmic trading. IG Group is better for traders who prioritise its specific regulated entity coverage.
Regulation — the numbers that matter
| DFSA | DF000029 — Saxo Bank A/S (DIFC) |
| FSA-DK | 1149 — Saxo Bank A/S |
| ASIC | 280372 — Saxo Capital Markets (Australia) Pty Ltd |
| MAS | 200601141M — Saxo Capital Markets Pte Ltd |
| SFC | AXF613 — Saxo Capital Markets HK Ltd |
| JFSA | 関東財務局長(金商)第239号 — Saxo Bank Securities Ltd |
Leverage for retail clients in the EU and UK is capped at 1:200 on major forex pairs under ESMA rules.
Pros and Cons
What works
- Full bank licence (Denmark)
- 65,000+ instruments
- Real stocks, bonds, options
- SaxoTraderGO and SaxoTraderPRO
- Regulated in 15+ jurisdictions
- Professional-grade execution
What does not work
- $2,000 minimum deposit
- $100 inactivity fee after 6 months
- No copy trading
- Complex pricing tiers
The verdict
Saxo Bank is a legitimate, regulated broker. The FSA licence number 1149 is verifiable on the public register. It is best suited for traders who want MetaTrader on a regulated platform. Rating: 4.2 out of 5.
Alternatives to Saxo Bank
If Saxo Bank does not fit your needs, these regulated alternatives are worth comparing:
Frequently asked questions
Is Saxo Bank safe?
The Seychelles FSA is an offshore regulator. Saxo Bank holds FSA licence 1149, which is publicly verifiable on the official register.
What is the Saxo Bank minimum deposit?
The minimum deposit is $2000. This applies to the main regulated entity. Some offshore entities may differ. See the entity table above for full breakdown.
What is the Saxo Bank EUR/USD spread?
The EUR/USD spread on Saxo Bank standard accounts is typically 0.4 (classic) / 0.1 (platinum) pips. Spreads vary with market conditions. ECN or raw accounts offer lower spreads with a per-trade commission instead.
How long does Saxo Bank take to process withdrawals?
1 to 3 business days. Saxo processes to bank account only, which means 1 to 3 business days in most cases.
Does Saxo Bank charge withdrawal fees?
None for standard withdrawals. Saxo may apply fees for international transfers depending on currency.
Does Saxo Bank have MetaTrader?
Yes. Saxo Bank supports both MT4 and MT5 on all account types. This allows automated trading, custom indicators, and expert advisors.