Welcome to our series of reviews of trading websites. Today we are going to be looking into the Saxo Bank website – design, services, trading platform, etc. Enjoy!
The web design of Saxo bank can best be described as middle of the road. The color pallet is quite limited and the web is evidently going for a calm and serious theme. Individual pages are rather long, with text being restricted to the middle half of the page.
News and other information
Saxo bank does not offer daily news service, there are few posts every week providing forecast of weekly trading. Also available are longer quarterly and yearly forecasts. There is also an education section which consists of video and trading webinars.
The range of services offered is what you would call traditionalist, unlike some brokers, Saxo bank does not offer trading in cryptocurrencies, but it compensates by offering bonds, which is something most brokers do not. Three tiers of membership (based on the size of the investment) are offered with lower spreads for the higher ones. It should be noted the minimum investment is 10 000 dollars, which is quite high. Since it is an EU based institution, it is bound by EU regulations and thus leverage is limited to 1:30 at the highest. As for fees, there are several, first of all Saxo bank charges a custody fee of 0,25 per annum (lower for higher investments), there is also a currency exchange fee and also a negative interest rate.
Investors have the choice between two applications, one is web based, the other is a desktop application that supports multiple screens, which may be appreciated by more sophisticated investors. There is a demo client, which can be used without any registration, which may be appreciated by people concerned with privacy (although it bears remembering that the website probably still tracks your IP). The web application is fairly intuitive, you find the instrument you want to trade, click on it and select the type of trade you wish to perform, stop loss and take profit orders can be added to the trade. Some information is available inside the application, you can see how the price of the chosen commodity changed with time. You can also see trader’s sentiment (which shows whether other people prefer to buy or sell). In addition, you can choose to view what other investors are doing with their portfolios. You can also access news and research directly from the application.
Conclusion and information about broker
Overall, the website can be fairly described as solid, if not particularly imaginative. Some of the webpages could be better designed, but you can find what you are looking for most of the time. Saxo bank is based in Denmark, which makes it subject to all EU regulations which makes trading a bit less risky, but also less profitable. The company has offices in several countries and can also be contacted by mail, phone, or via a help desk.
Overall assessment: 2