Saxo Markets Review: Is This Broker For You? [2022]

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Saxo Markets Review

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saxo markets singapore review

Table of Contents

If you are looking for a multi-faceted trading platform with competitive pricing and a wide range of market access, then you are at the right place.

Aimed at delivering its customers an ever-evolving investment and trading experience, Saxo Markets offers you access to the global market with exposure to 60,000+ financial products.

In this post, we’re reviewing Saxo Markets, which has 850,000 global clients, and powers 200+ banks and brokers along with 400+ financial intermediaries.

Platforms Offered by Saxo Markets

Saxo Markets offers you 3 platforms for you to choose from – SaxoTraderGo, SaxoInvestor, and SaxoTraderPro.

SaxoTraderGo is the most popular trading platform on Saxo Markets, which is meant for experienced investors.

On the other hand, SaxoInvestor comes with the most basic investment features aimed at newbies and retail investors, like you and me.

Lastly, SaxoTraderPro comes with advanced features set for advanced institutional investors.

Markets Offered by Saxo Market

Saxo Markets lets you to invest in diverse investment products in several countries and more than 100 local and global exchanges.

Here’s a list of some noteworthy markets offered by Saxo Markets across its 3 platforms — SaxoInvestor, SaxoTraderGo, and SaxoTraderPro.

  1. Asia Pacific Markets
  • Singapore Market
  • Hong Kong Market
  • China Markets
  • Malaysian Market
  • Japanese Market
  • Australian Market
  • New Zealand Market
  • Indian Market
  • Thailand Market

 

  1. North American Market
  • US Markets
  • Canadian Market

 

  1. European Markets
  • UK Market
  • French Market
  • Amsterdam Market
  • Denmark Market
  • Netherlands Market
  • Belgium Market
  • German Market

 

There are many more markets offered by Saxo Markets, even Middle East and African Exchanges!

Investment Products Offered by Saxo Markets

Like the available markets, the accessible asset classes also differ here depending on different platforms as mentioned in the previous section.

Refer to the following list to know further about which platform gives you exposure to investment products along with their markets.

Platforms Investment Products
SaxoInvestor
SaxoTraderGo
  • Stocks
  • Forex
  • FX Options
  • ETFs
  • Contract for Differences (CFDs)
  • Commodities
  • Mutual Funds
  • Futures
  • Bonds
  • Listed Options
  • Managed Portfolios
SaxoTraderPro
  • FX
  • FX Options
  • CFDs
  • Stocks
  • ETFs
  • Futures
  • Listed Options
  • Bonds
  • Managed Portfolios

Fees, Charges, and Minimum Investments

Fees at Saxo Markets

The relatively lower fee structure of Saxo Markets is a remarkable feature of the platform.

When it comes to pricing, Saxo Markets include 5 different plans for consumers. While you can use the Bronze plan free of cost, the other 4 costs you the following commission charges —

  • Silver: SG$5 per month. Free with 5,000 reward points.
  • Gold: SG$15/month. Free with 15,000 reward points.
  • Platinum: SG$45/month. Free with 45,000 reward points.
  • Diamond: SG$145/month. Free with 145,000 reward points.

 

*Reward points and all the relevant details about reward points are discussed in the Rewards section below.

Now, all other fees and charges on the brokerage are set based on these initial plans.

