If you can afford the $10,000 minimum deposit, then Saxo Bank offers an excellent trading platform with amazing research tools, 40,000 different assets to trade, and competitive pricing.
Pros
- Very low risk brokerage with six tier-1 jurisdictions
- 40,000 trading instruments across forex, CFDs, stocks, ETFs, and mutual funds
- SaxoTraderGo is the top web-based platform with more trading tools and research capabilities than most other brokerages
- Top-notch customer service
Cons
- Even at low level, Saxo Bank requires $10,000 minimum deposit to join their brokerage
- Platinum members must deposit $200,000 while VIP accounts must have $1,000,000
Out of all the forex brokerages, Saxo Bank is probably the most exclusive, but due to its low-risk, highly trusted platform, it’s considered to be one of the best by today’s forex traders. You can trade in forex with 182 currency pairs and 35,000 CFDs. It also offers social trading and copy trading. However, there is no cryptocurrency trading allowed.
As far as account types, there are classic, platinum, and VIP accounts. To join Saxo Bank, the biggest drawback is that you are required to deposit $10,000 just for an entry-level classic account.
The average spread for Saxo Bank was rated at 0.6 pips as of October 2019. Spread-only pricing is a major priority for this brokerage, so you won’t pay any trading commissions.
However, for volume-based pricing, the commissions are different. You are expected to pay a commission of 0.5 pips in these cases. This is still relatively low for active traders who would primarily use this type of trade.
With a variety of tools like SaxoTraderGo and SaxoTraderPro, you’ll get over 55 technical indicators for charging and about 20 different drawing tools, which includes Auto Chartist’s trade signals.
You’ll have to subscribe and upgrade to gain access to SaxoTraderPro, but when you do there is a larger selection of trading features, including support for six monitors, streaming time and sales, and algorithmic, automated orders.
For more information about SaxoTraderPro and Saxo’s other broker offerings, read our in-depth Saxo broker review.