A Good Trading Platform – Saxo Bank Review

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Saxo Bank

Saxo Bank is a prestigious multi-asset broker with outstanding research, a first-rate trading platform, and a stunning selection of more than 40,000 securities. With a dizzying array of tools, research, and premium features, Saxo Bank offers an immersive, rich trading experience for professional traders or those who can afford to maintain the high account balance requirements. 

Saxo Bank Review

Pros

  • Saxo Bank, founded in 1992, is a reliable broker for forex trading and CFDs because it has six tier-1 licenses and operates three regulated banks.
  • Access to more than 40,000 instruments, such as forex options, micro futures, and cryptocurrency derivatives, is provided by Saxo Bank.
  • Saxo Bank’s primary trading platform, SaxoTraderGo, has all the tools a trader could need to traverse the market.
  • Provides sophisticated order types and account protection tools to effectively manage risk.
  • Saxo highlights its capacity to provide the best execution at scale by publishing its average dispersed data by order size in addition to across trading sessions for each day
  • As per Traders Union Saxo Bank review, the addition of Corellian Academy risk management content is a wonderful addition to Saxo Bank’s current educational programs.
  • Prices on pairs like the EUR/USD are very competitive for Premium and Platinum account holders, while they are more comparable for Classic account holders.

Cons

  • Saxo Bank makes excellent videos for its education and research, but in 2021 it wasn’t actively producing new video content.
  • Although the educational content is excellent, there is still room for improvement, such as by including quizzes and progress tracking, as well as by increasing the number of written and video lessons.
  • Minimum deposits are high: the entry-level Classic account requires a $2,000 minimum deposit, while the Platinum and Premium accounts guidlines deposits of $200,000 as well as $1,000,000. Consider IG or CMC Markets if you think the minimum investment requirements are too high.
  • Although the SaxoTraderPRO desktop framework is a trading powerhouse, adding more predefined configurations would be a good addition.

Is Saxo Bank a good trading platform?

The trading platform offered by Saxo Bank is a fantastic option whether you are a seasoned trader or investor. Saxo Bank consistently places first in the majority of the categories in our yearly evaluation. It is best known for its cutting-edge SaxoTraderGO trading platform suite, which also includes desktop software for SaxoTraderPRO and mobile and web trading apps. Along with comprehensive educational material, you have access to first-rate research, a large selection of over 40,000 icons to exchange across international markets, and a range of asset classes, all through a user-friendly trading platform.

How to compare the best forex apps?

Take into account these five elements of the trading experience when selecting a new forex app for online trading.

  • Trust

Above all else you would like a broker you can believe in. So, a high trust level should characterize your broker. For example, a broker with a higher Trust Score on ForexBrokers.com might be one that has multiple top-tier regulatory licenses.

  • Trading platforms

According to our research, most proprietary systems are better than third-party programs like MetaTrader. So whether you choose a trading platform for the web, your desktop, or a mobile trading app, make sure it meets your requirements across devices.

  • Trading tools

We expect brokers’ research materials, trading resources, and educational offerings to be feature-rich and simple to use when evaluating them. The better off you will be at maximizing trading opportunities, the more thorough each category is in the mobile app you select.

  • Tradeable markets

Think about the total number of markets and instruments you can trade at a particular broker. One broker might, for instance, provide a limited number of currency pairs but a wide range of CFDs on other markets, including stocks, commodities, futures, cryptocurrencies, and other asset classes. On the other hand, you might want to trade exotic currencies and require a broker with a wider range of forex pairs.

  • Demo accounts

Like test-driving a car before you purchase it, opening a free demo account enables you to gain a better understanding of a trading app. You can use your virtual account on any supported device, including desktop, mobile, and the web. Funding a live account is possible if the platform satisfies your requirements. 

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