Saxo Markets Minimum Commission Fees for New Clients

Asset Classes Plans Markets/Currency Commission Fees
Stocks Bronze US Markets 0.06% (minimum US$4)
Silver 0.04% (min. US$3)
Gold 0.03% (min. US$2)
Platinum 0.025% (min. US$1.50)
Diamond 0.02% (min. US$1)
Bronze Singapore Market 0.08% (min. SG$5)
Silver 0.06% (min. SG$3)
Gold 0.05% (min. SG$2)
Platinum 0.04% (min. SG$1.50)
Diamond 0.03% (min. SG$1)
Bronze China Markets 0.15% (min. CNH 40)
Silver 0.15% (min. CNH 40)
Gold 0.15% (min. CNH 40)
Platinum 0.10% (min. CNH 30)
Diamond 0.08% (min. CNH 20)
Bronze HK Market 0.15% (min. HKD 90)
Silver 0.15% (min. HKD 90)
Gold 0.15% (min. HKD 90)
Platinum 0.12% (min. HKD 80)
Diamond 0.10% (min. HKD 60)
Bronze London Markets 0.10% (min. GBP 8)
Silver 0.10% (min. GBP 8)
Gold 0.10% (min. GBP 8)
Platinum 0.07% (min. GBP 7)
Diamond 0.05% (min. GBP 5)
Bronze Australia Market 0.10% (min. AUD 8)
Silver 0.10% (min. AUD 8)
Gold 0.10% (min. AUD 8)
Platinum 0.07% (min. AUD 8)
Diamond 0.05% (min AUD 6)
Forex Bronze EUR USD 0.6 pips
GBP USD 0.7 pips
AUD USD 0.5 pips
Silver EUR USD 0.6 pips
GBP USD 0.7 pips
AUD USD 0.5 pips
Gold EUR USD 0.6 pips
GBP USD 0.7 pips
AUD USD 0.5 pips
Platinum EUR USD 0.5 pips
GBP USD 0.6 pips
AUD USD 0.4 pips
Diamond EUR USD 0.4 pips
GBP USD 0.4 pips
AUD USD 0.3 pips
CFDs (Stocks and ETFs) Bronze US Markets 0.06% (minimum US$7)
Silver 0.06% (minimum US$7)
Gold 0.06% (minimum US$7)
Platinum 0.05% (minimum US$5)
Diamond 0.04% (minimum US$3)
Bronze Singapore Market 0.08% (min. SG$ 15)
Silver 0.08% (min. SG$ 15)
Gold 0.08% (min. SG$ 15)
Platinum 0.08% (min. SG$ 12)
Diamond 0.08% (min. SG$ 9)
Bronze HK Market 0.20% (min. HKD 50)
Silver 0.20% (min. HKD 50)
Gold 0.20% (min. HKD 50)
Platinum 0.19% (min. HKD 40)
Diamond 0.18% (min. HKD 30)
Bronze London Market 0.10% (min. GBP 8)
Silver 0.10% (min. GBP 8)
Gold 0.10% (min. GBP 8)
Platinum 0.07% (min. GBP 7)
Diamond 0.05% (min. GBP 5)
Bronze Australia Market 0.10% (min. AUD 8)
Silver 0.10% (min. AUD 8)
Gold 0.10% (min. AUD 8)
Platinum 0.07% (min. AUD 8)
Diamond 0.05% (min. AUD 6)
Commodities Bronze $6 per lot
Silver $6 per lot
Gold $6 per lot
Platinum $3 per lot
Diamond $1.25 per lot
Futures Bronze USD US$6 / contract

(min. US$ 0)

Silver US$4.50 / contract

(min. US$ 0)

Gold US$3 / contract

(min. US$ 0)

Platinum US$2 / contract

(min. US$ 0)

Diamond US$1.25 / contract

(min. US$ 0)

Bronze SGD SG$ 7 / contract

(min. SG$ 0)

Silver SG$ 5.50 / contract

(min. SG$ 0)

Gold SG$ 4 / contract

(min. SG$ 0)

Platinum SG$ 3 / contract

(min. SG$ 0)

Diamond SG$ 2 / contract

(min. SG$ 0)

Bronze CNH CNH 50 / contract

(min. CNH 0)

Silver CNH 50 / contract

(min. CNH 0)

Gold CNH 50 / contract

(min. CNH 0)

Platinum CNH 40 / contract

(min. CNH 0)

Diamond CNH 30 / contract

(min. CNH 0)

Bronze HKD HKD 30 / contract

(min. HKD 0)

Silver HKD 25 / contract

(min. HKD 0)

Gold HKD 20 / contract

(min. HKD 0)

Platinum HKD 15 / contract

(min. HKD 0)

Diamond HKD 10 / contract

(min. HKD 0)

Bronze GBP GBP 5 / contract

(min. GBP 8)

Silver GBP 5 / contract

(min. GBP 8)

Gold GBP 5 / contract

(min. GBP 8)

Platinum GBP 2.5 / contract

(min. GBP 8)

Diamond GBP 1 / contract

(min. GBP 0)

Bronze AUD AUD 10 / contract

(min. AUD 12.5)

Silver AUD 10 / contract

(min. AUD 12.5)

Gold AUD 10 / contract

(min. AUD 12.5)

Platinum AUD 5 / contract

(min. AUD 12.5)

Diamond AUD 1 / contract

(min. AUD 0)

FX Options 3 pips
Listed Options (stock options) Bronze US Market US$ 3
Silver US$ 2
Gold US$ 1
Platinum US$ 0.80
Diamond US$ 0.65
Bronze HK Market HKD 30
Silver HKD 30
Gold HKD 30
Platinum HKD 20
Diamond HKD 10
Bronze Australia Market AUD 5
Silver AUD 5
Gold AUD 5
Platinum AUD 3
Diamond AUD 1
Bonds Bronze All Bonds 0.20% (min. EUR 20)
Silver 0.20% (min. EUR 20)
Gold 0.20% (min. EUR 20)
Platinum 0.10% (min. EUR 20)
Diamond 0.05% (min. EUR 20)
Mutual Funds No commission fees

The fees and charges listed here are not conclusive. We picked out the most in-demand instruments/markets that we know our readers prefer.

For other fees and charges, be sure to check Saxo Markets’ website.

Custody Fees for New Clients on Saxo Markets

Bronze Silver Gold Platinum Diamond
Opted into Securities Lending 0.06% 0% 0% 0% 0%
Opted out of Securities Lending 0.12% 0.12% 0.12% 0.12% 0.06%

Currency Conversion Fees for New Clients on Saxo Markets

Plans Financial Products / Actions Taken
Account Transfers FX Options Cash Products Margin Products
Bronze 0.30% 0.10% 0.75% 0.75%
Silver 0.30% 0.10% 0.675% 0.675%
Gold 0.30% 0.10% 0.60% 0.60%
Platinum 0.30% 0.10% 0.45% 0.45%
Diamond 0.30% 0.10% 0.375% 0.375%

Saxo Markets doesn’t charge any inactivity fees or any other upfront fees. However, there are withdrawal fees – mentioned in the Withdrawals section below.

Minimum Investments

Minimum investment amounts differ at Saxo Markets depending on the services you use.

For their brokerage, there are no minimum investments required.

However, for other services — SaxoWealthCare, SaxoSelect, and Regular Savings Plan (RSP) — there are minimum investments involved.

Each of these asset management services is unique and sets different minimum amounts unique to them.

Let’s have a better insight through the table below.

Asset Management Platforms Inherent Plans/Portfolios Minimum Investment
SaxoWealthCare Retirement Plan S$70,000 with a monthly contribution of S$3,500
Property Plan S$10,000 with a monthly contribution of S$1,500
Family Plan S$50,000 with a monthly contribution of S$3,000
Travel Plan S$3,000 with a monthly contribution of S$900
Growth Plan S$20,000 with a monthly contribution of S$3,000
SaxoSelect or

Managed Portfolios

Dynamic Growth: Asian Perspective S$2,000 with S$100 regular savings
Dynamic Growth: Asian Perspective US$10,000
Defensive SGD S$2,000 with S$100 regular savings
Moderate SGD S$2,000 with S$100 regular savings
Aggressive SGD S$2,000 with S$100 regular savings
Defensive USD US$10,000
Moderate USD US$10,000
Aggressive USD US$10,000
Brown Advisory Ethical Selection US$30,000
Saxo Morningstar MOAT US$30,000
Saxo Morningstar High Dividend US$30,000
Nasdaq DW Global momentum US$30,000
Regular Savings Plan S$2,000 with a regular (monthly or weekly) contribution of S$100

Sign-Up, Funding, and Withdrawal Options

How to Sign-Up with Saxo Markets

  • To get started with Saxo Markets, go to their official website, switch to the Accounts menu, and click on Saxo Account.
  • Now, click on the Create Account option, and you’ll be redirected to the account opening page.
  • From this page, you can create your Saxo account by signing up with or without Singpass.

 

Funding Options

The Saxo platform introduces a number of funding options for your convenience.

Funding options for local SGD deposits:

Fast And Secure Transfer (FAST):

  • While funding through FAST, your funds are deposited almost instantly. However, it might take up to 1 business day.
  • The transaction limit is S$200,000 per transaction, and it is subject to the withdrawal limit set by your bank.
  • No transaction fees are charged here.

 

PayNow:

  • Your funds are deposited within the next business day.
  • You can fund up to S$200,000 per transaction, which is also subject to the withdrawal limit set by your bank.
  • No transaction fees are applied in this method.

 

MEPS:

  • It might take the funds 1 to 2 business days to reach your account based on your bank’s cut-off time.
  • Unlike the 2 previous methods, there might be transaction fees imposed by your bank and correspondent bank(s).

 

Other funding methods along with supported currencies:

Telegraphic Transfer Wire Transfer (Major currencies):

  • The Telegraphic Transfer method is used for Overseas Funds, which supports Foreign Currencies.
  • Here, transaction fees may be charged by the beneficiary’s bank and correspondent bank. The transaction amount depends on the bank.
  • Depending on the individual bank’s cut-off time, it usually takes 2 to 5 business days for the fund to reach the recipient’s account.
  • The transaction limit depends upon the available balance in your bank account.
  • The supported currencies are — SGD, USD, AUD, CHF, CNH, CAD, DKK, EUR, GBP, HKD, JPY, NOK, NZD, and SEK.

 

Onshore inter-bank transfer (Malaysian Ringgit):

  • As the Malaysian Ringgit (MYR) is a restricted currency, conversion to or from any other currency is not allowed. The use of this currency is allowed merely for the purpose of trading equities listed on the Bursa Malaysia, and not for any other products or exchanges.
  • At Saxo Markets, the beneficiary bank for this currency is HSBC Bank Malaysia Berhad.

 

Card Payments (Credit/Debit):

  • Saxo accepts instant funds transfer through credit or debit cards.
  • Only SGD and USD are accepted.
  • Your funds are processed instantly.
  • The transaction limit is US$5,000 per transaction.
  • You may be charged up to 2.94% if you were to fund using this method, excluding your bank charges.

 

HSBC Account Holders:

  • This method is only for HSBC account holders.
  • This method takes up to 2 business days to process the funds depending on HSBC Singapore’s cut-off time.
  • Transaction charges may be applied.
  • The supported currencies are — SGD, USD, AUD, CHF, CAD, CNH, DKK, EUR, GBP, HKD, JPY, NOK, NZD, and SEK.
  • The transaction limit is subject to individual limits set by your bank.

 

Note that third-party deposits are not accepted by Saxo Markets. All deposits should be made from an account that is in your name.

Withdrawal Options

Follow these steps for online withdrawal of your funds at Saxo markets.

  • Go to the main menu, and switch to Deposits and Transfers.
  • Click on Deposits and Transfers.
  • Click on the Withdraw funds tab.
  • Select the Saxo account you want to withdraw money from.
  • Enter your preferred Withdrawal amount and the currency.
  • Select your External account. If you don’t have an External account, then register for one.
  • Now, click on Transfer.
  • Once you do that, you’ll see an SMS with a code on your registered phone number, and a confirmation window will pop up.
  • Finally, type in the code in the confirmation window, and click on Confirm. And you’re all done.

 

Here’s a list of amounts charged for outgoing transfers along with other relevant details —

Withdrawal Currency Withdrawal Method Arrival Time Charges Applied Any Other Fees
SGD MEPS 0 – 2 business days Free Free
USD Telegraphic Transfer 1 – 5 business days USD 25 Fees may be charged by the receiving bank or its respective intermediaries.
HKD HKD 255
AUD AUD 13
EUR EUR 19.50 for HSBC Group bank accounts

EUR 31.50 for others

JPY JPY 3,000 – JPY 50,000
CHF CHF 22
CAD CAD 18.50
CNH CNH 10 -CNH 12
NZD NZD 25
GBP GBP 15

Note that third-party withdrawals are not accepted by Saxo Markets. You must withdraw funds to an account that is in your name.

Promotional Offers & Rewards with Saxo Markets

Saxo Markets introduce certain offers and reward programs to attract and retain users.

Referral Bonuses:

The platform has introduced a referral program that will earn offers for both you and your referee.

Every successful referral will let you earn up to S$750, where you can make a maximum of 5 successful referrals per quarter.

If you refer a friend, and he/she opens an account using your referral code, then you’ve got a successful referral. Now, if your friend funds his/her account with S$3,000 or more, and does these 3 things —

  • Makes at least 3 qualifying trades
  • Opens a Regular Savings Plan (RSP) sub-account, and/or
  • invests into a SaxoWealthCare portfolio,

 

then you’ll receive S$250, whereas your friend will receive S$100.

Should your friend funds his/her account with S$100,000 or more, makes at least 3 qualifying trades, opens a Regular Savings Plan (RSP) sub-account, and/or invests into a SaxoWealthCare portfolio, then —

  • You will earn S$750 as a referral bonus
  • Your friend will earn S$250

 

Rewards Program:

Saxo Markets has a rewards program, where you can earn reward points once you open and fund your Saxo account.

Activities such as adding funds or investing in different products can earn you enough points, which will let you waive your monthly service fee depending on the plan you’re on.

Funding Activity Financial Value Reward Points
Initial net funding (first 30 days) EUR 10,000 6,000
Initial security transfers (first 30 days) EUR 10,000 6,000
Average monthly AUM EUR 10,000 250
Trading Activity  Volume  Reward Points
Forex EUR 10,000 20
Crypto FX EUR 10,000 240
Forex options EUR 10,000 40
CFD indices EUR 10,000 10
CFD equity EUR 10,000 180
Expiring CFD EUR 10,000 50
Stocks EUR 10,000 250
ETFs/ETNs EUR 10,000 250
Stock option EUR 10,000 40
Non-stock options 1 70
Contract options 1 70
Contract future 1 70
Bonds investment EUR 10,000 320
Mutual funds NA 0

Is Saxo Markets Safe?

Saxo Capital Markets Pte Ltd (‘Saxo Markets’) is a fully regulated body with a capital markets services licence under the Monetary Authority of Singapore (MAS).

Besides, the fact that Saxo powers 200+ banks and brokers and 400+ financial intermediaries further enhances its credibility.

What this means is that many banks, online brokerages, and financial institutions utilise the Saxo brand (and facilities) to power their platforms.

Brands like OCBC RoboInvest, StashAway, and Syfe use Saxo as their custodian.

Additionally, Saxo Markets’ official website includes pages to warn investors against cyber frauds such as phishing, along with measures to ensure the safety of its customers.

This shows a strong commitment to security as they make sure to educate users on how they could protect themselves too.

Saxo focuses on securing its trading platforms to meet high-security standards of its own, and of those of the legal bodies regulating its business sector.

Thus, this platform is highly safe and secure for potential users.

Usability of Saxo’s Platforms

The usability of Saxo’s platforms lies in its intuitive interface.

The platform is compatible with any device, whether it be your laptop, PC, tablet, or mobile phone.

Besides, the mobile app is available in both App Store and Google Play.

Its intuitive trading tools with smart trading features make Saxo remarkable.

The fast execution of commands on Saxo’s platforms along with its responsiveness promises you a good user experience.

Customer Support with Saxo

For customer support, the platform includes email, phone, and live chat options, through which you can contact them.

Besides, they have a support centre, where you can visit to get answers to your questions the need to contact.

You can use keywords and questions to get relevant answers to your queries.

Furthermore, they have introduced technical support and troubleshooting-related queries to help you with more advanced issues.

Summing It Up

Saxo’s platforms are remarkable with their relatively affordable, transparent pricing structure, and exposure to hundreds of trading markets and thousands of exchanges across the world.

Not to mention, the great number of investable asset classes and the flexibility of multiple funding options.

Thus, Saxo Markets are recommendable especially for advanced users who want to invest through various asset classes and in different global markets.

However, if you’re looking for something more basic (and we mean this in a good way) – such as investing in stocks/ETFs in just the Singapore, US, and Chinese markets, then Saxo Markets might not be your best bet.

We believe that moomoo Singapore is the best for the above 3 markets as they offer the lowest fees in Singapore – and we use it personally.

If you’re interested, visit our moomoo referral page where we share the latest promotions that you can take advantage of.

If you’re only keen on trading/investing in stocks in the US markets, Webull Singapore is a much better option as they do not charge for trades and let you buy fractional shares for just US$5.

We’re also partnered with Webull to make your investing journey easier and cheaper. If you prefer Webull Singapore to both the previous platforms, you can use our Webull referral code to take advantage of their latest promotions too!

Disclaimer: Each article written obtained its information from reliable sources and should be purely used for informational purposes only. The information provided by Singapore Financial Planners and its affiliated parties is not meant to be construed as financial advice. Singapore Financial Planners shall not be held liable for any inaccuracies, mistakes, omissions, and losses incurred should you act upon any information listed on this website. We recommend readers to seek financial planning advice from qualified financial advisors. 

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